Filed by Bowne Pure Compliance




Exhibit 10.10



ARIAS TRUST AGREEMENT





Effective date: June 5, 2006



(Amended sections and exhibits, including the amendments approved at the Trustors’ Meeting held on
May 29, 2008)



ONE: Definitions.





	1)	 	PREMISES: The premises located at the corner of Arias and Melián streets in the City
of Buenos Aires. Property Identification: Area 16, Section 43, Block 12A, Parcel 4, Total
area 5741.16 m2, with a 88-meter long front on Arias street, a curving façade on Melián
street, and 79.87 over Parcel 3, including green space to be assigned.







	2)	 	AGREEMENT: The agreement embodied in this instrument, together with its EXHIBITS and
all other supplementary documentation duly identified herein.







	3)	 	TRUST: The real property trust known as “Arias Trust” created under this AGREEMENT.

	 
	4)	 	TRUSTORS: TRUSTORS “A” and “B “.







	5)	 	TRUSTORS “A”: The individuals or legal entities originally signing the AGREEMENT in
their capacity as trustors and Campos Setenta S.A., whose rights and obligations are set
forth in section FOUR.







	6)	 	TRUSTORS “B”: The individuals or legal entities adhering to the AGREEMENT in that
capacity, whose rights and obligations are set forth in section FIVE.







	7)	 	TRUSTEE: Trustee shall mean INTECONS S.A., the company which at the direction of and
with the funds provided by the TRUSTORS shall acquire the PREMISES and carry out a real
property project in accordance with the terms and conditions of this AGREEMENT.







	8)	 	BENEFICIARIES: The TRUSTORS and any assignees of their rights.







	9)	 	BUILDING: The building to be constructed for office use at the PREMISES, based on
the project approved by the pertinent municipal authorities on March 7, 2008.







	10)	 	UNITS: The apartments and supplementary facilities included in the BUILDING to be
constructed.







	11)	 	TRUST FUND: The fund made up of contributions by the TRUSTORS and by any other amount
contributed under the AGREEMENT. The TRUST FUND shall be used to acquire the PREMISES, to
construct the BUILDING and to pay any other expenses or taxes related to the TRUST’s purpose.







	12)	 	TRUST PROPERTY: The trust property shall be that composed of the PREMISES, the TRUST
FUND and the assets of any kind as may be
acquired by the TRUSTEE in furtherance of the purpose of the TRUST. Pursuant to section 14 of
law No. 24.441/95, trust assets are separate from the property of the parties to this AGREEMENT
and as such they shall remain outside the scope of any individual or joint action filed by the
creditors of the TRUSTEE or the TRUSTORS.





 


 









 











	13)	 	AUDITOR: This shall mean the accounting firm doing business as Estudio María Eugenia
De Piero, which shall be responsible for auditing and certifying the information provided by
the TRUSTEE with respect to any use of funds or investments.







	14)	 	ARCHITECTURE FIRM: This shall mean Architecture Firm M.SG.S.S.S. SA, responsible for
the architectural project for the construction of the BUILDING, whose rights and obligations
are set forth in section EIGHT.







	15)	 	PROJECT: The plans prepared by the ARCHITECTURE FIRM and approved by the
municipality on 3/7/08 and a detailed project description, both attached as EXHIBIT 1. The
PROJECT shall be subject to the final adjustments made by the ARCHITECTURE FIRM or any other
adjustments required for technical reasons.







	16)	 	EXHIBITS: The documents identified as being an integral part of the AGREEMENT:
EXHIBIT 1: PROJECT. EXHIBIT 2: Unit Worksheets. EXHIBIT 3: Estimated initial contributions to
be made by TRUSTORS “A “ (total contributions and a breakdown of contributions by each
trustor “A”) and contribution payment schedule. EXHIBIT 4: Total estimated costs to be borne
by TRUSTORS “B”, payment schedule and percentage of contribution for each unit to which
TRUSTORS “B” are entitled. EXHIBIT 5: Units to be delivered to TRUSTORS “A” and the
percentage of contributions over costs in excess of those estimated in Exhibit 4 with respect
to Trustors “B” to be made by Trustors “A” entitled to such units. EXHIBIT 6: Crown.







	17)	 	EXTERNAL AUDITOR: It shall mean the firm doing business as Estudio Schindel, which
shall audit the Balance Sheets and all information concerning the uses of funds and
investments, as prepared by the TRUSTEE and signed and certified by the AUDITOR, as well as
all AUDITOR’s work documents for the purpose of informing the TRUSTORS on their accuracy and
reasonability.






SECOND: Purpose



The purpose of this AGREEMENT is to create a trust in accordance with section 2662 of the Civil
Code and the provisions of law No. 24.441 for the acquisition of the PREMISES, the construction of
the BUILDING in line with the PROJECT, and the ensuing division into and transfer of the UNITS to
the TRUSTORS. The TRUSTEE shall be vested with ownership over the PREMISES and the TRUST FUND for
the benefit of the BENEFICIARIES.


 


 









 





THIRD: Term




This AGREEMENT shall be effective for (60) sixty months from the date of its signing, a term which
is deemed sufficient to attain the purpose hereof. The specified term shall be automatically
renewed for an additional period of six months where such renewal is necessary due to delays in
construction works or if obligations are outstanding upon lapse of the initial term.



The AGREEMENT shall be early terminated upon sale of the PREMISES and distribution of the FUND
TRUST among TRUSTORS “A” once all obligations are complied with, if TRUSTORS “B” entitled to all
UNITS other than the UNITS to which TRUSTORS “A” are entitled fail to adhere to the AGREEMENT
before September 30, 2008.



FOUR: Rights and Obligations of TRUSTORS “A”




	4.1)	 	TRUSTORS “A” shall have the following obligations:







	4.1.1)	 	To contribute all funds necessary to acquire the PREMISES and bear all related maintenance
and repair expenses, the fees due to the ARCHITECTURE FIRM, any expenses related to the
approval of the project (including construction permits), and any other expenses related to
the purpose of this AGREEMENT until TRUSTORS “B” join the trust or until the sale of the
PREMISES. In addition, Trustors “A” shall provide the funds necessary to pay 19.4193% of the
amount in excess of the total costs to be borne by TRUSTORS “B,” as estimated in EXHIBIT 4.
Except for initial contributions as specified for each trustor in Exhibit 3, all further
contributions shall be made in proportion to the units to which the trustors shall be
entitled, in line with the percentage interests stated in EXHIBIT 5.







	4.1.2)	 	Payment of Contributions: EXHIBIT 3 outlines the estimated schedule for the payment of the
initial contributions due by each TRUSTOR “A,” provided however that TRUSTORS “A” shall
thereafter make contributions as and when required by the TRUSTEE in furtherance of the
purpose of the TRUST.







	4.1.3)	 	Payment Currency: Contributions shall be made in the currency designated by the TRUSTEE
based on the nature of the obligations owed under the TRUST.






 


 









 










