<SEC-DOCUMENT>0001140361-25-024199.txt : 20250630
<SEC-HEADER>0001140361-25-024199.hdr.sgml : 20250630
<ACCEPTANCE-DATETIME>20250630160531
ACCESSION NUMBER:		0001140361-25-024199
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250630
DATE AS OF CHANGE:		20250630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Murano Global Investments Plc
		CENTRAL INDEX KEY:			0001988776
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				981743851
		STATE OF INCORPORATION:			Y9

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41985
		FILM NUMBER:		251092013

	BUSINESS ADDRESS:	
		STREET 1:		25 BERKELEY SQUARE
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1J 6HN
		BUSINESS PHONE:		44(0)2071676440

	MAIL ADDRESS:	
		STREET 1:		25 BERKELEY SQUARE
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1J 6HN

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Murano Global Investments Ltd
		DATE OF NAME CHANGE:	20230803
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ef20051331_6k.htm
<DESCRIPTION>6-K
<TEXT>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
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        <div> <br>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 6-K</div>
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        <hr noshade="noshade" align="center" style="height: 2px; width: 15%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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      <div style="text-align: center; color: #000000; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">For the month of: June 2025</div>
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      <div style="text-align: center; color: #000000; font-weight: bold;">Commission File Number: 001-41985</div>
      <div><br>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt; font-weight: bold;">Murano Global Investments PLC</div>
      <div style="text-align: center; color: #000000; font-style: italic;">(Exact name of Registrant as Specified in its Charter)</div>
      <div><br>
      </div>
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        <hr noshade="noshade" align="center" style="height: 2px; width: 15%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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      <div style="text-align: center; color: #000000; font-weight: bold;">Not Applicable</div>
      <div style="text-align: center; color: #000000;">(Translation of registrant&#8217;s name into English)</div>
      <div><br>
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        <hr noshade="noshade" align="center" style="height: 2px; width: 15%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div><br>
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      <div style="text-align: center; color: #000000; font-weight: bold;">25 Berkeley Square</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">London W1J 6HN</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">United Kingdom</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">(Address of principal executive offices)</div>
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      <div><br>
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      <div style="color: #000000;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
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        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc6d1c5406d6f49e1a6f5edf986221dcb" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <div style="text-align: left; color: #000000;">&#9746;</div>
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                <div style="color: #000000;">Form 20-F</div>
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      <div style="text-align: justify;"><font style="color: #000000;"> </font><br>
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                <div style="text-align: left; color: #000000;">&#9744;</div>
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              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="color: #000000;">Form 40-F</div>
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      <div style="text-align: center; color: #000000; font-weight: bold;">Contents</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">MURANO GLOBAL INVESTMENTS PLC (&#8220;<font style="font-weight: bold;">Murano PubCo</font>&#8221;) hereby submits certain financial information concerning its subsidiaries, including unaudited interim financial
        statements for the period ended March 31, 2025.</div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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      <div style="text-align: center; color: #000000; font-weight: bold;">Exhibit Index</div>
      <div style="text-align: justify;"><font style="color: #000000;"> </font><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4808014c91874ff8a091fd1c42ff7491">

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            <td style="width: 8.57%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Exhibit</div>
              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;"> No.</div>
            </td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Description</div>
            </td>
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            <td style="width: 8.57%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><a href="ef20051331_ex99-1.htm">99.1</a></div>
            </td>
            <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Condensed Interim Consolidated and Combined Financial Statements of Murano PV, S.A. de C.V. and subsidiaries as of March 31, 2025 and for the three-month periods ended March 31, 2025 and
                2024.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8.57%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;"><br>
            </td>
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            <td style="width: 8.57%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><a href="ef20051331_ex99-2.htm">99. 2</a></div>
            </td>
            <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Condensed Interim Financial Statements of Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323 as of March 31, 2025, and for the three-month period ended March 31, 2025.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8.57%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 8.57%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><a href="ef20051331_ex99-3.htm">99.3</a></div>
            </td>
            <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Condensed Interim Financial Statements of Fideicomiso Murano 2000 No. CIB/3001 as of March 31, 2025 and for the three-month periods ended March 31, 2025 and 2024.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8.57%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8.57%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><a href="ef20051331_ex99-4.htm">99.4</a></div>
            </td>
            <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Condensed Interim Financial Statements of Operadora Hotelera GI, S.A. de C.V. as of March 31, 2024 and for the three-month periods ended March 31, 2025 and 2024.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify;"><font style="color: #000000;"> </font><br>
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      <div style="text-align: center; color: #000000; font-weight: bold;"><a name="TABLEOFCONTENTS"></a><a name="Management"></a><a name="CONTROLS"></a><a name="Item1."></a><a name="Item1A."></a><a name="Item2."></a><a name="Item3."></a><a name="Item4."></a>SIGNATURE</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">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.</div>
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      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z16a4ea1e707345438f73adfb9c9b5b2c">

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            <td style="width: 40.02%; vertical-align: top;">&#160;</td>
            <td colspan="3" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Murano Global Investments PLC</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.02%; vertical-align: top;">&#160;</td>
            <td colspan="3" style="vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">(Registrant)</div>
            </td>
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            <td style="width: 40.02%; vertical-align: top;">&#160;</td>
            <td colspan="3" style="vertical-align: top;">&#160;</td>
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              <div style="text-align: justify; color: rgb(0, 0, 0);">Date: June 30, 2025</div>
            </td>
            <td style="width: 4%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 54%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ David Galan</div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 40.02%; vertical-align: top;">&#160;</td>
            <td colspan="3" style="vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Name: David Galan</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.02%; vertical-align: top;">&#160;</td>
            <td colspan="3" style="vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Title: Chief Financial Officer</div>
            </td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ef20051331_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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      <div style="text-align: right; font-weight: bold;"> Exhibit 99.1<br>
      </div>
      <div style="font-weight: bold;"> <br>
      </div>
      <div style="font-weight: bold;">Murano PV, S. A. de C. V. and Subsidiaries</div>
      <div><br>
      </div>
      <div>Condensed Interim Consolidated and Combined Financial Statements as of March 31, 2025 and for the three-month periods ended March 31, 2025 and 2024</div>
      <div> <br>
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      <div style="margin-right: 21.55pt; font-weight: bold;">Murano PV, S.A. de C.V. and Subsidiaries</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Condensed Interim Consolidated and Combined Financial Statements for 2025 and 2024</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z1ccd3258b7c8421798602e0f3e0f7f94" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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              <div style="font-weight: bold;">Table of contents</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; font-weight: bold;">Page</div>
            </td>
          </tr>
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            <td style="width: 90%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top; text-align: right;">&#160;</td>
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          <tr>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Condensed Interim C<font style="color: rgb(0, 0, 0);">onsolidated and Combined Statements of Financial Position</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">3</div>
            </td>
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            <td style="width: 90%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top; text-align: right;">&#160;</td>
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            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0);">Condensed Interim Consolidated and Combined Statements of Profit or Loss and Other Comprehensive Income</div>
              </div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0);">Condensed Interim Consolidated and Combined Statements of Change in Stockholders&#8217; Equity</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">5</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0);">Condensed Interim Consolidated and Combined Statements of Cash Flows</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-size: 8pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Notes to Condensed Interim </font><font style="font-size: 10pt;">Consolidated and Combined Financial Statements</font></div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">7 - 25</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">2</font></div>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Murano PV, S. A. de C. V. and Subsidiaries</div>
      <div style="text-align: justify; font-weight: bold;">Condensed Interim Consolidated and Combined Statements of Financial Position</div>
      <div style="font-weight: bold;">As of March 31, 2025 and December 31, 2024</div>
      <div style="font-weight: bold;">(Mexican pesos)</div>
      <div><br>
      </div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Notes</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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          <tr>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Assets</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Current Assets:</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Cash and cash equivalents <font style="color: rgb(0, 0, 0);">and restricted cash</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">3</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>470,575,639</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>969,455,648</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Trade receivables</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">74,413,867</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">64,514,013</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">VAT receivable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">398,132,431</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">366,382,356</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other receivables</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">41,194,743</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">29,974,125</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Due from related parties</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="font-weight: bold; text-align: center;">4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Prepayments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">15,951,920</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">36,440,784</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Inventories</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>11,975,645</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>11,463,374</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total current assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,012,244,245</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Property, construction in process and equipment, net</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">18,889,054,181</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">18,813,108,402</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Investment property</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">6</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,340,000,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,340,000,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Right of use assets, net</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">187,435,231</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">200,165,708</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Financial derivative instruments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Guarantee deposits</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div>18,972,299</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div>18,753,039</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total non-current assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">20,435,461,711</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">20,372,027,149</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">21,447,705,956</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">21,850,257,449</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Liabilities and Stockholders&#8217; Equity</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Current Liabilities:</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Current instalments of long-term debt</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">7</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,426,134,856</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,481,380,489</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Trade accounts payable and accumulated expenses</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">574,407,218</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">527,437,126</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Advance customers</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">17,973,400</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">23,459,478</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Due to related parties</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">4</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">12,963,866</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">120,634,508</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Lease liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">50,378,918</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">46,051,658</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Income tax payable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">10,593,622</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">10,665,198</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Employees&#8217; statutory profit sharing</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>2,905,755</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>2,601,529</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total current liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>4,095,357,635</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>4,212,229,986</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Non-current Liabilities:</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Long-term debt, excluding current instalments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">7</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,654,508,652</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,692,819,937</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Due to related parties, excluding current portion</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">4</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">195,209,951</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">73,837,080</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Lease liabilities, excluding current portion</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">152,078,874</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">160,662,668</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Employee benefits</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">10,635,198</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">10,175,001</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">84,679,954</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">86,311,531</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Deferred tax liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">4,158,955,535</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">4,200,798,599</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total non-current liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">12,256,068,164</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">12,224,604,816</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">16,351,425,799</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">16,436,834,802</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Stockholders&#8217; Equity</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Common stock</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-weight: bold; text-align: center;">11</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">900,052,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">900,052,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Accumulated deficit</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(4,150,810,971</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(3,833,668,481</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other comprehensive income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">8,347,039,128</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">8,347,039,128</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total Stockholders&#8217; Equity</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>5,096,280,157</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>5,413,422,647</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total Liabilities and Stockholders&#8217; Equity</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">21,447,705,956</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">21,850,257,449</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these consolidated and combined financial statements.</div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">3</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Murano PV, S. A. de C. V. and Subsidiaries</div>
      <div style="text-align: justify; font-weight: bold;">Consolidated and Combined Statements of Profit or Loss and Other Comprehensive Income</div>
      <div style="font-weight: bold;">For the three-month period ended March 31, 2025 and 2024</div>
      <div style="font-weight: bold;">(Mexican pesos)</div>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zcba142cafc414b5ea49b86cf3c3834b7" class="cfttable">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-align: center; color: #000000; font-weight: bold;">For the three-month period ended</div>
              <div style="text-align: center; color: #000000; font-weight: bold;"> March, 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Notes</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">320,737,233</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">107,105,009</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Direct and selling, general and administrative expenses:</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Employee benefits</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">103,532,990</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">64,281,994</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Food &amp; beverage and service cost</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">34,753,339</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">17,114,289</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Sales commissions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">18,591,472</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,343,417</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: top; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Management fees to hotel operators</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">15,689,968</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,729,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Depreciation and amortization</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">79,671,937</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">44,290,214</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Property tax</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">595,911</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,274,622</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Professional fees</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">22,940,062</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">79,244,763</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Administrative services</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,136,932</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,507,060</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Maintenance and conservation</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Utility expenses</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">14,343,715</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,794,317</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Advertising</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">14,942,127</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,942,566</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Donations</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,042,770</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,723,750</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Insurance</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">13,793,150</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">4,517,859</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Software</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,275,203</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,863,789</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Cleaning and laundry</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,638,123</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,409,149</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Supplies and equipment</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,955,831</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Bank fees</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,783,912</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">4,789,154</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Other costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">43,118,470</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">19,278,396</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Total direct and selling, general and administrative expenses</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Other income</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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          <tr>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Exchange rate income, net</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Changes in fair value of financial derivative instruments</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">4,805,533</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Interest income</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">9,195,745</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">4,336,416</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Interest expense</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(354,319,431</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(93,730,044</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-weight: bold;">Loss before income taxes</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(358,985,554</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(145,223,980</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Income taxes</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(41,843,064</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">(147,848,271</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">(147,848,271</div>
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              <div style="color: rgb(0, 0, 0);">)</div>
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      <div><br>
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      <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these consolidated and combined financial statements.</div>
      <div style="text-align: justify; color: #000000;"> <br>
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      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">4</font></div>
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      <div style="font-weight: bold;">Murano PV, S. A. de C. V. and Subsidiaries</div>
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      <div style="text-align: justify; font-weight: bold;">Consolidated and Combined Statements of Changes in Stockholders&#8217; Equity and Net Assets</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-align: center; font-weight: bold;"><u>Other Comprehensive Income</u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Combined balance as of January 1, 2024</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">902,611,512</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div><font style="color: rgb(0, 0, 0);">$</font></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div><font style="color: rgb(0, 0, 0);">-</font></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>(<font style="color: rgb(0, 0, 0);">1,181,044,835</font></div>
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              <div>)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
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              <div style="color: rgb(0, 0, 0);">8,114,123,261</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(16,363,928</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(886,247,584</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">900,052,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(20,944,099</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(7,139,683</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 16%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Comprehensive loss for the period</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
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                <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
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                <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div>(147,848,271</div>
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              <div>)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
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                <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
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                <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div>(147,848,271</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
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            <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Consolidated balance as of March 31, 2024</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">900,052,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(1,349,837,205</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">8,114,123,261</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(1,462,455</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,662,875,601</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 16%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Consolidated balance as of December 31, 2024</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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                <div>(317,142,490</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Consolidated balance as of March 31, 2025</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div><font style="color: rgb(0, 0, 0);">$</font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">900,052,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(4,150,810,971</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">8,348,489,973</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">5,096,280,157</div>
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      <div style="color: #000000;">The accompanying notes are an integral part of these consolidated and combined financial statements.</div>
      <div style="color: #000000;"> <br>
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        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">5</font></div>
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      <div style="font-weight: bold;">Murano PV, S. A. de C. V. and Subsidiaries</div>
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      <div style="text-align: justify; font-weight: bold;">Consolidated and Combined Statements of Cash Flows</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-align: center; color: #000000; font-weight: bold;">For the three month period ended</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Cash flows from operating activities:</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(358,985,554</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(145,223,980</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Adjustments for:</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftnumcell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Depreciation of property, construction in process and equipment</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">66,941,460</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">32,952,505</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Depreciation of right of use assets</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">12,730,477</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">11,337,709</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Amortization of costs to obtain loans and commissions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,860,625</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,384,106</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Valuation of financial derivative instruments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(4,805,533</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Interest expense</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">352,139,174</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">89,918,033</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Interest expense lease liability</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,180,257</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,812,011</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Interest income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(9,195,745</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(4,336,416</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Effect on changes in foreign exchange rates</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(53,603,480</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(97,636,858</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%; padding-bottom: 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">18,067,214</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(110,598,423</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Changes in:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Increase in VAT</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(31,750,075</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(960,397</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">(Increase) decrease in trade receivables</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
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              <div style="color: rgb(0, 0, 0);">20,269,604</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftnumcell">&#160;</td>
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          <tr>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(2,303,721</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Increase in trade payables and taxes</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">45,124,351</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">14,123,572</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Increase in employee benefits</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">460,197</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">857,008</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Decrease in other liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(1,631,577</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(1,391,228</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
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          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Increase in employees&#8217; statutory profit sharing</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">304,226</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Income tax paid</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(3,711,913</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div><font style="color: rgb(0, 0, 0);">(331,832</font></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">)</font><font style="color: rgb(255, 255, 255);">-</font></div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Net cash flows from (used in) operating activities</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">25,499,284</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(89,715,267</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Cash flows used in investing activities:</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Acquisition of property, construction in process and equipment</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(142,887,239</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">(24,668,637</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
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              <div style="color: rgb(0, 0, 0);">498,820</div>
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              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Net cash flows used in investing activities</div>
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              <div style="color: rgb(0, 0, 0);">(133,691,494</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(301,471,685</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftnumcell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Reimbursements of net parent investment</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(16,363,928</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Impact of capital restructure</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(7,139,683</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Loan proceeds</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">146,153</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">960,853,961</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Loan payments to third parties</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(9,433,585</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(434,313,439</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Borrowing cost paid</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(14,500,031</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Loans received from related parties</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">123,407,733</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,502,095</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Loan payments to related parties</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(110,390,827</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(4,749,008</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Payments of leasing liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(6,355,240</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(9,818,712</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Interest paid</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(80,750,199</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: left;">)</div>
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          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Net cash flows (used in) from financing activities</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(390,687,799</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">400,721,056</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Net (decrease) increase in cash and cash equivalents and restricted cash</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(498,880,009</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">9,534,104</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Cash and cash equivalents and restricted cash at the beginning of the period</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">969,455,648</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">146,369,734</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Cash and cash equivalents and restricted cash at the end of the period</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">470,575,639</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">155,903,838</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftnumcell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these consolidated and combined financial statements.</div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">6</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="font-weight: bold;"><a name="z_Hlk79603380"></a>Murano PV, S. A. de C. V. and Subsidiaries</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Notes to the Consolidated and Combined Financial Statements</div>
      <div style="text-align: justify; font-weight: bold;">As of March 31, 202<a name="z_Hlk165972878"></a>5 and December 31, 2024 and</div>
      <div style="text-align: justify; font-weight: bold;">for the three-month period ended March 31, 2025 and 2024</div>
      <div style="text-align: justify; font-weight: bold;">(Amounts in Mexican pesos)</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zde0d4fa9eb5741f1a40478c54c25f1e9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Reporting Entity and description of business</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zb37511d89ee64099b81403a2b46e5dce" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
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            </td>
            <td style="width: 28.35pt; vertical-align: top;">a.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Corporate information</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">On June 26, 2025, Elias Sacal Cababie, Chief Executive Officer, Marcos Sacal Cohen, Chief Operating Officer, David James Galan, Global Chief Financial Officer and Oscar Jazmani Mendoza Escobar,
        Chief Financial Officer Mexico, authorized the issuance of these consolidated and combined unaudited financial statements.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">Murano PV, S. A. de C. V. (the &#8220;Company&#8221; or &#8220;Murano PV&#8221;) and its subsidiaries (together referred to as the &#8220;Group&#8221;) are headquartered at F. C. de Cuernavaca 20, 12<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> floor, Lomas &#8211;
        Virreyes, Lomas de Chapultepec III Secc., Miguel Hidalgo, 11000, Mexico City. <a name="z_Hlk76113312"></a>The Company is a Mexican development group with extensive experience in the structuring, development and assessment of industrial,
        residential, corporate office, and hotel projects in Mexico. The Company also provides comprehensive services, including the execution, construction, management, and operation of a wide variety of industrial, business, tourism real estate projects,
        among others. The Company is primarily involved in developing and managing luxury hotels in urban and beach resort destinations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt; color: #000000;">In the first quarter of 2023, the Andaz and Mondrian Hotels, in Mexico City, were fully operational with a combined capacity of 396 rooms.</div>
      <div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;"><a name="z_Hlk184640345"></a>The Group is also developing a leisure and residential complex in Grand Island, Cancun, Quintana Roo (the &#8220;GIC Complex&#8221;), which is ultimately expected to incorporate
        around 1,016 rooms and approximately 1,254 condominiums, a convention center (under the World Trade Center brand), a water park and a beach club. The Company&#8217;s management and board of directors, following recent market developments and market
        outlook, have updated the Company&#8217;s&#160; strategic development pipeline as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z408dddac73f3472f9bd604a944ce2b7c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 67.05pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">I.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Phase one will operate under two brands:&#160; (i) 400 rooms, operated under the &#8220;Vivid&#8221; brand, an adult-only brand; and (ii) 616 rooms, to be operated under the &#8220;Dreams&#8221; brand, a family-friendly brand. On April 1, 2024, the Vivid hotel began
                operations. The Dreams hotel is expected to commence operations in the fourth quarter of 2025, see Notes 2c. and 10 for additional reference about covenants compliance. <a name="z_Hlk193975203"></a>The Company decided to delay the opening
                of Dreams, following consultation with the hotel operator, to leverage experience from the first months of the operation of Vivid and certain improvements requested by the hotel operator.&#160; This includes property enhancements and remedial
                work required by the hotel operator to adhere to the hotel operator&#8217;s global building standards, and changes to the common areas within Dreams, including more space for meetings and events. The Company is exploring strategic alternatives to
                complete part of the phase one of the GIC Complex (including assessing funding needs, additional revisions to the project&#8217;s development pipeline, and discussing with the current hotel operator regarding potential changes to the current
                operations and administration services agreement).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z4a7d47d17e1b4970aa261292b8dd000c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 67.05pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">II.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Phase two <font style="color: rgb(0, 0, 0);">is consist of a total of approximately 1,254 condominiums, divided into four condominium towers. The Group&#8217;s management and board of directors are continuously evaluating the plan for phase
                  two of the GIC Complex.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">7</font></div>
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      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The Group has also re-evaluated the Bajamar project. The initial plan for developing a 5-star upper-upscale resort and an industrial park has been modified as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zdb89969d2bf540d98e252740b412cd72" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">-</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Development of a cruise port with a capacity of 2 million passengers per year. The Group has signed an MOU with a major global cruise line operator.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z93a7cff752224cadb997c92c6b3b34c6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">-</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Development of Baja Marina, 15,000 linear ft slip spaces.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zb223ba263bba4596a388922a0639d5c6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">-</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Development of an industrial park for leasing purposes.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zbd383dbdf46242ec9b286eb7e8373b7e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">-</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Development of Baja Retail Village for leasing purposes</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z1b7a8e8a3ecf416484dfc9886253e2ae" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">-</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Development of two 5-star upper-upscale resorts, one with 371 keys and a second one with 400 keys.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">Construction is expected to begin once financing has been secured. Accurate completion dates are therefore not possible to estimate at the time of preparation of these condensed interim
        consolidated and combined financial statements.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zeee98b7be42e4a288c3b153a225c1a76" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">b.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Significant transactions</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="ze0cb92ae5e76480697cacff13f4ca22b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 23.15pt; vertical-align: top; color: rgb(0, 0, 0);">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On October 17, 2024, Murano PV and NAFIN signed a secured loan agreement up to U.S.$70,378,287. This loan is intended to assist Murano PV with its working capital. The maturity of this loan is October 28, 2027.&#160; On October 28, 2024, the
                Group received the tranche A and part of the tranche B, for a total&#160; amount of U.S.$54,942,059.&#160; The interest will be capitalized during the term of the loan at an interest rate of SOFR + 3.75% for the first year, SOFR + 4.00% for the
                second year and SOFR + 4.25% for the third year.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z63ea01eddc3d495491dffd6806f296d5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 23.15pt; vertical-align: top; color: rgb(0, 0, 0);">ii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">On September 12, 2024, the </font>Group closed a 144A bond financing,<font style="color: rgb(0, 0, 0);"> issuing secured senior notes for U.S.$300 million (see Note 7 (13)). The main uses of this financing
                  were to repay in full the balances of the secured mortgage syndicated loan from Fideicomiso Murano 2000 /CIB 3001 and the VAT credit both described in Note 7 (1) and (2).</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="ze64387eba07947a2a5d9050381b9cb9a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 23.15pt; vertical-align: top; color: rgb(0, 0, 0);">iii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">On July 30, 2024, </font>Operadora Hotelera GI, S. A. de C. V. signed a 60-month lease agreement with Arrendadora Coppel, S.A.P.I. de C. V. for total rent payments of $40,226,116 plus 16% of VAT.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z7c7ab02e9add43f3b0bf49aa1266b1e2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 23.15pt; vertical-align: top; color: rgb(0, 0, 0);">iv.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0);">On April 9, 2024, Murano PV, S. A. de C. V. signed a loan agreement with F&#237;namo for $100,000,000 with initial maturity in 6 months, extended on December 3, 2024 to November 5, 2025. The annual fixed interest
                rate of this loan is 22%.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z42986045d6764e44ac296f0f1ce3533c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 23.15pt; vertical-align: top; color: rgb(0, 0, 0);">v.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">On April 9, 2024, an assignment and adhesion to the </font>syndicated secured mortgage loan <font style="color: rgb(0, 0, 0);">of Fideicomiso Murano 2000 (GIC I Trust) was executed by and between Avantta
                  Sentir Com&#250;n, S. A. de C.V., SOFOM, E.N.R., as adherent creditor and assignee, Sabcapital, S.A. de C.V., SOFOM, E.R., as the assignor, with the appearance of Sabadell in its capacity as administrative and collateral agent and the GIC I
                  Trust (the &#8220;</font><font style="font-style: italic; color: rgb(0, 0, 0);">GIC Loan Assignment</font><font style="color: rgb(0, 0, 0);">&#8221;) whereby the assignor assigned and transferred to the assignee its rights and obligations owned as a
                  Tranche C creditor representing 60% of the tranche C commitment, amounting to U.S. $6,000,000.00 as the assigned amount. This amount was repaid in full as part of the payment made to the Fideicomiso Murano 2000 syndicated loan on
                  September 12, 2024 and ii was part of the uses of the U.S.$300 million senior notes received on the same date.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z1aa9d4f5616a48cc8bd4640543c0e29c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 23.15pt; vertical-align: top; color: rgb(0, 0, 0);">vi.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0);">On April 4, 2024, the Group amended the loan agreement signed between Inmobiliaria Insurgentes 421 and Bancomext. The main change included postponing the capital payments scheduled from April 2024 to April
                2025, as well as obtaining an event of default waiver from Bancomext, as lender, in connection with the funding obligations of the debt service reserve accounts. As a result of such waiver, the parties thereto executed an amendment and
                waiver agreement&#160; to provide for the new terms and conditions with respect to the funding obligations of the debt service reserve accounts. Therefore, as of this date such events of default under this&#160; loan have been waived by the lender.
                Refer to additional breaches for this loan in Notes 2c. and 7.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">8</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="zedacdb044f9845fc9e480999bd5015dd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 23.15pt; vertical-align: top; color: rgb(0, 0, 0);">vii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The first phase of the GIC Complex commenced operations with the opening of the Vivid Hotel on April 1, 2024.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z70c7e83a34984c4bab6d443bd8c0af85" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 23.15pt; vertical-align: top; color: rgb(0, 0, 0);">viii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0);">On March 27, 2024, Murano World, S. A. de C. V. increased its credit line with Santander from U.S.$1,500,000 to U.S.$2,000,000. The total amount has been drawned down as of December 31, 2024.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z7cacd4aafcd948a2994f9b7fb69b0a79" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 23.15pt; vertical-align: top; color: rgb(0, 0, 0);">ix.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">On March 20, 2024, Murano Global Investments PLC, the parent entity of Murano PV, and HCM Acquisition Corp (&#8220;HCM&#8221;) completed the Amended and Restated Business Combination Agreement (&#8220;A&amp;R BCA&#8221;). These </font>consolidated



