Report of financial statements. Suspension

General Resolution No 1/2008 of the “Inspección General de Justicia” (“IGJ”) -the office in charge of the Public Registry of Commerce of the City of Buenos Aires-, dated April 21, 2008, suspends for the term of one year General Resolution No 6/2006, which detailed the information that had to be included in the annual report of financial statements as of January 1, 2007 (please see “Report of financial statements” in Marval News # 53 of August 31, 2006)..

The new Resolution establishes that, in order to evaluate the convenience of applying General Resolution No 6/2006 in the future, a precise analysis of the annual reports to be filed during this year will be carried out, through the compilation of more information on the filing of reports of financial statements. The Resolution’s main objective is to avoid in the future mere formal filings that lack substantial content.

Notwithstanding the suspension, annual reports will have to comply with Section 66 of Law No 19,550 (Companies Law), which will be evaluated by the IGJ’s Accounting Department.