Document:

Exhibit 10.1

 

FRAMEWORK AGREEMENT FOR THE EXCHANGE 
 OF CORPORATE SERVICE

 

This agreement is executed in the City of Buenos Aires, on June 30, 2004, by and between:

 

(i)  Cresud Sociedad Anónima (“Cresud”), represented herein by Eduardo Sergio ELSZTAIN and Saúl ZANG, in their capacity as attorneys-in-fact, domiciled at Moreno 877, Piso 23, City of Buenos Aires;

 

(ii)  IRSA Inversiones y Representaciones Sociedad Anónima (“Irsa”), represented herein by Oscar Pedro BERGOTTO and Gastón Armando LERNOUD, in their capacity as attorneys-in-fact, domiciled at Moreno 877 Piso 21, City of Buenos Aires; and

 

(iii)  Alto Palermo S.A. (“APSA”), represented herein by Alejandro Gustavo ELSZTAIN and David Alberto PEREDNIK, in their capacity as attorneys-in-fact, domiciled at Moreno 877 Piso 22, City of Buenos Aires; and

 

RECITALS

 

a.                   Whereas, Cresud, Irsa, and APSA (the “Parties”) have operating areas and structures with certain features in common;

 

b.                   Whereas, Cresud has a significant shareholding in Irsa, and Irsa is APSA’s controlling shareholder;

 

c.                    Whereas, the Parties wish to implement alternatives that will allow them to cut down certain fixed costs associated to their activities (the “Project”), so as to reduce their impact on operating results, drawing on the individual efficiencies of each of the parties in the different areas that make up the operating management;

 

d.                   Whereas, the Parties have performed some experiences of partial operating integration, which have proven the feasibility of the Project’s implementation;

 

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e.                    Whereas, the Parties have retained the service of an independent third party (Deloitte Argentina) to carry out a study on the definition of settlement guidelines and distribution bases for the Project’s implementation;

 

f.                     Whereas, at the Parties’ request, Deloitte Argentina has prepared a report (the “Report”) dated June 12 this year containing the recommendations, which have been considered by the Parties for the implementation of the Project;

 

g.                    Whereas, the parties have management bodies partially consisting of the same individuals, which facilitates decision-making centralization and management supervision in a coordinated manner;

 

h.                   Whereas, the Parties agree that the Project does not abide by the provisions contained in Section 73 of Executive Order 677/01;

 

i.                       Whereas, the Parties wish to set up a framework setting forth the economic and administrative guidelines and characteristics required for the implementation of the Project, as well as for the gradual expansion of those areas which have already undergone prior experiences of partial operating integration; and

 

j.                  Whereas, the Parties’ Boards of Directors have approved the foregoing Framework Agreement for the Exchange of Corporate Services (the “Agreement”) on June 28, 2004.

 

NOW THEREFORE, the Parties agree to execute this Agreement subject to the following terms and conditions:

 

1. Premises for the Project’s Implementation

 

The implementation of the Project and the execution of all activities involved in the Project shall be carried out based on the following premises (the “Premises”):

 

a.                   The Parties shall maintain full independence regarding their strategic and business decisions, without prejudice to the existence of the Project.

 

b.                   Cost and benefit allocation shall be based on operating efficiency and equity, without either Party pursuing any individual economic benefit whatsoever.

 

c.                    The Parties shall preserve their individual accounting systems and records, including strict separation of their assets and liabilities.

 

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d.               The implementation of the Project shall not hinder identification of the business transactions or services involved, nor shall it harm the effectiveness of internal control systems or internal and external audits of the Parties, nor shall it affect the possibility of reflecting the transactions related to the Agreement pursuant to Technical Resolution 21 of the FACPCE [Argentine Federation of Professional Accountants Associations].

 

2.    Purpose

 

Based on the Premises, the Parties agree to move forward on the implementation of the Project, by exchanging services in those areas listed and described in Annex I.