                and combined financial statements do not reflect any impact derived from this transaction since the<font style="color: rgb(0, 0, 0);"> accounting and economic impacts are reflected at the Murano Global Investments PLC level as this entity
                  became the public company on NASDAQ since that date.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zc39ed45c99dd4ddabfaa691d72d94e4e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 70.9pt;"><br>
            </td>
            <td style="width: 23.15pt; vertical-align: top; color: rgb(0, 0, 0);">x.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On March 8, 2024, the Group conducted a capital restructuring that resulted in Murano Global Investments PLC becoming the ultimate parent company of the Group and the Company as an intermediate holding company of the Group in Mexico.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z78b2120f7cab41a48d0f219ee05008b8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Basis of preparation</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">These condensed interim consolidated and combined financial statements have been prepared on: (i) a consolidated basis after March 8, 2024 and on a combined basis&#160; prior to the capital
        restructuring which occurred on March 8, 2024. Since the combined entities described in b. <font style="font-style: italic;">Capital restructuring</font> below included in these financial statements were under common control both prior to and
        after the capital restructuring, it had no material impact on the financial position, results or operations, or cash flows presented.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zc3c46aca44bb45f1b955adc8c70c2573" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">a.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Statement of compliance</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim consolidated and combined financial statements have been prepared in accordance with IAS 34 <font style="font-style: italic;">Interim Financial Reporting and</font>
        should be read in conjunction with the Group&#180;s last annual consolidated and combined financial statements as of and for the year ended December 31, 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim consolidated and combined financial statements do not include all the information and disclosures required for a complete set of financial statements prepared in
        accordance with IFRS Accounting Standards and should be read in conjunction with the consolidated statements as of&#160; December 31, 2024 and for the period then ended (the &#8220;last annual consolidated and combined financial statements&#8221;). However,
        selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group&#8217;s financial position and performance since the last annual financial statements.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zc8b364f4fbb84ce2af473b84f6e268c9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">b.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Basis of consolidation</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt; font-style: italic; font-weight: bold;">b.1. Subsidiaries</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to or has rights to variable returns from its involvement with the entity and has the
        ability to affect those returns. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">Intra-group balances and transactions are eliminated in the consolidation process.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">9</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The Group&#8217;s subsidiaries as of December 31, 2024, are set out below:</div>
      <div><br>
      </div>
      <div style="margin-left: 54pt;">
        <table cellspacing="0" cellpadding="0" border="0" align="right" id="z681fdd9595684f3db6db226832104750" style="border-collapse: collapse; width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

            <tr>
              <td style="width: 90%; vertical-align: top;">
                <div style="text-align: center; font-weight: bold;">Entity</div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: center; font-weight: bold;">Ownership</div>
                <div style="text-align: center; font-weight: bold;"> interest</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Murano Management, S. A. de C. V. (&#8220;Murano Management&#8221;)</div>
              </td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top;">
                <div>Murano World, S. A. de C. V. (&#8220;Murano World&#8221;)</div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Inmobiliaria Insurgentes 421, S. A. de C.V. (&#8220;Inmobiliaria Insurgentes 421&#8221;)</div>
              </td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top;">
                <div>Operadora Hotelera GI, S. A. de C. V. (&#8220;Operadora GIC I&#8221;)</div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Operadora Hotelera Grand Island II, S. A. de C. V. (&#8220;Operadora GIC II&#8221;)</div>
              </td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top;">
                <div>Operadora Hotelera I421, S. A. de C. V. (&#8220;OHI421&#8221;)</div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Operadora Hotelera I421 Premium, S. A. de C. V. (&#8220;OHI421 Premium&#8221;)</div>
              </td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top;">
                <div>Fideicomiso Murano 6000 CIB/3109 (&#8220;Insurgentes Security Trust&#8221;)</div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Fideicomiso Murano 2000 CIB /3001 (&#8220;GIC I Trust&#8221; or &#8220;Fideicomiso Murano 2000&#8221;)</div>
              </td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top;">
                <div>Fideicomiso Murano 4000 CIB/3288 (&#8220;GIC II Trust&#8221;)</div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Fideicomiso Murano 1000 CIB /3000</div>
              </td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top;">
                <div>Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323</div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Edificaciones BVG, S. A. de C. V. (&#8220;Edificaciones BVG&#8221;)</div>
              </td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top;">
                <div>Servicios Corporativos BVG, S. A. de C.V. (&#8220;Servicios BVG&#8221;)</div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: center;">100.00%</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="clear: both;"><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt; font-style: italic; font-weight: bold;">Combination of entities under common control (prior to capital restructuring as described in note 2b.)</div>
      <div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 1.05pt; margin-left: 56.7pt; color: #000000;">Before the capital restructuring described in note 2b. below,&#160; the Company was directly or indirectly controlled by Elias Sacal Cababie, therefore the Group
        has been combined under the common control approach. The combination includes the following entities: Murano PV, S. A. de C. V., Murano World, S. A. de C. V., Edificaciones BVG, S. A. de C. V., Fideicomiso Murano 6000 CIB/3109, Inmobiliaria
        Insurgentes 421, S. A. de C.V., Operadora Hotelera GI, S. A. de C. V., Operadora Hotelera Grand Island II, S. A. de C. V., Operadora Hotelera I421, S. A. de C. V., Operadora Hotelera I421 Premium, S. A. de C. V., Fideicomiso Murano 2000 CIB /3001,
        Fideicomiso Murano 4000 CIB/3288, Fideicomiso Murano 1000 CIB /3000, Servicios Corporativos BVG, S. A. de C.V., and Murano Management, S. A. de C. V.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt; font-style: italic; font-weight: bold;">b.2. Capital restructuring</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">On March 8, 2024, the Company underwent a restructuring to establish Murano Global Investments PLC&#160; as the parent entity of the Group and the Company as the intermediate holding entity of the
        Mexican structure: Murano World, Edificaciones BVG, the Insurgentes Security Trust, Inmobiliaria Insurgentes 421, OHI421, OHI421 Premium Operadora Hotelera GI (GIC I), Operadora Hotelera Grand island (GIC II), Fideicomiso Murano 2000 (the GIC I
        Trust), Fideicomiso Murano 4000 (the GIC II Trust), Fideicomiso Murano 1000, Servicios BVG, and Murano Management.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The capital restructuring involved a series of transactions between the entities and their shareholders, whereby some of the existing shareholders sold their shares and transferred their
        beneficiary rights to other entities within the Group in exchange for cash and promissory notes.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">Since the entities within the Group were under common control prior and after the capital restructuring, the capital restructuring does not qualify as a business combination under IFRS 3 Business
        Combinations. Management deems it appropriate to account for the capital restructuring at the carrying amount for presentation purposes of the financial statements and related notes after the business combination held on March 8, 2024, mainly
        because prior to and after the capital restructuring, the entities within the Group are controlled by the same group of shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The capital restructuring was measured at the previous carrying amounts of assets and liabilities given that the entities are under common control.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z6acd5480bdb244ef9e172d434e515c32" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;"><a name="z_Hlk175648141"></a>c.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Going concern basis</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;"><a name="z_Hlk167811850"></a>These condensed interim consolidated and combined financial statements have been prepared assuming the Company&#160; will continue as a going concern. However, management
        has identified material uncertainties that may cast substantial doubt on the ability of the Company to continue as a going concern. As a result, the Company may be unable to realize its assets and discharge its liabilities in the normal course of
        business.</div>
      <div style="text-align: justify; margin-left: 56.7pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">10</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The Company is an early-stage and emerging growth company. The Company has incurred significant debt primarily to fund operating expenses and finance the construction projects mentioned in note 1
        (a). As of March 31, 2025, total current liabilities exceed the amount of total current assets, and management believes that financial resources to fund its operations for the twelve months subsequent to the authorization and issuance of these
        consolidated and combined financial statements may be insufficient.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">In addition, as of and after March 31, 2025, certain covenants have been breached as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z859c4d34ffc44e1f9b12a1d5cbc8b717" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 74.7pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>At March 31, 2025, the debt service reserve related to the Insurgentes 421 loan with Bancomext has not been funded in accordance with the loan agreement. As of the date of the issuance of these financial statements, the Group has
                requested a waiver of this breach from the lender and is in discussions to potentially obtain this waiver in the short term. As of the date of issuance of these financial statements such waiver has not been granted.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 92.7pt;">As of March 31, 2025, the outstanding amount of this loan was $2,029.1 million, and as a result of the covenant breach described above, the loan was classified as a current liability.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zb2474b268f594e339cec13b3c9dbed3f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 74.7pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">ii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On September 12, 2024, the syndicated mortgage loan and its interest was repaid in full, curing any related breach related to this loan prior to this date.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zf6dc2ec53088436f80541e6bf5c12741" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 74.7pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">iii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The loan obtained with ALG described in Note 7 (10) is in breach as the Group did not pay the annual interest due in December 2024. The loan has not been accelerated and ALG has not notified any intention to accelerate the loan, however
                pursuant to IAS 1 &#8220;Presentation of Financial Statements&#8221;, this loan is classified as a current liability as of March 31, 2025.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z408b4c099f984889a359420ccdb4b45e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 74.7pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">iv.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>See Notes 7 and 13 for additional details about defaults subsequent to March 31, 2025.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">Certain covenant tests will arise, under the terms of the various Company loans, during the following twelve months after the financial statements are authorized to be issued, which Management
        does not expect will be met.&#160; In order to address and mitigate the risks of such future possible covenant breaches, the Murano Group has hired professional specialist advisors who are experienced in debt restructuring, to advise the Murano Group on
        a plan to execute a debt restructuring.&#160; The plan is that the debt restructuring will address and resolve the risks of such future possible covenant breaches through negotiating different terms with the various lenders.&#160; Whilst the terms of such a
        debt restructuring have not yet been agreed with the Murano Group&#8217;s various lenders, Management believes that, based on the advice and experience of the professional advisors, such a restructuring plan like to be successful and will mitigate the
        risk over the Company&#8217;s ability to continue as a going concern. The Murano Group has also considered alternative strategies with respect to the hotel operations in Cancun (including changes to the hotel management agreement and operational
        partners), which could generate additional cash flows compared to the current commercial arrangements.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">As a result of these conditions, substantial doubt exists about the ability of the Company to continue as a going concern following twelve months after the financial statements are authorized to
        be issued</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">Management continues evaluating strategies to obtain the required additional funding necessary for future operations, to comply with all covenants as required by the loan agreements or to execute
        a debt restructuring plan which would result in favorable modifications or removal of certain covenants, and to be able to discharge the outstanding debt and other liabilities as they become due. In assessing these strategies, management has
        considered the available cash resources, inflows from the hotels that are already in operation, and future financing options available to the Company such as new or restructured loan agreements and the possible financial support of the major
        shareholder of the Company. However, the Company may be unable to access further equity or debt financing when needed.&#160; As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable
        terms, if at all</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim consolidated and combined financial statements do not include any adjustments to the carrying amounts and classifications of assets and liabilities and reported expenses
        that may otherwise be required if the going concern basis for the Group as of December 31, 2024, and for the year then ended, and for entities comprising the Group, were not appropriate.</div>
      <div style="text-align: justify; margin-left: 56.7pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">11</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z95699166e78d48e292d7dffbed186b28" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">d.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Use of judgments and estimates</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">In preparing these consolidated and combined financial statements, management has made judgments and estimates that affect the application of accounting policies and the reported amounts of
        assets and liabilities, income and expense. Actual results may differ from these estimates.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The significant judgments made by management in applying the Group&#8217;s accounting policies and the key sources of estimation uncertainty were the same as those described in the Group&#8217;s last annual
        financial statements as of December 31, 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt; font-weight: bold;">Measurement of fair values:</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">A number of the Group&#8217;s accounting policies require the measurement of fair values, for both financial assets and liabilities and non-financial assets and liabilities.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair
        value measurements, including Level 3 fair values, and reports directly to the chief financial officer.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair
        values, the valuation team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of the Accounting Standards, including the level in the fair value hierarchy in which the
        valuations should be classified.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy
        based on the inputs used in the valuation techniques as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z7ce31d2016bc44afb43cb11b8bfcb1bb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z1e69b016753a483991c7d4ab91b72110" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z49c2a25cbea14d1dbe85612ed9c3d2ce" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">If the inputs used to measure the fair value of an asset or a liability are categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its
        entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during
        which the change has occurred.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zf5f85da46e6e46a58df87436b7d413c5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">e.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Material accounting policies</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim consolidated and combined financial statements follow the same accounting policies and methods of computation as the last annual consolidated and combined financial
        statements, except for the consolidation accounting policy, as explained in Note 2.b.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z5757cca856324b3fbe75a1c2ca730087" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">f.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">New accounting standards or amendments for 2025 and forthcoming requirements</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;"><a name="z_Hlk193967939"></a>A number of new accounting standards and amendments to accounting standards are effective for annual periods beginning after January 1, 2025, and have been adopted by
        the Company. Their adoption has not had any material impact on the disclosure or the amounts reported in these financial statements. The Company has not early adopted any forthcoming new or amended accounting standards in preparing these financial
        statements.&#160; The Company does not expect to have a significant impact from the adoption of the forthcoming standards.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">12</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z1683245a04e3415297c865b596e4e69d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-weight: bold;">Cash and cash equivalents</font>&#160;<font style="font-weight: bold;">and restricted cash</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">As of March 31, 2025 and&#160; December 31, 2024 cash and cash equivalents <font style="color: rgb(0, 0, 0);">and restricted cash</font> is as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z1ace347e766b4f8e8a4e2e0feb0495de" class="cfttable">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
              <div style="text-align: center; font-weight: bold;"> As of</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">March 31, 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">December 31, 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Cash</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,651,197</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,661,613</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Bank deposits <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) (2)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">468,924,442</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">967,794,035</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total cash and cash equivalents and restricted cash</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">470,575,639</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">969,455,648</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z5e02d1d673844c8786818e6092d27784" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Inmobiliaria Insurgentes 421 - In accordance with the long-term loan from Bancomext, the borrower must maintain a debt service reserve fund equivalent to the next amortization of principal payment plus interest, according to the
                amortization schedule, and an additional fund for an amount equivalent to the principal debt service reserve fund. While the amount can be withdrawn without penalty to cover payments, the borrower is obligated to replace such reserve funds
                within 15 days. As of March 31, 2025 and December 31, 2024, the principal reserve fund amounted to $1,539,769, and $44,069,120, respectively. As of March 31, 2025 and December 31, 2024, the debt service reserve funds have not been fully
                funded; for further information see notes 7 and 13.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zb77d29256ba0450e8fa791bf9c6f7f38" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Issuer trust 4323 &#8211; In accordance with the&#160; terms of the Senior Secured Notes issued by the Group on September 12, 2024, On March 12, 2025 the Company paid the first coupon of interest in the amount of U.S.$16,500,000 and capitalized the
                2% PIK interest in the amount of U.S.$3,000,000&#160; to the principal amount of the secured senior notes, ending with a balance of $303,000,000. As of the date of the issuance of these interim condensed financial statements, the debt service
                reserve fund has not be fully funded. See note 2c &#8220;Going concern&#8221;. As of December 31, 2024, the debt service reserve fund amounted $338,419,950 (U.S.$16,500,000). This is a revolving reserve classified as cash and cash equivalents.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z62bd2d8cf843472e9d034d22d1f798f7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Related-party transactions and balances-</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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          <tr>
            <td style="width: 26.45pt;"><br>
            </td>
            <td style="width: 21.25pt; vertical-align: top;">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Outstanding balances with related parties as of March 31, 2025 and December 31, 2024 are as follows:</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z838c0904b14142058d363363bad09391" class="cfttable">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;" colspan="6">
              <div> </div>
              <div style="text-align: center; font-weight: bold;">As of</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">March 31, 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">December 31, 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Payable:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Affiliate:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Sofoplus S.A.P.I de C. V., SOFOM ER<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">208,173,817</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">194,471,588</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Current portion</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">12,963,866</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">120,634,508</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Long-term portion</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">195,209,951</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">73,837,080</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z312692a73ecf4b96a56827b9271537a3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 18.55pt; vertical-align: top;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Syndicated secured mortgage loan for up to U.S.$30,000,000 (U.S.15,000,000 granted by Exitus and U.S.$15,000,000 granted by Sofoplus to Murano World) which matures on June 24, 2025, and causes interest at an annual rate of 15.00% for
                which the major shareholders are joint obligors. Balance of this loan was paid with the proceeds of the U.S.$6,000,000. Granted by Sofoplus as described below.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The balance also includes invoices discounted by one supplier of the Group and Sofoplus with maturity on January 28, 2025. The balance as of March 31, 2025 and December 31, 2024 of the discounted
        invoices was $9,632,658 and&#160; $9,828,201, respectively.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">13</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">On September 30, 2024, Murano World signed a loan agreement with Sofoplus up to U.S.$3,600,000 with disbursements of U.S.$700,000, U.S.$100,000, U.S.$800,000, U.S.$1,000,000 and U.S.$1,000,000 on
        September 30, 2024, October 3, 2024, October 31, 2024, November 29, 2024, and December 13, 2024, respectively. The Group used this loan to repay the balance of the secured mortgage loan of U.S. $15,000,000. This loan requires us to pay monthly
        interest at the annual interest rate of 16% starting on October 1, 2024, with maturity on October 1, 2026.&#160; Balance as of March 31, 2025 is U.S.$3,600,000.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">On January 30, 2025, Murano World signed a loan agreement with Sofoplus up to U.S. $6,000,000 with draws of US $870,772 and $5,129,228 on January 31, 2025 and February 13, 2025.&#160; This loan has to
        pay monthly interest at the annual interest rate of 16%, with maturity on February 1, 2028. The use of this loan is to re-paid the principal and interest&#160; amounts from open balances with Sofoflups.&#160; Balance as of March 31, 2025 is U.S.$6,000,000.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">14</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z5542ff9f20a84b4781f6de6976797254" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Property, construction in process and equipment</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Reconciliation of carrying amounts</div>
      <div><br>
      </div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>Computer</u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-align: center; font-weight: bold;"><u>Equipment and</u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>Buildings</u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-align: center; font-weight: bold;"><u>Elevators</u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-align: center; font-weight: bold;"><u>equipment</u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>Equipment</u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-align: center; font-size: 8pt; font-weight: bold;"><u><font style="font-size: 10pt;">Furniture<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-align: center; font-weight: bold;"><u>other assets</u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>Total</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Cost:</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
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              <div style="color: rgb(0, 0, 0);">Balances as of January 1, 2024</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,946,810,686</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">6,508,950,442</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,917,229,199</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">10,964,935</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,736,592</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,874,688</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">165,784,565</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,173,881</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">17,563,524,988</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Balances as of December 31, 2024</div>
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              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">3,469,022,357</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">5,702,125,798</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">20,454,876</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">7,803,189</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,720,707</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">537,116,640</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">3,173,881</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">19,227,769,772</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
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          <tr>
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              <div style="color: rgb(0, 0, 0);">Additions</div>
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              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">141,748,140</div>
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              <div style="color: rgb(0, 0, 0);">-</div>
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              <div style="color: rgb(0, 0, 0);">109,128</div>
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              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">142,887,239</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">Balances as of March 31, 2025</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">9,484,352,324</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,610,770,497</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,702,125,798</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">20,454,876</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,912,317</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,720,707</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">538,146,611</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,173,881</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">19,370,657,011</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" class="cfttable">