	4.1.4)	 	Failure to Make Initial Contributions: In view of the fact that time is of the essence for
the payment of initial contributions, TRUSTORS’ failure to make any such contributions shall
entitle the TRUSTEE to terminate the AGREEMENT with respect to the breaching TRUSTOR “A,”
without demand of payment being required. In such case, if there is no immediate substitute
trustor (which the TRUSTEE shall not be liable to find), the breaching trustor shall be
liable for all damage sustained by the remaining TRUSTORS “A” as a result of such breach,
including the loss of
any price amounts paid in advance to the seller of the PREMISES. In the event there is a
substitute trustor, the breaching trustor shall forfeit to the remaining TRUSTORS “A” (in an
amount proportionate to their interests) any amounts contributed up to 30% of the total
contribution initially committed. Any balance to which the breaching trustor may be entitled
shall be reimbursed within thirty days following substitution.
Breach following Initial Contributions: (i) Failure to make timely payment shall cause the
breaching TRUSTOR “A” to be in default by operation of law, without any court or out-of-court
notice being required. Upon default, the TRUSTEE shall be entitled to collect interest from
the breaching TRUSTOR “A” at a 3% monthly rate from the date of default until the full payment
of all outstanding amounts. The defaulting TRUSTOR “A” shall not be released from its payment
obligation unless accumulated interest until the date of effective payment is paid together
with any contributions due, notwithstanding the penalties provided for in the following
section; (ii) Failure by TRUSTOR “A” to timely pay any of the installments owed as
contributions following the initial contributions shall entitle the TRUSTEE to terminate the
AGREEMENT with respect to the breaching TRUSTOR “A,” provided actual notice is given for such
installment plus accrued interest to be paid within no less than five days. The termination of
this AGREEMENT shall cause the breaching TRUSTOR “A” to be excluded from the trust. In such
case, all amounts paid by the breaching TRUSTOR “A” shall be withheld until the purpose of the
AGREEMENT is fully complied with, under the conditions stated below; (iii) As and for
liquidated damages, the excluded TRUSTOR “A” shall forfeit any amounts paid up to 25% of its
total estimated contribution. In the event the amounts paid by the breaching TRUSTOR until the
date of its exclusion exceed the liquidated damages amount specified, the TRUSTEE shall
reimburse any balance to the TRUSTOR within 30 days following the execution of the deed
transferring the UNITS to all TRUSTORS, without interest or adjustments; (iv) In the event a
breaching TRUSTOR “A” is excluded, the TRUSTEE shall call a Special Trustors’ Meeting to be
held within thirty (30) days following notice of exclusion, in order to carry out an awarding
process between all TRUSTORS present at the meeting to acquire all rights of excluded TRUSTOR
“A” and to assume all its obligations. The proceeds resulting from such award shall be
allocated to the TRUST FUND and inure to the benefit of all TRUSTORS “A,” provided that if
such proceeds are less than the amount to be reimbursed to the excluded trustor in compliance
with item (iii) of this section, the difference shall be paid by all TRUSTORS “A,” including
substitute TRUSTOR “A,” in proportion to the percentage interests specified in Exhibit 5. In
the event the awarding process fails, the TRUSTEE shall seek to find another TRUSTOR “A”
under the same conditions applicable to the award between TRUSTORS “A,” within fifteen (15)
business days following the date of the initial award. Absent a substitute trustor upon lapse
of such term, all TRUSTORS “A” shall acquire the rights and assume the obligations of the
excluded TRUSTOR “A,” in proportion to their interests.





 


 









 











	4.2)	 	TRUSTORS “A” shall have the following rights:







	4.2.1)	 	In the event TRUSTORS “B” in a number sufficient to construct the BUILDING before 09/30/08
join the trust, TRUSTORS “A” shall have the right to be transferred full ownership of the
UNITS of the BUILDING, as provided for with respect to each of them in EXHIBIT 5. TRUSTORS “A”
shall be entitled to the perpetual use for advertising purposes of the building’s crown, as
described in EXHIBIT 6. It is hereby expressly agreed that TRUSTORS “A” shall not be entitled
to any claim if due to changes in the PROJECT, as determined by the ARCHITECTURE FIRM, the
area of their UNITS increases or decreases by 5%. The provisions of sections 6.1.13) and
6.1.14) shall apply to TRUSTORS “A”.







	4.2.2)	 	TRUSTORS “A” shall have a preference right to participate as TRUSTORS “B” in the same
proportion of their interest with respect to all other TRUSTORS “A” as set forth in exhibit 5.
If any TRUSTOR “A” fails to fully or partially exercise such preference right, the remaining
TRUSTORS “A” shall have a right to acquire up to 100% of all units meant for TRUSTORS “B” in
the mentioned proportion. In the case of Campos Setenta S.A., the referred-to preference right
and the right to acquire any units not acquired by other TRUSTORS “A” in exercise of their
preference rights shall be exercised by the company itself or by its shareholders.







	4.2.3)	 	If TRUSTORS “B” having a right to acquire all UNITS fail to join the trust, and TRUSTORS
“A” are prevented from acquiring such UNITS until 09/30/08, TRUSTORS “A” shall be entitled to
determine at a Meeting the conditions for the sale of the PREMISES, provided that the
proceeds from such sale, net of expenses, shall be distributed among them in proportion to
their interests with respect to the share of all TRUSTORS “A”.







	4.3)	 	Assignment: TRUSTORS “A” may assign all their rights and obligations under this AGREEMENT to
any third parties. Assignees shall thus become TRUSTORS “A,” provided that the assignor
TRUSTOR “A” shall be jointly and severally liable for the assignee’s compliance with all its
obligations. Any costs incurred by the TRUST as a result of an assignment shall be borne by
the assignee.






FIVE: TRUSTORS “B”‘s Rights and Obligations




	5.1)	 	TRUSTORS “B” shall have the following obligations:







	5.1.1)	 	TRUSTORS “B” shall be under a duty to contribute the funds necessary to maintain the
PREMISES and keep them in good condition from the moment they join the trust, and to
construct the BUILDING and execute the relevant deeds for all units, in proportion to their
participation based on the units chosen and the at cost contribution percentages specified in
EXHIBIT 4. It is hereby expressly stated that: a) if the total costs to be borne by TRUSTORS
“B” exceed the costs estimated in EXHIBIT 4, TRUSTORS “B” shall provide the funds necessary
to pay
80.5807% of the excess amount, provided that the remaining 19.4193% shall be borne by
TRUSTORS “A”; b) the estimated amounts are set for reference purposes only, provided that
TRUSTORS “B” shall be required to pay a percentage of the total maintenance expenses related
to the PREMISES and to the ensuing construction of the BUILDING, as well as any other
expenses in connection with the purpose of this AGREEMENT, whether included or not in the
referred-to estimate, and even if they exceed the costs estimated; c) Expenses not included
in EXHIBIT 4 shall be directly related to the purpose of the trust and d) the TRUSTEE shall
not introduce substantial changes to the technical specifications (EXHIBIT I) of the BUILDING
without the TRUSTORS’ consent.





 


 









 











	5.1.2)	 	Payment of Contributions: Contributions shall be initially paid in line with the investment
schedule set forth in EXHIBIT 4, provided however that they shall conform to the requirements
of the works.







	5.1.3)	 	Payment Currency: Contributions shall be paid in the currency designated by the TRUSTEE
based on the nature of the obligations owed under the TRUST.







	5.1.4)	 	Breach — Untimely Payment — Interest: Failure to make timely payment shall cause the
breaching TRUSTOR “B” to be in default by operation of law, without any court or out-of-court
notice being required. Upon default, the TRUSTEE shall be entitled to collect interest from
the breaching TRUSTOR “B” at a 3% monthly rate from the date of default until the full
payment of all outstanding amounts. The defaulting TRUSTOR “B” shall not be released from its
payment obligation unless accumulated interest until the date of effective payment is paid
together with any contributions due, notwithstanding the penalties provided for in the
following section.







	5.1.5)	 	Termination- Exclusion: Failure by TRUSTOR “B” to timely pay any of the installments owed
as contributions shall entitle the TRUSTEE to terminate the AGREEMENT with respect to the
breaching TRUSTOR “B,” provided actual notice is given for such installment plus accrued
interest to be paid within no less than five days. The termination of this AGREEMENT shall
cause the breaching TRUSTOR “B” to be excluded from the trust. In such case, all amounts paid
by the breaching TRUSTOR “B” shall be withheld until the purpose of the AGREEMENT is fully
complied with, under the following conditions.







	5.1.6)	 	Liquidated Damages: As and for liquidated damages, the excluded TRUSTOR “B” shall forfeit
any amounts paid up to 25% of its total estimated contribution. In the event the amounts paid
by the breaching TRUSTOR until the date of its exclusion exceed the liquidated damages amount
specified, the TRUSTEE shall reimburse any balance to the TRUSTOR within 30 days following
the execution of the deed transferring the UNITS to all TRUSTORS, without interest or
adjustments.





 


 









 











	5.1.7)	 	Substitution of excluded TRUSTOR “B” — Procedure: In the event a breaching TRUSTOR “B” is
excluded, the TRUSTEE shall call a Special
Trustors’ Meeting to be held within thirty (30) days following notice of exclusion, in order
to carry out an awarding process between all TRUSTORS present at the meeting to acquire all
rights of the excluded TRUSTOR and to assume all its obligations. The proceeds resulting from
such award shall be allocated to the TRUST FUND and inure to the benefit of all TRUSTORS “B,”
provided that if such proceeds are less than the amount to be reimbursed to the excluded
trustor in compliance with item 6) of this section, the difference shall be paid by all
TRUSTORS “B,” including the substitute TRUSTOR “B”, in proportion to the percentage share in
the initial cost indicated in Exhibit 4. In the event the awarding process fails, the TRUSTEE
shall seek to find another TRUSTOR “B” under the same conditions applicable to the award
between the TRUSTORS within fifteen (15) business days following the date of the initial
award. Absent a substitute trustor upon lapse of such term, all TRUSTORS “B” shall acquire
the rights and assume the obligations of the excluded TRUSTOR “B,” in proportion to their
interests.







