**Exhibit      8.1**

| **Subidiary**                                                 | **Jurisdiction                of Incorporation** | **Principal                Activity**                     |
|---------------------------------------------------------------|--------------------------------------------------|-----------------------------------------------------------|
|                                                          |                                             |                                                      |
| Atuel                Fideicomisos S.A. and subsidiary         | Republic                of Argentina             | Trust                services                             |
|                                                          |                                             |                                                      |
| Francés                Valores Sociedad de Bolsa S.A.    | Republic                of Argentina             | Stock                exchange brokerage                   |
|                                                          |                                             |                                                      |
| Consolidar                Cía. de Seguros de Retiro S.A. | Republic                of Argentina             | Insurance                                                 |
|                                                          |                                             |                                                      |
| Consolidar                Seguros de Vida S.A.                | Republic                of Argentina             | Insurance                                                 |
|                                                          |                                             |                                                      |
| Consolidar                AFJP S.A.                           | Republic                of Argentina             | Pension                and Retirement Fund Administrators |
|                                                          |                                             |                                                      |
| PSA                Compañía Financiera S.A.         | Republic                of Argentina             | Financial                Institution                      |
|                                                          |                                             |                                                      |
| Rombo                Compañía Financiera S.A.       | Republic                of Argentina             | Financial                Institution                      |
|                                                          |                                             |                                                      |
| Consolidar                ART S.A.                            | Republic                of Argentina             | Workers                Compensation Insurance             |
|                                                          |                                             |                                                      |
| BBVA                Seguros S.A.                              | Republic                of Argentina             | Insurance                Company                          |
|                                                          |                                             |                                                      |
| Assurex                S.A.                                   | Republic                of Argentina             | Insurance                Broker                           |

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