          <tr>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;" colspan="1" class="cftnumcell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="2">
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              <div style="text-align: center; font-weight: bold;"><u>Construction in</u></div>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;" colspan="1" class="cftnumcell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;" colspan="1" class="cftnumcell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>Computer</u></div>
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            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftguttercell">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;" colspan="1" class="cftnumcell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftguttercell">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftcurrcell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;" colspan="1" class="cftnumcell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-align: center; font-weight: bold;"><u>Buildings</u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-align: center; font-weight: bold;"><u>equipment</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>Equipment</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;"><u><font style="font-size: 10pt;">Furniture<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>other assets</u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap; width: 7%; text-align: right;" colspan="1" class="cftnumcell">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td style="vertical-align: bottom; width: 7%; text-align: right;" colspan="1" class="cftnumcell">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap; width: 7%; text-align: right;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Balances as of January 31, 2024</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%;" colspan="1" class="cftnumcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Balances as of December 31, 2024</div>
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              <div style="color: rgb(0, 0, 0);">(7,338,727</div>
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              <div style="color: rgb(0, 0, 0);">(7,433,587</div>
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              <div style="color: rgb(0, 0, 0);">(227,592,078</div>
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              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">3,469,022,357</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">5,499,974,236</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">17,551,368</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">464,462</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">730,420</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">340,327,271</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">685,964</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
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              <div style="color: rgb(0, 0, 0);">18,813,108,402</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 10%; padding-bottom: 4px;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 9pt;">March 31, 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">9,484,352,324</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,610,770,497</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,464,525,433</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">17,039,996</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">478,730</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">684,754</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">310,554,533</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">647,914</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">18,889,054,181</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z1bf58615ca4542af84afdf10b4fb0b25" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 27pt;">&#160;</td>
            <td style="width: 16.65pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Includes&#160; FF&amp;E and OS&amp;E assets.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">15</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-right: 12.5pt; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Construction in process</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-right: 12.5pt; margin-left: 28.35pt;">GIC I is a hotel complex with up to 1,016 rooms, currently under construction in Cancun, Quintana Roo; the total amount expected to be invested in the construction is
        $3,200,000,000, excluding land and financial costs. For the period ended March 31, 2025 and December 31, 2024, construction costs incurred were $141,748,140 and $1,296,109,229, respectively.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-right: 12.5pt; margin-left: 28.35pt;">GIC II is a plot of land located in Cancun, Quintana Roo, where the Group plans to develop approximately 1,254 condominiums, a convention center (under the World Trade
        Center brand), a water park and a beach club. For the period ended March 31, 2025 and December 31, 2024, construction costs incurred were $6,427,616 and $6,014,159, respectively.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-right: 12.5pt; margin-left: 28.35pt;">See Notes 1 a. and 13 for additional details about the GIC Complex.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-right: 12.5pt; margin-left: 28.35pt;">Insurgentes Hotel is a hotel complex comprising two individual hotels with a combined capacity of 396 rooms, located in Mexico City. This hotel commenced operations in the
        first quarter of 2023. As of March 31, 2025 and December 31, 2024 there were no additional capitalized costs incurred for the property.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-right: 12.5pt; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Measurement of fair value</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Land, construction in process and buildings</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt; font-style: italic;">Fair value hierarchy</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The Group engages third-party qualified appraisers to perform the valuation of the land, construction in process and buildings annually. The technical committee works closely with qualified
        external appraisers to establish the appropriate valuation techniques and inputs to the model.&#160; The fair value measurement for the land, construction in process and buildings has been categorized as a Level 3 fair value based on the inputs to the
        valuation technique used. Changes in fair value are recognized in Other Comprehensive Income (OCI) or profit or loss to the extent losses exceed any revaluation gains.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt; font-style: italic;">Valuation technique and significant unobservable inputs</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The following table shows the valuation technique used in measuring the fair value of the land,&#160; construction in process and buildings, as well as the significant unobservable inputs used.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The revaluation gain (loss) for the years ended December 31, 2024 was $334,809,588. <a name="z_Hlk201857515"></a>The Company did not revalue the assets as of March 31, 2025 and any the interim
        periods, as no factors or indicators were identified that could give rise to a material change in the fair value from the prior period revaluation.</div>
      <div style="text-align: justify; margin-left: 28.35pt;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">16</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z7c18255ef66f40dcad324023777437a2" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46%; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">Valuation technique</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="width: 28%; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">Significant unobservable inputs</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="width: 24.19%; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">Inter-relationship between</div>
              <div style="text-align: center; font-weight: bold;">significant unobservable</div>
              <div style="text-align: center; font-weight: bold;"> inputs and fair value </div>
              <div style="text-align: center; font-weight: bold;">measurement</div>
            </td>
          </tr>
          <tr>
            <td style="width: 46%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="width: 28%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="width: 24.19%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 46%; vertical-align: top;">
              <div style="text-align: justify; font-weight: bold;">Land</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Group directors use the market-based approach to determine the value of the land as described in the valuation reports prepared by the appraisers.</div>
              <div>&#160;</div>
              <div style="text-align: justify; margin-left: 1.75pt;">In estimating the fair value of the subject assets, the appraiser performed the following:</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 23pt;">&#8226;&#160;&#160;&#160;&#160; Researched market data to obtain information pertaining to sales and listings (comps) that are similar to the Subject Asset.</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 23pt;">&#8226;&#160;&#160;&#160; Selected relevant units of comparison (e.g., price per square&#160; meter), and developed a comparative analysis for each.</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 23pt;">&#8226;&#160;&#160;&#160; Compared the comps to the Subject Asset using elements of comparison that may include, but are not limited to, market conditions, location, and physical
                characteristics; and adjusted the comps as appropriate.</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 23pt;">&#8226;&#160;&#160;&#160;&#160; Reconciled the multiple value indications that resulted from the adjustment of the comps into a single value indication.</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 23pt;">&#8226;&#160;&#160;&#160; The selected price per square meter is consistent with market prices paid by market participants and/or current asking market prices for comparable properties.</div>
            </td>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 28%; vertical-align: top;">
              <div style="text-align: justify;">The appraiser compared the comps to the Subject Assets using comparison elements that include market conditions, location, and physical characteristics.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Location (0.80 - 1).</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Size (1.08 - 1.20).</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Market conditions (0.8 - 1).</div>
            </td>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 24.19%; vertical-align: top;">
              <div style="text-align: justify;">The estimated fair value would increase if the adjustments applied were higher.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zde32e18131524e679c3df70e052acebc" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46%; vertical-align: top;">
              <div style="text-align: justify; font-weight: bold;">Construction in process</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Group directors use the cost approach to determine the value of construction in process as described in the valuation reports prepared by the appraisers.</div>
              <div style="text-align: justify;">In estimating the fair value of building and site improvements, the appraiser performed the following:</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160; &#160; Estimated replacement cost of the building and site improvements, as though new, considering items such as indirect costs.</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160;&#160;&#160; Estimated and applied deductions related to accrued depreciation, resulting from physical deterioration, and work in progress.</div>
            </td>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 28%; vertical-align: top;">
              <div style="text-align: justify;">The appraiser used an adjustment factor regarding the status of the construction in process.</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Work in progress adjustment (0.6 - 0.98).</div>
            </td>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 24.19%; vertical-align: top;">
              <div style="text-align: justify;">The estimated fair value would increase if the adjustments applied were higher.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">17</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z43431a1a675b433dbbbd30be8052ae7b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46%; vertical-align: top;">
              <div style="text-align: justify; font-weight: bold;">Buildings</div>
              <div>&#160;</div>
              <div style="text-align: justify;">The Company directors use the cost approach to determine the value of buildings in current operation that has beginning their ramp up period (Cancun Complex/Hotel Vivid portion).</div>
              <div style="text-align: justify;">In estimating the fair value of building and site improvements, the appraiser performed the following:</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160;&#160;&#160; Estimated replacement cost of the building and site improvements, as though new, considering items such as indirect costs.</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160; &#160; Estimated and applied deductions related to accrued depreciation, resulting from physical deterioration, and work in progress.</div>
            </td>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 28%; vertical-align: top;">
              <div style="text-align: justify;">N/A</div>
            </td>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 24.19%; vertical-align: top;">
              <div style="text-align: justify;">N/A as not adjustment factor was used.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Carrying amount</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">Had the Group&#8217;s land and construction in process been measured on a historical cost basis, their carrying amount would have been as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z90a1c34194b3494b8ef5067c9ee068b8" class="cfttable">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="6">
              <div style="text-align: center; font-weight: bold;"> As of</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">March 31, 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">December 31, 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Land</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>705,682,511</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>705,682,511</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Construction in process</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>2,850,552,952</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>2,708,804,812</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: justify; margin-right: 5.65pt; color: rgb(0, 0, 0);">Buildings</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>3,511,697,427</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>3,574,609,548</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Total</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>7,067,932,890</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>6,989,096,871</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-right: 364.3pt; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Security</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">As of March 31, 2025 and December 31, 2024, properties with carrying amount of $18,739,287,362 and $18,817,329,303, respectively, were subject to mortgages or security trusts that form part of
        the security for certain bank loans (see Note 7). A list of the properties and related loans is as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z923ce80bf0884b759566ff17ecb5e444" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: bottom;">
              <div style="text-align: justify; font-weight: bold;">Property</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 45.83%; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">Associated Credit Reference</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Unit 1, 2, 4 y 5 / Grand Island</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 45.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">See Note 7 <font style="font-style: italic;">Terms and repayment schedule</font> (8 &amp; 11)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Unit 3 / Grand Island II</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 45.83%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">See Note 7 <font style="font-style: italic;">Terms and repayment schedule</font> (3), (4), (9) and (10)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Beach Club &#8211; Playa Delfines</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 45.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">See Note 7<font style="font-style: italic;"> Terms and repayment schedule</font> (5)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Insurgentes Sur 421 Complex</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 45.83%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">See Note 7<font style="font-style: italic;"> Terms and repayment schedule</font> (1)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Unit 8, No. 56-A-1, Supermanzana A2, Sup. 824.20 M2</div>
            </td>
            <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td style="width: 45.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">See Note 7 <font style="font-style: italic;">Terms and repayment schedule</font> (2) and Note 4 reference (1)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Unit 9, No. 56-A-1, Supermanzana A2, Sup. 832.94 M2</div>
            </td>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 45.83%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Plot of land: La Punta Bajamar / Lote 1, Manzana S/M, Sup. 4,117.88 M2</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 45.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">See Note 7 <font style="font-style: italic;">Terms and repayment schedule</font> (2)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: middle;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Plot of land: La Punta Bajamar / Lote 2, Manzana S/M, Sup. 6,294.08 M2</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: middle;" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 45.83%; vertical-align: middle;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">See Note 7 <font style="font-style: italic;">Terms and repayment schedule</font> (2)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Plot of land: La Punta Bajamar / Lote 3 (Vialidad), Manzana S/M, Sup. 4,117.88 M2</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 45.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">See Note 7 <font style="font-style: italic;">Terms and repayment schedule</font> (2)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: middle;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Plot of land: La Punta Bajamar / Lote 4, Manzana S/M, Sup. 10,015.68 M2</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 45.83%; vertical-align: top;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">See Note 7 <font style="font-style: italic;">Terms and repayment schedule</font> (2)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Plot of land: La Punta Bajamar / Lote 5, Manzana S/M, Sup. 11,986.53 M2</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 45.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">See Note 7 <font style="font-style: italic;">Terms and repayment schedule</font> (2)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: middle;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Plot of land: La Punta Bajamar / Lote 6, Manzana S/M, Sup. 2,912.02 M2</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 45.83%; vertical-align: top;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">See Note 7 <font style="font-style: italic;">Terms and repayment schedule</font> (2)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: middle; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Plot of land: La Punta Bajamar / Lote 7, Manzana S/M, Sup. 568.51 M2</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 45.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">See Note 7 <font style="font-style: italic;">Terms and repayment schedule</font> (2)</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 53%; vertical-align: middle;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">Plot of land: La Punta Bajamar / Lote 8, Manzana S/M, Sup. 635.25 M2</div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 45.83%; vertical-align: top;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; color: rgb(0, 0, 0);">See Note 7 <font style="font-style: italic;">Terms and repayment schedule</font> (2)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">18</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z343acfb4984d483d8ec66a230ebc2d6f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Investment property</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">Investment property is initially measured at cost and subsequently at fair value with any change therein recognized in profit and loss.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The revaluation gain for the period ended December 31, 2024 was $239,508,511.&#160; The Company did not revalue the assets as of March 31, 2025 and any the interim periods, as no factors or
        indicators were identified that could give rise to a material change in the fair value from the prior period revaluation.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zec13e6937ef24e298ce5e8f38ec08342" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
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              <div style="text-align: center; font-weight: bold;"> As of</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">December 31, 2024</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Current portion of secured bank loans</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,121,983,916</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,104,552,010</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Unsecured bank loans</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">30,694,061</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Interest</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">304,150,940</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">346,134,418</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total current liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,426,134,856</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,481,380,489</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Non-current liabilities:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Secured bank loan</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,623,977,678</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,692,819,937</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Unsecured bank loans</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">30,530,974</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total non-current liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,654,508,652</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,692,819,937</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>

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      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">19</font></div>
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      </div>
      <div style="text-align: justify; margin-right: 7pt;">The secured bank loans are secured over land and construction in process with a carrying amount of $20,079,287,362 and $19,973,324,789 as of&#160; March 31, 2025 and December 31, 2024, respectively.</div>
      <div><br>
      </div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 12%;" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 12%;" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6" rowspan="1">
              <div style="text-align: center; font-weight: bold;"><u>As of</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;"><br>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">
              <div style="text-align: center; font-weight: bold;"><u>Currency</u></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 12%;" rowspan="1">
              <div style="text-align: center; font-weight: bold;"><u>Nominal interest rate 2025</u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 12%;" rowspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>Maturity</u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 36%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Inmobiliaria Insurgentes 421:</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Bancomext <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 4%;">
              <div style="text-align: center; color: rgb(0, 0, 0);">USD</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 12%;">
              <div style="text-align: center; color: rgb(0, 0, 0);">SOFR + 3.5%</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 12%;">
              <div style="text-align: center; color: rgb(0, 0, 0);">SOFR + 3.5%</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0);">2037</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,017,572,210</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,029,066,425</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Cost to obtain loans and commissions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 4%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(16,701,743</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(17,038,019</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total Inmobiliaria Insurgentes 421</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 4%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">2,000,870,467</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">2,012,028,406</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Murano World:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 4%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; width: 12%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Exitus Capital <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">
              <div style="text-align: center; color: rgb(0, 0, 0);">USD</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: center;">15.00%</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);"><br>
              </div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: center;">15.00%</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);"><br>
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            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 5%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: center;">2026 y 2027</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">371,166,682</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">373,168,040</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 36%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Arrendadora F&#237;namo, S.A. de C.V. (&#8220;F&#237;namo&#8221;) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; color: rgb(0, 0, 0);">MXN</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: center;">15.76%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);"><br>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: center;">15.76%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);"><br>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: center;">2027</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">274,227,454</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">282,011,355</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Administradora de Soluciones de Capital, S.A. de C.V. SOFOM ENR (Finamo) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">
              <div style="text-align: center; color: rgb(0, 0, 0);">MXN</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: center;">22.00%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);"><br>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: center;">22.00%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);"><br>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 5%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: center;">2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">144,493,360</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">144,493,360</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">ALG <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; color: rgb(0, 0, 0);">USD</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: center;">10%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);"><br>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: center;">10%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);"><br>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: center;">2030</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">408,006,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">410,206,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Santander International <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">
              <div style="text-align: center; color: rgb(0, 0, 0);">USD</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 12%;">
              <div style="text-align: center; color: rgb(0, 0, 0);">Best Rate+0.80%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 12%;">
              <div style="text-align: center; color: rgb(0, 0, 0);">Best Rate+0.80%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 5%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); text-align: center;">2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">30,530,974</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">30,694,061</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 36%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Cost to obtain loans and commissions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(6,876,807</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(7,833,206</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total Murano World</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">1,221,547,663</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">1,232,739,610</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Edificaciones BVG:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Exitus Capital <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,883,403</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">4,776,175</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total Edificaciones BVG</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">3,883,403</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">4,776,175</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Murano PV:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

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      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" class="cfttable">

          <tr>
            <td style="vertical-align: bottom; white-space: nowrap; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">NAFIN <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup></div>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap; width: 4%;">
              <div style="text-align: center; text-indent: 6pt; color: rgb(0, 0, 0);">USD</div>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; width: 12%;">
              <div style="text-align: center;">SOFR + 3.75% first year; second</div>
              <div style="text-align: center;"> year SOFR +4.00 and third year </div>
              <div style="text-align: center;">SOFR + 4.25%</div>
            </td>
            <td style="vertical-align: bottom; white-space: nowrap; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; width: 12%;">
              <div style="text-align: center;">SOFR + 3.75% first year; second</div>
              <div style="text-align: center;"> year SOFR +4.00</div>
              <div style="text-align: center;"> and third year SOFR + </div>
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            <td style="vertical-align: bottom; white-space: nowrap; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap; width: 5%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="text-align: center;">2027</div>
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            <td style="vertical-align: bottom; white-space: nowrap; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,120,834,488</div>
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            <td style="vertical-align: bottom; white-space: nowrap; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: right;" colspan="1" class="cftguttercell">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap; width: 9%; text-align: right;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,126,878,115</div>
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            <td style="vertical-align: bottom; white-space: nowrap; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 36%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Administradora de Soluciones de Capital, S.A. de C.V. SOFOM NR (ASC Finamo) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(9)</sup></div>
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              <div style="text-align: center; text-indent: 6pt; color: rgb(0, 0, 0);">USD</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="text-align: center;">15%</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div><br>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="text-align: center;">15%</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div><br>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="text-align: center;">2030</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">455,703,334</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">458,160,522</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">ASC Finamo <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(10)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">
              <div style="text-align: center; text-indent: 6pt; color: rgb(0, 0, 0);">MXN</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
              <div style="text-align: center;">22%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div><br>
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            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 12%;" colspan="1" class="cftnumcell">
              <div style="text-align: center;">22%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div><br>
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            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 5%;" colspan="1" class="cftnumcell">
              <div style="text-align: center;">2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">100,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">100,000,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 36%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Cost to obtain loans and commissions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(24,643,543</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(26,599,533</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total Murano PV</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">1,651,894,279</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">1,658,439,104</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Fideicomiso 4323 (issuer trust):</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Senior Notes<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(11)</sup></div>
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              <div style="text-align: center; color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;USD</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">11% plus 2% of PIK capitalized first three years</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">11% plus 2% of PIK capitalized first three years</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="text-align: center;">2031</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">6,120,090,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">6,153,090,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 36%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Cost to obtain loans and commissions</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(221,793,244</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
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            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(233,007,287</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total Fideicomiso 4323</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">5,898,296,756</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">5,920,082,713</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div>&#160;</div>
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Accrued interest payable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">304,150,940</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">346,134,418</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total debt</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">11,080,643,508</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">11,174,200,426</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Current instalments</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,426,134,856</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,481,380,489</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 36%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 36%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Long-term debt, excluding current instalments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 4%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 4px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 12%; padding-bottom: 4px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 5%; padding-bottom: 4px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,654,508,652</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,692,819,937</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <br>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">20</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z07696ba8004a4c1f8a4694a737597cf2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On October 18, 2018, Inmobiliaria Insurgentes 421 obtained a U.S.$49,753,000 unsecured loan. This loan was renegotiated to U.S.$75,00,000 on October 10, 2022, with this loan, the Group repaid fully the first loan, including interest.
                This loan is secured by the Insurgentes Complex with OHI421 and OHI421 Premium jointly liable.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt; color: #000000;">In May 2023, the Group restructured this loan with an increase of U.S.$25,000,000 giving a total credit line of U.S.$100,000,000.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;"><font style="color: #000000;">On April 4, 2024, the Group amended the loan agreement between Inmobiliaria Insurgentes 421 and Bancomext. The main change included reducing the amount of the
          principal payments from April 2024 to April 2025, as well as receiving an event of default waiver from Bancomext, in connection with the borrower&#8217;s funding obligations in respect of the debt service reserve accounts. The parties executed an
          amendment and waiver agreement to provide new terms and conditions with respect to the funding obligations of the debt service reserve accounts. As of December 31, 2024, the Group has not fully funded the debt services reserve accounts, resulting
          in a covenant breach. </font>Although the loan has not been accelerated and the creditor thereunder has not threatened to accelerate the loan, pursuant to IFRS 1 &#8220;First-time Adoption of International Financial Reporting Standards&#8221;, this loan is
        classified as current liability as of December 31, 2024. As of the date of the issuance of these financial statements, the Group has requested a waiver of this breach from the lender and is in discussions to potentially obtain this waiver in the
        short term.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z30bdceca4abc4264b99b71618143d0d5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">(2)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On September 30, 2024, Murano World restructured its debt with Exitus Capital and substitute the remaining balance of the following three loans:&#160; (i) Syndicated secured mortgage loan of U.S.$30,000,000 (U.S.15,000,000 granted by Exitus
                and U.S.$15,000,000 granted by Sofoplus) with the major shareholders of the Group as joint obligors; (ii) Loan agreement up to U.S.$2,500,000 with the major shareholders as joint obligors. As of December 31, 2023, the total amount drawn was
                $18,391,571 (U.S. $1,088,677). On January 26, 2024, February 26, 2024, March 26, 2024, April 26, 2024 and May 26, 2024, the Group drew U.S.$70,000, U.S.$316,000, U.S.$311,000, U.S.$325,000 and U.S.$374,000 respectively and (iii) Loan
                agreement for U.S.$972,300 signed on June 26, 2023 with balances at that date in the amounts of U.S.$15,000,000, U.S.$2,434,012 and U.S.$715,297, respectively. The amount of the new credit line was U.S.$18,149,309.&#160; The new loan requires us
                to pay interest quarterly at the annual interest rate of 15% starting October 1, 2024, with maturity on December 30, 2025. See Note 13 for additional details about defaults subsequent to December 31, 2024.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="za2ee362556c5404196f73994bd7e6131" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">(3)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Sale and lease back agreement signed with Finamo in February 2023 for an amount of $350,000,000 with a 48-month termination period. <font style="color: rgb(0, 0, 0);">The agreement includes the pledge of plots of land as security in La
                  Punta Baja Mar that </font><font style="color: rgb(34, 34, 34);">are subject to a registered debenture. </font>The Group signed additional sale and lease back agreements for $60,000,000 in October and November 2023. See Note 13 for
                additional details about defaults subsequent to December 31, 2024.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z28a3ad3ba0f740a4b88140afb110ffce" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">(4)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On December 3, 2024, Murano World, as borrower and the major shareholders of the Group as joint obligors signed a loan agreement with Administradora de Soluciones de Capital, S.A. de C.V. SOFOM E.N.R. (Finamo) in the amount of
                $144,493,360 with maturity of 12 months and pays interest in a two-month period at the annual rate of 22%. See Note 13 for additional details about defaults subsequent to December 31, 2024.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z74876ce387ec46fd987b42a2cfc86478" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;"><a name="z_Hlk194073467"></a>(5)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Secured loan agreement signed by Murano World, in March 31, 2023, for purchase and development of the beach club, which also guarantees this loan. This loan accrues interest at an annual rate of 10%. The interest payment due in December
                2024 was not made, and as result, this loan is breached. Although the loan has not been accelerated and the creditor thereunder has not threatened to accelerate the loan, pursuant to IFRS 1 &#8220;First-time Adoption of International Financial
                Reporting Standards&#8221;, this loan is classified as current liability as of March 31, 2025 and December 31, 2024. As of the date of the issuance of these financial statements, the Group is preparing to engage in constructive discussions with
                ALG to remedy this default.</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">21</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z04d2dc01d4ba4c7bad455631bfadb166" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">(6)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Loan with &#8220;Best rate&#8221; interest for preferred clients. On March 27, 2024, Murano World increased this credit line from U.S.$1,500,000 to U.S.$2,000,000.&#160; On October 30, 2024, the Group repaid U.S.$500,000 to this loan agreement.&#160; <a name="z_Hlk196742629"></a>On March 7, 2025, Murano World extended the maturity of the Santander loan in the amount of US. $1,500,000 from March 7, 2025 to March 7, 2027.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z71a5f9e7782f4772993a9d9a56db7ce9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">(7)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Sale and lease back agreement signed with Exitus Capital in December 2019 with a 36-month termination period for each tranche. See Note 13 for additional details about defaults subsequent to December 31, 2024.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="za130f16490034cc1a23da04e7abae2a9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">(8)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On October 17, 2024, Murano PV, as borrower, the major shareholders of the Group as joint obligors, and NAFIN signed a secured loan agreement up to U.S.$70,378,287. This loan is intended to assist Murano PV with its working capital. The
                maturity of this loan is October 28, 2027. The Group received the tranche A and part of the tranche B on October 28, 2024, in the amount of U.S.$54,942,059 at the signature date of the agreement.&#160; The interest will be capitalized during the
                term of the loan at the interest rate of SOFR + 3.75% for the first year, SOFR + 4.00% for the second year and SOFR + 4.25% for the third year. Not being in default of any covenants under this loan agreement is a condition for any drawdown
                of the remaining balance of Tranche B (used for the interest payments).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z5ec4c8b8f2f4431aa1ad886a85fce195" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">(9)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On January 5, 2024, the Group signed a loan agreement with Finamo for $350,000,000 at a fixed annual interest rate of 17%; funds were received on the same date. On January 5, 2024, the Company and the major shareholder of the Group as
                joint obligor, also signed an additional loan agreement with F&#237;namo for U.S.$26,000,000 at a fixed annual interest rate of 15%. The funds were received on January 18, 2024, and part of this loan was used to pay the $350,000,000 described
                above. Unit 3 of the land in Grand Island was given as a guarantee under this loan agreement. On October 2, 2024, the Group make a prepayment of U.S. $3,661,930. See Note 13 for additional details about defaults subsequent to December 31,
                2024.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zc4f2cc4c92e94889a9310872480d31b6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 43.65pt; vertical-align: top;">(10)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On April 9, 2024, Murano PV&#160;and the major shareholder of the Group as joint obligor, signed a loan agreement with Finamo for $100,000,000 with maturity in 6 months and a fixed annual interest rate of 22%. On December 3 the Group
                negotiated an extension to pay the principal amount of this loan from October 4, 2024, to November 5, 2025. See Note 13 for additional details about defaults subsequent to December 31, 2024.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 43.65pt; vertical-align: top;">(11)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">On September 12, 2024, the </font>Group closed a 144A bond financing<font style="color: rgb(0, 0, 0);"> issuing secured senior notes for U.S.$300,000,000 with maturity as of September 12, 2031, and will pay
                  semi-annual coupons at the interest rate of 11% plus a 2% of PIK interest that will be capitalized over the first three years of the notes. The senior notes are guarantee by a mortgage over the private units 1 and 2 of the GIC Complex as
                  well as the collection rights of the revenues generated by the phase one of the GIC Complex (1,016 rooms).&#160; The main uses of this financing were to repay in full the balances of the secured mortgage syndicated loan from Fideicomiso Murano
                  2000 /CIB 3001 and the VAT credit.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The loan agreements referred to above include covenants and restrictions that require, among other things, to provide quarterly and annually the lenders with the companies&#8217; internal financial
        statements and compliance with certain ratios. Non-compliance with such requirements constitutes an event of default under which the respective creditors or agents thereof may declare amounts outstanding thereunder immediately due and payable.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-right: 2.5pt; margin-left: 28.35pt;">As of March 31, 2025 and December 31, 2024, the Group had complied with all terms and covenants included in the loan agreements, except for the breach of Inmobiliaria
        Insurgentes I421 to fund the reserve account under the Bancomext loan as of March 31, 2025 and December 31, 2024, respectively, and the interest payment default under the ALG loan with respect to the coupon due in December 2024. None of these loans
        have been accelerated and the creditors thereunder have not threatened to accelerate any such loan, however pursuant to IFRS 1 &#8220;Presentation of Financial Statements&#8221;, these loans are classified as current liabilities as of March 31, 2025 and
        December 31, 2024, in the condenses interim consolidated financial statements. See Note 13 for additional details.</div>
      <div style="text-align: justify; margin-right: 2.5pt; margin-left: 28.35pt;"> <br>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">22</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Revenue</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">For the three-month period ended March 31, 2024 and 2024, the Company&#8217;s revenue is derived from contracts with customers, which include the operation of hotels and the resultant income received
        from guests and related services, and revenue for <font style="color: rgb(0, 0, 0);">administrative services with related parties.</font></div>
      <div style="text-align: justify; margin-left: 28.35pt;"><font style="color: rgb(0, 0, 0);"> <br>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
              <div> </div>
              <div> </div>
              <div style="text-align: center; color: #000000; font-weight: bold;">For the three-month period ended</div>
              <div style="text-align: center; color: #000000; font-weight: bold;"> </div>
              <div style="text-align: center; color: #000000; font-weight: bold;">March 31,</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2024</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Revenue from contracts with customers</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">320,737,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">107,105,009</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Revenue for administrative services with related parties and expense reimbursements</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total revenue</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">320,737,233</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">107,105,009</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
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      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Disaggregation of revenue from contracts with customers</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">In the following table, revenue from contracts with customers is disaggregated by primary major products and service lines and timing of revenue recognition for the three months perido ended
        March 31 2025 and 2024:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z264418e915fa4f5fb0893950ac421258" class="cfttable">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
              <div style="text-align: center; color: #000000; font-weight: bold;">For the three-month period ended</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">March 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Major products/service lines</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Room rentals</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">116,097,764</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">71,164,213</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Food and beverage</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">37,221,008</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">30,881,856</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">All-inclusive</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">139,568,390</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">SPA Services</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,529,256</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">22,306,815</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,821,348</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">320,723,233</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">107,105,009</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Services and products transferred at a point in time</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">65,057,079</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">35,940,796</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Services transferred over time</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">255,666,154</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">71,164,213</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 9pt">&#160;</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Total revenue from contracts with customers</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">320,723,233</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">107,105,009</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
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            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Other income</div>
            </td>
          </tr>