	5.2)	 	TRUSTORS “B” shall be entitled to acquire ownership of the UNIT(S) listed in EXHIBIT 4, which
shall be identified in the agreement signed by each TRUSTOR “B” to adhere to this AGREEMENT.
It is hereby expressly agreed that TRUSTORS “B” shall not be entitled to any claim if due to
changes in the PROJECT, as determined by the ARCHITECTURE FIRM, or for any technical reasons
in connection with the works, the area of their UNITS increases or decreases by 5%. The
provisions of sections 6.1.13) and 6.1.14) shall apply to TRUSTORS “B”.







	5.3)	 	Assignment: TRUSTORS “B” may assign all their rights and obligations under this AGREEMENT to
any third parties. Assignees shall thus become TRUSTORS “B,” provided that the assignor
TRUSTOR “B” shall be jointly and severally liable for the assignee’s compliance with all its
obligations. For the TRUSTEE to be notified of any such assignments, the assignee shall pay
fees in the amount of USD 200 (two hundred U.S. dollars) plus VAT. Any costs incurred by the
TRUST as a result of an assignment shall be borne by the assignee.






SIX. TRUSTEE’S Rights and Obligations





	6.1)	 	While acting as owner and administrator of the TRUST PROPERTY, the TRUSTEE shall comply with
the terms of the AGREEMENT and its purpose. The TRUSTEE shall duly perform its obligations
and exercise its powers pursuant to the trust placed upon it, in accordance with Law No.
24,441. Subject to these limitations and pursuant to these conditions, the TRUSTORS confer
upon the TRUSTEE all such powers as are necessary to administer the trust created under this
AGREEMENT. The TRUSTEE shall have the following rights and obligations, notwithstanding other
rights and obligations conducive to the purpose of the trust:







	6.1.1)	 	Administration and Management Powers: The TRUSTEE shall administer and manage the real
estate Project, and collect from TRUSTORS A the
funds committed as payment for the PREMISES, the trust ownership of which shall be registered
temporarily and conditionally under TRUSTEE’s name, pursuant to Argentine Civil Code section
2662 and the relevant provisions of Law 24,441, and from the TRUSTORS pursuant to the
AGREEMENT such funds as are necessary to cover all such costs as it must incur to construct
the BUILDING and perform all such other acts as are conducive to the purpose of the TRUST.





 


 









 











	6.1.2)	 	The TRUSTEE shall keep the TRUST PROPERTY separate from its own assets. In accordance with
Law 24,441 section 14, the TRUST PROPERTY shall remain separate and distinct from the
TRUSTORS’ and the TRUSTEE’s assets.







	6.1.3)	 	Receipt of subscription offers from TRUSTORS B and trust subscription agreement: The
TRUSTEE shall receive trust subscription offers, which shall be irrevocable until June 15,
2008, from any investor who is interested in participating as TRUSTORS B (which offers shall
be secured with such minimum upfront payment as the TRUSTEE determines), and the TRUSTEE
shall accept such offers when offers have been received for all units pertaining to TRUSTORS
B, and shall execute the relevant subscription agreements.







	6.1.4)	 	The TRUSTEE shall draft the works and investment plan.







	6.1.5)	 	Contracting: The TRUSTEE shall hire such physical and/or legal persons as are required for
executing the works scheduled under the PROJECT. Any contract worth over USD 20,000 (twenty
thousand U.S. dollars) shall be awarded through open competition, for which no less than two
proposals shall be required, which shall be drafted pursuant to a uniform set of
specifications set out by the TRUSTEE. The TRUSTEE may accept price adjustment or
redetermination terms in such contracts pursuant to usual practice.







	6.1.6)	 	The TRUSTEE may purchase such works insurance as it deems necessary to supplement the
insurance purchased by the hired companies pursuant to specifications set out by them.







	6.1.7)	 	The TRUSTEE shall coordinate and supervise throughout the course of the project the
performance of all professionals, experts and suppliers involved so as to ensure compliance
with the project’s terms, costs and quality requirements.







	6.1.8)	 	The TRUSTEE shall draft the Condominium Regulations, appoint the chairman of the
Condominium Association and manage and coordinate together with the latter the commissioning
of the BUILDING.







	6.1.9)	 	Until 1 year from delivery of 70% of the UNITS, the TRUSTEE shall coordinate and handle
complaints for defects filed against the responsible contractors.







	6.1.10)	 	The TRUSTEE shall coordinate and request municipal work inspections.







	6.1.11)	 	Reporting: The TRUSTEE shall convene a Regular Meeting of TRUSTORS every twelve months, to
report to them on the progress and to render an account of, its administration, provided
however that Special Meetings may also be convened.





 


 









 











	6.1.12)	 	Non-encumbrance: The TRUSTEE may not encumber the PREMISES.

	 
	6.1.13)	 	Conveyance: Once the projected works have been completed and the condominium units plan and
Condominium
Regulations have been approved, the TRUSTEE shall allocate the UNITS to the respective
BENEFICIARIES. The BENEFICIARY-owner shall meet all expenses, and shall pay all costs, taxes
and fees incurred in the closing of the conveyance, and in registering the Condominium
Regulations.







	6.1.14)	 	Delivery of UNITS: The TRUSTEE shall surrender possession of the UNITS unto the
BENEFICIARIES, who shall receive it, once the progress of the project is such that the
exercise of possession by the BENEFICIARIES at their discretion does not hinder completion of
the UNITS. For that purpose, the TRUSTEE shall send reliable notice of the date on which it
shall deliver the UNITS, provided however that the BENEFICIARIES may not rely on uncompleted
details to reject the UNITS if such uncompleted details do not prevent the unhindered use and
enjoyment of the UNITS. As from the date set out for delivery, the BENEFICIARIES must pay
their proportionate share of the common charges incurred and the taxes and other contributions
encumbering the UNITS which they acquire. Additionally, upon taking possession of the UNITS,
the BENEFICIARIES must make such contributions to the costs incurred in equipping and
decorating the BUILDING’s common areas in proportion to their ownership interests in the UNITS
they receive pursuant to the allocation of common charges set out in the Condominium
Regulations (or a draft thereof, if it has not yet been notarially recorded). If there are
enough funds in the Trust Fund, the TRUSTEE may advance such sums as are necessary to cover
said equipment and decoration expenses.







	6.2.	 	Compensation: In consideration of its services, the TRUSTEE shall be paid USD 1,200,000 (one
million, two hundred thousand dollars) plus VAT. 75% of such payment (i.e., USD 900,000 +
VAT, nine hundred thousand U.S. dollars plus VAT) shall compensate its services as manager
and 25% (USD 300,000 + VAT, three hundred thousand U.S. dollars plus VAT) shall compensate
its services as trustee. The compensation shall be paid as follows: (a) USD 120,000 (one
hundred and twenty thousand U.S. dollars) plus VAT within fifteen days after TRUSTORS B’s
subscription to the trust; (b) the balance of USD 1,080,000 (one million, eighty thousand
U.S. dollars) plus VAT in 24 monthly, equal and consecutive part payments of USD 45,000
(forty five thousand U.S. dollars) plus VAT each; provided that the first part payment shall
be due on the 5th day of the due date of the payment set out in (a) above. The
compensation set out is included in the expense estimate contained in EXHIBIT 4. If the trust
terminates with the sale of the PREMISES for the reasons set out in the last paragraph of
Section THREE, TRUSTEE’s total compensation shall be 4% (four percent) plus VAT of the profit
obtained by TRUSTORS A from the transaction, but shall be no less, even if it exceeds such
percentage, than USD 12,000 (twelve thousand U.S. dollars plus VAT). Such compensation shall
be paid before distributing the proceeds of the sale of the PREMISES between the TRUSTORS A.







	6.3.	 	The TRUSTEE may call the BUILDING “EDIFICIO INTECONS” and to publicize such name on plaques
or in any other form on entrance halls, gardens, etc.,
provided the BUILDING’s crown belonging to the unit owners listed in Exhibit 5 is not altered.





 


 









 











	6.4.	 	Liability: The TRUSTEE shall be solely responsible for any loss or claim arising out of its
negligent or willful actions or omissions, to the extent provided in Section 6 and 7 of Law
24,441.






