29 de mayo 2002 - 00:00

I. Patagonia: feroz mordida de pasivos

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      <p align="center"><b><font size="1" face="Verdana" color="#FFFFFF">CIFRAS
        Y RATIOS DE BALANCE NO CONSOLIDADO</font></b>
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      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">2002</font></font></font></font></b></div>
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    <td align="center" bgcolor="#F2F7F9" colspan="4" height="13">
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">2001</font></font></font></font><font size="1"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"></font></font></font></b></div>
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    <td align="center" bgcolor="#F2F7F9" height="13" width="84">&nbsp;</td>
    <td align="center" bgcolor="#F2F7F9" height="13" width="90"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">2002</font></font></font></font></b></td>
    <td align="center" bgcolor="#F2F7F9" height="13" width="91"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">2001</font></font></font></font></b></td>
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      <div align="left"><font size="1" face="Verdana">Activo corr.:</font></div>
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    <td align="center" bgcolor="#E0EAF1" height="13" colspan="2">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">108.637.608</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="13" colspan="4">
      <div align="center"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">87.698.585</font></font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="13" width="84"><font size="1" face="Verdana">Ing.
      operat. </font></td>
    <td align="center" bgcolor="#E0EAF1" height="13" width="90"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">432.988.400</font></td>
    <td align="center" bgcolor="#E0EAF1" height="13" width="91"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">429.933.285</font></td>
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    <td align="center" bgcolor="#F2F7F9" height="17" width="105" >
      <div align="left"><font size="1" face="Verdana">Pasivo corr.:</font></div>
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    <td align="center" bgcolor="#F2F7F9" height="17" colspan="2" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">189.226.451</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="17" colspan="4" >
      <div align="center"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">105.495.029</font></font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="17" width="84" ><font size="1" face="Verdana">Costos:</font></td>
    <td align="center" bgcolor="#F2F7F9" height="17" width="90" ><font size="1" face="Verdana, Arial, Helvetica, sans-serif">293.041.074</font></td>
    <td align="center" bgcolor="#F2F7F9" height="17" width="91" ><font size="1" face="Verdana, Arial, Helvetica, sans-serif">315.532.659</font></td>
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    <td align="center" bgcolor="#E0EAF1" width="105">
      <div align="left"><font size="1" face="Verdana">Ind. liquidez</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" colspan="2">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">0.57</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" colspan="4">
      <div align="center"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">0.83</font></font></div>
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    <td align="center" bgcolor="#E0EAF1" width="84"><font size="1" face="Verdana">Gastos:</font></td>
    <td align="center" bgcolor="#E0EAF1" width="90"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">103.763.000</font></td>
    <td align="center" bgcolor="#E0EAF1" width="91"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">92.532.659</font></td>
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      <div align="left"><font size="1" face="Verdana">Liquidez seca</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="21" colspan="2">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">0.57</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="21" colspan="4">
      <div align="center"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">0.83</font></font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="84"><font size="1" face="Verdana">Otros
      saldos: </font></td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="90"><font size="1" face="Verdana">(132.466.293)</font></td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="91"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(7.564.443)</font></td>
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  <tr>
    <td align="center" bgcolor="#E0EAF1" width="105" height="21">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">Capital
        int. </font></font></font></font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" colspan="2" height="21">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">23.000.000</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" colspan="4" height="21">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">23.000.000</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" width="84" height="21"><font size="1" face="Verdana">Res./per&iacute;odo:</font></td>
    <td align="center" bgcolor="#E0EAF1" width="90" height="21"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(91.058.217)</font></td>
    <td align="center" bgcolor="#E0EAF1" width="91" height="21"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">14.940.084</font></td>
  </tr>
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    <td align="center" bgcolor="#F2F7F9" width="105" height="20">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Patrimonio</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" colspan="2" height="20">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">71.761.642</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" colspan="4" height="20">
      <div align="center"><font size="1"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">159.728.264</font><font size="1"></font></font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="20" width="84"><font size="1" face="Verdana">S/patrimonio:</font></td>
    <td align="center" bgcolor="#F2F7F9" height="20" width="90"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(126%)</font></td>
    <td align="center" bgcolor="#F2F7F9" height="20" width="91"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">9.4%</font></td>
  </tr>
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    <td align="center" bgcolor="#E0EAF1" height="18" width="105">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">Ind.