      </table>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
              <div style="text-align: center; color: #000000; font-weight: bold;">For the three-month period ended</div>
              <div style="text-align: center; color: #000000; font-weight: bold;"> March 31,</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Other income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">VAT revaluation</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,827,273</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,258,417</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Amortization of key money</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,170,893</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">599,654</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Other income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,764,559</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">11,009,626</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total other income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">6,762,725</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">12,867,697</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="ze6bf275bba7b4c5284a64b1c1fe7cc87" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">10.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Income tax</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>The Mexican tax law effective as January 1, 2014 is applicable to the Group, which imposes an income tax of 30%.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The change in effective tax rate was caused mainly by the following factors:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z92e20ebfebf5481888ce8eabda2bdc74" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The temporary differences that arise from the balances of the property, CIP and equipment and the right-of-use assets and the lease liabilities items.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">23</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="zf0fb0b9457c044d2a427f0d4764ce8b0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">11.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Stockholders&#8217; Equity</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zffcff37aa7fd4beea5d75dcc1b423543" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">a.</td>
            <td style="width: auto; vertical-align: top;">
              <div>Common stock at par value as of March 31, 2025 is as follows:</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zcfd9aa74ae1f41b4b0a1e03cae3a102a" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>Number of shares</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>Amount</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fixed capital:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Series A</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div><font style="color: rgb(0, 0, 0);">$</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div><font style="color: rgb(0, 0, 0);">50,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Variable capital:</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Series B</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">900,002,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">900,002,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">900,052,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">900,052,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zd74f32ded821426196d42d2fd19897e6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">12.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Commitments and contingencies</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z6b5b986edc7043798d728fe0e586e199" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: rgb(0, 0, 0);">In accordance with Mexican tax law, the tax authorities are empowered to examine transactions carried out during the five years prior to the most recent income tax return filed.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z3c6d999fafad42499cbb4aff9329f2c0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>In accordance with&#160; Mexican Tax Law, companies carrying out transactions with related parties are subject to certain requirements as to the determination of prices, which should be similar to those that would be used in arm&#180;s-length
                transactions. Should the tax authorities examine the transactions and reject the related-party prices, they could assess additional taxes plus the related inflation adjustment and interest, in addition to penalties of up to 100% of the
                omitted taxes.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zea0a4d4043a2400e900f92201a68b206" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">On September 10, 2019, and as amended on March 28, 2021, July 11, 2023&#160; and the extension on January 19, 2024, the Group signed a Hotel Management Agreement with AMR Operaciones MX, S. de R L. de C. V.
                  (AMR). Under this contract, AMR is solely engaged as an exclusive managing agent of the 1,016 keys&#160; with the brands Vivid (400 keys) and Dreams (616 keys) of the Cancun complex on behalf of the Company, in exchange of certain fees for the
                  services provided. The period commencing from the opening date and ending on December 31 of the 25</font><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="color: rgb(0, 0, 0);"> full Fiscal Year following the opening date.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z16c08a20ed3449c897e6e20fa2e64cc2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">On May 11, 2022, the Group signed a Hotel Services Agreement with Hyatt of Mexico, S.A. de C.V. (&#8220;Hyatt&#8221;). Under this contract, Hyatt is solely engaged as an exclusive managing agent of the Andaz Hotel on
                  behalf of the Company, in exchange of certain fees for the services provided. The period commencing from the opening date and ending on December 31 of the 20</font><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="color: rgb(0, 0, 0);">
                  full Fiscal Year following the opening date.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="ze657135e5f39471190a7326e4a125117" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">On May 11, 2022, the Group signed a Hotel Management Agreement with Ennismore Holdings US Inc. (&#8220;Accor&#8221;). Under this contract, Accor is solely engaged as an exclusive managing agent of the Mondrian Hotel on
                  behalf of the Company, in exchange of certain fees for the services provided. The period commencing from the opening date and ending on December 31 of the 20</font><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="color: rgb(0, 0, 0);">
                  full Fiscal Year following the opening date</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z6aeaf073417442329eb2d5199f501017" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">In March 2024, in connection with the A&amp;R BCA aforementioned, the shareholders transferred 1,250,000 shares to certain vendors of Murano World as advance consideration for future construction and
                  marketing services. Since these services have not yet been received, no increase in assets nor equity has been recognized as of the date of these condensed interim consolidated and combined interim financial statements</font>.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="za15c82153cf84089beb519b1e20ab01b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The Group has analyzed the risk of a future covenant breach under the terms of the NAFIN loan agreement (note 7 (8)), due to non-compliance with the covenant that requires the Dreams Hotel to be open and operating as at June 1, 2025.&#160;
                The Group has and is actively in discussions with the lender to obtain a waiver for this covenant.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">24</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z65a3ad247947409ea9008644cd749fed" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The Group has analyzed the risk of future covenant breaches in the following twelve months under the terms of the Senior Secured Notes and lease agreements.&#160; As referred to in the Going Concern Note 2c, in order to address and mitigate
                the risks of such future possible covenant breaches including payment of debt service and cash reserve requirements, amongst others.&#160; The Murano Group has hired specialist professional advisors who are experienced in debt restructuring, to
                advise the Murano Group on a plan to execute a possible&#160; restructuring of the Senior Secured Notes.&#160; Whilst the terms of such a restructuring of the Senior Secured Notes have not yet been agreed with the noteholders, Management believes
                that, based on the advice and experience of the professional advisors, such a restructuring plan like to be successful.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">9.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>In addition to defaults existing as of December 31, 2024, the payment defaults described in note 13. 4., could also trigger cross defaults under other debt and lease instruments in respect of which the Group is an obligor.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z933d1b68f1354fd69872d3949bfb6838" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top;"><a name="z_Hlk184741906"></a><font style="font-weight: bold;">13.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Subsequent events</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z67c78403369f40f487c2f3fda8c95a87" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;"><a name="z_Hlk196742639"></a>1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On April 4, 2025 Murano World repaid in full the outstanding balance of the sale and lease back agreement with Exitus at that date in the amount of $3,286,980</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On April 22, 2025, Operadora Hotelera GI, S. A. de C. V. on behalf of the Company and the Issuer Trust, gave notice of the occurrence of a Rapid Amortization Event due to the failure by the Issuer Trust to maintain a debt service
                coverage ratio of at least 1.0:1.0 as of the calculation date falling on March 31, 2025.&#160; Such Rapid Amortization Event did not result in the debt being callable under the terms of the Senior Secured Notes.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The Company is exploring strategic alternatives to complete phase one of the GIC Complex (including assessing funding needs, additional revisions to the project&#8217;s development pipeline, and discussing with the current hotel operator
                regarding potential changes to the current operations and administration services agreement).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zeb2c55222e9847d29a34dac6a95b3bf7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>As of the date of the issuance of these financial statements the Group did not make interest or lease payments, as applicable, under the instruments described in note 7 (2), (3), (4), (7) (9) and (10) from January to June 2025 and is
                seeking a waiver to deliver&#160; audited financial information required for the for the loans described in note 7 in the short term. Management is reviewing potential defaults and expects to proactively engage in constructive discussions with
                applicable creditors, none of which has taken or threatened any action as of the date of issuance of these financial statements. See Note 2c.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On June 18, 2025, Bancomext approved the restructuring of the Insurgentes 421 Loan described in note 7 (1). This restructuring will allow the company to cure the covenant breaches with the lender. The restructuring and final terms will
                be finalized in the short term.</div>
            </td>
          </tr>

      </table>
      <div><br>
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          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On June 26, 2025, NAFIN waived the covenant breaches that the Company&#160;&#160; has to the date&#160; from the loan described in note 7 (8),&#160; including the&#160; extension of&#160; the substitution of the mortgage from the private units 4 and 5 of the Cancun
                complex for the private unit 3 until December 31, 2025, it also gives and additional extension to finalize the construction of the 616 keys missing of the total 1,016 keys of the phase one of the Cancun Complex, until December 31, 2025, it
                gives the option of the Company to deliver audited financial information from December 31, 2024 until July 31, 2025,&#160; among others.</div>
            </td>
          </tr>

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      <div style="text-align: center; margin-right: 2.4pt;">* * * * * *</div>
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      </div>
      <div style="text-align: center; margin-right: 2.4pt;"> <br>
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        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: bold; font-style: normal;" class="BRPFPageNumber">25</font></div>
      </div>
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        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ef20051331_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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      <div style="text-align: right; font-weight: bold;">Exhibit 99.2</div>
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      <div style="font-weight: bold;">Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323</div>
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      <div>Condensed Interim Financial Statements as of March 31, 2025, and for three-month period ended March 31, 2025</div>
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      <div style="margin-right: 21.55pt; font-weight: bold;">Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323</div>
      <div><br>
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      <div style="text-align: justify; font-weight: bold;">Condensed Interim Financial Statements for March 31, 2025</div>
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              <div style="font-weight: bold;">Table of contents</div>
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              <div style="text-align: right; font-weight: bold;">Page</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92%; vertical-align: top;">&#160;</td>
            <td style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
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              <div>Condensed <font style="color: rgb(0, 0, 0);">Interim Statements of Financial Position</font></div>
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            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">3</div>
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          <tr>
            <td style="width: 92%; vertical-align: top;">&#160;</td>
            <td style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
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            <td style="width: 92%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Condensed <font style="color: rgb(0, 0, 0);">Interim Statement of Profit or Loss and Other Comprehensive Income</font></div>
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            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">4</div>
            </td>
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          <tr>
            <td style="width: 92%; vertical-align: top;">&#160;</td>
            <td style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
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          <tr>
            <td style="width: 92%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Condensed <font style="color: rgb(0, 0, 0);">Interim Statement of Change in Net Assets</font></div>
            </td>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">5</div>
            </td>
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          <tr>
            <td style="width: 92%; vertical-align: top;">&#160;</td>
            <td style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
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          <tr>
            <td style="width: 92%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Condensed <font style="color: rgb(0, 0, 0);">Interim Statements of Cash Flows</font></div>
            </td>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 92%; vertical-align: top;">&#160;</td>
            <td style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 92%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-size: 8pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Notes to </font><font style="font-size: 10pt;">Condensed Interim Financial Statements</font></div>
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              <div style="text-align: right;">7 - 12</div>
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      </div>
      <div style="font-weight: bold;">Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323</div>
      <div style="text-align: justify; font-weight: bold;">Condensed Interim Statements of Financial Position</div>
      <div style="font-weight: bold;">As of March 31, 2025 and December 31, 2024</div>
      <div style="font-weight: bold;">(Mexican pesos)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Notes</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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              <div style="text-align: center; font-weight: bold;">March 31,</div>
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              <div style="text-align: center; font-weight: bold;">December 31,</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; text-align: center;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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              <div style="text-align: center; font-weight: bold;"> 2025</div>
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              <div style="text-align: center; font-weight: bold;">2024</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Current Assets:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Cash and cash equivalents <font style="color: rgb(0, 0, 0);">and restricted cash</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>5,938,107</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">342,789,431</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other receivable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>1,890,486</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Related parties</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>489,681,476</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
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              <div>267,364,622</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total current assets</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">497,510,069</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">610,154,053</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Due from related parties</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>5,590,473,209</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">5,609,353,522</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total non-current assets</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0);">5,590,473,209</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0);">5,609,353,522</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0);">6,087,983,278</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">6,219,507,575</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Liabilities and Net Assets</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Current Liabilities:</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Current instalments of long-term debt</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">5</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0);">81,824,037</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0);">205,425,938</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Due to related parties</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">8,445,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">7,519,302</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Taxes payable, mainly VAT</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0);">90,799,625</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0);">38,455,089</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Contributions for future net assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>365,038</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">365,038</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total current liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>181,434,140</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0);">251,765,367</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Non-current Liabilities:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Long-term debt, excluding current instalments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">5</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">5,919,664,236</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">5,954,627,285</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total non-current liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0);">5,919,664,236</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0);">5,954,627,285</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">6,101,098,376</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">6,206,392,652</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Net Assets</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Net parent investment</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">10,000</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>10,000</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Retained earnings</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">(13,125,098</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0);">13,104,923</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total Net Assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>(13,115,098</div>
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              <div>)</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">13,114,923</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total Liabilities and Net Assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">6,087,983,278</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">6,219,507,575</div>
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      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these condensed interim financial statements.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: right;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;">3</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323</div>
      <div style="text-align: justify; font-weight: bold;">Condensed Interim Statement of Profit or Loss and Other Comprehensive Income</div>
      <div style="font-weight: bold;">For the three-month period ended March 31, 2025</div>
      <div style="font-weight: bold;">(Mexican pesos)</div>
      <div><br>
      </div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Notes</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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              <div style="text-align: center; color: #000000; font-weight: bold;">For the three-</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">month period</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">ended March 31,</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Operating expenses:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Bank fees</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">20,178</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Other expenses</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; text-align: center;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Exchange rate expense, net</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Interest expense</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0);">(221,819,027</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Net loss for the period</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
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            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0);">(26,230,021</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total comprehensive loss for the period</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
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              <div style="color: rgb(0, 0, 0);">(26,230,021</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">
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      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these condensed interim financial statements.</div>
      <div style="text-align: justify; color: #000000;"> <br>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: right;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;">4</font></div>
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      </div>
      <div style="font-weight: bold;">Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Condensed Interim Statement of Changes in Net Assets</div>
      <div style="font-weight: bold;">For the three-month period ended March 31, 2025</div>
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              <div style="text-align: center; font-weight: bold;"><br>
              </div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 9%;">
              <div style="text-align: center; font-weight: bold;">Note</div>
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              <div style="text-align: center; font-weight: bold;">Net parent</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 55%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">10,000</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">13,104,923</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
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              <div style="color: rgb(0, 0, 0);">13,114,923</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 55%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 55%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Comprehensive loss for the period</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 9%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
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                <div style="color: rgb(0, 0, 0);">(26,230,021</div>
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                <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 55%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Balance as of March 31, 2025</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 9%; padding-bottom: 4px;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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              <div style="color: rgb(0, 0, 0);">(13,125,098</div>
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              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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              <div style="color: rgb(0, 0, 0);">(13,115,098</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">
              <div style="color: rgb(0, 0, 0);">)</div>
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      </table>
      <div><br>
      </div>
      <div style="color: #000000;">The accompanying notes are an integral part of these condensed interim financial statements.</div>
      <div style="color: #000000;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: right;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;">5</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Condensed Interim Statements of Cash Flows</div>
      <div style="font-weight: bold;">For the three-month period ended March 31, 2025</div>
      <div style="font-weight: bold;">(Mexican pesos)</div>
      <div><br>
      </div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Cash flows from operating activities:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Net loss for the period</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">(26,230,021</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Adjustments for:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Amortization of costs to obtain loans</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">317</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Interest expense</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0);">221,819,027</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Interest income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">(202,250,362</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0);">(6,661,039</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Changes in:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Increase in other receivables</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(1,890,486</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Increase in taxes payable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>52,344,536</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Increase in related parties</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div>(2,783,433)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Net cash flows from operating activities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">41,009,578</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Cash flows used in investing activities:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Interest received</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0);">2,523,392</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Net cash flows used in investing activities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">2,523,392</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Cash flows from financing activities:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Interest paid</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0);">(380,384,294</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Net cash flows from financing activities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">(380,384,294</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Net decrease in cash and cash equivalents and restricted cash</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">(336,851,324</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Cash and cash equivalents and restricted cash at the beginning of the period</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">342,789,431</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Cash and cash equivalents and restricted cash at the end of the period</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">5,938,107</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these condensed interim financial statements.</div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: right;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;">6</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Notes to the Condensed Interim Financial Statements</div>
      <div style="text-align: justify; font-weight: bold;">As of March 31, 2025 and December 31, 2024</div>
      <div style="text-align: justify; font-weight: bold;">(Amounts in Mexican pesos)</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8377ba25c54d4d2686b13423865f60c8">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Reporting Entity and description of business</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z250ac04079c2477fa27cceeb0ff4992c">

            <tr>
              <td style="width: 28.35pt;"><br>
              </td>
              <td style="width: 28.35pt; vertical-align: top;">a.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Corporate information</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">On June 26, 2025, Elias Sacal Cababie, Chief Executive Officer, Marcos Sacal Cohen, Chief Operating Officer, David James Galan, Global Chief Financial Officer and Oscar Jazmani Mendoza Escobar,
          Chief Financial Officer Mexico, authorized the issuance of these condensed interim financial statements.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323 (the &#8220;Trust&#8221;) is a trust incorporated on April 16, 2024 (incorporation date) by Murano Group (&#8220;The Group&#8221;) a business&#160;
          involved in developing and managing luxury hotels in urban and beach resort destinations, in order to pursue financing opportunities related to a hotel property in Cancun. The Trust has an address at Bucareli 42 No. 202C, Centro, Cuauht&#233;moc,
          06040, Mexico City.</div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb803ad66f14f467c8528165faeb53f15">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">b.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Significant transactions</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6fce9d0aaae74e59ba96c0afe90f416c">

          <tr>
            <td style="width: 63pt;"><br>
            </td>
            <td style="width: 19.1pt; vertical-align: top; color: rgb(0, 0, 0);">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">On September 12, 2024 the </font>Trust closed a 144A bond financing,<font style="color: rgb(0, 0, 0);"> issuing secured senior notes for U.S.$300 million (see Note 7. (13)). The main uses of this financing
                  were to repay in full the balances of the secured mortgage syndicated loan held by its related party, Fideicomiso Murano 2000 /CIB 3001 and the VAT credit held at that date.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1391db7df1ea40f4a29ad882e769c592">

          <tr>
            <td style="width: 63pt;">&#160;</td>
            <td style="width: 19.1pt; vertical-align: top; color: rgb(0, 0, 0);">ii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On October 8, 2024, the Trust invest the amount $16,498,790 in shares held by the U.S. treasury department with maturity date on March 6, 2025.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za34b5934efe74869b5817b221faa0093">