 

The Parties shall carry out the operational integration of the areas referenced (the “Areas”) considering the Premises and the opinion of the Individual Responsible Parties (as defined in Section 3 of the Agreement) and the General Coordinator (as defined in Section 4 of the Agreement) through the Exchange of Corporate Services (as defined in Section 5 of the Agreement).

 

3.    Individual Responsible Parties

 

Without prejudice to the non-transferable legal liability attributable to each Board of Directors of the Parties, and for the purposes of facilitating the achievement of the goals pursued by the Parties, they hereby appoint the following individuals as Individual Responsible Parties:

 

Cresud appoints Clarisa Diana Lifsic de Estol;

 

IRSA appoints Gabriel Adolfo Gregorio Reznik; and

 

APSA appoints Abraham Perelman.

 

The Individual Responsible Parties shall be members of the Parties’ Audit Committees.

 

The main duties of the Individual Responsible Parties shall consist of:

 

a.                        monitoring the Project’s implementation in accordance with the Premises;

 

b.                        reviewing the billing report on a monthly basis to analyze it and check it against the provisions of the Agreement, and —in the event of discrepancies or deviations — preparing a report to submit for the consideration of the General Coordinator, and in turn, by the Parties’ Boards of Directors; and

 

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c.                         assessing, on a permanent basis the, results derived from the Project’s implementation and proposing to the General Coordinator changes in the event of a conflict with the Premises or, if appropriate, the possibility of establishing cost or benefit allocation mechanisms or criteria more consistent with the Premises.

 

Any of the Parties may substitute the Individual Responsible Party appointed under this Agreement, effective immediately upon its decision, and with no need to obtain consent from the other Parties.

 

4. General Coordinator

 

For the purpose of facilitating the Project’s implementation, and centralizing the flow of information to the Parties’ management bodies, the Parties appoint Alejandro G. Elsztain Project’s General Coordinator, without prejudice to the non-transferable legal liability attributable to each Board of Directors of the Parties

 

The main duties of the General Coordinator shall consist of:

 

a.                        reporting the progress and results of the Project’s implementation, as often as necessary, to the Boards of Directors of the Parties;

 

b.                        receiving the billing report to analyze it and check it against the provisions of the Agreement;

 

c.                         receiving and reviewing any discrepancy or deviation reports from Individual Responsible Parties;

 

d.                        verifying that the Project’s implementation is consistent with the Premises, and proposing to the Board of Directors of the Parties the changes he/she deems convenient.

 

Any two Parties may request the other Party, and the latter shall be forced, to consent to the replacement of the appointed General Coordinator as set forth in the Agreement. The new appointment shall be consented by the Parties.

 

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5.    Exchange of Operating Services

 

In accordance with the Recitals, Premises and purposes of the Agreement, the Parties shall perform an Exchange of Operating Services.

 

For the purposes of this Agreement, the Exchange of Operating Services (the “Exchange”) shall be understood as the provision of services for money involving any of the Areas, carried out by one or more of the Parties for the benefit of another Party or other Parties, primarily billed and payable by means of a compensation in the form of a provision of services from any Area, and secondarily, if there were a difference between the value of the services rendered, in money.

 

The Exchange shall be performed strictly based on the incurred cost without profit or mark-up, and it shall be responsibility of the Individual Responsible Parties and the General Coordinator to verify such circumstance.

 

Any payment derived from such Exchange shall be made monthly in arrears, within 5 days after the first business day of the applicable month, by check or wire transfer.

 

The Exchange for the benefit of subsidiaries of any of the Parties shall be considered as carried out for the benefit of the controlling Party, who shall conduct the necessary arrangements with its subsidiary to recover any amount spent under the Agreement. To this effect, none of the Parties shall be considered a subsidiary of any of the other Parties.

 

Considering the Report, the Premises and the purpose that the Exchange is to equally reflect the actual use of resources and structures by each of the Parties, Annex II includes the service cost allocation bases or criteria for each Area.

 

The allocation bases or criteria shall be reviewed, and if necessary, amended, in January and July each year, or at any time if a significant deviation from the operating efficiency and equity criteria stated in the Premises were found or if such amendment were deemed convenient.

