Listing of Trust Securities

In Resolution No 16,280, published in the Buenos Aires Stock Exchange Gazette on February 23, 2010, the Argentine Securities Commission (Comisión Nacional de Valores or “CNV”) approved the modifications introduced to Section 1(d) of Resolution No 2/2006 of the Buenos Aires Stock Exchange (the “Resolution”) in order to bring the Resolution into line with General Resolution No 555 issued by the CNV (analyzed in Marval News # 85 dated July 31, 2009).

The new Section 1(d) of the Resolution states that in order to list trust securities, financial trustees must have the custody of the documents needed to exercise the rights granted by the trust property by themselves or through third parties (except for the settlor or other companies related with the settlor). However, the Resolution allows the delegation of the custody of the documents to the settlor to the extent it is a financial institution. Additionally the Resolution states that in such case, the prospectus must warn investors as to the particular situations related with the custody of the assets and the difficulties that the trustees may experience to exercise their rights.

Therefore, the Resolution is now in line with the provisions of Article 26, Chapter XV of CNV’s Regulations.

Lastly, the Resolution does not provide a specific dated of effectiveness, thus, the Resolution’s effective date will be the following day of the date of publication in the Argentine Official Gazette.