          <tr>
            <td style="width: 63pt;"><br>
            </td>
            <td style="width: 19.1pt; vertical-align: top; color: rgb(0, 0, 0);">iii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On March 12, 2025 the Trust paid the first coupon of interest in the amount of U.S.$16,500,000 and capitalized the 2% PIK interest in the amount of U.S.$3,000,000&#160; to the principal amount of the secured senior notes that from that date
                has a balance of $303,000,000.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z354e3d119f2d4df89c5c44e6c6103836">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Basis of preparation</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">In accordance with the &#8220;Ley General de Sociedades Mercantiles&#8221; and the statutes of the Trust, the Technical Committee of the Trust has the power to modify the financial statements after
        issuance. The financial statements will be submitted for approval at the next meeting of the Technical Committee.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d2e632cbcd14a7ba19e8e2fcd60b753">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">a.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Statement of compliance</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements have been prepared in accordance with IAS 34 <font style="font-style: italic;">Interim Financial Reporting</font>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements do not include all the information and disclosures required for a complete set of financial statements prepared in accordance with IFRS Accounting
        Standards and should be read in conjunction with the financial statements as of December 31, 2024 the period then ended. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of
        the changes in the Trust&#8217;s financial position and performance since the last annual financial statements.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: right;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;">7</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf20a4e5456a34825aba742d8e318310c">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">b.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Going concern basis</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements have been prepared assuming the Trust will continue to operate as a going concern. However, management has identified material uncertainties that may
        cast substantial doubt on the ability of the Trust to continue as a going concern. As a result, the Trust may be unable to realize its assets and discharge its liabilities in the normal course of business.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The Trust has incurred significant debt primarily to fund operating expenses and finance the construction projects. As of December 31, 2024, total current liabilities exceed the amount of total
        current assets, and management believes that financial resources to fund its operations for the twelve months subsequent to the authorization and issuance of these condensed interim financial statements may be insufficient.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">Certain covenant tests will arise, under the terms of the loan of the Trust, during the following twelve months after the interim financial statements are authorized to be issued, which
        Management does not expect will be met.&#160; In order to address and mitigate the risks of such future possible covenant breaches, the Trust has hired professional specialist advisors who are experienced in debt restructuring, to advise the Trust on a
        plan to execute a debt restructuring.&#160; The plan is that the debt restructuring will address and resolve the risks of such future possible covenant breaches through negotiating different terms with the various lenders.&#160; Whilst the terms of such a
        debt restructuring have not yet been agreed with the Trust&#8217;s lender, Management believes that, based on the advice and experience of the professional advisors, such a restructuring plan like to be successful and will mitigate the risk over the
        Trust&#8217;s ability to continue as a going concern. The Trust has also considered alternative strategies with respect to the hotel operations in Cancun (including changes to the hotel management agreement and operational partners), which could generate
        additional cash flows compared to the current commercial arrangements.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">As a result of these conditions, substantial doubt exists about the ability of the Trust to continue as a going concern following twelve months after the condensed interim financial statements
        are authorized to be issued.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">Management continues evaluating strategies to obtain the required additional funding necessary for future operations, to comply with all covenants as required by the loan agreements or to execute
        a debt restructuring plan which would result in favorable modifications or removal of certain covenants, and to be able to discharge the outstanding debt and other liabilities as they become due. In assessing these strategies, management has
        considered the available cash resources, inflows from the hotels that are already in operation, and future financing options available to the Trust such as new or restructured loan agreements and the possible financial support of the major
        shareholder of the Trust. However, the Trust may be unable to access further equity or debt financing when needed.&#160; As such, there can be no assurance that the Trust will be able to obtain additional liquidity when needed or under acceptable terms,
        if at all.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements do not include any adjustments to the carrying amounts and classifications of assets and liabilities and reported expenses that may otherwise be
        required if the going concern basis for the Trust as of March 31, 2025, and for the period then ended, were not appropriate.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z733c143e1cd3473a85ecacfb8633f1b4">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">c.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Use of judgments and estimates</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">In preparing these condensed interim financial statements, management has made judgments and estimates that affect the application of accounting policies and the reported amounts of assets and
        liabilities, income and expenses. Actual results may differ from these estimates.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The significant judgments made by management in applying the Trust&#8217;s accounting policies and the key sources of estimation uncertainty are reviewed on an ongoing basis. Revisions to estimates are
        recognized prospectively.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt; font-weight: bold;">Measurement of fair values:</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">A number of the Trust&#8217;s accounting policies require the measurement of fair values, for both financial assets and liabilities and non-financial assets and liabilities.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: right;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;">8</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The Trust has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair
        value measurements, including Level 3 fair values, and reports directly to the chief financial officer.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair
        values, the valuation team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of the Accounting Standards, including the level in the fair value hierarchy in which the
        valuations should be classified.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">When measuring the fair value of an asset or a liability, the Trust uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy
        based on the inputs used in the valuation techniques as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbe8022439c4640e19210490a528e97dc">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8b383676cfad4f7eb84288ce925b82d7">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc8a7e07120bc4119899d11d296a99df5">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">If the inputs used to measure the fair value of an asset or a liability are categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its
        entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Trust recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during
        which the change has occurred.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9506650a72db4e56ac15fdf817135af4">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">d.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Material accounting policies</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements follow the same accounting policies and methods of computation as the last annual financial statements.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze18a2fc760044a2d8312a85246f39583">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">e.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">New accounting standards or amendments for 2025 and forthcoming requirements</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">A number of new accounting standards and amendments to accounting standards are effective for annual periods beginning after January 1, 2025 and have been adopted by the Trust. Their adoption has
        not had any material impact on the disclosure or the amounts reported in these interim financial statements. The Trust has not early adopted any forthcoming new or amended accounting standards in preparing these condensed interim financial
        statements.&#160; The Trust does not expect to have a significant impact from the adoption of the forthcoming standards.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z17e10f7db60e4ab6bb136851840d699a">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-weight: bold;">Cash and cash equivalents</font>&#160;<font style="font-weight: bold;">and restricted cash</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">As of March 31, 2025 and December 31, 2024 cash and cash equivalents <font style="color: rgb(0, 0, 0);">and restricted cash</font> is as follows:</div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="z39b81772af1a4bf08f32c22f67944992" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"><u> As of</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"><u>March 31, 2025</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"><u>December 31, 2024</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Bank deposits <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000;">5,938,107</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: #000000;">342,789,431</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total cash and cash equivalents and restricted cash</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: #000000;">5,938,107</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: #000000;">342,789,431</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z416e401660c64929ac9b382be56bb5f0">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On March 12, 2025 the Trust paid the first coupon of interest in the amount of U.S.$16,500,000 and capitalized the 2% PIK interest in the amount of U.S.$3,000,000&#160; to the principal amount of the senior notes that from that date has a
                balance of $303,000,000. As of the date of the issuance of these interim condensed financial statements, the debt service reserve fund has not be fully funded. See note 2c &#8220;Going concern&#8221;.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: right;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;">9</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11a6667764944ca5b068a3fa5bcbc283">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Related-party transactions and balances-</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z290b36397b294fb7b4f426f1cd08a793">

          <tr>
            <td style="width: 26.45pt;"><br>
            </td>
            <td style="width: 30.25pt; vertical-align: top;">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Outstanding balances with related parties as of March 31, 2025 and December 31, 2024 are as follows:</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="zb09ac43466b643f483382cc4895a6b02" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"> As of</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">March 31,</div>
              <div style="text-align: center; font-weight: bold;">2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">December 31,</div>
              <div style="text-align: center; font-weight: bold;">2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Receivable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Affiliate:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Murano World, S. A. de C. V. <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: #000000;">316,763,007</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0);">306,497,356</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Fideicomiso Murano 2000/CIB3001<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (2)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>
                <div style="color: rgb(0, 0, 0);">5,763,391,678</div>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000;">5,570,220,788</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Total related parties&#8217; receivable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">6,080,154,685 <br>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">5,876,718,144 <br>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Short term</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0);">489,681,476</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0);">267,364,622</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Long term</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0);">5,590,473,209</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0);">5,609,353,522</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="cfttable" id="zb63b6cf787e14d71890c73568d048914" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: middle;">
              <div> </div>
              <div style="text-align: center; font-weight: bold;">As of</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">March 31,</div>
              <div style="text-align: center; font-weight: bold;"> 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">December 31,</div>
              <div style="text-align: center; font-weight: bold;">2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Payable:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="background-color: #CCEEFF; vertical-align: bottom; white-space: nowrap;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Affiliate:</div>
            </td>
            <td class="cftguttercell" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td colspan="2" style="background-color: #CCEEFF; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td class="cftfncell" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td class="cftguttercell" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td colspan="2" style="background-color: #CCEEFF; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td class="cftfncell" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; white-space: nowrap;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Murano PV, S. A. de C. V. <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;$</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0);">8,445,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;$</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div>
                <div style="color: rgb(0, 0, 0);">7,519,302</div>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Total related parties payable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">8,445,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">7,519,302</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Current portion</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">8,445,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">7,519,302</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z24f46c77337f48cbaa947ac5d65c6aaa">

          <tr>
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 27.55pt; vertical-align: top;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>This balance is composed of the following agreements:</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zba12698ae8994ac9aa3d2a2d25cfed2a">

          <tr>
            <td style="width: 63.8pt;"><br>
            </td>
            <td style="width: 14.2pt; vertical-align: top;">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On September 12, 2024, the Trust granted Murano World a long-term loan agreement with maturity of 7 years in the amount of $5,000,000. This loan accrues interest at an annual rate of a 11% plus a 2% of payment in kind (PIK) interest
                capitalizable during the first 3 years of the credit;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1bccf998db80491b9c461ec71e95062b">

          <tr>
            <td style="width: 63.8pt;">&#160;</td>
            <td style="vertical-align: top; width: 14.2pt;">ii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On September 12, 2024, the Trust granted to Murano World a long-term loan agreement with maturity of 7 years in the amount of U.S.$14,400,000. This loan accrues interest at an annual rate of 11% plus a 2% payment in kind (PIK) interest
                which is capitalized during the first 3 years of the credit;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10caedaedf7647eab72ef34159fe4728">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 27.55pt; vertical-align: top;">(2)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>This balance is composed of the following loan agreements:</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb0e773223f4d4196bf53301d170c6199">

          <tr>
            <td style="width: 63.8pt;"><br>
            </td>
            <td style="width: 14.2pt; vertical-align: top;">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On September 12, 2024, the Trust granted to Fideicomiso Murano 2000 CIB/3001 a long-term loan agreement with maturity of 7 years in the amount of U.S.$248,161,222 and signed and amendment to the loan agreement on the same date to
                increase the amount of the loan up to U.S.$285,534,199. This loan accrues interest at an annual rate of a 11% plus a 2% of payment in kind (PIK) interest which is capitalized during the first 3 years of the credit. The balance in net of
                amortized cost;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1f87f7fefe3b47e2bd044cd4ea00eb7d">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 27.55pt; vertical-align: top;">(3)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Expense reimbursements.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: right;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;">10</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d6de8f50b3f49f4b07cd09c9282acf4">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Long-term debt</div>
            </td>
          </tr>

      </table>
      <div><br>
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      <table cellspacing="0" cellpadding="0" class="cfttable" id="z52d4e283f6ef432eb6f75bb4bb573619" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"> As of</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">March 31,</div>
              <div style="text-align: center; font-weight: bold;">2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">December 31,</div>
              <div style="text-align: center; font-weight: bold;"> 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Current liabilities:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Interest</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">81,824,037</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">205,425,938</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total current liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0);">81,824,037</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0);">205,425,938</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Non-current liabilities:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Secured senior notes</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">5,919,664,236</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">5,954,627,285</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total non-current liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0);">5,919,664,236</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0);">5,954,627,285</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          </tr>

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      </div>
      <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z29ad6c0f40e8475398553009507fb1a5" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" rowspan="1" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"><u>Nominal</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"><u> As of</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;"><br>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; text-align: center;"><u>Currency</u></td>
            <td valign="bottom" rowspan="1" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"><u>interest rate</u></div>
              <div style="text-align: center; font-weight: bold;"><u>2025</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"><u>Maturity</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"><u>March 31, 2025</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"><u>December 31, 2024</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Fideicomiso 4323 (issuer trust):</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Senior Notes<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) and (2)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">
              <div style="text-align: center; color: rgb(0, 0, 0);">USD</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">
              <div style="text-align: center;">11% plus 2% of PIK capitalized first three years</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">
              <div style="text-align: center;">2031</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">6,120,090,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">6,153,090,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Cost to obtain loans and commissions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0);">(221,793,245</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0);">(233,007,287</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total Fideicomiso 4323</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">5,898,296,755</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">5,920,082,713</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Accrued interest payable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">103,191,518</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0);">239,970,510</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total debt</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">6,001,488,273</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">6,160,053,223</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Current instalments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0);">81,824,037</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div style="color: rgb(0, 0, 0);">205,425,938</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Long-term debt, excluding current instalments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 19%; padding-bottom: 4px;">&#160;&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0);">5,919,664,236</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
              <div style="color: rgb(0, 0, 0);">5,954,627,285</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z60356d129a0a42909deb6697325cfb72">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">On September 12, 2024 the </font>group closed a 144A bond financing<font style="color: rgb(0, 0, 0);"> issuing secured senior notes for U.S.$300,000,000 with maturity as of September 12, 2031 and will pay
                  semi-annual coupons at the interest rate of 11% plus a 2% PIK interest that will be capitalized over the first three years of the notes. The senior notes are guaranteed by a mortgage over the private units 1 and 2 of the Cancun Complex
                  owned by the Group as well as the collection rights of the revenues generated by the GIC I phase of the Cancun Complex (1,016 rooms). The main uses of this financing were to repay in full the balances of the secured mortgage syndicated
                  loan from Fideicomiso Murano 2000 /CIB 3001 and the VAT credit both described in notes (1) and (2) above.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4105e16a9feb480391c306624093faae">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On March 12, 2025 the Trust paid the first coupon of interest in the amount of U.S.$16,500,000 and capitalized the 2% PIK interest in the amount of U.S.$3,000,000 to the principal amount of the secured senior notes that from that date
                has a balance of $303,000,000</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The loan agreements referred to above include covenants and restrictions that require, among other things, to provide the lenders quarterly and annually with the companies&#8217; internal financial
        statements and compliance with certain ratios. Non-compliance with such requirements constitutes an event of default under which the respective loan may become immediately due and payable.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">As of the date of the issuance of these interim condensed financial statements, the debt service reserve fund has not be fully funded. See note 2c &#8220;Going concern&#8221;.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: right;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;">11</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7ffcc277c30843d88cfb8c8f6aeb693c">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Income tax</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The Trust does not carry out business activities in accordance with the provisions of the rule 3.1.14 of the Miscellaneous Tax Resolutions in Mexico, as long as the Trust is in compliance with
        the requirements mentioned therein, it will not be obliged to present monthly income tax returns; However for VAT purposes the Trust needs mandatory to present monthly definitive VAT tax returns in accordance with the provisions of the article 74
        of the VAT law.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The trustees or, where applicable, the settlors must pay taxes in the terms of the titles of the Income Tax Law that corresponds to them, with respect to all the taxable income and authorized
        deductions that they obtain through the Trust.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb5162e00291948d9a0c7fcba16a8a968">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Commitments and contingencies</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z61f592784fad415f940d352005036289">

          <tr>
            <td style="width: 37.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>In accordance with&#160; Mexican tax law, trusts carrying out transactions with related parties are subject to certain requirements as to the determination of prices, which should be similar to those that would be used in arm&#180;s-length
                transactions. Should the tax authorities examine the transactions and reject the related-party prices, they could assess additional taxes plus the related inflation adjustment and interest, in addition to penalties of up to 100% of the
                omitted taxes.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z47c539fb33d743a490d8d974d8d760e7">

          <tr>
            <td style="width: 37.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The Trust, like its assets, are not subject to any legal contingency other than those of a routine nature and characteristic of the business. From transactions with related parties, tax differences could arise if the tax authority, when
                reviewing said operations, considers that the process and amounts used by the Group are not comparable to those used with or between independent parties in comparable operations.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36f0d11bc67c4ae296f0032616d593b2">

