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      
|                                                  |  |                                           |  |                                       
|Credilogros
        Compañía Financiera S.A.      |  | Republic
        of Argentina             |  | Financial
        Institution         
|                                                  |  |                                           |  |                                       
|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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