Efrain Carvajal New York, October 9, 2007

1. ACSDALeadership Forum Caja de Valores S.A.Central Depository in ArgentinaSecurities Recording Model for the Beneficial Owner Efrain Carvajal New York, October 9, 2007

2. The Argentinean Stock Market System MERVAL BCBA CNV CVSA

3. The Argentinean Capitals Market Ministry of Economics Central Bank National Securities Commission OTC Market For public instruments Stock Market CRYL Settlement system for certain public instruments Merval CSD Argenclear Banco de Valores

4. Main Services Registration of securities in accounts and auxiliary accounts for the beneficial owner Collective Deposit Registration Agent Direct services to the shareholders IT services for the Argentinean Stock Market system Technological Services

5. Collective Deposit – Legal Framework • Established - November, 1974 • Public company with domestic private equity • Legal Basis • Law 20.643 • Regulatory Decree 659/74 • Operational Regulations • Decree 2.220/80

6. Collective Deposit - Depositors • Argentinean Stock or OTC brokers; or foreign Stock or OTC brokers • Argentinean banks and financial institutions; and foreign banks and financial institutions • Merval and Exchanges • Department of Finance • AFJPs -Insurance Companies • FCI Business Depositories • Foreign Investment Funds • Foreign Securities Depositories

7. Account Structure Depositor Depositor Depositor Customer Customer Customer Customer Customer Customer auxiliary auxiliary auxiliary auxiliary auxiliary auxiliary account account account account account account • The system records the data of the titleholders . • Separates the custodian’s equity from that of the depositors and of the customers.

8. Auxiliary Account Aspects • Equity separation • Quarterly distribution of statements by mail • Report with the balances of the assigned accounts and all transactions during the last quarter • Return of Quarterly Reports • 1st. Auxiliary account branded • 2nd. Auxiliary account frozen • Other reasons for freezing • Legal order: seizure • Covenants and warranty deeds - collateral • Economic entitlements on the shares: debt collateral Marcado Bloqueo Auxiliary Account

9. Characteristics of Registration for the Beneficial Owner Broker’s equity is separated from the CSD’s Segregation Mail delivery to the address filed with the CSD Control Freezing of the account when the statement is not received Security

10. Benefits to the Beneficial Owner from the Registration Issued by the CSD, in the beneficial owner’s name Certificate of Holdings Determined by the CSD´s records, without the broker’s participation Legal Situation Exercise of Rights Entitlement of the beneficial owner, in function of CSD records

11. Collective Deposit – Make up* Depositor accounts 607 Assigned auxiliary account 2.600.000 Face Value of Custody 336.150 MM *Al 31-08-07

12. Control Processes • Internal Control: separation of functions, levels of authority. • Quality Management: follow-up, supervision and measurement. • IT Controls: access restrictions, safekeeping of the information, contingency plan. • Audits: operational, IT, quality.

13. Business Continuity

14. International Links Clearstream DTC Euroclear CBLC Iberclear Cavali DCV Indeval

15. ISO Certification 9001 - 2000 Customer Services Participant Services International

16. International Initiatives • ACSDA Americas’ Central Securities Depositories Association • ANNA Association of National Numbering Agencies • UNIDROIT International Institute for the Unification of Private Law • The Hague Convention Hague Convention on Law Applicable to Certain Rigths in respect of Securities held with an Intermediary

17. Thank you very much!!