          <tr>
            <td style="width: 37.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The Trust has analyzed the risk of future covenant breaches in the following twelve months under the terms of the Senior Secured Notes.&#160; As referred to in the Going Concern Note 2c, in order to address and mitigate the risks of such
                future possible covenant breaches including payment of debt service and cash reserve requirements, amongst others.&#160; The Trust&#160; has hired specialist professional advisors who are experienced in debt restructuring, to advise the Trust on a
                plan to execute a possible&#160; restructuring of the Senior Secured Notes.&#160; Whilst the terms of such a restructuring of the Senior Secured Notes have not yet been agreed with the noteholders, Management believes that, based on the advice and
                experience of the professional advisors, such a restructuring plan like to be successful.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c4e995edea2403fa3f636d0d5a1f731">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Subsequent events</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2bcb92fd3b8f456b8b5ab9b2fccd8031">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">a.</td>
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              <div>On April 22, 2025, Operadora Hotelera GI, S. A. de C. V. on behalf of the Issuer Trust, gave notice of the occurrence of a Rapid Amortization Event due to the failure by the Issuer Trust to maintain a debt service coverage ratio of at
                least 1.0:1.0 as of the calculation date falling on March 31, 2025.&#160; Such Rapid Amortization Event did not result in the debt being callable under the terms of the Senior Secured Notes.</div>
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              <div>The Trust is exploring strategic alternatives to complete phase one of the GIC Complex (including assessing funding needs, additional revisions to the project&#8217;s development pipeline, and discussing with the current hotel operator
                regarding potential changes to the current operations and administration services agreement).</div>
            </td>
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      <div style="text-align: center; margin-right: 2.4pt;">* * * * * *</div>
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        <div class="BRPFPageNumberArea" style="text-align: right;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;">12</font></div>
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        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ef20051331_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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      <div style="text-align: right; font-weight: bold;"> Exhibit 99.3<br>
      </div>
      <div style="font-weight: bold;"> <br>
      </div>
      <div style="font-weight: bold;">Fideicomiso Murano 2000 CIB/3001</div>
      <div><br>
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      <div>Condensed Interim Financial Statements as of March 31, 2025 and for the three-month periods ended March 31, 2025 and 2024</div>
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      <div style="margin-right: 21.55pt; font-weight: bold;">Fideicomiso Murano 2000 CIB/3001</div>
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      <div style="text-align: justify; font-weight: bold;">Condensed Interim Financial Statements for 2025 and 2024</div>
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          <tr>
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              <div style="font-weight: bold;">Table of contents</div>
            </td>
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              <div style="text-align: right; font-weight: bold;">Page</div>
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            <td style="width: 92%; vertical-align: top;">&#160;</td>
            <td style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
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              <div>Condensed <font style="color: rgb(0, 0, 0);">Interim Statements of Financial Position</font></div>
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            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">3</div>
            </td>
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            <td style="width: 92%; vertical-align: top;">&#160;</td>
            <td style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
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            <td style="width: 92%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Condensed <font style="color: rgb(0, 0, 0);">Interim Statements of Profit or Loss and Other Comprehensive Income</font></div>
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            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">4</div>
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          <tr>
            <td style="width: 92%; vertical-align: top;">&#160;</td>
            <td style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
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            <td style="width: 92%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Condensed <font style="color: rgb(0, 0, 0);">Interim Statements of Change in Net Assets</font></div>
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              <div style="text-align: right;">5</div>
            </td>
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          <tr>
            <td style="width: 92%; vertical-align: top;">&#160;</td>
            <td style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 92%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Condensed <font style="color: rgb(0, 0, 0);">Interim Statements of Cash Flows</font></div>
            </td>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">6</div>
            </td>
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          <tr>
            <td style="width: 92%; vertical-align: top;">&#160;</td>
            <td style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 92%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-size: 8pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Notes to </font><font style="font-size: 10pt;">Condensed Interim Financial Statements</font></div>
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              <div style="text-align: right;">7 - 17</div>
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      <div style="font-weight: bold;">Fideicomiso Murano 2000 CIB/3001</div>
      <div style="text-align: justify; font-weight: bold;">Condensed Interim Statements of Financial Position</div>
      <div style="font-weight: bold;">As of March 31, 2025 and December 31, 2024</div>
      <div style="font-weight: bold;">(Mexican pesos)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Notes</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-align: center; font-weight: bold;">March 31,</div>
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              <div style="text-align: center; font-weight: bold;">December 31,</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-align: center; font-weight: bold;"> 2025</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">2024</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Current Assets:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Cash and cash equivalents</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">3</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>70,099,892</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">196,625,838</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">VAT receivable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">327,936,152</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">291,635,084</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other receivables</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,795,025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,095,041</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Due from related parties</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-weight: bold; text-align: center;">4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">13,028,859</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">20,437,260</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Prepayments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">205,189</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total current assets</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">414,065,117</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">510,998,412</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Property, construction in process and equipment, net</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">5</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">11,820,352,384</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">11,718,711,002</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total non-current assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">11,820,352,384</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">11,718,711,002</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 4px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">12,234,417,501</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">12,229,709,414</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Liabilities and Net Assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Current Liabilities:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Trade accounts payable and accumulated expenses</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">109,516,464</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">99,713,973</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Due to related parties</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="font-weight: bold; text-align: center;">4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">510,907,703</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">303,636,382</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Contributions for future increase in net assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="font-weight: bold; text-align: center;">4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>585,646,061</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">567,582,564</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total current liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>1,206,070,228</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">970,932,919</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Non-current Liabilities:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Due to related parties, excluding current instalments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,298,553,789</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div>5,316,408,434</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total non-current liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,298,553,789</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,316,408,434</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">6,504,624,017</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">6,287,341,353</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Net Assets</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>213,191,683</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Accumulated deficit</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(1,245,927,375</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(1,033,352,798</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other comprehensive income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">6,762,529,176</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">6,762,529,176</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total Net Assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>5,729,793,484</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,942,368,061</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total Liabilities and Net Assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">12,234,417,501</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">12,229,709,414</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these condensed interim financial statements.</div>
      <div style="text-align: justify; color: #000000;"> <br>
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      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">3</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      <div style="font-weight: bold;">Fideicomiso Murano 2000 CIB/3001</div>
      <div style="text-align: justify; font-weight: bold;">Condensed Interim Statements of Profit or Loss and Other Comprehensive Income</div>
      <div style="font-weight: bold;">For the three-month period ended March 31, 2025 and 2024</div>
      <div style="font-weight: bold;">(Mexican pesos)</div>
      <div><br>
      </div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1">&#160;</td>
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              <div style="text-align: center; color: #000000; font-weight: bold;">For the three-month period</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">ended March 31,</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-left: 23%; width: 67%;" colspan="1"><br>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Notes</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%;">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: top; width: 67%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Depreciation and amortization</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">39,075,709</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">17,218</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Property tax</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">396,792</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">298,305</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Professional fees</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,801,686</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">18,776,995</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Administrative services</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,961,207</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">58,743,628</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Maintenance and conservation</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">300,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">800,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Utility expenses</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,966,494</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Advertising</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">150,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Bank fees</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">15,244</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Other costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">4,625,799</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,251</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Total direct and selling, general and administrative expenses</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">60,277,687</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">78,643,397</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Other income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,825,031</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,190,483</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Exchange rate income (expense), net</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">32,252,854</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%;">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">4,805,533</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Interest income</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,778,379</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Interest expense</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; padding-bottom: 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(190,153,154</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-weight: bold;">Net loss for the period</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(212,574,577</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(122,190,525</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 67%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Total comprehensive loss</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(212,574,577</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(122,190,525</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these condensed interim financial statements.</div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">4</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      <div style="font-weight: bold;">Fideicomiso Murano 2000 CIB/3001</div>
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      </div>
      <div style="text-align: justify; font-weight: bold;">Condensed Interim Statements of Changes in Net Assets</div>
      <div style="font-weight: bold;">For the three-month period ended March 31, 2025 and 2024</div>
      <div style="font-weight: bold;">(Mexican pesos)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-left: 19%; width: 43%;" colspan="1"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 9%;" colspan="1">
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              <div style="text-align: center; font-weight: bold;">Net parent</div>
              <div style="text-align: center; font-weight: bold;">investment</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-align: center; font-weight: bold;">Retained</div>
              <div style="text-align: center; font-weight: bold;">earnings</div>
              <div style="text-align: center; font-weight: bold;">(accumulated</div>
              <div style="text-align: center; font-weight: bold;">deficit)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-align: center; font-weight: bold;"><u>Other</u></div>
              <div style="text-align: center; font-weight: bold;"><u>Comprehensive</u></div>
              <div style="text-align: center; font-weight: bold;"><u>Income</u></div>
              <div style="text-align: center; font-weight: bold;"><u> <br>
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              <div style="text-align: center; font-weight: bold;">construction in</div>
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              <div style="text-align: center;"><font style="font-weight: bold;">equipment</font> <font style="font-weight: bold;">net of</font></div>
              <div style="text-align: center; font-weight: bold;">deferred income</div>
              <div style="text-align: center; font-weight: bold;">tax</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">213,191,683</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div>673,089,663</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,545,570,972</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">6,431,852,318</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 43%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div><font style="color: #000000;">)</font></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">6,762,529,176</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,942,368,061</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 43%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 43%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Comprehensive loss for the period</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
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              <div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
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              <div>
                <div>(212,574,577</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
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              <div>
                <div style="color: rgb(0, 0, 0);">-</div>
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            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Balance as of March 31, 2025</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">213,191,683</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(1,245,927,375</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">6,762,529,176</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,729,793,484</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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      <div><br>
      </div>
      <div style="color: #000000;">The accompanying notes are an integral part of these condensed interim financial statements.</div>
      <div style="color: #000000;"> <br>
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      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">5</font></div>
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      <div style="font-weight: bold;">Fideicomiso Murano 2000 CIB/3001</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Condensed Interim Statements of Cash Flows</div>
      <div style="font-weight: bold;">For the three-month period ended March 31, 2025 and 2024</div>
      <div style="font-weight: bold;">(Mexican pesos)</div>
      <div><br>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
              <div style="text-align: center; color: #000000; font-weight: bold;">For the three-month period</div>
              <div style="text-align: center; color: #000000; font-weight: bold;"> ended March 31,</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> 2025</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2024</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Cash flows from operating activities:</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Loss before income taxes</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(212,574,577</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(122,190,525</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Adjustments for:</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Depreciation of property, construction in process and equipment</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">39,075,709</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">17,218</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Amortization of costs to obtain loans and commissions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">4,596,868</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,482,861</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Valuation of financial derivative instruments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(4,805,533</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Interest expense</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">190,153,154</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Interest income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(2,778,379</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Effect on changes in foreign exchange rates</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(34,180,621</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Increase (decrease) in trade payables</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div><font style="color: #000000;">(35,798,986</font></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Net cash flows used in&#160; operating activities</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(6,100,718</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Cash flows used in investing activities:</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Acquisition of property, construction in process and equipment</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(140,717,091</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(151,935,726</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Reimbursement of guarantee deposit</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">762,602,920</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Interest received</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,778,379</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Net cash flows used in investing activities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(137,938,712</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">610,667,194</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Loan proceeds</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(53,474,655</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Loans received from related parties</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Interest paid</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(550,013</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(97,480,940</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Net cash flows from financing activities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: #000000;">17,513,484</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">719,031,491</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Net (decrease) increase in cash and cash equivalents and restricted cash</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(126,525,946</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">10,561,963</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Cash and cash equivalents and restricted cash at the beginning of the period</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">196,625,838</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">40,671,084</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Cash and cash equivalents and restricted cash at the end of the period</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">70,099,892</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">51,233,047</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The accompanying notes are an integral part of these condensed interim financial statements.</div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">6</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Fideicomiso Murano 2000 CIB/3001</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Notes to the Condensed Interim Financial Statements</div>
      <div style="text-align: justify; font-weight: bold;">As of March 31, 2025 and December 31, 2024, and</div>
      <div style="text-align: justify; font-weight: bold;">for the three-month period ended March 31, 2025 and 2024</div>
      <div style="text-align: justify; font-weight: bold;">(Amounts in Mexican pesos)</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zfc4312b4677347ad89f43ff6a1c7e38d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Reporting Entity and description of business</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z6244159b70ff4ef3b6ec1ff71d862d41" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">a.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Corporate information</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">On June 26, 2025, Elias Sacal Cababie, Chief Executive Officer, Marcos Sacal Cohen, Chief Operating Officer, David James Galan, Global Chief Financial Officer and Oscar Jazmani Mendoza Escobar,
        Chief Financial Officer Mexico, authorized the issuance of these condensed interim financial statements.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">Fideicomiso Murano 2000 CIB/3001 (the &#8220;Trust&#8221; or &#8220;Fideicomiso Murano 2000&#8221;) has an address at Montes Urales no. 105, Lomas de Chapultepec III, Miguel Hidalgo, 11000, Mexico City. The Trust has no
        employees, and all administrative and construction services are provided by its related parties Murano Worl, S. A. de C. V, Servicios Corporativos BVG, S. A. de C. V., Edificaciones BVG, S. A. de C. V. and Murano Management, S. A. de C. V.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The Trust is part of the development of a resort complex in Grand Island, Cancun, Quintana Roo (the &#8220;GIC Complex&#8221;), which is ultimately expected to incorporate around 1,016 rooms and
        approximately 1,254 condominiums, a convention center (under the World Trade Center brand), a water park and a beach club. The Trust&#8217;s management and board of directors, following recent market developments and market outlook, have updated the
        Trust&#8217;s&#160; strategic development pipeline as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z6bb2790c4d5e4c389c17d2969bba211d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">I.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Phase one will operate under two brands:&#160; (i) 400 rooms, operated under the &#8220;Vivid&#8221; brand, an adult-only brand; and (ii) 616 rooms, to be operated under the &#8220;Dreams&#8221; brand, a family-friendly brand. On April 1, 2024, the Vivid hotel began
                operations. The Dreams hotel is expected to commence operations in the fourth quarter of 2025, see Notes 2c. for additional reference about covenants compliance. The Trust decided to delay the opening of Dreams, following consultation with
                the hotel operator, to leverage experience from the first months of the operation of Vivid and certain improvements requested by the hotel operator.&#160; This includes property enhancements and remedial work required by the hotel operator to
                adhere to the hotel operator&#8217;s global building standards, and changes to the common areas within Dreams, including more space for meetings and events. The Trust is exploring strategic alternatives to complete part of the phase one of the
                GIC Complex (including assessing funding needs, additional revisions to the project&#8217;s development pipeline, and discussing with the current hotel operator regarding potential changes to the current operations and administration services
                agreement).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z394aec9164db456b861cb1ab35551490" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">II.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Phase two <font style="color: rgb(0, 0, 0);">is consist of a total of approximately 1,254 condominiums, divided into four condominium towers. The Group&#8217;s management and board of directors are continuously evaluating the plan for phase
                  two of the GIC Complex.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z394866d6817146df979640abf7b2f70e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">b.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Significant transactions</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z965306f7303b4671a4dd841bfa705fab" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top; color: rgb(0, 0, 0);">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On October 17, 2024, Murano PV, the sub holding company of the Group in Mexico and Nafin signed a secured loan agreement up to U.S.$70,378,287. This loan is intended to assist the Group with its working capital needs and compliance with
                its financial obligations including the conclusion of phase I of the Cancun Complex (GIC I). The maturity of this loan is October 28, 2027. The Group received the tranche A and part of the tranche B on October 28, 2024, in the amount of
                U.S.$54,942,059 at the signature date of the agreement.&#160; The interest will be capitalized during the term of the loan at the interest rate of SOFR + 3.75% for the first year, SOFR + 4.00% for the second year and SOFR + 4.25% for the third
                year.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">7</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z2f49bd666aef464bb55488d08c16d86e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top; color: rgb(0, 0, 0);">ii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">On September 12, 2024 the </font>Group close a 144A bond financing<font style="color: rgb(0, 0, 0);"> issuing secured senior notes for U.S.$300 million. The main uses of this financing were to repay in full
                  the balances of the secured mortgage syndicated loan from the Trust as well as the VAT credit previously held by the Trust. The notes are secured by the private unit 1 owned by the Trust as well as the private unit 2 of the Cancun Complex
                  and the collection rights of the hotel operation of the 1,016 keys.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z36f6ee36fa3b4678a920032405e68701" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top; color: rgb(0, 0, 0);">iii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The first phase of GIC I commenced operations with the opening of the Vivid Hotel on April 1, 2024.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z2b5ee551a9a141c186a8bec998258102" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top; color: rgb(0, 0, 0);">iv.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">In March 20, 2024, Murano Global Investments PLC, parent entity of Murano PV (sub-holding of the Group in Mexico), and HCM Acquisition Corp (&#8220;HCM&#8221;) completed the Amended and Restated Business Combination
                  Agreement (&#8220;A&amp;R BCA&#8221;). These </font>condensed interim financial statements do not reflect any impact derived from this transaction since the<font style="color: rgb(0, 0, 0);"> accounting and economic impacts are reflected at the
                  Murano Global Investments PLC level as this entity became the Public company in NASDAQ since that date.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zb68e0796a8ef40798f4eaea24bfa1322" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Basis of preparation</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">In accordance with the &#8220;Ley General de Sociedades Mercantiles&#8221; and the statutes of the Trust, the Technical Committee of the Trust has the power to modify the financial statements after
        issuance. The financial statements will be submitted for approval at the next meeting of the Technical Committee.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z32f40b8e40c042f581cda4fc314df910" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">a.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Statement of compliance</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements have been prepared in accordance with IAS 34 <font style="font-style: italic;">Interim Financial Reporting and</font> should be read in conjunction
        with the Trust&#180;s last annual financial statements as of and for the year ended December 31, 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements do not include all the information and disclosures required for a complete set of financial statements prepared in accordance with IFRS Accounting
        Standards and should be read in conjunction with the financial statements as of December 31, 2024 and for the period then ended. However, selected explanatory notes are included to explain events and transactions that are significant to an
        understanding of the changes in the Trust&#8217;s financial position and performance since the last annual financial statements.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z9301d9b04835466e8965d5cb8809eb5b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">b.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Going concern basis</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements have been prepared assuming the Trust will continue as a going concern. However, management has identified material uncertainties that may cast
        substantial doubt on the ability of the Trust to continue as a going concern. As a result, the Trust may be unable to realize its assets and discharge its liabilities in the normal course of business.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The Trust has incurred significant debt primarily to fund operating expenses and finance the construction projects. As of December 31, 2024, total current liabilities exceed the amount of total
        current assets, and management believes that financial resources to fund its operations for the twelve months subsequent to the authorization and issuance of these condensed interim financial statements may be insufficient.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">Certain covenant tests will arise, under the terms of the Senior Notes issued by Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323 (the &#8220; Issuer Trust&#8221;, a related party of
        the Trust where&#160; the Trust is a mortgage guarantor), during the following twelve months after the condensed interim financial statements are authorized to be issued, which Management does not expect will be met.&#160; In order to address and mitigate
        the risks of such future possible covenant breaches, the Trust has hired professional specialist advisors who are experienced in debt restructuring, to advise the Trust on a plan to execute a debt restructuring.&#160; The plan is that the debt
        restructuring will address and resolve the risks of such future possible covenant breaches through negotiating different terms with the various lenders.&#160; Whilst the terms of such a debt restructuring have not yet been agreed with the Trust&#8217;s
        lender, Management believes that, based on the advice and experience of the professional advisors, such a restructuring plan like to be successful and will mitigate the risk over the Trust&#8217;s ability to continue as a going concern. The Trust has
        also considered alternative strategies with respect to the hotel operations in Cancun (including changes to the hotel management agreement and operational partners), which could generate additional cash flows compared to the current commercial
        arrangements.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">8</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">As a result of these conditions, substantial doubt exists about the ability of the Trust to continue as a going concern following twelve months after the condensed interim financial statements
        are authorized to be issued.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">Management continues evaluating strategies to obtain the required additional funding necessary for future operations, to comply with all covenants as required by the loan agreements or to execute
        a debt restructuring plan which would result in favorable modifications or removal of certain covenants, and to be able to discharge the outstanding debt and other liabilities as they become due. In assessing these strategies, management has
        considered the available cash resources, inflows from the hotels that are already in operation, and future financing options available to the Trust such as new or restructured loan agreements and the possible financial support of the major
        shareholder of the Trust. However, the Trust may be unable to access further equity or debt financing when needed.&#160; As such, there can be no assurance that the Trust will be able to obtain additional liquidity when needed or under acceptable terms,
        if at all.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements do not include any adjustments to the carrying amounts and classifications of assets and liabilities and reported expenses that may otherwise be
        required if the going concern basis for the Trust as March 31, 2025, and for the period then ended, were not appropriate.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zedb98e9db2bd49dd973bc155a3484624" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">c.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Use of judgments and estimates</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">In preparing these condensed interim financial statements, management has made judgments and estimates that affect the application of accounting policies and the reported amounts of assets and
        liabilities, income and expense. Actual results may differ from these estimates.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The significant judgments made by management in applying the Trust&#8217;s accounting policies and the key sources of estimation uncertainty were the same as those described in the Trust&#8217;s last annual
        audited financial statements as of December 31, 2024.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt; font-weight: bold;">Measurement of fair values:</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">A number of the Trust&#8217;s accounting policies require the measurement of fair values, for both financial assets and liabilities and non-financial assets and liabilities.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The Trust has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair
        value measurements, including Level 3 fair values, and reports directly to the chief financial officer.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair
        values, the valuation team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of the Accounting Standards, including the level in the fair value hierarchy in which the
        valuations should be classified.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">When measuring the fair value of an asset or a liability, the Trust uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy
        based on the inputs used in the valuation techniques as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z42c3a1bb1c074da1ac91176c208bfa85" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zfde8f9d80f024d979edfbe70074eea01" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z66f332b39b5c41fb8ac52944ee827002" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 56.7pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">9</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">If the inputs used to measure the fair value of an asset or a liability are categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its
        entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Trust recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during
        which the change has occurred.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z2bd5f442981a4d4a91ebafa5343865b4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">d.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">Material accounting policies</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements follow the same accounting policies and methods of computation as the last annual financial statements.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zfac7b778e7b3421fb9a52016034c7f03" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top;">e.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic; font-weight: bold;">New accounting standards or amendments for 2025 and forthcoming requirements</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 56.7pt;">A number of new accounting standards and amendments to accounting standards are effective for annual periods beginning after January 1, 2025 and have been adopted by the Trust. Their adoption has
        not had any material impact on the disclosure or the amounts reported in these condensed consolidated and combined interim financial statements. The Trust has not early adopted any forthcoming new or amended accounting standards in preparing these
        condensed consolidated and combined interim financial statements.&#160; The Trust does not expect to have a significant impact from the adoption of the forthcoming standards.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z20eeeb5e67044bb898f963135cb9efe5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Cash and cash equivalents</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">As of March 31, 2025 and December 31, 2024 cash and cash equivalents is as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zecc31996b8da4039ad441eb9b8559b46" class="cfttable">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
              <div style="text-align: center; font-weight: bold;"><u> As of</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>March 31, 2025</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>December 31, 2024</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Bank deposits</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">70,099,892</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">196,625,838</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total cash and cash equivalents</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">70,099,892</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">196,625,838</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z103f2e891eb6477080481ddc43bd7eae" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Related-party transactions and balances-</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="ze04e15b4b7dc4f6aba2b43c65fabb96f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 26.45pt;"><br>
            </td>
            <td style="width: 30.25pt; vertical-align: top;">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Outstanding balances with related parties as of March 31, 2025 and December 31, 2024 are as follows:</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z7841e605a36a497a8449ba2a211cb2d7" class="cfttable">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
              <div style="text-align: center; font-weight: bold;"> As of</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">March 31, 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">December 31, 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Receivable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Affiliate:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Operadora Hotelera GI, S. A. de C. V. <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">13,028,859</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">20,437,260</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Total related parties receivable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">13,028,859</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">20,437,260</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z2bb1dd5e332647feb7630f18d3cd2d76" class="cfttable">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;" colspan="6">
              <div> </div>
              <div style="text-align: center; font-weight: bold;">As of</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">March 31, 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">December 31, 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Payable:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0);">Affiliate:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Servicios Corporativos BVG, S. A. de C. V. <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">6,900,729</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,118,043</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Edificaciones BVG, S. A. de C. V.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">21,596,313</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">26,101,880</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Murano Management, S. A. de C. V. <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">7,940,115</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">8,775,905</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Sofoplus S.A.P.I de C. V., SOFOM ER <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">9,632,658</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">9,828,200</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Fideicomiso Irrevocable de Emisi&#243;n,</div>
              <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0);">Administraci&#243;n y Pago No. CIB 4323<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,763,391,677</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>
                <div style="color: #000000;">5,570,220,788</div>
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            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(0, 0, 0);">Total related parties payable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,809,461,492</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,620,044,816</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Current portion</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">510,907,703</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">303,636,832</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Long-term portion</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,298,553,789</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: #000000;">5,316,408,434</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">10</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z597737e71d474116a71b057380227943" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 27pt;">&#160;</td>
            <td style="width: 27.55pt; vertical-align: top;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>This balance is integrated into the following transactions:</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z715a7763352a41ccaa23b52db562812f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt;"><br>
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            <td style="width: 25.5pt; vertical-align: top;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Guarantee deposit in the amount of $4,870,138 for lease payments included in the balance as of March 31, 2025 and December 31, 2024, respectively.</div>
            </td>
          </tr>

      </table>
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          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 25.5pt; vertical-align: top;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Advance payments for expense reimbursement in the amount of $8,158,721 and $15,567,122 as of March 31, 2025 and&#160; December 31, 2024, respectively.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z7986fac4a35441d9be2102ac3e3e92b1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 27.55pt; vertical-align: top;">(2)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>This balance is generated by specialized administrative services given to the Trust.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zffbbb7e918814bfb99e6b4d1b1239223" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 27.55pt; vertical-align: top;">(3)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>This balance is generated by construction services given to the Trust.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="ze347ed1c51ce41d1adce49ee998c7a0a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 27.55pt; vertical-align: top;">(4)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Specialized administrative services and expense reimbursement given to the Trust.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zcda28897799d496f8ac6517b21c9326f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 27pt;"><br>
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            <td style="width: 27.55pt; vertical-align: top;">(5)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Financial factoring with suppliers for discounting their invoices with Sofoplus.</div>
            </td>
          </tr>