 

6.    Term and Termination of the Agreement

 

The term of the Agreement shall be 24 months, and it may be renewed for the same term except in the case of notified termination by any of the Parties at least 60 days before the applicable expiration date. The notified termination by any of the Parties shall constitute the complete termination of the Agreement.

 

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The following shall also constitute grounds for termination of the Agreement:

 

a.                       change of control concerning any of the Parties;

 

b.                       any significant modification of the facts serving as grounds for the Project; and

 

c.                        the decision at any time of any two of the Parties.

 

7. Miscellaneous

 

a.    Nothing contained herein shall be deemed to confer any rights or benefits whatsoever in favor of any third party other than the Parties hereto, including the Parties’ creditors.

 

b.    This Agreement constitutes the entire and final agreement between the parties and supersedes any prior understanding (written or oral) in connection with the issues regulated under this Agreement, without prejudice to the validity and enforceability of any material or judicial act performed by the Parties in connection with the subject matter of the Agreement.

 

c.     The Parties shall consider the Agreement as intuitu personae, thus, they shall not assign any of the rights or obligations derived from the Agreement.

 

d.    All copies of the Agreement, signed by the Parties, shall be deemed original documents for all purposes.

 

e.     The headings of this Agreement are inserted for the purpose of organizing the contents of the Agreement and are not intended to affect the meaning or interpretation of this Agreement.

 

f.      No amendment to this Agreement shall be valid unless it is made in writing and signed by the Parties, upon prior approval of the Board of Directors of the Parties. Any waiver by one of the Parties regarding the duties or commitments of any other Party shall apply exclusively in connection with that specific duty or commitment, and shall not be extended, nor shall it constitute a precedent binding the Party or Parties to a similar behavior in connection with other obligations or commitments.

 

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g.     If any term or provision of this Agreement is determined to be invalid or unenforceable, such invalidity or unenforceability shall not affect the validity of the Agreement.

 

h.    All the terms specified in the Agreement shall be calculated based on calendar days. If any expiration operates on a non-business day it shall be extended to the first following business day.

 

i.        The Agreement shall be governed and construed according to the laws of Argentina, without giving effect to its choice-of-law rules.

 

j.       Any dispute arising from, or related to, the execution, interpretation or performance of this Agreement shall be negotiated in good faith by the Parties. In the event the Parties fail to resolve the dispute through negotiation, upon request of any of the Parties the dispute shall be resolved by the Arbitration Tribunal of the Buenos Aires Stock Exchange (Tribunal de Arbitraje de la Bolsa de Comercio de Buenos Aires), who shall act in accordance with the rules of arbitration, and whose arbitration award shall be final and non-appealable

 

k.    The Parties have jointly participated in drafting this Agreement; thus, in case of ambiguity or any other circumstance requiring interpretation of its provisions, no assumption derived from the authorship of the Agreement shall benefit or harm any of the Parties.

 

l.        Unless otherwise expressly provided for in the Agreement, it shall be understood that: (i) any reference to the singular includes the plural and vice versa; (ii) any reference to the masculine gender includes the feminine gender and vice versa; (iii) any reference to a specific law includes the rules or supplementary legislation passed in connection with the mentioned legislation; and (iv) the term “including” or similar terms constitute an exemplification or list of examples.

 

m.     Any notice or communication given by the Parties in connection with this Agreement shall be made in writing, to the Individual Responsible Parties and delivered in person with acknowledgment of receipt, by means of electronic mail or by registered letter or by any other effective means enabling the determination of reception date and content of notice or communication. A copy of any notice shall be delivered to the General Coordinator.

 

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n. Notices or communications shall be deemed to have been given on the date of reception thereof by addressee. The Parties constitute their legal domicile, which shall be valid for all notices, at the addresses stated above.

 

	
 
    	
 
    	
 
    
	
By Cresud
    	
By Irsa
    	
By APSA
    

 

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Annex I

 

Description of Corporate Service Exchange Areas

 

Human Resources

 

The Human Resources area provides Human Resources Administration and Management services to Parties.

