Opening of the “PyMEs Board” and establishment of the “Market Maker of PyMEs Companies”

Notwithstanding the PyMEs Board was created in November 2002 by means of Resolution No 2 issued by the Buenos Aires Stock Exchange on November 27, 2002, the official opening of such board occurred last December 5 with the listing of the stocks of Insuagro and Dacsa.

The purpose of the PyMEs Board is to facilitate the financing of PyMEs at the capital market easing the development of the PyMEs activities and projects by means of the placement and trading of the PyMEs capital stock.

The Stock Market of Buenos Aires (Mercado de Valores de Buenos Aires S.A.)(“Merval”) has created the concept of market maker of the small and medium size companies (the “Market Maker”) in order to promote the PyMEs Board and give liquidity to the transactions with securities in the local market. On December 4, 2006 the ‘Comisión Nacional de Valores’ (Argentine equivalent to the United States SEC)approved Circular No 3514 issued by the Merval in connection with the Market Maker (the “Circular”) which is effective since December 5, 2006.

The Market Maker, a concept already existing in Brazil but unknown in Argentina and in most of Latin-American countries, should maintain simultaneously in all stock exchange operations offers for the purchase and sale of the securities quoted in the PyMEs Board in order to allow the liquidity of these securities.

Market Makers shall be Broker Dealers and Broker Companies authorized by the Board of Directors of the Merval and will be included in a record of Market Makers maintained by the Merval (the “Record”) upon the compliance with the requirements established by the Circular and future regulations. The Merval will also keep and publish this Record. Authorized Market Makers must guarantee their presence at all trading floors of the securities quoted in the PyMEs Board.

Merval Board of Directors could select one or more Market Makers for each type of security quoting in the PyMEs Board and could also authorize a Broker Dealer or Broker Company to act simultaneously as Market Maker for different types of PyMEs. According to the Circular, the Market Maker will be obliged for the minimum amount $ 5,000 per offer.

The selection process will be resolved taking into account the minor percentage difference between the purchase and sale offers filed by all interested parties. Once approved, this percentage will be the maximum percentage to be used to fix the price of the purchase and sale offers and will be applied to the last traded price. Additionally, this maximum percentage should be informed by the Merval to the different participants of such markets.

Periodically, or at the Market Makers’ request, the Board of Directors could approve and modify the percentage offered by the Market Maker. If the percentage offered is not approved, Merval Board of Directors could make a new selection between the others Market Makers included in the Record. Moreover, such Board could cancel the registration and exempt the Broker Dealer or Broker Company from its obligations, if requested, and will call any other Market Maker included in the Record in order to fill the vacancy.

Finally, in order to promote the listing of PyMEs capital stock and quotation in the PyMes Board, the Buenos Aires Stock Exchange issued Resolution No 6/2006 dated July 26, 2006 under which it resolved to grant an extraordinary and limited discount over the publication fees to those PyMEs that, as of June 1, 2006 were under the process of obtaining the listing authorization or to those PyMES which would request authorization before May 31, 2007.