      </table>
      <div><br>
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      <table cellspacing="0" cellpadding="0" id="zc9669ed906424ed5becf76d033776fa8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 27.55pt; vertical-align: top;">(6)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>This balance is composed of the following loan agreements:</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z636f4b43a0f847acbf47a69cff62bbfd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt;"><br>
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            <td style="width: 25.5pt; vertical-align: top;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On September 12, 2024, the issuer trust Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323&#160; a loan agreement with maturity of 7 years in the amount of U.S.$248,161,222 and signed and amendment to the loan agreement on
                the same date to increase the amount of the loan up to U.S.$285,534,199. This loan accrues interest at an annual rate of a 11% plus a 2% of payment in kind (PIK) interest which is capitalized during the first 3 years of the credit. The
                balance in net of amortized cost.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;">Contributions for future increase in net assets</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Contributions for future increase in net assets are contributions granted by the Trustor (Murano World, S. A. de C. V.) of the Trust that will become part of the net parent investment on a certain date or when
        certain conditions are met, these contributions are recognized at the transaction price as a liability <font style="color: rgb(0, 0, 0);">since there is no present value interest component to recognize</font>.&#160; As of March 31, 2025 and December
        31, 2024 the&#160; balance of the contributions for future increase in net assets amounted $585,646,061 and $567,582,564, respectively.</div>
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      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">11</font></div>
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          <tr>
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            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Property, construction in process and equipment</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Reconciliation of carrying amounts</div>
      <div><br>
      </div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>Construction in</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u> Land</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;"><u>process</u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">Balances as of January 1, 2024</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
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              <div style="color: rgb(0, 0, 0);">6,347,570,388</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">688,723</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">9,348,278,633</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 28%;" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" rowspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 28%;" colspan="1">
              <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Additions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,267,130,396</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">1,267,130,396</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0); margin-left: 9pt;">Capitalization of FF&amp;E and</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 28%;" colspan="1">
              <div style="color: rgb(0, 0, 0); margin-left: 9pt;">OS&amp;E, buildings and elevators</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(3,262,598,851</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">9,005,919</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">256,453,211</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">11,832,367,233</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 28%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">4,569,998,443</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,100,969,866</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">9,005,919</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">256,453,211</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">Balances as of March 31, 2025</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">3,895,939,794</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">4,710,715,534</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">3,100,969,866</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">9,005,919</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">256,453,211</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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              <div style="color: rgb(0, 0, 0);">11,973,084,324</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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              <div> </div>
              <div style="text-align: center; font-weight: bold;"><u>Construction in</u></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-weight: bold;">Accumulated depreciation:</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">(152,731,940</div>
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              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,895,939,794</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">4,569,998,443</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,045,224,083</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">8,330,475</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">199,218,207</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">11,718,711,002</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 28%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0); font-weight: bold;">March 31, 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,895,939,794</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">4,710,715,534</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">3,025,843,018</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">8,105,327</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">179,748,711</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">11,820,352,384</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td style="width: 9pt;">&#160;</td>
            <td style="width: 25.65pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">Includes&#160; FF&amp;E and OS&amp;E assets.</sup></div>
            </td>
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      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">12</font></div>
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      <div style="text-align: justify; margin-right: 12.5pt; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Construction in process</div>
      <div><br>
      </div>
      <div style="margin-right: 12.5pt; margin-left: 28.35pt;">GIC I is a hotel complex with up to 1,016 rooms, currently under construction in Cancun, Quintana Roo; the total amount expected to be invested in the construction is $3,200,000,000, excluding
        land and financial costs. For the three-months period ended March 31, 2025, and the year ended December 31, 2024, construction cost incurred were $140,717,091 and $1,267,130,396, respectively.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-right: 12.5pt; margin-left: 28.35pt;">There was no capitalization of borrowing cost included in the construction costs of the above-described hotel complexes for the three-months period ended March 31, 2025,
        for the year ended December 31, 2024 and the capitalization borrowing cost was $85,174,178. These borrowing costs were calculated using a capitalization rate of 100%&#160; before the operation period of Vivid starting April 1, 2024, after that date the
        capitalization was 60% finalizing on September 12, 2024 with the payment of the syndicated loan in full as part of the proceeds obtained with the issuance of the Senior Notes as described in Note 1b.2.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-right: 12.5pt; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Measurement of fair value</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Land, construction in process and buildings</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt; font-style: italic;">Fair value hierarchy</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The Trust engages third-party qualified appraisers to perform the valuation of the land, construction in process&#160; and buildings annually. The technical committee works closely with qualified
        external appraisers to establish the appropriate valuation techniques and inputs to the model.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The fair value measurement for the land and construction in process has been categorized as a Level 3 fair value based on the inputs to the valuation technique used. Changes in fair value are
        recognized in Other Comprehensive Income (OCI).</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt; font-style: italic;">Valuation technique and significant unobservable inputs</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The following table shows the valuation technique used in measuring the fair value of the land, construction in process and buildings, as well as the significant unobservable inputs used.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The revaluation gain as of December 31, 2024 was $217,896,510. The trust did not revalue the assets as of March 31, 2025 and any the interim periods, as no factors or indicators were identified
        that could give rise to a material change in the fair value from the prior period revaluation.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">13</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z6dbbe9d09dfc4a988fe653b8b3acc148" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45%; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">Valuation technique</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="width: 28.57%; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">Significant unobservable inputs</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="width: 24.19%; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">Inter-relationship between</div>
              <div style="text-align: center; font-weight: bold;">significant unobservable</div>
              <div style="text-align: center; font-weight: bold;">inputs and fair value</div>
              <div style="text-align: center; font-weight: bold;">measurement</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="width: 28.57%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="width: 24.19%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">
              <div style="text-align: justify; font-weight: bold;">Land</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Trust directors use the market-based approach to determine the value of the land as described in the valuation reports prepared by the appraisers.</div>
              <div>&#160;</div>
              <div style="text-align: justify; margin-left: 1.75pt;">In estimating the fair value of the subject assets, the appraiser performed the following:</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160; &#160; Researched market data to obtain information pertaining to sales and listings (comps) that are similar to the Subject Asset.</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160; Selected relevant units of comparison (e.g., price per square meter), and developed a comparative analysis for each.</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160;&#160;&#160; Compared the comps to the Subject Asset using elements of comparison that may include, but are not limited to, market conditions, location, and physical
                characteristics; and adjusted the comps as appropriate.</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160;&#160;&#160;&#160; Reconciled the multiple value indications that resulted from the adjustment of the comps into a single value indication.</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160;&#160; The selected price per square meter is consistent with market prices paid by market participants and/or current asking market prices for comparable properties.</div>
            </td>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 28.57%; vertical-align: top;">
              <div style="text-align: justify;">The appraiser compared the comps to the Subject Assets using comparison elements that include market conditions, location, and physical characteristics.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160;&#160;&#160; Location (0.80 - 1).</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160;&#160;&#160; Size (1.08 - 1.20).</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160;&#160;&#160; Market conditions (0.8 - 1).</div>
            </td>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 24.19%; vertical-align: top;">
              <div style="text-align: justify;">The estimated fair value would increase if the adjustments applied were higher.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">14</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z037eadd3b5d2476eafb2b0b03948ee51" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45%; vertical-align: top;">
              <div style="text-align: justify; font-weight: bold;">Construction in process</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Trust directors use the cost approach to determine the value of construction in process as described in the valuation reports prepared by the appraisers.</div>
              <div style="text-align: justify;">In estimating the fair value of building and site improvements, the appraiser performed the following:</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160;&#160;&#160; Estimated replacement cost of the building and site improvements, as though new, considering items such as indirect costs.</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160; &#160; Estimated and applied deductions related to accrued depreciation, resulting from physical deterioration, and work in progress.</div>
            </td>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 28.57%; vertical-align: top;">
              <div style="text-align: justify;">The appraiser used an adjustment factor regarding the status of the construction in process.</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Work in progress adjustment (0.6 - 0.98).</div>
            </td>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 24.19%; vertical-align: top;">
              <div style="text-align: justify;">The estimated fair value would increase if the adjustments applied were higher.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z93e639d617b34fe8b75f3acd21c61261" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="width: 28.57%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="width: 24.19%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 45%; vertical-align: top;">
              <div style="text-align: justify; font-weight: bold;">Buildings</div>
              <div>&#160;</div>
              <div style="text-align: justify;">Trust directors use the cost approach to determine the value of buildings in current operation that has beginning their ramp up period (Cancun Complex/Hotel Vivid portion).</div>
              <div style="text-align: justify;">In estimating the fair value of building and site improvements, the appraiser performed the following:</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160;&#160;&#160; Estimated replacement cost of the building and site improvements, as though new, considering items such as indirect costs.</div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">&#8226;&#160;&#160; &#160; Estimated and applied deductions related to accrued depreciation, resulting from physical deterioration, and work in progress.</div>
            </td>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 28.57%; vertical-align: top;">
              <div style="text-align: justify;">N/A</div>
            </td>
            <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 24.19%; vertical-align: top;">
              <div style="text-align: justify;">N/A as not adjustment factor was used.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">15</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Carrying amount</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">Had the Trust&#8217;s land, construction in process and buildings been measured on a historical cost basis, their carrying amount would have been as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z7e867fb8680145639ca54e23f7544325" class="cfttable">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="6">
              <div style="text-align: center; font-weight: bold;"> As of</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">March 31, 2025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center; font-weight: bold;">December 31, 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Land</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>203,300,683</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>203,300,683</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Construction in process</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>2,843,507,745</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>2,702,790,653</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Buildings</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>1,898,287,590</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>1,898,287,590</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>4,945,096,018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>4,804,378,926</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">16</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="zd648d4d27a4340d58adfc0467f7ab984" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Income tax</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The Trust does not carry out business activities in accordance with the provisions of the rule 3.1.14 of the Miscellaneous Tax Resolutions in Mexico, as long as the Trust is in compliance with
        the requirements mentioned therein, it will not be obliged to present monthly income tax returns; However for VAT purposes the Trust needs mandatory to present monthly definitive VAT tax returns in accordance with the provisions of the article 74
        of the VAT law.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 28.35pt;">The trustees or, where applicable, the settlors must pay taxes in the terms of the titles of the Income Tax Law that corresponds to them, with respect to all the taxable income and authorized
        deductions that they obtain through the Trust.</div>
      <div><br>
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          <tr>
            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Commitments and contingencies</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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            </td>
            <td style="width: 18pt; vertical-align: top;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>In accordance with&#160; Mexican Tax Law, companies carrying out transactions with related parties are subject to certain requirements as to the determination of prices, which should be similar to those that would be used in arm&#180;s-length
                transactions. Should the tax authorities examine the transactions and reject the related-party prices, they could assess additional taxes plus the related inflation adjustment and interest, in addition to penalties of up to 100% of the
                omitted taxes.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The Trust, like its assets, are not subject to any legal contingency other than those of a routine nature and characteristic of the business. From transactions with related parties, tax differences could arise if the tax authority, when
                reviewing said operations, considers that the process and amounts used by the Trust are not comparable to those used with or between independent parties in comparable operations.</div>
            </td>
          </tr>

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      <div><br>
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          <tr>
            <td style="width: 46.35pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The Trust has analyzed the risk of future covenant breaches in the following twelve months under the terms of the Senior Secured Notes.&#160; As referred to in the Going Concern Note 2c, in order to address and mitigate the risks of such
                future possible covenant breaches including payment of debt service and cash reserve requirements, amongst others.&#160; The Trust&#160; has hired specialist professional advisors who are experienced in debt restructuring, to advise the Trust on a
                plan to execute a possible&#160; restructuring of the Senior Secured Notes.&#160; Whilst the terms of such a restructuring of the Senior Secured Notes have not yet been agreed with the noteholders, Management believes that, based on the advice and
                experience of the professional advisors, such a restructuring plan like to be successful.</div>
            </td>
          </tr>

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      <div><br>
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            <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">8.</td>
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              <div style="font-weight: bold;">Subsequent events</div>
            </td>
          </tr>

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            <td style="width: 21.25pt; vertical-align: top;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On April 22, 2025, Operadora Hotelera GI, S. A. de C. V. on behalf of the Issuer Trust, gave notice of the occurrence of a Rapid Amortization Event due to the failure by the Issuer Trust to maintain a debt service coverage ratio of at
                least 1.0:1.0 as of the calculation date falling on March 31, 2025.&#160; Such Rapid Amortization Event did not result in the debt being callable under the terms of the Senior Secured Notes.</div>
            </td>
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              <div>The Trust is exploring strategic alternatives to complete phase one of the GIC Complex (including assessing funding needs, additional revisions to the project&#8217;s development pipeline, and discussing with the current hotel operator
                regarding potential changes to the current operations and administration services agreement).</div>
            </td>
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      <div style="text-align: center; margin-right: 2.4pt;">* * * * * *</div>
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        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: bold; font-style: normal;" class="BRPFPageNumber">17</font></div>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>ef20051331_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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          <div style="text-align: right; font-weight: bold;">Exhibit 99.4</div>
          <div style="text-align: right; font-weight: bold;"> <br>
          </div>
        </div>
        <div style="font-weight: bold;">Operadora Hotelera GI, S. A. de C. V.</div>
        <div><br>
        </div>
        <div>Condensed Interim Financial Statements as of March 31, 2024 and for the three-month periods ended March 31, 2025 and 2024</div>
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        <div style="margin-right: 21.55pt; font-weight: bold;">Operadora Hotelera GI, S. A. de C. V.</div>
        <div><br>
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        <div style="text-align: justify; font-weight: bold;">Condensed Interim Financial Statements for 2025 and 2024</div>
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                <div style="font-weight: bold;">Table of contents</div>
              </td>
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                <div style="text-align: right; font-weight: bold;">Page</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
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            <tr>
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                <div>Condensed Interim Statements of Financial Position</div>
              </td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">3</div>
              </td>
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            <tr>
              <td style="width: 90%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
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            <tr>
              <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Condensed Interim Statements of Profit or Loss and Other Comprehensive Income</div>
              </td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">4</div>
              </td>
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            <tr>
              <td style="width: 90%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Condensed Interim Statements of Change in Stockholders&#8217; Equity</div>
              </td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">5</div>
              </td>
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            <tr>
              <td style="width: 90%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Condensed Interim Statements of Cash Flows</div>
              </td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">6</div>
              </td>
            </tr>
            <tr>
              <td style="width: 90%; vertical-align: top;">&#160;</td>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
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                <div style="font-size: 8pt;"><font style="font-size: 10pt;">Notes to Condensed Interim Financial Statements</font></div>
              </td>
              <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">7 - 14</div>
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          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
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        <div style="font-weight: bold;">Operadora Hotelera GI, S. A. de C. V.</div>
        <div style="text-align: justify; font-weight: bold;">Condensed Interim Statements of Financial Position</div>
        <div style="font-weight: bold;">As of March 31, 2025 and December 31, 2024</div>
        <div style="font-weight: bold;">(Mexican pesos)</div>
        <div><br>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
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                <div style="text-align: center; font-weight: bold;">Notes</div>
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                <div style="text-align: center; font-weight: bold;">March 31,</div>
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                <div style="text-align: center; font-weight: bold;">December 31,</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
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                <div style="text-align: center; font-weight: bold;"> 2025</div>
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                <div style="text-align: center; font-weight: bold;">2024</div>
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                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Assets</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
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                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Current Assets:</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Cash and cash equivalents</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="font-weight: bold; text-align: center;">3</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                <div>$</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>25,487,242</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                <div>$</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>11,039,234</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Trade receivables</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>59,836,807</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>54,003,067</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">VAT receivable</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>6,231,982</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>3,848,994</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other receivables</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>16,524,233</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>5,556,151</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Due from related parties</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="font-weight: bold; text-align: center;">4</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>40,800</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>12,732,729</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Prepayments</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>5,257,267</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>13,023,764</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Inventories</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>9,558,159</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>8,861,561</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total current assets</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>122,936,490</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>109,065,500</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Equipment, net</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>600,839</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>632,025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Right of use assets, net</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="font-weight: bold; text-align: center;">5</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>460,418,528</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>498,036,791</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Guarantee deposits</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Deferred tax asset</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>31,453,258</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>13,559,134</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total non-current assets</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>492,472,625</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>512,227,950</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 4px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total assets</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 4px;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>615,409,115</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>621,293,450</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Liabilities and Stockholders&#8217; Equity</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Current Liabilities:</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Trade accounts payable and accumulated expenses</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>176,509,253</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>141,874,478</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Advance customers</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>6,498,891</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>11,819,944</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Due to related parties</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div style="font-weight: bold; text-align: center;">4</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>13,133,868</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>20,542,269</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Lease liabilities</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="font-weight: bold; text-align: center;">5</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>46,952,914</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>131,996,089</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Income tax payable</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>5,693,528</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>5,438,942</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Employees&#8217; statutory profit sharing</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>59,032</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>59,032</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total current liabilities</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>248,847,486</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>311,730,754</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Non-current Liabilities:</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Lease liabilities, excluding current portion</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="font-weight: bold; text-align: center;">5</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>470,381,901</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>395,224,035</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Employee benefits</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>1,503,583</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>1,503,583</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Deferred tax liabilities</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total non-current liabilities</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>471,885,484</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>396,727,618</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total liabilities</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>720,732,970</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>708,458,372</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Stockholders&#8217; Equity</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Common stock</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="font-weight: bold; text-align: center;">8</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>260,001</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>260,001</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Accumulated deficit</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>(104,998,385</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>(86,839,452</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other comprehensive income</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>(585,471</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>(585,471</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Total Stockholders&#8217; Equity</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>(105,323,855</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>(87,164,922</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total Liabilities and Stockholders&#8217; Equity</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>615,409,115</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>621,293,450</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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        </table>
        <div><br>
        </div>
        <div style="text-align: justify;">The accompanying notes are an integral part of these condensed interim financial statements.</div>
        <div style="text-align: justify;"> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="font-weight: bold;">Operadora Hotelera GI, S. A. de C. V.</div>
        <div style="text-align: justify; font-weight: bold;">Condensed Interim Statements of Profit or Loss and Other Comprehensive Income</div>
        <div style="font-weight: bold;">For the three-month period ended March 31, 2025 and 2024</div>
        <div style="font-weight: bold;">(Mexican pesos)</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zaa60beb334f549e2b48924f1d22a08a4" class="cfttable">

            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
                <div style="text-align: center; font-weight: bold;">For the three-month periods ended</div>
                <div style="text-align: center; font-weight: bold;">March 31,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
                <div style="text-align: center; font-weight: bold;">Notes</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;">2025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;">2024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Revenue</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div style="font-weight: bold; text-align: center;">6</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>166,076,442</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>58,743,628</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Direct and selling, general and administrative expenses:</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Employee benefits</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>61,374,029</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>18,912,176</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Food &amp; beverage and service cost</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>27,207,279</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>1,044,162</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: top; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Sales commissions</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>5,455,870</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: top; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Management fees to hotel operators</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>8,192,801</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: top; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Depreciation and amortization</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>37,649,449</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>36,075,730</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: top; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Licenses and permits</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>20,872</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>9,325,058</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Professional fees</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>99,808</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>50,307</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Administrative fees</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>496,860</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Maintenance and conservation</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>8,463,769</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Utility expenses</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>7,922,642</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>3,436</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Advertising</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>10,800,915</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>229,903</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Insurance</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>10,042,083</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>603,584</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Leases</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>21,846</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>20,964</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Cleaning and laundry</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>1,148,268</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Bank fees</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>291,319</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>5,068</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other costs</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>13,197,873</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>13,319,931</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total direct and selling, general and administrative expenses</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>192,385,683</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>79,590,319</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other income</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>849,031</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Exchange rate (expense) income, net</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>(2,897,236</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>(74,667</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest expense</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>(7,695,611</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
                <div>(10,489,209</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt; font-weight: bold;">Loss before income taxes</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>(36,053,057</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%;" colspan="1" class="cftnumcell">
                <div>(31,410,567</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Income taxes</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; padding-bottom: 2px;" colspan="1" class="cftnumcell">
                <div style="font-weight: bold; text-align: center;">7</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>(17,894,124</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 4px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Net loss for the period</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 4px;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>(18,158,933</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 4px;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>(31,410,567</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 4px;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64.68%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total comprehensive loss</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 9.11%; padding-bottom: 2px;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>(18,158,933</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>(31,410,567</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1.02%; padding-bottom: 2px;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;">The accompanying notes are an integral part of these condensed interim financial statements.</div>
        <div style="text-align: justify;"> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="font-weight: bold;">Operadora Hotelera GI, S. A. de C. V.</div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: bold;">Condensed Interim Statements of Changes in Stockholders&#8217; Equity and Net Assets</div>
        <div style="font-weight: bold;">For the three-month period ended March 31, 2025 and 2024</div>
        <div style="font-weight: bold;">(Mexican pesos)</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z6db554e9a5444eb8beed78422b803d6f" class="cfttable">

            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-left: 22%; width: 44%;" colspan="1">
                <div style="text-align: center; font-weight: bold;"><br>
                </div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 9%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2"><br>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center;">
                  <div style="font-weight: bold;"><u>Other </u></div>
                  <div style="font-weight: bold;"><u>Comprehensive</u></div>
                  <div style="font-weight: bold;"><u> Income</u></div>
                  <div style="font-weight: bold;"><u> <br>
                    </u></div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"><br>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 44%;" rowspan="1">&#160;</td>
              <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; width: 9%;" rowspan="1" colspan="1" class="cftguttercell">
                <div style="font-weight: bold;">Note</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right;" rowspan="1" colspan="2">
                <div style="text-align: center; font-weight: bold;">Common Stock</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right;" rowspan="1" colspan="2">
                <div style="text-align: center; font-weight: bold;">Retained </div>
                <div style="text-align: center; font-weight: bold;">earnings</div>
                <div style="text-align: center; font-weight: bold;"> (Accumulated <br>
                  Deficit)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right;" rowspan="1" colspan="2">
                <div style="text-align: center;"><font style="font-weight: bold;">Remeasurement </font></div>
                <div style="text-align: center;"><font style="font-weight: bold;">of net defined </font></div>
                <div style="text-align: center;"><font style="font-weight: bold;">benefit liability</font></div>
                <div style="text-align: center;"> <font style="font-weight: bold;">net of deferred</font></div>
                <div style="text-align: center;"><font style="font-weight: bold;"> income tax</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center;" rowspan="1" colspan="2"><font style="font-weight: bold;">Total </font><br>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 44%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Balance as of January 1, 2024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>260,001</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>10,840,751</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>(32,554</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>11,068,198</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 44%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 9%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 44%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Comprehensive loss for the period</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>
                  <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>(31,410,567</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>)</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>
                  <div>-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>2,397,605</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 44%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 9%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 44%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Balance as of March 31, 2024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>260,001</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>(20,569,816</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>(32,554</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>20,342,369</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 44%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 9%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 44%; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Balance as of January 1, 2025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>260,001</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>(86,839,452</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>(585,471</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>87,164,922</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 44%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 9%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 44%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Comprehensive loss for the period</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>
                  <div>-</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>
                  <div>(18,158,933</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>
                  <div>)</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>
                  <div>-</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>
                  <div>(18,158,933</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>
                  <div>)</div>
                </div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 44%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 9%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 44%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Balance as of March 31, 2025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>260,001</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>(104,998,385</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftfncell">
                <div>)</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>(585,471</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftfncell">
                <div>)</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>(105,323,855</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftfncell">
                <div>)</div>
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            </tr>

        </table>
        <div><br>
        </div>
        <div>The accompanying notes are an integral part of these condensed interim financial statements.</div>
        <div> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
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            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="font-weight: bold;">Operadora Hotelera GI, S. A. de C. V.</div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: bold;">Condensed Interim Statements of Cash Flows</div>
        <div style="font-weight: bold;">For the three-month period ended March 31, 2024 and 2024</div>
        <div style="font-weight: bold;">(Mexican pesos)</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z65fd379acc2f464fa921e8d6743feaab" class="cfttable">