 

Human Resources administration involves activities such as payroll settlement, personnel administration, charities, benefits and labor relations.

 

Human Resources management involves personnel recruitment, selection, training, turnover, and related activities.

 

Finance

 

The Finance area provides Investors-Capital Markets Relations services and overall finance in connection with financial operations.

 

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Institutional Relations

 

The Institutional Relations area provides services such as development and control of advertising, diffusion and marketing actions, media relation, article preparation, brochures, and related activities to Parties.

 

Administration

 

The Administration area is responsible for supervising all accounting transactions carried out by Parties. It is responsible for the budget and management control of companies, including as main activities, preparation of financial statements, administration of taxes, supervision of payment to providers and collection from customers.

 

IT

 

The IT area provides IT structure maintenance, support and update services to Parties.

 

Support and maintenance at user level, helpdesk, safety and security measures, and related activities.

 

Infrastructure and communication maintenance, update and support.

 

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Insurance

 

The Insurance area manages the insurance coverage of Parties’ assets and is in charge of the negotiation, purchase and follow-up of policies, of dealing with losses as regards coverage collection, etc.

 

Procurement

 

The Procurement area is responsible for obtaining the good and/or service which best fits the use it shall be given, at the lowest cost and within the delivery term required by user.

 

Furthermore, it shall provide the necessary means to obtain an adequate financing of purchases by providers.

 

Paperwork

 

The Paperwork area provides internal and external documentation remittance and delivery services, procedures, paperwork, etc.

 

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Director Secretaries

 

It involves appointment of secretaries of Parties’ directors.

 

Contracts

 

The Contracts area provides assistance in the preparation, analysis and response of legal documents, agreements, petitions, etc.

 

Operations

 

The Operations sector provides surveillance, maintenance and works control / supervision services to the Parties.

 

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Annex II

 

Cost Allocation Bases

 

	
Cost Center
    	
 
    	
Allocation Method
    
	
 
    	
 
    	
 
    
	
Human Resources
    	
 
    	
Number of Files
    
	
 
    	
 
    	
 
    
	
Finance
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Financial Operations
    	
 
    	
Financial Assets and   Liabilities
    
	
 
    	
 
    	
 
    
	
Relationship with   Investors
    	
 
    	
Net worth and   Outstanding Shares
    
	
 
    	
 
    	
 
    
	
Institutional Relations
    	
 
    	
Task Distribution
    
	
 
    	
 
    	
 
    
	
Administration
    	
 
    	
Payment and Collections
    
	
 
    	
 
    	
 
    
	
IT
    	
 
    	
Desktops and Licenses
    
	
 
    	
 
    	
 
    
	
Insurance
    	
 
    	
Insured amounts and   volume of losses
    
	
 
    	
 
    	
 
    
	
Procurement
    	
 
    	
PO number and amount
    
	
 
    	
 
    	
 
    
	
Paperwork
    	
 
    	
Amount of paperwork
    
	
 
    	
 
    	
 
    
	
Director Secretaries
    	
 
    	
Appointed Companies
    
	
 
    	
 
    	
 
    
	
Contracts
    	
 
    	
Task Distribution
    
	
 
    	
 
    	
 
    
	
Operations
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Security
    	
 
    	
Per hours
    
	
 
    	
 
    	
 
    
	
Maintenance
    	
 
    	
Per area
    
	
 
    	
 
    	
 
    
	
Works
    	
 
    	
Per hours and area
    
	
 
    	
 
    	
 
    
	
Management
    	
 
    	
Per hours and area
    

 

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SIGNATURES

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Buenos Aires, Argentina.

 

	
 
    	
IRSA Inversiones y   Representaciones Sociedad Anónima
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/S/ Saúl Zang
    
	
 
    	
Name:
    	
Saúl Zang
    
	
 
    	
Title:
    	
Vice Chairman of   the Board of Directors
    
				

 

Dated: October 11, 2004Exhibit 10.2

 

TRADUCCIÓN PÚBLICA

SWORN TRANSLATION

 

[All pages are initialized.]