        Endeudam. </font></font></font></font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="18" colspan="2">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">392%</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="18" colspan="4">
      <div align="center"><font size="1"><font size="1"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">107%</font><font size="1"></font></font></font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="18" width="84"><font size="1" face="Verdana">S/capital:</font></td>
    <td align="center" bgcolor="#E0EAF1" height="18" width="90"><font size="1" face="Verdana">(396%)</font></td>
    <td align="center" bgcolor="#E0EAF1" height="18" width="91"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">65%</font></td>
  </tr>
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    <td align="center" bgcolor="#F2F7F9" height="18" width="105">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">Valor
        Libros: </font></font></font></font></div>
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    <td align="center" bgcolor="#F2F7F9" height="18" colspan="2">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1">$
        3.13</font></font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="18" colspan="4">
      <div align="center"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1">$
        6.95 </font></font></font></font></font></font></font></font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="18" width="84"><font size="1" face="Verdana">Res.
      no asign:</font></td>
    <td align="center" bgcolor="#F2F7F9" height="18" width="90"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">14.279.093</font></td>
    <td align="center" bgcolor="#F2F7F9" height="18" width="91"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">-,-</font></td>
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    <td colspan="7" align="center" bgcolor="#004080">
      <p align="center"><b><font size="1" face="Verdana" color="#FFFFFF">ESTADO
        DE RESULTADOS CONSOLIDADOS</font></b>
    </td>
  </tr>
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    <td align="center" bgcolor="#E0EAF1" colspan="2" height="17">
      <div align="left"><b><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">En
        pesos </font></font></b></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" width="84" height="17">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" width="113" height="17">
      <div align="center"><b><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">31/3/02</font></font></b></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" width="94" height="17">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" width="120" height="17"><b><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">31/3/01</font></font></b></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#F2F7F9" height="21" colspan="2">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Venta</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="84">&nbsp;</td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="113">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">
        446.713.607</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="94">&nbsp;</td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="120"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">468.501.807</font></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#E0EAF1" colspan="2" height="21">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Costo</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="84">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="113">
      <div align="center"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">(300.072.594)</font></font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="94">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="120"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(341.875.195)</font></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#F2F7F9" colspan="2" height="2">
      <div align="left"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Ganancia
        bruta </font></b></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="2" width="84">&nbsp;</td>
    <td align="center" bgcolor="#F2F7F9" height="2" width="113">
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">146.641.013</font></b></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="2" width="94">&nbsp;</td>
    <td align="center" bgcolor="#F2F7F9" height="2" width="120"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b>126.626.612</b></font></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#E0EAF1" colspan="2" height="18">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Gastos
        de administraci&oacute;n</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="18" width="84">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" height="18" width="113">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(12.025.973)</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="18" width="94">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" height="18" width="120"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(11.221.858)</font></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#F2F7F9" height="6" colspan="2">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Gastos
        de comercializaci&oacute;n</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="6" width="84">&nbsp;</td>
    <td align="center" bgcolor="#F2F7F9" height="6" width="113"> <font size="1" face="Verdana, Arial, Helvetica, sans-serif">(94.725.397)</font></td>
    <td align="center" bgcolor="#F2F7F9" height="6" width="94">&nbsp;</td>
    <td align="center" bgcolor="#F2F7F9" height="6" width="120"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(89.793.327)</font></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#E0EAF1" height="25" colspan="2">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Gastos
        de explotaci&oacute;n plantaciones y hacienda</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="25" width="84">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" height="25" width="113">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(116.356)</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="25" width="94">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" height="25" width="120"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(123.624)</font></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#F2F7F9" height="20" colspan="2">
      <div align="left"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Ganancia