SEVEN: Termination of TRUSTEE





	7.1	 	The TRUSTEE shall be terminated (a) by decision of the TRUSTEES at a Special Meeting
convened for such purpose, based on TRUSTEE’s failure to perform its obligations, pursuant to
a majority vote of TRUSTORS representing no less than 70% (seventy percent) of the costs
exceeding those set out in Exhibit 4, and shall forfeit its right to receive any outstanding
compensation; (b) for any of the reasons set out in Section 9 of Law 24,441, except
TRUSTEE’s resignation.







	7.2	 	In the event any of the above conditions for termination is met, the TRUSTEE shall be
replaced by any such substitute trustee as is appointed by the TRUSTORS at a Special Meeting
convened for such purpose. In such event, the TRUSTEE shall render a final account and furnish
the TRUSTORS with any documents it has in connection with the AGREEMENT, and shall transfer
the TRUST PROPERTY to any such substitute trustee as the TRUSTORS designate in their sole
discretion, within a term not exceeding sixty days after notification of the decision to
substitute TRUSTEE, notwithstanding the liability for damages or losses which may arise for
TRUSTEE.






EIGHT: The FIRM





	8.1.	 	The Firm shall be responsible for:







	8.1.1)	 	The executive project of architecture and coordination of structures and installations projects.

	 
	8.1.2)	 	Advising on the equipment for common areas.

	 
	8.1.3)	 	Coordinating the application for such municipal permits as the project requires.

	 
	8.1.4)	 	Reviewing and approving the samples and documents submitted by the contractors throughout the execution of the works.

	 
	8.1.5)	 	Controlling the contractors’ correct interpretation of the plans and technical documents of the architecture project.







	8.2.	 	Compensation: In consideration of its services, the FIRM shall be paid USD 350,000 (three
hundred and fifty thousand U.S. dollars) plus VAT. Such amount has been or shall be paid as
follows:







	8.2.1)	 	USD 105,000 (one hundred and five thousand U.S. dollars) plus VAT have been paid by the
Trust and by the owners of the PREMISES or holders of interests therein before April 10,
2008.







	8.2.2)	 	The balance of USD 245,000 (two hundred and forty-five thousand U.S. dollars) plus VAT
within fifteen days as of the subscription of TRUSTORS B to the TRUST.





 


 









 











	8.2.3)	 	The parties agree that the balance of the compensation set out above is included in the
estimate of expenses contained in EXHIBIT 4. If TRUSTORS B do not subscribe to the TRUST and
the trust is terminated with the sale of the PREMISES for the reasons set out in the last
paragraph of Section THREE, the FIRM shall not receive the balance set forth in 8.2.2 above.






NINE: AUDITOR AND EXTERNAL AUDITOR




	9.1.	 	AUDITOR:

	 
	9.1.1)	 	AUDITOR shall have such duties as are set out in section ONE subsection 13, and shall report on the TRUSTEE’s rendering of accounts.







	9.1.2)	 	AUDITOR’s total compensation shall be agreed with the TRUSTEE and shall be consistent with
current market conditions. If the AUDITOR must be replaced, the new auditor shall be chosen
by the TRUSTEE from among three candidates proposed by the TRUSTORS.







	9.2.	 	EXTERNAL AUDITOR:







	9.2.1)	 	The external auditor shall have such duties as are set out in Section ONE, subsection 17.


	 
	9.2.2)	 	The EXTERNAL AUDITOR’s total compensation shall be agreed with the TRUSTEE and be consistent
with current market conditions. If the EXTERNAL AUDITOR must be replaced, the new external auditor
shall be chosen by the TRUSTORS.






TEN: Notaries Public





	10.1.	 	The transaction shall be notarially recorded by MASCHWITZ-DEL CAMPO Notaries Public, with
offices at Tucumán 715, piso 6°, City of Buenos Aires, and shall be responsible for:







	10.1.1)	 	Notarizing the AGREEMENT and the TRUSTORS B’s subscription contracts.







	10.1.2)	 	Transcribing and notarially recording the AGREEMENT and stating all personal details of
TRUSTORS who have subscribed to the trust, issuing certified photocopies for the TRUSTEE and
each of the TRUSTORS.







	10.1.3)	 	Notarially recording the TRUSTEE’s purchase of the 80% undivided interest in the PREMISES
and performing all prior tasks entailed in such purchase.







	10.1.4)	 	Acting as escrow agent until the termination of the TRUST holding the following documents:
the AGREEMENT, the TRUSTORS B’s subscription agreements, and notarial transcripts of the
notarially recorded title deeds of the PREMISES.





 


 









 











	10.1.5)	 	Drafting and issuing the notarially recorded instruments of constitution of condominium,
Condominium Regulations and allocation of UNITS to the TRUSTORS.







	10.2.	 	The total and only compensation to be paid to the Notaries Public shall break down as
follows:







	10.2.1)	 	for the professional services set out in sections 10.1.1) to 10.1.4) above (including
title search), USD 5,000 (five thousand U.S. dollars) plus VAT. The Notaries Public shall
also include in their invoice to the TRUST the following items:







	10.2.1)A.	 	 50% of the applicable Stamp Tax.







	10.2.1)B.	 	 Registration fees.







	10.2.1)C.	 	 Withholding of tax imposed on bank transfers under Law 25,413 in connection with the
amounts resulting from sections 10.2.1)A. and 10.2.1)B above.







	10.2.1)D.	 	 Deed duties (amount proportionate to the deed value of 80% of the PREMISES).







	 	 	

	10.2.1)E.	 	 Stamps, original notarial record, notarial transcript, deed duties (fixed amount)
and registration cards costs.







	10.2.2)	 	For the professional services set out in 10.1.5) above, 0.5% (point five percent) of the
amount by which each TRUSTOR contributes to the total cost, plus the applicable VAT. Such
amount shall be paid, together with the expenses and applicable taxes, by the TRUSTORS at the
time of the notarial recording of the allocation of their respective UNITS or the allocation
in joint ownership in the case set out in TWELVE below. For calculating such value, the
amounts paid by the TRUSTORS in Argentine currency shall be translated into U.S. dollars at
the Argentine Central Bank rate (ask quote) of the date on which each contribution is made.
The TRUSTEE shall make such calculation and communicate it to the BENEFICIARIES and to
MASCHWITZ-DEL CAMPO Notaries.






ELEVEN: Defects



Since the TRUSTEE is neither the seller nor constructor of the BUILDING or the UNITS, it assumes no
liability for construction defects as against the TRUSTORS and BENEFICIARIES, who shall state their
claims directly to the responsible contractors. To that end, the TRUSTEE shall furnish the
BENEFICIARIES with a list of such contractors at the time of the allocation of units.



TWELVE: Expiration of term — Extension




Upon the expiration of the effective term of the AGREEMENT, and of the automatic extension
provided for in section THREE, the TRUSTEE shall convene a Meeting of TRUSTORS to discuss a term
extension if the purpose of the AGREEMENT has not been fulfilled within the maximum agreed
term. If no agreement is reached, the AGREEMENT shall be deemed expired, in which case the TRUSTEE
shall surrender possession of, and convey, the PREMISES to the TRUSTORS, furnishing such
instruments and land registration certificates as are applicable pursuant to Section 26, post, of
Law 24,441. The PREMISES shall be conveyed to the TRUSTORS as joint owners pursuant to each
TRUSTOR’s share in the costs exceeding those stated in Exhibit 4. After the term of AGREEMENT has
expired and its purpose has been fulfilled in whole, if a balance remains in the TRUST FUND, it
shall be distributed among the TRUSTORS in proportion to their contributions.


 


 









 





THIRTEEN: Bodies of the TRUST. End of Fiscal Year.





	13.1.	 	Regular Meetings: Regular Meetings of TRUSTORS shall be convened no less than once every
twelve months so that the TRUSTEE renders an account of its administration. Notices shall be
served at the domicile of each TRUSTOR by certified mail, stating the date, place and time of
the meeting (business days and hours within the city of Buenos Aires) and the order of
business to be transacted.







	13.2.	 	Quorum: Meetings shall commence at the time for which they are convened with the presence
of a majority of TRUSTORS pursuant to the interest percentages set out for each of them in
EXHIBITS 4 and 5 over the costs exceeding those stated in Exhibit 4, or half an hour later
with any number of TRUSTORS. Meetings shall be presided over by the President of the TRUSTEE
or its representative.