            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
                <div style="text-align: center; font-weight: bold;">For the three-month periods ended</div>
                <div style="text-align: center; font-weight: bold;">March 31,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"> 2025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;">2024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Cash flows from operating activities:</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Loss before income taxes</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>(36,053,057</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>(31,410,567</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Adjustments for:</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt;">Depreciation of property, construction in process and equipment</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>31,186</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt;">Depreciation of right of use assets</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>37,618,263</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>36,075,730</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="margin-left: 18pt;">Interest expense lease liability</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>7,695,983</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>10,489,209</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>9,292,375</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>15,154,372</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Changes in:</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Increase in VAT and other receivables</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>(13,351,070</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>(1,235,640</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Increase in trade receivables</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>(5,833,740</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Decrease (increase) in related parties, net</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>5,283,528</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>(121,059</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Decrease in prepayments</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>7,766,497</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>6,799,031</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Increase in inventory</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>(696,598</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>(521,010</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Increase in trade payables and taxes</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>31,362,374</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>19,031,741</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Increase in employee benefits</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>524,603</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">&#160;Income tax paid</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>(1,794,066</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                <div style="text-indent: -7.2pt; margin-left: 34.2pt;">Net cash flows from operating activities</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>32,029,300</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>39,632,038</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Cash flows from financing activities:</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Payments of leasing liabilities</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>(17,581,292</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>(31,896,416</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 34.2pt;">Net cash flows (used in)&#160; financing activities</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>(17,581,292</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>(31,896,416</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net&#160; increase in cash and cash equivalents</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>14,448,008</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>7,735,622</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash and cash equivalents at the beginning of the period</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>11,039,234</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>1,068,277</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash and cash equivalents at the end of the period</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>25,487,242</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>8,803,899</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;">The accompanying notes are an integral part of these condensed interim financial statements.</div>
        <div style="text-align: justify;"> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="font-weight: bold;">Operadora Hotelera GI, S. A. de C. V.</div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: bold;">Notes to the Condensed Interim Financial Statements</div>
        <div style="text-align: justify; font-weight: bold;">As of March 31, 2025 and December 31, 2024, and</div>
        <div style="text-align: justify; font-weight: bold;">for the three-month period ended March 31, 2025, and 2024</div>
        <div style="text-align: justify; font-weight: bold;">(Amounts in Mexican pesos)</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zc567ca08eb9f4990a4600f1b5af10e9d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Reporting Entity and description of business</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z2a68904715a94767911dc092e86848d8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;">&#160;</td>
              <td style="width: 28.35pt; vertical-align: top;">a.</td>
              <td style="vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Corporate information</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">On June 26, 2025, Elias Sacal Cababie, Chief Executive Officer, Marcos Sacal Cohen, Chief Operating Officer, David James Galan, Global Chief Financial Officer and Oscar Jazmani Mendoza Escobar,
          Chief Financial Officer Mexico, authorized the issuance of these condensed interim financial statements.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">Operadora Hotelera GI, S. A. de C. V. (the &#8220;Company&#8221;) has an address at Bucareli 42 No. 202 C, Centro, Cuauht&#233;moc, 06040, Mexico City. The Company is part of Grupo Murano (the &#8220;Group&#8221;) a
          Mexican development Group with&#160; experience in&#160; structuring, developing and assessment of industrial, residential, corporate office and hotel projects in Mexico. The Company also provides comprehensive services, including the execution,
          construction, management, and operation of a wide variety of industrial, business, tourism, and real estate projects, among others including managing luxury hotels in urban and beach resort destinations.</div>
        <div>
          <div><br>
          </div>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">The Company is part of the development of a resort complex in Grand Island, Cancun, Quintana Roo (the &#8220;GIC Complex&#8221;), which is ultimately expected to incorporate around 1,016 rooms and
          approximately 1,254 condominiums, a convention center (under the World Trade Center brand), a water park and a beach club. The Company&#8217;s management and board of directors, following recent market developments and market outlook, have updated the
          Company&#8217;s&#160; strategic development pipeline as follows:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z0a2b5735b1644eee8bd668ece8054b24" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 67.05pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">I.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Phase one will operate under two brands:&#160; (i) 400 rooms, operated under the &#8220;Vivid&#8221; brand, an adult-only brand; and (ii) 616 rooms, to be operated under the &#8220;Dreams&#8221; brand, a family-friendly brand. On April 1, 2024, the Vivid hotel
                  began operations. The Dreams hotel is expected to commence operations in the fourth quarter of 2025, see Notes 2c. and 10 for additional reference about covenants compliance. The Company decided to delay the opening of Dreams, following
                  consultation with the hotel operator, to leverage experience from the first months of the operation of Vivid and certain improvements requested by the hotel operator.&#160; This includes property enhancements and remedial work required by the
                  hotel operator to adhere to the hotel operator&#8217;s global building standards, and changes to the common areas within Dreams, including more space for meetings and events. The Company is exploring strategic alternatives to complete part of
                  the phase one of the GIC Complex (including assessing funding needs, additional revisions to the project&#8217;s development pipeline, and discussing with the current hotel operator regarding potential changes to the current operations and
                  administration services agreement).</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z5db90640d5074d93b35f49cd023becf2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.4pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">b.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Significant transactions</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zb74c913b8c7346fd9e2bd41cfb814a20" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 63pt;">&#160;</td>
              <td style="width: 14.15pt; vertical-align: top;">i.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>On July 30, 2024 the Company signed a 60-month lease agreement with Arrendadora Coppel, S.A.P.I. de C. V. for total rent payments of $40,226,116 plus 16% of VAT.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z3ec30734b4234f6eb9e2f18b996bc183" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 63pt;"><br>
              </td>
              <td style="width: 14.15pt; vertical-align: top;">ii.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The first phase of GIC I commenced operations with the opening of the Vivid Hotel on April 1, 2024.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" id="zdcd1e330ead44054b8d9adb89d9b6872" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 63pt;"><br>
              </td>
              <td style="width: 14.15pt; vertical-align: top;">iii.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>On March 20, 2024, Murano Global Investments PLC, the parent entity of Murano PV (sub holding Company of the Group based in Mexico) and HCM Acquisition Corp (&#8220;HCM&#8221;) completed the Amended and Restated Business Combination Agreement
                  (&#8220;A&amp;R BCA&#8221;). These condensed interim financial statements do not reflect any impact derived from this transaction since the accounting and economic impacts are reflected at the Murano Global Investments PLC level as this entity became
                  the public company on NASDAQ since that date.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z9ab141a94046424db3db7b76121e767b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 63pt;"><br>
              </td>
              <td style="width: 14.15pt; vertical-align: top;">iv.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>On September 12, 2024, Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323 (the &#8220;Trust&#8221;), a related party of the Company, closed a 144A bond financing, issuing secured senior notes for U.S.$300 million. The main uses
                  of this financing were to repay in full the balances of the secured mortgage syndicated loan held by its related party, Fideicomiso Murano 2000 /CIB 3001 and the VAT credit held at that date and both credits were used to develop the phase
                  I of the GIC Complex in Cancun. The Company is a guarantor under the indenture governing the senior notes and pledged its collection rights in respect of the Vivid and Dreams hotels. The senior notes mature in September 12, 2031 and bear
                  interest at an annual rate of 11% plus 3% of payment in kind interest capitalized over the first three years of the issuance).</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zdd0efcf4d7354d8cb8374e379bab6e39" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 63pt;"><br>
              </td>
              <td style="width: 14.15pt; vertical-align: top;">v.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>On October 17, 2024, Murano PV and Nacional Financiera, Sociedad Nacional de Cr&#233;dito, Instituci&#243;n de Banca de Desarrollo (&#8220;NAFIN&#8221;) signed a secured loan agreement up to U.S.$70,378,287. This loan is intended to fund the Group&#8217;s working
                  capital needs and compliance with its financial obligations including the conclusion of phase I of the GIC Complex. This loan matures on October 28, 2027. The Group received the tranche A and part of the tranche B on October 28, 2024, in
                  the amount of U.S.$54,942,059.&#160; The loan bears interest at an annual rate of SOFR + 3.75% for the first year, SOFR + 4.00% for the second year and SOFR + 4.25% for the third year, and all interest will be capitalized during the term of
                  the loan,&#160; not being in default of any covenants under this loan agreement&#160; is a condition for any drawdown of the remaining balance of Tranche B (used for the interest payments).</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z3377986134f1479dbbb565cdb7239ea6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Basis of preparation</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 28.35pt;">In accordance with the &#8220;Ley General de Sociedades Mercantiles&#8221; and the statutes of the Company, the Board of Directors has the power to modify the financial statements after issuance. The
          financial statements will be submitted for approval at the next meeting of the Board of Directors.</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z678fa3afbb264ca58deb3d16d046b73a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt;"><br>
              </td>
              <td style="width: 28.35pt; vertical-align: top;">a.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Statement of compliance</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements have been prepared in accordance with IAS 34 <font style="font-style: italic;">Interim Financial Reporting and</font> should be read in conjunction
          with the Company&#180;s last annual financial statements as of and for the year ended December 31, 2024.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements do not include all the information and disclosures required for a complete set of financial statements prepared in accordance with IFRS Accounting
          Standards and should be read in conjunction with the financial statements as of December 31, 2024 and for the period ended. However, selected explanatory notes are included to explain events and transactions that are significant to an
          understanding of the changes in the Company&#8217;s financial position and performance since the last annual financial statements.</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="ze263f89fbb1a411099fa3a839b2e481a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt;"><br>
              </td>
              <td style="width: 28.35pt; vertical-align: top;">b.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Going concern basis</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements have been prepared assuming the Company will continue as a going concern. However, management has identified material uncertainties that may cast
          substantial doubt on the ability of the Company to continue as a going concern. As a result, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business.</div>
        <div style="text-align: justify; margin-left: 56.7pt;"> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">The Company is an early-stage, as of March 31, 2025, the total current liabilities exceed the amount of total current assets and has lost more than two thirds of its capital stock which under
          the Ley General de Sociedades Mercantiles in Mexico its cause of dissolution.&#160; Based upon the Company&#8217;s current plans, management believes that financial resources to fund its operations for the twelve months subsequent to the authorization and
          issuance of these condensed interim financial statements may be insufficient.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">Certain covenant tests will arise, under the terms of the Senior Notes issued by Fideicomiso Irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323 (the &#8220; Issuer Trust&#8221;, a related party of
          the Company where&#160; the Company is a mortgage guarantor), during the following twelve months after the condensed interim financial statements are authorized to be issued, which Management does not expect will be met.&#160; In order to address and
          mitigate the risks of such future possible covenant breaches, the Company has hired professional specialist advisors who are experienced in debt restructuring, to advise the Company on a plan to execute a debt restructuring.&#160; The plan is that the
          debt restructuring will address and resolve the risks of such future possible covenant breaches through negotiating different terms with the various lenders.&#160; Whilst the terms of such a debt restructuring have not yet been agreed with the
          Company&#8217;s lender, Management believes that, based on the advice and experience of the professional advisors, such a restructuring plan like to be successful and will mitigate the risk over the Company&#8217;s ability to continue as a going concern. The
          Company has also considered alternative strategies with respect to the hotel operations in Cancun (including changes to the hotel management agreement and operational partners), which could generate additional cash flows compared to the current
          commercial arrangements.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">As a result of these conditions, substantial doubt exists about the ability of the Company to continue as a going concern following twelve months after the condensed interim financial
          statements are authorized to be issued.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">Management continues evaluating strategies to obtain the required additional funding necessary for future operations, and to be able to discharge the outstanding debt and other liabilities as
          they become due. In assessing these strategies, management has considered the available cash resources, inflows from the hotel that is already in operation, and future financing options available to the Company and the possible financial support
          of the major shareholder of the Company. However, the Company may be unable to access further equity or debt financing when needed.&#160; As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or
          under acceptable terms, if at all.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements do not include any adjustments to the carrying amounts and classifications of assets and liabilities and reported expenses that may otherwise be
          required if the going concern basis for the Company as March 31, 2025, and for the period then ended, were not appropriate.</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z40f0f672a5a347f6a4779d55568137cc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt;"><br>
              </td>
              <td style="width: 28.35pt; vertical-align: top;">c.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Use of judgments and estimates</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">In preparing these condensed interim financial statements, management has made judgments and estimates that affect the application of accounting policies and the reported amounts of assets and
          liabilities, income and expense. Actual results may differ from these estimates.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">The significant judgments made by management in applying the Company&#8217;s accounting policies and the key sources of estimation uncertainty were the same as those described in the Company&#8217;s last
          annual audited financial statements as of December 31, 2024.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt; font-weight: bold;">Measurement of fair values:</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">A number of the Company&#8217;s accounting policies require the measurement of fair values, for both financial assets and liabilities and non-financial assets and liabilities.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">The Company has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant
          fair value measurements, including Level 3 fair values, and reports directly to the chief financial officer.</div>
        <div style="text-align: justify; margin-left: 56.7pt;"> <br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair
          values, the valuation team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of the Accounting Standards, including the level in the fair value hierarchy in which the
          valuations should be classified.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">When measuring the fair value of an asset or a liability, the Company uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy
          based on the inputs used in the valuation techniques as follows:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z2e2e27997fdd499c97ae17bb2b70db7b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 56.7pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z1ca28cef8d2643b3a875343a2e99c59e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 56.7pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z441f8558b0f0414983775b51d7e76e76" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 56.7pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">If the inputs used to measure the fair value of an asset or a liability are categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its
          entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during
          which the change has occurred.</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z07f2bb1944104a9f8bc13b11a0e58445" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt;"><br>
              </td>
              <td style="width: 28.35pt; vertical-align: top;">d.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Material accounting policies</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">These condensed interim financial statements follow the same accounting policies and methods of computation as the last annual financial statements.</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z2814399dbc3d440b8d16540a83d5abe9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt;"><br>
              </td>
              <td style="width: 28.35pt; vertical-align: top;">e.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">New accounting standards or amendments for 2024 and forthcoming requirements</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 56.7pt;">A number of new accounting standards and amendments to accounting standards are effective for annual periods beginning after January 1, 2024 and have been adopted by the Company. Their adoption
          has not had any material impact on the disclosure or the amounts reported in these condensed consolidated and combined interim financial statements. The Company has not early adopted any forthcoming new or amended accounting standards in
          preparing these condensed interim financial statements.&#160; The Company does not expect to have a significant impact from the adoption of the forthcoming standards.</div>
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        <table cellspacing="0" cellpadding="0" id="z422ca5ae82054c00920d74030d34bb0a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">3.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Cash and cash equivalents</font>&#160;<font style="font-weight: bold;">and restricted cash</font></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 28.35pt;">As of March 31, 2025 and December 31, 2024 cash and cash equivalents is as follows:</div>
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            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
                <div style="text-align: center; font-weight: bold;"><u> As of</u></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"><u>March 31, 2025</u></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"><u>December 31, 2024</u></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
                <div>Cash</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>346,909</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>341,610</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div>Bank deposits </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>25,140,333</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>10,697,624</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div>Total cash and cash equivalents and restricted cash</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>25,487,242</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>11,039,234</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">10</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" id="z3bd1ac44151240a3a85ea510745fa952" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">4.</td>
              <td style="vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Related-party transactions and balances-</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z8f5489b8b0434679b6805621d6571c25" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;">&#160;</td>
              <td style="width: 21.25pt; vertical-align: top;">i.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Outstanding balances with related parties as of March 31, 2025 and December 31, 2024 are as follows:</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z107338bf019c41d0ae2719e30daa4116" class="cfttable">

            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
                <div style="text-align: center; font-weight: bold;"> As of</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;">March 31, 2025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;">December 31, 2024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Receivable</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Affiliate:</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt;">Fideicomiso irrevocable de Emisi&#243;n, Administraci&#243;n y Pago No. CIB/4323</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>40,801</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt;">Murano World, S. A. de C. V.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (1)</sup></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>
                  <div>-</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>12,732,729</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 34.2pt;">Total related parties&#8217; receivable</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>40,801</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>12,732,729</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z3e00db8fcab4483c9e9f9857d5319cb4" class="cfttable">

            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;" colspan="6">
                <div style="text-align: center; font-weight: bold;"> As of</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;">March 31, 2025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;">December 31, 2024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Payable:</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Affiliate:</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Fideicomiso Murano 2000 CIB//3001 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>13,028,859</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>20,437,260</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Murano PV, S. A. de C. V.</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>105,008</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>105,009</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Total related parties payable</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>13,133,867</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>20,542,269</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current portion</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>13,133,867</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>20,542,269</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
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            <tr>
              <td style="width: 36pt;">&#160;</td>
              <td style="width: 27.55pt; vertical-align: top;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>This balance is related to expense reimbursement:</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zfd2ad231d6884b45bbe6bcfe3b57099a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 27.55pt; vertical-align: top;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>This balance is composed of the following transactions:</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z45ce1f024bbc4566900ca7b6c3c41efa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 63pt;">&#160;</td>
              <td style="width: 25.5pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Guarantee deposit of $4,870,138 for lease payments included in the balance as of March 31, 2025 and December 31, 2024, respectively;</div>
              </td>
            </tr>

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              <td style="width: 63pt;"><br>
              </td>
              <td style="width: 25.5pt; vertical-align: top;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Advance payments for expense reimbursement in the amount of $8,158,721 and $15,567,122 as of March 31, 2025 and&#160; December 31, 2024, respectively.</div>
              </td>
            </tr>

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        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zae90f54886164df7a7ce542e7472f577" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">5.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Leases</div>
              </td>
            </tr>

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        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 2.4pt; margin-left: 28.35pt;">The Company leases hotel equipment. Lease terms vary from contract to contract. Information on leases in which the Company is a lessee is presented below:</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 2.4pt; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Right-of-use assets</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 2.4pt; margin-left: 28.35pt;">Right-of-use assets related to leased properties that do not meet the definition of investment property.</div>
        <div><br>
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        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z2369f424869e44a981a0d2cd95189160" class="cfttable">

            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">March 31, 2025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"><u>Hotel Equipment</u></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Balance as of January 1,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>498,036,791</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Depreciation charge for the year</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>(37,618,263</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Balance as of September 30,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>460,418,528</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z6e0c403bdcfa41f1978ed1fe19a4217e" class="cfttable">

            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">December 31, 2024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"><u>Hotel Equipment</u></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Balance as of January 1,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>199,957,781</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Addition to right-of-use-assets <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) y (2)</sup></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>445,466,997</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Depreciation charge for the year</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>(147,387,987</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Balance as of December 31,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>498,036,791</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">11</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
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        </div>
        <table cellspacing="0" cellpadding="0" id="zd837f59cd4d54b7288a4aadb0b2f3274" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
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              <td style="width: 25.5pt; vertical-align: top;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>On January 1, 2024 the Company signed a sub.lease agreement with Murano World, S. A. de C. V. for the sublease of hotel equipment</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z377805948fa8480ea0c486e9e5c2eac9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 63pt;"><br>
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              <td style="width: 25.5pt; vertical-align: top;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>On July 30, 2024 Operadora Hotelera GI, S. A. de C. V. signed a 60-month lease agreement with Arrendadora Coppel, S.A.P.I. de C. V. for total rent payments of $40,226,116 plus 16% of VAT.</div>
              </td>
            </tr>

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        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 2.4pt; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Lease liability</div>
        <div><br>
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        <div style="text-align: justify; margin-right: 2.4pt; margin-left: 28.35pt;">Lease liability as of March 31, 2025 and December 31, 2024 is classified as follows:</div>
        <div><br>
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            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"><u>March 31,</u></div>
                <div style="text-align: center; font-weight: bold;"><u>2025</u></div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lease liability - hotel equipment</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>517,334,815</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 4px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current portion of lease liability</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div>46,952,914</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lease liability excluding current portion</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>470,381,901</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z00c0f738f9c84155bc39215f6fa8673e" class="cfttable">

            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"><u>December 31,</u></div>
                <div style="text-align: center; font-weight: bold;"><u>2024</u></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lease liability for hotel equipment</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>527,220,124</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; padding-bottom: 4px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current portion of lease liability</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" class="cftnumcell">
                <div>131,996,089</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lease liability excluding current portion</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>395,224,035</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 2.4pt; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Amounts recognized in profit or loss</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zc96fa88fa97d483da78fa5e6185a3bb0" class="cfttable">

            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
                <div style="text-align: center; font-weight: bold;"> <u>For the three month period ended March 31,</u></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"> <u>2025</u></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"><u>2024</u></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Amounts recognized in profit and loss</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Interest on lease liabilities</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>7,695,983</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>10,489,209</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>7,695,983</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>10,489,209</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Amounts recognized in the statement of cash flow</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Total cash outflow</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>17,581,292</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>31,896,416</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z479b38279b9d4e40b3c39678c7358a78" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">6.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Revenue</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 28.35pt;">The Company&#8217;s operations and main revenue streams are as described in the last annual combined financial statements. The Company&#8217;s revenue is derived from contracts with customers, which
          include the operation of hotels and the resultant income received from guests and related services, and revenue for administrative services with related parties.</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z2a5f3b00afe844fdb6640a91237513aa" class="cfttable">

            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
                <div style="text-align: center; font-weight: bold;">For the three months ended Marh 31,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"> 2025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;">2024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Revenue from contracts with customers</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>160,115,235</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Revenue for administrative services and expense reimbursements with related parties</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>5,961,207</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>58,743,628</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total revenue</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>166,076,442</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>58,743,628</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

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        <div><br>
        </div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">12</font></div>
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            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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        <div style="text-align: justify; margin-left: 28.35pt; font-style: italic; font-weight: bold;">Disaggregation of revenue from contracts with customers</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 28.35pt;">In the following table, revenue from contracts with customers is disaggregated by primary major products and service lines and timing of revenue recognition.</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zd3b3afea557c4748acbf4e299d5b786e" class="cfttable">

            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">
                <div style="text-align: center; font-weight: bold;">For the three months ended March 31,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"> 2025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;">2024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Major products/service lines</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">All-inclusive</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>139,568,390</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Spa services</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>3,941,276</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Other services</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>16,605,569</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                <div style="text-indent: -7.2pt; margin-left: 34.2pt;">Total revenue from contracts with customers</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>160,115,235</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Administrative services with related parties</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>5,961,207</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>58,743,628</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total revenue</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>166,076,442</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>58,743,628</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Timing of revenue recognition</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt;">Services and products transferred at a point in time</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>26,508,052</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>58,743,628</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt;">Services transferred over time</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>139,568,390</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="margin-left: 18pt;">&#160;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total revenue from contracts with customers</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>166,076,442</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
                <div>58,743,628</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 28.35pt;">The following are the key performance indicators of the hotel operations as of&#160; March 31, 2025:</div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="zdac6581edcbc48239d644351f8ca3b71" class="cfttable">

              <tr>
                <td valign="bottom" style="width: 88%; background-color: #CCEEFF;">
                  <div style="margin-left: 63pt;">&#160;- &#160; Average daily rate (ADR)</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div>$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div>5,159</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="width: 88%;">
                  <div style="margin-left: 63pt;">&#160;- &#160; Occupancy rate<br>
                  </div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div>72.2</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                  <div>%</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="width: 88%; background-color: #CCEEFF;">
                  <div style="margin-left: 63pt;">&#160;-&#160;&#160; Revenue per available room (RevPar)<br>
                  </div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div>$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div>3,725</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zdb728765950b4bd1b2fa2517107132f4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">7.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Income tax</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 28.35pt;">Income tax expense is recognized at an amount determined by multiplying the profit before income taxes for the interim reporting period by management&#8217;s best estimate of the weighted-average
          annual income tax rate expected for the full financial year, adjusted for the tax effect of certain items recognized in full in the interim period. As such, the effective tax rate in the interim financial statements may differ from management&#8217;s
          estimate of the effective tax rate for the annual financial statements.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 28.35pt;">The change in effective tax rate was caused mainly by the following factors:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zaa402fd475d44d8bb2cfab9707a2f5a6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 46.35pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The temporary differences that arise from the balances of the right-of-use assets and the lease liabilities items.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zee2994854b464d92a8a93d56925c8aca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">8.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Stockholders&#8217; Equity</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z1eb9b34113e94e5eab9025d2f8d61270" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28.35pt;"><br>
              </td>
              <td style="width: 28.35pt; vertical-align: top;">a.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Common stock at par value as of Marh 31, 2025 is as follows:</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z3561fae522f441c589dc5e905949dcf1" class="cfttable">

            <tr>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"><u>Number of shares</u></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; font-weight: bold;"><u>Amount</u></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fixed capital:</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Series A</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>50,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>50,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Variable capital:</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Series B</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>210,001</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
                <div>210,001</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>260,001</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                <div>260,001</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            </tr>

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        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">13</font></div>
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        </div>
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            <tr>
              <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">9.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Commitments and contingencies</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
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            <tr>
              <td style="width: 46.35pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>In accordance with Mexican Tax Law, companies carrying out transactions with related parties are subject to certain requirements as to the determination of prices, which should be similar to those that would be used in arm&#180;s-length
                  transactions. Should the tax authorities examine the transactions and reject the related-party prices, they could assess additional taxes plus the related inflation adjustment and interest, in addition to penalties of up to 100% of the
                  omitted taxes.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
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            <tr>
              <td style="width: 46.35pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Company, like its assets, are not subject to any legal contingency other than those of a routine nature and characteristic of the business. From transactions with related parties, tax differences could arise if the tax authority,
                  when reviewing said operations, considers that the process and amounts used by the Company are not comparable to those used with or between independent parties in comparable operations.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
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            <tr>
              <td style="width: 46.35pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">3.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Company has analyzed the risk of future covenant breaches in the following twelve months under the terms of the Senior Secured Notes.&#160; As referred to in the Going Concern Note 2c, in order to address and mitigate the risks of such
                  future possible covenant breaches including payment of debt service and cash reserve requirements, amongst others.&#160; The Company&#160; has hired specialist professional advisors who are experienced in debt restructuring, to advise the Company
                  on a plan to execute a possible&#160; restructuring of the Senior Secured Notes.&#160; Whilst the terms of such a restructuring of the Senior Secured Notes have not yet been agreed with the noteholders, Management believes that, based on the advice
                  and experience of the professional advisors, such a restructuring plan like to be successful.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
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            <tr>
              <td style="width: 28.35pt; vertical-align: top; font-weight: bold;">10.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Subsequent events</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
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            <tr>
              <td style="width: 42.55pt;"><br>
              </td>
              <td style="width: 21.25pt; vertical-align: top;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>On April 22, 2025, Operadora Hotelera GI, S. A. de C. V. on behalf of the Issuer Trust, gave notice of the occurrence of a Rapid Amortization Event due to the failure by the Issuer Trust to maintain a debt service coverage ratio of at
                  least 1.0:1.0 as of the calculation date falling on March 31, 2025.&#160; Such Rapid Amortization Event did not result in the debt being callable under the terms of the Senior Secured Notes.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="za812e91f705d4b6d9a7ca9f22f99e03f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 42.55pt;"><br>
              </td>
              <td style="width: 21.25pt; vertical-align: top;">2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Company is exploring strategic alternatives to complete phase one of the GIC Complex (including assessing funding needs, additional revisions to the project&#8217;s development pipeline, and discussing with the current hotel operator
                  regarding potential changes to the current operations and administration services agreement).</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
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            <tr>
              <td style="width: 42.55pt;"><br>
              </td>
              <td style="width: 21.25pt; vertical-align: top;">3.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Key business and financial metrics used by management during the months of April and May 2025 are as follows:</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="margin-left: 63pt;">
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z7f5831712b6941ffa87c4c1ca9489fa5" class="cfttable">

              <tr>
                <td valign="bottom" style="vertical-align: top;">
                  <div style="font-weight: bold;">Indicator</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top;" colspan="2">
                  <div style="font-weight: bold;"> April 2025</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top;" colspan="2">
                  <div style="font-weight: bold;"> May 2025</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div>ADR</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div>$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div>5,082</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div>$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div>4,841</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%;">
                  <div>Occupancy rate</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div>63.8</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                  <div>%</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
                  <div>65.9</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
                  <div>%</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div>RevPar</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div>$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div>3,242</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
                  <div>$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
                  <div>3,190</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: center; margin-right: 2.4pt;">* * * * * *</div>
        <div style="text-align: center; margin-right: 2.4pt;"> <br>
        </div>
        <div style="text-align: center; margin-right: 2.4pt;"> <br>
        </div>
        <div style="text-align: right; margin-right: 2.4pt;"> <font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">14</font></div>
        <div style="text-align: center; margin-right: 2.4pt;">
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