        operativa </font></b></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="20" width="84">&nbsp;</td>
    <td align="center" bgcolor="#F2F7F9" height="20" width="113">
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">39.773.287</font></b></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="20" width="94">&nbsp;</td>
    <td align="center" bgcolor="#F2F7F9" height="20" width="120"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">25.487.803</font></b></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#E0EAF1" height="21" colspan="2">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Resultados
        de inversiones permanentes</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="84">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="113">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">-,-</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="94">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="120"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">13.310</font></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#F2F7F9" height="21" colspan="2">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Resultados
        financieros y por tenencia</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="84">&nbsp;</td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="113">
      <div align="center"></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="94">&nbsp;</td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="120">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" bgcolor="#E0EAF1" height="21" colspan="2">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">
        Generados por activos</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="84"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">4.104.704</font></td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="113">
      <div align="center"></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="94"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">207.899</font></td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="120">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" bgcolor="#F2F7F9" height="19" colspan="2">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Generados
        por pasivos</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="19" width="84"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(136.365.125)</font></td>
    <td align="center" bgcolor="#F2F7F9" height="19" width="113">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(132.260.421)</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="19" width="94"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(7.734.485)</font></td>
    <td align="center" bgcolor="#F2F7F9" height="19" width="120"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(7.526.586)</font></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#E0EAF1" height="21" colspan="2">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">
        Otros ingresos netos</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="84">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="113">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">1.319.152</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="94">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="120"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">3.215.645</font></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#F2F7F9" height="21" colspan="2">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Participaci&oacute;n
        de terceros en sociedades controladas</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="84">&nbsp;</td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="113">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">160.539</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="94">&nbsp;</td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="120"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">107</font></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#E0EAF1" height="21" colspan="2">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">
        (P&eacute;rdida)/Ganancia <br>
        antes de impuestos </font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="84">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="113">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(91.007.443)</font></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="94">&nbsp;</td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="120"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">21.190.279</font></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#F2F7F9" height="21" colspan="2">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Impuesto
        a las Ganancias</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="84"><b></b></td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="113">
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(50.774)</font></div>
    </td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="94"><b></b></td>
    <td align="center" bgcolor="#F2F7F9" height="21" width="120"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(6.250.195)</font></td>
  </tr>
  <tr>
    <td align="center" bgcolor="#E0EAF1" height="21" colspan="2">
      <div align="left"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">
        (P&eacute;rdida)/Ganancia <br>
        ordinaria del per&iacute;odo</font></b></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="84"><b></b></td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="113">
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(91.058.217)</font></b></div>
    </td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="94"><b></b></td>
    <td align="center" bgcolor="#E0EAF1" height="21" width="120"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">14.940.084</font></b></td>
  </tr>
</table>
<table border="0" width="587">
  <tr>
    <td colspan="6" height="35" bgcolor="#004080" >
      <p align="center"><font size="1" face="Verdana" color="#FFFFFF"><b>ESTRUCTURA
        PATRIMONIAL COMPARATIVA</b></font>
    </td>
  </tr>
  <tr valign="middle">
    <td width="336" height="9" bgcolor="#E0EAF1" >
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">En
        pesos </font></font></b></font></div>
    </td>
    <td align="right" bgcolor="#E0EAF1" height="9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">31/3/02</font></font></b></font></div>
    </td>
    <td align="right" bgcolor="#E0EAF1" height="9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">31/3/01</font></font></b></font></div>
    </td>