	13.3.	 	Special Meetings: Special Meetings shall take place when convened at the instance of the
TRUSTEE or by request of such number of TRUSTORS as represents no less than a 30% interest in
the costs exceeding those set out in Exhibit 4. These Meetings shall be governed by the same
rules as govern Regular Meetings.







	13.4.	 	Majority requirements: Except as otherwise required in the AGREEMENT, resolutions in both
types of Meetings shall be validly adopted by a plurality of the votes present, each 0.10%
(point ten percent) interest in the costs exceeding those set out in Exhibit 4 representing
one vote. TRUSTORS in default shall have no right to vote at a Meeting nor shall they count
for the quorum requirements.







	13.5.	 	Amendments to the Agreement: Any amendment to the Agreement shall be decided at a Special
Meeting by a majority of trustors representing 70% of the votes present.







	13.6.	 	Closing of Fiscal Year: Each Fiscal Year shall close on December 31.





 


 









 










FOURTEEN: Domicile and Jurisdiction



For all legal purposes of this AGREEMENT, the parties set their special domiciles at the address
stated by each in the heading. Any dispute arising out of the execution of the AGREEMENT shall be
decided by the General Arbitration Tribunal of the Buenos Aires Stock Exchange. In that
connection, the parties accept in whole the Rules of such Tribunal. In witness whereof, the
parties execute this AGREEMENT, which shall be kept by the TRUSTEE, who shall cause it to be
recorded by a notary public. Once the AGREEMENT is notarially recorded, the TRUSTEE shall request
certified copies thereof to distribute among the TRUSTORS. This AGREEMENT is executed in the place
and on the date stated above.



Annexes




Annex I — Plans, detail of parking spaces corresponding to each floor, technical specifications of
the building (Annex has been omitted and will be provided upon request)



Annex II — List of each floor and its respective parking spaces and other complementary spaces
(Annex has been omitted and will be provided upon request)



Annex III — Initial contribution made by participants class A (including name of the participants,
amounts to be contributed and prospective dates for each contribution) (Annex has been omitted and
will be provided upon request)



Annex IV — Detail and amount of estimated costs to be borne by participants class B 



Annex V — Percentage of the amounts exceeding estimated costs to be borne by participants class A
(Annex has been omitted and will be provided upon request)



Annex VI — Plan (Annex has been omitted and will be provided upon request)





 


 











 



Arias
Trust Agreement — Exhibit IV — Estimated costs to be afforded by
Trustors “B”



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Fixed Amounts in USD	 	 	 	 	 	 	Ratio in	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	19,4193%	 	 	Amount in Argentine	 	 	relation to	 
	 	 	 	 	 	 	Procurement in	 	 	 	 	 	 	afforded by	 	 	Pesos subject to	 	 	Total	 
	Item	 	Total (USD)	 	 	USD	 	 	Storage	 	 	trustor “A”	 	 	adjustments (USD)	 	 	Amount	 
	Land
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Land payment and improvements by Trustors “A”
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	%
	80% Purchase Expenses and filing Expenses
	 	 	62,400.00	 	 	 	62,400.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.20	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Land
	 	 	62,400.00	 	 	 	62,400.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.20	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Construction Costs
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Main Contractor
	 	 	15,000,000.00	 	 	 	750,000.00	 	 	 	3,562,500.00	 	 	 	2,075,437.69	 	 	 	8,612,062.31	 	 	 	48.43	%
	Main Supplementary Works
	 	 	810,000.00	 	 	 	40,500.00	 	 	 	269,325.00	 	 	 	97,130.48	 	 	 	403,044.52	 	 	 	2.61	%
	Facade and Exterior Structural Works
	 	 	3,183,627.76	 	 	 	159,181.39	 	 	 	907,333.91	 	 	 	411,128.42	 	 	 	1,705,984.04	 	 	 	10.28	%
	Metal Works
	 	 	283,911.67	 	 	 	42,586.75	 	 	 	108,596.21	 	 	 	25,774.99	 	 	 	106,953.72	 	 	 	0.92	%
	Elevators
	 	 	1,150,828.19	 	 	 	805,579.73	 	 	 	0.00	 	 	 	67,044.83	 	 	 	278,203.62	 	 	 	3.72	%
	Air Conditioning Equipment and Installation
	 	 	2,000,567.82	 	 	 	1,432,406.56	 	 	 	0.00	 	 	 	110,332.94	 	 	 	457,828.32	 	 	 	6.46	%
	Painting
	 	 	95,000.00	 	 	 	0.00	 	 	 	19,000.00	 	 	 	14,758.67	 	 	 	61,241.33	 	 	 	0.31	%
	Small Current (CCTV/DETECC /C.ACC/MONIT)
	 	 	60,000.00	 	 	 	36,000.00	 	 	 	0.00	 	 	 	4,660.63	 	 	 	19,339.37	 	 	 	0.19	%
	Internal Telephone Lines
	 	 	20,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3,883.86	 	 	 	16,116.14	 	 	 	0.06	%
	Wood Works
	 	 	100,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	19,419.30	 	 	 	80,580.70	 	 	 	0.32	%
	Iron Fittings
	 	 	50,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	9,709.65	 	 	 	40,290.35	 	 	 	0.16	%
	Glasses and Mirrors
	 	 	30,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	5,825.79	 	 	 	24,174.21	 	 	 	0.10	%
	Generating Set
	 	 	100,000.00	 	 	 	70,000.00	 	 	 	0.00	 	 	 	5,825.79	 	 	 	24,174.21	 	 	 	0.32	%
	Ground Floor Hall Finishing Works
	 	 	100,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	19,419.30	 	 	 	80,580.70	 	 	 	0.32	%
	Exterior Works
	 	 	50,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	9,709.65	 	 	 	40,290.35	 	 	 	0.16	%
	Lighting
	 	 	80,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	15,535.44	 	 	 	64,464.56	 	 	 	0.26	%
	Miscellaneous
	 	 	259,228.66	 	 	 	0.00	 	 	 	0.00	 	 	 	50,340.39	 	 	 	208,888.27	 	 	 	0.84	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Construction Cost
	 	 	23,373,164.10	 	 	 	3,336,254.43	 	 	 	4,866,755.13	 	 	 	2,945,937.82	 	 	 	12,224,216.72	 	 	 	75.46	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fees
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Architectural Project Balance (MSGSSS)
	 	 	245,000.00	 	 	 	245,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.79	%
	Business Development and Trustee (Intecons)
	 	 	300,000.00	 	 	 	300,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.97	%
	Technical and Administrative Management (Intecons)
	 	 	900,000.00	 	 	 	900,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2.91	%
	Experts, miscellaneous
	 	 	25,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	4,854.83	 	 	 	20,145.18	 	 	 	0.08	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Professional Fees
	 	 	1,470,000.00	 	 	 	1,445,000.00	 	 	 	0.00	 	 	 	4,854.83	 	 	 	20,145.18	 	 	 	4.75	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taxes
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	VAT, Fiscal Credit
	 	 	5,228,874.86	 	 	 	1,005,373.83	 	 	 	1,022,018.58	 	 	 	621,705.48	 	 	 	2,579,776.97	 	 	 	16.88	%
	VAT, Payment to AFIP (Argentine Tax Authority)
	 	 	125,921.71	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	125,921.71	 	 	 	0.41	%
	Presumed Minimun Income
	 	 	358,546.10	 	 	 	67,703.18	 	 	 	68,163.24	 	 	 	41,464.47	 	 	 	181,215.22	 	 	 	1.16	%
	Tax on Bank Transactions
	 	 	306,689.07	 	 	 	59,167.31	 	 	 	59,569.37	 	 	 	36,236.72	 	 	 	151,715.66	 	 	 	0.99	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Taxes
	 	 	6,020,031.74	 	 	 	1,132,244.32	 	 	 	1,149,751.18	 	 	 	699,406.67	 	 	 	3,038,629.56	 	 	 	19.43	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Miscellaneous
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Insurance and others
	 	 	50,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	9,709.65	 	 	 	40,290.35	 	 	 	0.16	%
	Total Miscellaneous
	 	 	50,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	9,709.65	 	 	 	40,290.35	 	 	 	0.16	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Estimated Cost
	 	 	30,975,595.84	 	 	 	5,975,898.75	 	 	 	6,016,506.31	 	 	 	3,659,908.97	 	 	 	15,323,281.81	 	 	 	100.00	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(Fixed and Variable) Cost Percentages
	 	 	100.00	%	 	 	 	 	 	 	50.53	%	 	 	 	 	 	 	49.47	%	 	 	 	 