 

AGREEMENT FOR THE IMPLEMENTATION OF AMENDMENTS TO THE

CORPORATE SERVICES MASTER AGREEMENT

 

Agreement made in the City of Buenos Aires on the 23rd day of August of 2007 by and between:

 

(i) CRESUD S.A.C.I.F. y A., domiciled at Moreno 877, Piso 23 in the Autonomous City of Buenos Aires, represented hereat by Messrs Eduardo Sergio ELSZTAIN and Saúl ZANG in their capacities as Attorneys-in-fact (hereinafter “CRESUD”) as party of the one part;

 

(ii) Alto Palermo S.A. (APSA), domiciled at Moreno 877, Piso 21 in the Autonomous City of Buenos Aires, represented hereat by Messrs Alejandro Gustavo ELSZTAIN and David Alberto PEREDNIK in their capacities as Attorneys-in-fact (hereinafter “APSA”), as party of the second part, and

 

(iii) IRSA Inversiones y Representaciones Sociedad Anónima, domiciled at Bolívar 108, Piso 1o in the Autonomous City of Buenos Aires and having established domicile for purposes hereof at Moreno 877, Piso 22 in the Autonomous City of Buenos Aires, represented hereat by Messrs Oscar Pedro BERGOTTO and Gastón Armando LERNOUD in their capacities as Attorneys-in-fact, as party of the third part (hereinafter “IRSA” and collectively with CRESUD and APSA designated as “THE PARTIES”);

 

WHEREAS

 

(i) On June 30, 2004 THE PARTIES executed a Master Agreement for the Exchange of Corporate Services (hereinafter “the Master Agreement”);

 

(ii) To facilitate the attainment of the purpose of the Master Agreement dated September 26, 2005, SAP Argentina S.A. and APSA executed the License Agreement for SAP Software End Users (hereinafter the “SAP Agreement”) as well as all amendments and supplementary documentation and also on that date IBM Argentina S.A. and APSA entered into an Agreement for the SAP R/3 Implementation Project (hereinafter the “Implementation Agreement”). Said agreements were executed in the following proportions: 51.40% by APSA in its own name and for its own benefit, 23.30% by APSA on behalf of IRSA and 25.30% by APSA on behalf of CRESUD;

 

(iii) As a result of the implementation of the SAP Software THE PARTIES adopted, amongst other changes, the automation of the Distribution Process as well as the accrual-basis accounting method abandoning the cash-basis accounting method for the calculation and settlement of Corporate Services;

 

 

(iv) THE PARTIES have entrusted Deloitte & Co. S.R.L. (hereinafter “Deloitte”) with the half-yearly review and assessment of the criteria used in the process to calculate and settle Corporate Services, as well as the Distribution Bases and the supporting documentation applied in such procedure which review is reflected in a half-yearly report;

 

(v) As a result of the experience gained with the implementation of the Master Agreement based on an Implementation Manual in due time prepared by Deloitte, which is currently also working on an update thereto, THE PARTIES have incorporated certain changes as hereinbelow described;

 

(vi) Given this context and heeding Deloitte’s recommendations, certain operational changes have been implemented in the Areas of Exchange of Corporate Services and the Cost Distribution Bases starting in January 2005, which THE PARTIES wish to acknowledge in writing;

 

(vii) The Board of Directors of THE PARTIES have approved the AGREEMENT FOR THE IMPLEMENTATION OF AMENDMENTS TO THE CORPORATE SERVICES MASTER AGREEMENT (hereinafter the “Agreement”) on August 17, 2007;

 

(viii) Additionally, THE PARTIES consider that the Agreement does not match the provisions under Section 73 of Decree 677/01 and they represent that they have notified the Audit Committee of the execution of the Agreement.