    <td align="right" bgcolor="#E0EAF1" height="9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b>
        <font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">31/3/00</font></font></b></font></div>
    </td>
    <td align="right" bgcolor="#E0EAF1" height="9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">31/3/99</font></font></b></font></div>
    </td>
    <td align="right" bgcolor="#E0EAF1" height="9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">31/3/98</font></font></b></font></div>
    </td>
  </tr>
  <tr>
    <td width="336" height="19" bgcolor="#F2F7F9">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Activo
        corriente </font></div>
    </td>
    <td align="right" height="19" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">110.515.707</font></div>
    </td>
    <td align="right" height="19" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">84.488.659</font></div>
    </td>
    <td align="right" height="19" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">83.204.689</font></div>
    </td>
    <td align="right" height="19" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">63.787.525</font></div>
    </td>
    <td align="right" height="19" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">67.418.447</font></div>
    </td>
  </tr>
  <tr>
    <td width="336" bgcolor="#E0EAF1" height="23">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Activo
        no corriente</font></div>
    </td>
    <td align="right" bgcolor="#E0EAF1" height="23" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">242.962.533</font></div>
    </td>
    <td align="right" bgcolor="#E0EAF1" height="23" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">247.755.051</font></div>
    </td>
    <td align="right" bgcolor="#E0EAF1" height="23" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">232.272.351</font></div>
    </td>
    <td align="right" bgcolor="#E0EAF1" height="23" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">217.023.705</font></div>
    </td>
    <td align="right" bgcolor="#E0EAF1" height="23" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">169.277.425</font></div>
    </td>
  </tr>
  <tr>
    <td width="336" height="19" bgcolor="#F2F7F9">
      <div align="left"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Total
        </font></b></div>
    </td>
    <td align="right" height="19" bgcolor="#F2F7F9" width="125" >
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">353.478.240</font></b></div>
    </td>
    <td align="right" height="19" bgcolor="#F2F7F9" width="125" >
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">332.243.710</font></b></div>
    </td>
    <td align="right" height="19" bgcolor="#F2F7F9" width="125" >
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">315.477.040</font></b></div>
    </td>
    <td align="right" height="19" bgcolor="#F2F7F9" width="125" >
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">280.811.230</font></b></div>
    </td>
    <td align="right" height="19" bgcolor="#F2F7F9" width="125" >
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">236.695.872</font></b></div>
    </td>
  </tr>
  <tr bgcolor="#E0EAF1">
    <td width="336" height="23" bgcolor="#E0EAF1">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Pasivo
        corriente </font></div>
    </td>
    <td align="right" height="23" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">188.728.902</font></div>
    </td>
    <td align="right" height="23" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">106.658.930</font></div>
    </td>
    <td align="right" height="23" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">161.872.933</font></div>
    </td>
    <td align="right" height="23" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">113.457.124</font></div>
    </td>
    <td align="right" height="23" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">123.092.174</font></div>
    </td>
  </tr>
  <tr>
    <td width="336" height="20" bgcolor="#F2F7F9">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Pasivo
        no corriente</font></div>
    </td>
    <td align="right" height="20" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">92.715.283</font></div>
    </td>
    <td align="right" height="20" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">65.852.684</font></div>
    </td>
    <td align="right" height="20" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">10.802.475</font></div>
    </td>
    <td align="right" height="20" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">42.500.000</font></div>
    </td>
    <td align="right" height="20" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">200.710</font></div>
    </td>
  </tr>
  <tr bgcolor="#E0EAF1">
    <td width="336" height="19" bgcolor="#E0EAF1">
      <div align="left"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Total
        del pasivo</font></b></div>
    </td>
    <td align="right" height="19" width="125" >
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">281.444.185</font></b></div>
    </td>
    <td align="right" height="19" width="125" >
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">172.511.614</font></b></div>
    </td>
    <td align="right" height="19" width="125" >
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">172.675.408</font></b></div>
    </td>
    <td align="right" height="19" width="125" >
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">155.957.124</font></b></div>
    </td>
    <td align="right" height="19" width="125" >
      <div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">123.292.884</font></b></div>
    </td>
  </tr>
  <tr>
    <td width="336" height="20" bgcolor="#F2F7F9">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Participaci&oacute;n
        de terceros en soc. controladas</font></div>
    </td>
    <td align="right" height="20" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">272.413</font></div>
    </td>
    <td align="right" height="20" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">3.832</font></div>
    </td>
    <td align="right" height="20" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">3.985</font></div>
    </td>
    <td align="right" height="20" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">3.877</font></div>
    </td>
    <td align="right" height="20" bgcolor="#F2F7F9" width="125" >
      <div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">3.886</font></div>
    </td>
  </tr>
  <tr bgcolor="#E0EAF1">
    <td width="336" height="19">
      <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Patrimonio
 &

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