All amounts in US dollars

Bidding or estimated amounts as of 04/01/2008



 












 








Arias Trust Agreement — Exhibit IV — Estimated Costs and share percentages on costs and increase





	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Total Estimated Costs	 	 	Share	 	 	 	 
	 	 	 	Office	 	 	Parking	 	 	Total	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	On	 	 	On Initial	 	 	Location of Parking	 
	 	 	 	 	 	 	 	 	 	 	 	Bathrooms	 	 	 	 	 	 	 	 	 	 	Spaces	 	 	Private	 	 	Estimated	 	 	VAT	 	 	Estimated	 	 	Budget	 	 	Costs of	 	 	Spaces	 
	 	 	 	 	 	 	 	Carpet	 	 	and Office	 	 	 	 	 	 	Total	 	 	# of	 	 	Area	 	 	Area	 	 	Initial Cost	 	 	(18,8292%)	 	 	Initial Cost	 	 	“B”	 	 	Trustor	 	 	Cars on 1st	 	 	Cars on 2nd	 
	Percentage
Trustor “B”	 	Floor	 	Location	 	(m2)	 	 	(m2)	 	 	Rooftop	 	 	Area	 	 	Cars	 	 	(m2)	 	 	(m2)	 	 	(USD)	 	 	in USD	 	 	(USD)	 	 	Increase	 	 	“B”	 	 	Basement	 	 	Basement	 
	100.0000	%	 	2	 	Complete	 	 	830	 	 	 	70	 	 	 	 	 	 	 	900	 	 	 	14	 	 	 	168	 	 	 	1,068	 	 	 	1,611,500	 	 	 	303,433	 	 	 	1,914,933	 	 	 	4.9816	%	 	 	6.1821	%	 	 	5	 	 	 	9	 
	100.0000	%	 	3	 	Complete	 	 	830	 	 	 	70	 	 	 	 	 	 	 	900	 	 	 	14	 	 	 	168	 	 	 	1,068	 	 	 	1,629,500	 	 	 	306,823	 	 	 	1,936,323	 	 	 	5.0372	%	 	 	6.2511	%	 	 	5	 	 	 	9	 
	100.0000	%	 	4	 	Complete	 	 	830	 	 	 	70	 	 	 	 	 	 	 	900	 	 	 	14	 	 	 	168	 	 	 	1,068	 	 	 	1,647,500	 	 	 	310,212	 	 	 	1,957,712	 	 	 	5.0928	%	 	 	6.3202	%	 	 	5	 	 	 	9	 
	100.0000	%	 	5	 	Complete	 	 	830	 	 	 	70	 	 	 	 	 	 	 	900	 	 	 	14	 	 	 	168	 	 	 	1,068	 	 	 	1,665,500	 	 	 	313,601	 	 	 	1,979,101	 	 	 	5.1485	%	 	 	6.3892	%	 	 	5	 	 	 	9	 
	100.0000	%	 	6	 	Complete	 	 	830	 	 	 	70	 	 	 	 	 	 	 	900	 	 	 	14	 	 	 	168	 	 	 	1,068	 	 	 	1,683,500	 	 	 	316,990	 	 	 	2,000,490	 	 	 	5.2041	%	 	 	6.4583	%	 	 	5	 	 	 	9	 
	100.0000	%	 	7	 	Complete	 	 	830	 	 	 	70	 	 	 	 	 	 	 	900	 	 	 	14	 	 	 	168	 	 	 	1,068	 	 	 	1,701,500	 	 	 	320,380	 	 	 	2,021,880	 	 	 	5.2598	%	 	 	6.5273	%	 	 	5	 	 	 	9	 
	100.0000	%	 	8	 	Complete	 	 	830	 	 	 	70	 	 	 	 	 	 	 	900	 	 	 	14	 	 	 	168	 	 	 	1,068	 	 	 	1,719,500	 	 	 	323,769	 	 	 	2,043,269	 	 	 	5.3154	%	 	 	6.5964	%	 	 	5	 	 	 	9	 
	100.0000	%	 	9	 	Complete	 	 	830	 	 	 	70	 	 	 	 	 	 	 	900	 	 	 	14	 	 	 	168	 	 	 	1,068	 	 	 	1,737,500	 	 	 	327,158	 	 	 	2,064,658	 	 	 	5.3711	%	 	 	6.6654	%	 	 	5	 	 	 	9	 
	100.0000	%	 	10	 	Complete	 	 	830	 	 	 	70	 	 	 	 	 	 	 	900	 	 	 	14	 	 	 	168	 	 	 	1,068	 	 	 	1,755,500	 	 	 	330,547	 	 	 	2,086,047	 	 	 	5.4267	%	 	 	6.7345	%	 	 	5	 	 	 	9	 
	100.0000	%	 	11	 	Complete	 	 	830	 	 	 	70	 	 	 	 	 	 	 	900	 	 	 	16	 	 	 	192	 	 	 	1,092	 	 	 	1,789,000	 	 	 	336,855	 	 	 	2,125,855	 	 	 	5.5303	%	 	 	6.8630	%	 	 	6	 	 	 	10	 
	100.0000	%	 	12	 	Complete	 	 	830	 	 	 	70	 	 	 	 	 	 	 	900	 	 	 	16	 	 	 	192	 	 	 	1,092	 	 	 	1,802,500	 	 	 	339,397	 	 	 	2,141,897	 	 	 	5.5720	%	 	 	6.9148	%	 	 	6	 	 	 	10	 
	100.0000	%	 	13	 	NW	 	 	300	 	 	 	25	 	 	 	167	 	 	 	492	 	 	 	6	 	 	 	72	 	 	 	564	 	 	 	739,786	 	 	 	139,296	 	 	 	879,082	 	 	 	2.2869	%	 	 	2.8380	%	 	 	2	 	 	 	4	 
	100.0000	%	 	 	 	SE	 	 	230	 	 	 	25	 	 	 	204	 	 	 	459	 	 	 	4	 	 	 	48	 	 	 	507	 	 	 	607,026	 	 	 	114,298	 	 	 	721,325	 	 	 	1.8765	%	 	 	2.3287	%	 	 	2	 	 	 	2	 
	100.0000	%	 	14	 	NW	 	 	300	 	 	 	25	 	 	 	 	 	 	 	325	 	 	 	6	 	 	 	72	 	 	 	397	 	 	 	651,500	 	 	 	122,673	 	 	 	774,173	 	 	 	2.0140	%	 	 	2.4993	%	 	 	2	 	 	 	4	 
	100.0000	%	 	 	 	SE	 	 	230	 	 	 	25	 	 	 	 	 	 	 	255	 	 	 	4	 	 	 	48	 	 	 	303	 	 	 	509,200	 	 	 	95,879	 	 	 	605,079	 	 	 	1.5741	%	 	 	1.9534	%	 	 	2	 	 	 	2	 
	100.0000	%	 	15	 	NW	 	 	300	 	 	 	25	 	 	 	 	 	 	 	325	 	 	 	6	 	 	 	72	 	 	 	397	 	 	 	661,250	 	 	 	124,508	 	 	 	785,758	 	 	 	2.0441	%	 	 	2.5367	%	 	 	2	 	 	 	4	 
	100.0000	%	 	 	 	SE	 	 	230	 	 	 	25	 	 	 	 	 	 	 	255	 	 	 	4	 	 	 	48	 	 	 	303	 	 	 	516,850	 	 	 	97,319	 	 	 	614,169	 	 	 	1.5977	%	 	 	1.9828	%	 	 	2	 	 	 	2	 
	100.0000	%	 	16	 	NW	 	 	300	 	 	 	25	 	 	 	 	 	 	 	325	 	 	 	6	 	 	 	72	 	 	 	397	 	 	 	671,000	 	 	 	126,344	 	 	 	797,344	 	 	 	2.0742	%	 	 	2.5741	%	 	 	2	 	 	 	4	 
	100.0000	%	 	 	 	SE	 	 	230	 	 	 	25	 	 	 	 	 	 	 	255	 	 	 	4	 	 	 	48	 	 	 	303	 	 	 	524,500	 	 	 	98,759	 	 	 	623,259	 	 	 	1.6214	%	 	 	2.0121	%	 	 	2	 	 	 	2	 
	100.0000	%	 	17	 	NW	 	 	300	 	 	 	25	 	 	 	 	 	 	 	325	 	 	 	6	 	 	 	72	 	 	 	397	 	 	 	680,750	 	 	 	128,180	 	 	 	808,930	 	 	 	2.1044	%	 	 	2.6115	%	 	 	2	 	 	 	4	 
	100.0000	%	 	 	 	SE	 	 	230	 	 	 	25	 	 	 	 	 	 	 	255	 	 	 	4	 	 	 	48	 	 	 	303	 	 	 	532,150	 	 	 	100,200	 	 	 	632,350	 	 	 	1.6450	%	 	 	2.0414	%	 	 	2	 	 	 	2	 
	24.6983	%	 	18	 	NW	 	 	300	 	 	 	25	 	 	 	 	 	 	 	325	 	 	 	6	 	 	 	72	 	 	 	397	 	 	 	170,542	 	 	 	32,112	 	 	 	202,654	 	 	 	0.5272	%	 	 	0.6542	%	 	 	2	 	 	 	4	 
	100.0000	%	 	 	 	SE	 	 	230	 	 	 	25	 	 	 	 	 	 	 	255	 	 	 	4	 	 	 	48	 	 	 	303	 	 	 	539,800	 	 	 	101,640	 	 	 	641,440	 	 	 	1.6687	%	 	 	2.0708	%	 	 	2	 	 	 	2	 
	94.9790	%	 	20	 	SE	 	 	230	 	 	 	25	 	 	 	 	 	 	 	255	 	 	 	4	 	 	 	48	 	 	 	303	 	 	 	519,963	 	 	 	97,905	 	 	 	617,868	 	 	 	1.6073	%	 	 	1.9947	%	 	 	2	 	 	 	2	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
Trustors “B”
	 	 	 	12,303	 	 	 	1,075	 	 	 	371	 	 	 	13,697	 	 	 	217	 	 	 	2,607	 	 	 	16,305	 	 	 	26,067,317	 	 	 	4,908,279	 	 	 	30,975,596	 	 	 	80.5807	%	 	 	100.0000	%	 	 	83	 	 	 	139	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 






