Filing of financial statements with the Public Registry of Commerce by digital means

On December 21, 2005, the Inspección General de Justicia (“IGJ”), in charge of the Public Registry of Commerce of the City of Buenos Aires, published in the Official Gazette the General Resolution No 11/2005 applicable exclusively for corporations (sociedades por acciones), excluding those set forth in section 299 of the Argentine Companies Law No 19,550.

The Resolution states the obligation of filing the financial statements for the fiscal year to be ended from May 31, 2006 onwards –as well as any related documentation– by digital means (diskette or compact disc) together with an the IGJ form, an affidavit and a certificate signed by a certified public accountant.

For such purposes, before April 30, 2006, the IGJ should make available the software to be used for such filings.

Upon the annual filing, the IGJ will proceed to verify the requirements for the digital validity of the delivered information. In case of mistakes, inconsistencies, use of a software different from the one provided, viruses or the presence of defective files, the IGJ shall deny the filing and shall request the corporation to correct the faults.

The Resolution also admits the filing by the same means, at the corporation’s option, of the financial statements for the fiscal year ended before May 31, 2006 which have not been filed with the IGJ up to such date. Otherwise, the filing should be made on hard copy.