 

NOW IN CONSIDERATION OF THE FOREGOING, THE PARTIES execute this Agreement subject to the following terms and conditions:

 

ONE: THE PARTIES ratify that the Areas (as defined in the Master Agreement) and the calculation method applicable to the Exchange of Operational Services (also as defined in the Master Agreement) have been changed as from the dates listed below, amending therefore Exhibits I and II to the Master Agreement as per the following detail:

 

	
 
    	
(i)
    	
Starting in   January 2005, a decision was made to include the Internal Audit   Department within the Areas mentioned in Exhibit I to the Master Agreement   and therefore also in Exhibit II.
    
	
 
    	
(ii)
    	
Starting in   July 2005, a decision was made to include the Corporate Services   Department within the Areas mentioned in Exhibit I to the Master   Agreement and therefore, also in Exhibit II.
    
	
 
    	
(iii)
    	
Starting in   January 2005, a decision was made to exclude “Secretaries to the   Directors” from the Areas mentioned in Exhibit I and therefore also from   the Exhibit II to the Master Agreement.
    

 

 

	
 
    	
(iv)
    	
Starting in   July 2006, a decision was made to modify the distribution method   applicable to the Finance Area of Exhibit II in a manner such that as   from that date it should be made up as detailed in the new Exhibit II.
    
	
 
    	
(v)
    	
Starting in   July 2006, a decision was made to modify the distribution method   applicable to the Works control and supervision services in the Operations   Area of Exhibit II in a manner such that starting that month it shall be   made up as detailed in new Exhibit II.
    

 

In consideration of the foregoing, the PARTIES hereby put on record that, subject to the clarifications detailed in the preceding sub-sections and for purposes of updating Exhibits I and II, they shall read as hereto attached.

 

TWO: THE PARTIES agree to amend Section Three of the Master Agreement in a manner such that starting on the date hereof, the following individuals have been designated as Individual In-charges: Gabriel Adolfo Gregorio Reznik to substitute for Clarisa Diana Lifsic de Estol for CRESUD and Cedric Bridger to substitute for Gabriel Adolfo Gregorio Reznik for IRSA.

 

THE PARTIES furthermore confirm that Abraham Perelman continues as APSA’s Individual In-charge.

 

THREE: THE PARTIES represent that all the sections of the Master Agreement that have not been amended pursuant to this Agreement continue to be fully in force.

 

In witness whereof, this Agreement is executed in three (3) copies of the same tenor and to a single effect in the place and on the date first written.

 

CRESUD S.A.C.I.F.y A.

 

[illegible signature] / [illegible signature]

Attorneys-in-fact

 

IRSA Inversiones y Representaciones Sociedad Anónima

 

[illegible signature and seal reading “Oscar Pedro Bergotto, Attorney-in-Fact”] /[illegible signature]

Attorneys-in-fact

 

 

Alto Palermo S.A. (APSA)

 

[illegible signature] /[illegible signature]

Attorneys-in-fact

 

 

Exhibit I

 

Description of Corporate Services Exchange Areas

 

Human Resources

 

The Human Resources sector renders to THE PARTIES the service consisting in Human Resources Administration and Management. Human Resources Administration spans payroll calculation activities, personnel administration, solidarity issues, benefits and labor relationships.

 

Human Resources Management includes personnel recruitment, selection, training, job rotation and related activities.

 

Finance

 

The Finance sector renders to THE PARTIES the service consisting in Investor Relations, Capital Markets and general finance in relation to financial transactions.

 

Institutional Relations

 

The Institutional Relations sector renders to THE PARTIES the service consisting in the development and control of advertising, broadcasting and marketing actions, relations with the media, preparation of articles, brochures and related activities.

 

Administration

 

The Administration sector controls all the accounting transactions of THE PARTIES. It is responsible for the companies’ management control and budget, and its main activities consist in the preparation of the financial statements, tax management, supervision of accounts payable and collections.

 

Information Technology

 

The IT sector renders to THE PARTIES the service consisting in maintaining, supporting and updating the IT structure.

 

Support and maintenance at the user level, help desk, back-up and security issues as well as all related activities.