 












 





Arias Trust Agreement — Exhibit IV — Trustors “B” Payment Schedule per unit




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Payment schedule	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	20 installments	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Advance	 	 	(4% each) - 1st	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Payment	 	 	installement	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(18%) as of	 	 	becomes due	 	 	 	 
	Percentage	 	Office	 	 	Reservation	 	 	the execution of the	 	 	after 30 days from	 	 	Total Estimated	 
	Trustor “B”	 	Floor	 	Location	 	 	(2%)	 	 	agreement	 	 	Advance Payment	 	 	Initial Payment	 
	 	100.0000	%	 	2
	 	Complete	 	U$S	38,298.67	 	 	U$S	344,687.99	 	 	U$S	76,597.33	 	 	U$S	1,914,933.29	 
	 	100.0000	%	 	3
	 	Complete	 	U$S	38,726.45	 	 	U$S	348,538.06	 	 	U$S	77,452.90	 	 	U$S	1,936,322.55	 
	 	100.0000	%	 	4
	 	Complete	 	U$S	39,154.24	 	 	U$S	352,388.13	 	 	U$S	78,308.47	 	 	U$S	1,957,711.82	 
	 	100.0000	%	 	5
	 	Complete	 	U$S	39,582.02	 	 	U$S	356,238.19	 	 	U$S	79,164.04	 	 	U$S	1,979,101.08	 
	 	100.0000	%	 	6
	 	Complete	 	U$S	40,009.81	 	 	U$S	360,088.26	 	 	U$S	80,019.61	 	 	U$S	2,000,490.34	 
	 	100.0000	%	 	7
	 	Complete	 	U$S	40,437.59	 	 	U$S	363,938.33	 	 	U$S	80,875.18	 	 	U$S	2,021,879.61	 
	 	100.0000	%	 	8
	 	Complete	 	U$S	40,865.38	 	 	U$S	367,788.40	 	 	U$S	81,730.75	 	 	U$S	2,043,268.87	 
	 	100.0000	%	 	9
	 	Complete	 	U$S	41,293.16	 	 	U$S	371,638.46	 	 	U$S	82,586.33	 	 	U$S	2,064,658.14	 
	 	100.0000	%	 	10
	 	Complete	 	U$S	41,720.95	 	 	U$S	375,488.53	 	 	U$S	83,441.90	 	 	U$S	2,086,047.40	 
	 	100.0000	%	 	11
	 	Complete	 	U$S	42,517.10	 	 	U$S	382,653.94	 	 	U$S	85,034.21	 	 	U$S	2,125,855.20	 
	 	100.0000	%	 	12
	 	Complete	 	U$S	42,837.94	 	 	U$S	385,541.49	 	 	U$S	85,675.89	 	 	U$S	2,141,897.15	 
	 	100.0000	%	 	13
	 	NW	 	U$S	17,581.65	 	 	U$S	158,234.85	 	 	U$S	35,163.30	 	 	U$S	879,082.48	 
	 	100.0000	%	 	 
	 	SE	 	U$S	14,426.49	 	 	U$S	129,838.45	 	 	U$S	28,852.99	 	 	U$S	721,324.70	 
	 	100.0000	%	 	14
	 	NW	 	U$S	15,483.45	 	 	U$S	139,351.06	 	 	U$S	30,966.90	 	 	U$S	774,172.53	 
	 	100.0000	%	 	 
	 	SE	 	U$S	12,101.57	 	 	U$S	108,914.13	 	 	U$S	24,203.14	 	 	U$S	605,078.52	 
	 	100.0000	%	 	15
	 	NW	 	U$S	15,715.17	 	 	U$S	141,436.51	 	 	U$S	31,430.34	 	 	U$S	785,758.38	 
	 	100.0000	%	 	 
	 	SE	 	U$S	12,283.38	 	 	U$S	110,550.41	 	 	U$S	24,566.76	 	 	U$S	614,168.95	 
	 	100.0000	%	 	16
	 	NW	 	U$S	15,946.88	 	 	U$S	143,521.96	 	 	U$S	31,893.77	 	 	U$S	797,344.24	 
	 	100.0000	%	 	 
	 	SE	 	U$S	12,465.19	 	 	U$S	112,186.69	 	 	U$S	24,930.38	 	 	U$S	623,259.39	 
	 	100.0000	%	 	17
	 	NW	 	U$S	16,178.60	 	 	U$S	145,607.42	 	 	U$S	32,357.20	 	 	U$S	808,930.09	 
	 	100.0000	%	 	 
	 	SE	 	U$S	12,647.00	 	 	U$S	113,822.97	 	 	U$S	25,293.99	 	 	U$S	632,349.83	 
	 	24.6983	%	 	18
	 	NW	 	U$S	4,053.07	 	 	U$S	36,477.64	 	 	U$S	8,106.14	 	 	U$S	202,653.58	 
	 	100.0000	%	 	 
	 	SE	 	U$S	12,828.81	 	 	U$S	115,459.25	 	 	U$S	25,657.61	 	 	U$S	641,440.27	 
	 	94.9790	%	 	20
	 	SE	 	U$S	12,357.35	 	 	U$S	111,216.16	 	 	U$S	24,714.70	 	 	U$S	617,867.56	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
Trustors “B”
	 
	 	 	 	 	 	U$S	619,512	 	 	U$S	5,575,607	 	 	U$S	24,780,477	 	 	U$S	30,975,595.96	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 







 














 








