1. The Argentine experience Nexia Umbrella group meeting 15 - 16 March 2012 - London Nexia Umbrella: Argentina | © KINE Consulting – Bavastro, Delavault & Asociados

2. Content Our organization. Why we have an Umbrella. Practice and territory coverage. Our legal entity profile. Success stories. Nexia Umbrella group meeting 15 - 16 March 2012 - London Nexia Umbrella: Argentina | © KINE Consulting – Bavastro, Delavault & Asociados

3. Our organization Nexia Umbrella group meeting 15 - 16 March 2012 - London NEXIA in Argentina Abelovich, Polano & Asociados NEXIA Argentina Umbrella (Since 1993) Independent firms (Since Dec. 2007) José Piccardo & Asociados Nexia Umbrella: Argentina | © KINE Consulting – Bavastro, Delavault & Asociados

4. Why we have an Umbrella Nexia Umbrella group meeting 15 - 16 March 2012 - London Our country geography +40 Mill. inhabitants 2.8 Mill sq. km. Macroeconomics 70% economic activity and population located in central region. Top 1000 enterprises = 70% GDP S&MB: +27000 with turnover between 0,25MUSD and 35MUSD Microeconomics Expansion costs optimization. Ability to detect business opportunities Regional economic specialisation: agribusiness, mining, services and manufacturing. Nexia Umbrella firms offices Jurisdictions served by Nexia Umbrella firms Nexia Umbrella: Argentina | © KINE Consulting – Bavastro, Delavault & Asociados

5. Practice and territory coverage Nexia Umbrella group meeting 15 - 16 March 2012 - London Bavastro Delavault & Asociados Brihet & Asociados Mladineo & Asociados KINE Consulting Dell’Aqua López & Asociados Chiarotti Consulting Palumbo Nieto & Asociados Hector Nervi & Asociados Audit Tax Forensic accounting Insolvency Audit Tax Litigation support Audi Tax Corp. Governance Corporate Finance Operations Mgnt. IT leverage Value creation Audit Tax Audit Tax Corporate Finance Audit Tax Insolvency Audit Tax NEXIA Umbrella Organization City of Buenos Aires Suburbs of City of Buenos Aires Whole country Province of Buenos Aires (excluding suburbs of City of Buenos Aires Province of Santa Fe Province of Córdoba Province of Mendoza Province of Río Negro Province of Chubut Practice Territory City of Buenos Aires Suburbs of City of Buenos Aires Province of La Pampa City of Buenos Aires Suburbs of City of Buenos Aires Nexia Umbrella: Argentina | © KINE Consulting – Bavastro, Delavault & Asociados

6. Our legal entity profile Nexia Umbrella group meeting 15 - 16 March 2012 - London Government boards and operating procedures BeforeToday Executive Board 5 members –partner of firms 2 years – 2 periods maximum Frequency meetings (physical presence) Frequency meetings (conference call) Yes All BA city firms Ad hoc Yes All country Quarterly Monthly General Partners Meeting: voting power 1 vote per firm 1 vote per ARS100K Yes No Yes Expense contribution: Based on each firm turnover Yes Technical committeesAd hocPermanent Nexia Umbrella: Argentina | © KINE Consulting – Bavastro, Delavault & Asociados

7. Success stories Nexia Umbrella group meeting 15 - 16 March 2012 - London Nexia Umbrella: Argentina | © KINE Consulting – Bavastro, Delavault & Asociados Case Source firm Umbrella BD&AKINEPN&AHN&A Andes Energia plc. – Listing in AIM (2007) Field work in Province of Mendoza Field work in Province of Chubut Short & Long Form Report Working Capital Report Andes Energia plc. – Double listing in BASE (2009 Oil & Gas investments valuation (2008, 2010) On going work Support review annual consolidated report Annual reconciliation AR GAAP vs IFRS Smith & Williamson XXXXXXXXXXXX XXXXXXXXXX XXXXXXXX X TELMEX Group Argentina – Post Merger Integration of 3 companies (voice, Data Center, e-business) (2007) Mladineo & Asociados X