 

Updates, control and follow-up of software licenses.

 

Maintenance, updates and support for infrastructure and communications aspects.

 

 

Insurance

 

The Insurance sector is in charge of managing THE PARTIES’ assets’ coverage by negotiating, acquiring and monitoring insurance policies, dealing with claims in terms of coverage, collection, etc.

 

Purchases

 

The Purchases sector is in charge of acquiring the goods and/or services that are most adequate to the intended use, at the lowest cost and in compliance with the deadline set by users.

 

Furthermore, it takes all necessary measures to obtain the adequate supplier financing for any such purchases.

 

Errand Running Service

 

The Errand Running Service renders to THE PARTIES the service consisting in sending and distributing internal and external documentation, menial procurements, going on errands, etc.

 

Contracts

 

The Contracts sector renders to THE PARTIES the service consisting in aid to the preparation, analysis and response to legal briefs, agreements, official letters, etc.

 

Operations

 

The Operations sector renders to THE PARTIES the services consisting in surveillance, maintenance and control/supervision over works.

 

Internal Audit

 

The Internal Audit sector renders to THE PARTIES the services consisting in operational review and control.

 

Corporate Services Department

 

The Corporate Services Department renders to THE PARTIES the service consisting in the operational coordination of the Finance, Contracts, Human Resources, Purchases/Insurance, Administration/IT, Operations, Internal Audit, Errand Running Service and Institutional Relations departments.

 

 

Exhibit II

 

Cost Distribution Bases

 

	
 
    	
 
    	
Cost Center
    	
 
    	
Distribution Method
    	
 
    
	
 
    	
 
    	
Human Resources
    	
 
    	
Number of employees (headcount) under its   administration and management.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 

 

 

Finance    

Each one of the   sectors is weighed at 25%.
    	
 
    	
Capital Markets
    	
 
    	
Financial transactions outstanding as of the closing   date by 40% and the amount of transactions conducted over the last 180/360   days weighed at 60%.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
Relations with Investors
    	
 
    	
Number of shareholders as registered with the   Nasdaq, the volume of shares traded in US$as well as market capitalization   (the price of the shares as quoted by the number of outstanding shares) with   the price diluted as of the closing date. The three variables are weighed at   equal parts (33)%.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Financial Risk
    	
 
    	
Number of transactions analyzed, valued and   consummated and their amount in US$. Both variables are weighed at equal   parts (50)%.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Financial Administration
    	
 
    	
Total assets weighed at 40% and total liabilities   weighed at 60%.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Institutional Relations
    	
 
    	
Tasks performed and the time spent in each.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Administration
    	
 
    	
Amount and number of payments and collections.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
IT
    	
 
    	
Number of desktops, licenses, volume of PCs and   servers.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Insurance
    	
 
    	
Insured amounts and volume of losses. Both variables   weighed at equal parts (50)%.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Purchases
    	
 
    	
Purchase orders by weighing their volumes and   amounts.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Errand Running Service
    	
 
    	
Number of errands run.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Contracts
    	
 
    	
Tasks performed and the time spent in each.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Operations
    	
 
    	
Security
    	
 
    	
By the hour.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
The three variables are averaged (mix).
    	
 
    	
Maintenance
   Works
    	
 
    	
By surface area.
   By the hour.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Internal Audit
    	
 
    	
Tasks performed and the time spent in each.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Corporate Services Department
    	
 
    	
Average based on the use by each company of the   corporate areas.
    	
 
    

 

THIS DOCUMENT, CONSISTING OF 7 (seven) PAGES, IS A TRUE AND ACCURATE TRANSLATION into English of the document in Spanish I have had before me in Buenos Aires, on this 29th day of November, 2007.

 

[For authentication purposes only:]

 

ESTE DOCUMENTO, COMPUESTO DE 7 (siete) PÁGINAS, ES TRADUCCIÓN FIEL al inglés del documento adjunto redactado en idioma castellano que he tenido ante mí y al cual me remito en Buenos Aires, a los 29 días de noviembre de 2007.

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