Arias Trust Agreement — Exhibit IV — Estimated Expense Flow




	 	 	 	 	 	 	 	 	 
	Report Date

	 	04/01/2008
	 	Exchange Rate ($/U$S)
	 	 	3.16	 






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expenses	 	Budget	 	 	Apr-08	 	 	may-08	 	 	jun-08	 	 	jul-08	 	 	Aug-08	 	 	sep-08	 	 	oct-08	 	 	nov-08	 	 	Dec-08	 	 	Jan-09	 	 	feb-09	 	 	mar-09	 	 	Apr-09	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Construction begins	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Land
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Seller
	 	USS	0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Purchase and Filing Expenses
	 	USS	62,400.00	 	 	 	62,400.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Land
	 	USS	62,400.00	 	 	 	62,400.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Construction Cost
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Paid Storage
	 	USS	3,944,221.44	 	 	 	 	 	 	 	3,944,221.44	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Certifications less guarantee withholdings
	 	USS	19,428,942.66	 	 	 	 	 	 	 	 	 	 	 	701,194.92	 	 	 	701,194.92	 	 	 	701,194.92	 	 	 	701,194.92	 	 	 	993,359.47	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	1,051,792.38	 	 	 	1,168,658.21	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Construction Cost
	 	USS	23,373,164.10	 	 	 	0.00	 	 	 	3,944,221.44	 	 	 	701,194.92	 	 	 	701,194.92	 	 	 	701,194.92	 	 	 	701,194.92	 	 	 	993,359.47	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	1,051,792.38	 	 	 	1,168,658.21	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Professional Fees
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	M.SG.S.S.S Architecture Firm
	 	USS	245,000.00	 	 	 	 	 	 	 	245,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Intecons (Trust Administration and Technical
Management)
	 	USS	1,200,000.00	 	 	 	 	 	 	 	120,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Professional Fees
	 	USS	1,445,000.00	 	 	 	0.00	 	 	 	365,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taxes
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	VAT Fiscal Credit
	 	USS	5,228,874.86	 	 	 	1,940.40	 	 	 	905,566.50	 	 	 	157,330.93	 	 	 	157,330.93	 	 	 	157,330.93	 	 	 	157,330.93	 	 	 	218,685.49	 	 	 	206,414.58	 	 	 	206,414.58	 	 	 	206,414.58	 	 	 	206,414.58	 	 	 	230,956.40	 	 	 	255,498.22	 
	VAT Payment to AFIP (Argentine Tax Authority)
	 	USS	125,921.71	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Gross Income Tax
	 	USS	0.00	 	 	 	 	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Stamp Tax
	 	USS	0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Presumed Minimun Income
	 	USS	358,546.10	 	 	 	360.76	 	 	 	360.76	 	 	 	531.62	 	 	 	409.09	 	 	 	409.09	 	 	 	409.09	 	 	 	409.09	 	 	 	409.09	 	 	 	409.09	 	 	 	409.09	 	 	 	409.09	 	 	 	409.09	 	 	 	409.09	 
	Tax on Bank Transactions
	 	USS	306,689.07	 	 	 	677.01	 	 	 	52,181.49	 	 	 	9,070.57	 	 	 	9,069.35	 	 	 	9,069.35	 	 	 	9,069.35	 	 	 	12,604.54	 	 	 	11,897.50	 	 	 	11,897.50	 	 	 	11,897.50	 	 	 	11,897.50	 	 	 	13,311.58	 	 	 	14,725.66	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Taxes
	 	USS	6,020,031.74	 	 	 	2,978.17	 	 	 	958,108.75	 	 	 	166,933.13	 	 	 	166,809.37	 	 	 	166,809.37	 	 	 	166,809.37	 	 	 	231,699.12	 	 	 	218,721.17	 	 	 	218,721.17	 	 	 	218,721.17	 	 	 	218,721.17	 	 	 	244,677.07	 	 	 	270,632.97	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Miscellaneous
	 	USS	75,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expenses
	 	USS	30,975,595.84	 	 	 	68,378.17	 	 	 	5,270,330.19	 	 	 	916,128.05	 	 	 	916,004.30	 	 	 	916,004.30	 	 	 	916,004.30	 	 	 	1,273,058.60	 	 	 	1,201,647.74	 	 	 	1,201,647.74	 	 	 	1,201,647.74	 	 	 	1,201,647.74	 	 	 	1,344,469.45	 	 	 	1,487,291.17	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Accummulated Expenses
	 	USS	30,975,595.84	 	 	 	68,378	 	 	 	5,338,708	 	 	 	6,254,836	 	 	 	7,170,841	 	 	 	8,086,845	 	 	 	9,002,849	 	 	 	10,275,908	 	 	 	11,477,556	 	 	 	12,679,203	 	 	 	13,880,851	 	 	 	15,082,499	 	 	 	16,426,968	 	 	 	17,914,259	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expenses	 	Budget	 	 	may-09	 	 	jun-09	 	 	jul-09	 	 	ago-09	 	 	sep-09	 	 	oct-09	 	 	nov-09	 	 	dic-09	 	 	ene-10	 	 	feb-10	 	 	mar-10	 	 	abr-10	 	 	may-10	 	 	Subtotal	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Fin obra	 	 	 	 	 
	Land
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Seller
	 	USS	0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.00	 
	Purchase and Filing Expenses
	 	USS	62,400.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	62,400.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ttoal Land
	 	USS	62,400.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	62,400.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Construction Cost
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Paid Sorage
	 	USS	3,944,221.44	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,944,221.44	 
	Certifications less guarantee withholdings
	 	USS	19,428,942.66	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	1,051,792.38	 	 	 	1,051,792.38	 	 	 	1,168,658.21	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	788,844.29	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	19,428,942.66	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Construction Cost
	 	USS	23,373,164.10	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	1,051,792.38	 	 	 	1,051,792.38	 	 	 	1,168,658.21	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	934,926.56	 	 	 	788,844.29	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	23,373,164.10	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Professional Fees
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	M.SG.S.S.S Architecture Firm
	 	USS	245,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	245,000.00	 
	Intecons (Trust Administration and Technical Management)
	 	USS	1,200,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	1,200,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Professional Fees
	 	USS	1,445,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	45,000.00	 	 	 	1,445,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Taxes
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	VAT Fiscal Credit
	 	USS	5,228,874.86	 	 	 	206,414.58	 	 	 	206,414.58	 	 	 	206,414.58	 	 	 	230,956.40	 	 	 	230,956.40	 	 	 	255,498.22	 	 	 	206,414.58	 	 	 	206,309.58	 	 	 	206,309.58	 	 	 	175,632.30	 	 	 	9,975.00	 	 	 	9,975.00	 	 	 	9,975.00	 	 	 	5,228,874.86	 
	VAT Payment to AFIP (Argentine Tax Authority)
	 	USS	125,921.71	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	125,921.71	 	 	 	125,921.71	 
	Gross Income Tax
	 	USS	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Stamp Tax
	 	USS	0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.00	 
	Presumed Minimun Income
	 	USS	358,546.10	 	 	 	409.09	 	 	 	111,260.58	 	 	 	10,611.04	 	 	 	10,611.04	 	 	 	10,611.04	 	 	 	10,611.04	 	 	 	10,611.04	 	 	 	10,611.04	 	 	 	10,611.04	 	 	 	10,611.04	 	 	 	10,611.04	 	 	 	10,611.04	 	 	 	135,422.01	 	 	 	358,546.10	 
	Tax on Bank Transactions
	 	USS	306,689.07	 	 	 	11,897.50	 	 	 	13,006.02	 	 	 	11,999.52	 	 	 	13,413.60	 	 	 	13,413.60	 	 	 	14,827.67	 	 	 	11,999.52	 	 	 	11,993.47	 	 	 	11,993.47	 	 	 	10,225.88	 	 	 	680.86	 	 	 	680.86	 	 	 	3,188.19	 	 	 	306,689.07	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Taxes
	 	USS	6,020,031.74	 	 	 	218,721.17	 	 	 	330,681.18	 	 	 	229,025.14	 	 	 	254,981.04	 	 	 	254,981.04	 	 	 	280,936.93	 	 	 	229,025.14	 	 	 	228,914.09	 	 	 	228,914.09	 	 	 	196,469.21	 	 	 	21,266.90	 	 	 	21,266.90	 	 	 	274,506.91	 	 	 	6,020,031.74	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Miscellaneous
	 	USS	75,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	3,000.00	 	 	 	2,500.00	 	 	 	2,500.00	 	 	 	2,500.00	 	 	 	2,500.00	 	 	 	2,500.00	 	 	 	2,500.00	 	 	 	75,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expenses
	 	USS	30,975,595.84	 	 	 	1,201,647.74	 	 	 	1,313,607.74	 	 	 	1,211,951.70	 	 	 	1,354,773.42	 	 	 	1,354,773.42	 	 	 	1,497,595.14	 	 	 	1,211,951.70	 	 	 	1,211,340.65	 	 	 	1,211,340.65	 	 	 	1,032,813.50	 	 	 	68,766.90	 	 	 	68,766.90	 	 	 	322,006.91	 	 	 	30,975,595.84	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Accumulated Expenes
	 	USS	30,975,595.84	 	 	 	19,115,907	 	 	 	20,429,515	 	 	 	21,641,467	 	 	 	22,996,240	 	 	 	24,351,013	 	 	 	25,848,609	 	 	 	27,060,560	 	 	 	28,271,901	 	 	 	29,483,242	 	 	 	30,516,055	 	 	 	30,584,822	 	 	 	30,653,589	 	 	 	30,975,596	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 






All Amounts in US Dollars