Circular Letter Nº 177 "SII, rendered null and void Resolution Nr 39 of 16th December, 2002"

Additionally to former communications sent by Depósito de Valores (DCV), we hereby reiterate that by means of Exempt Resolution Nr 83 of 18th May, 2010, the Internal Revenue Service, hereinafter Servicio de Impuestos Internos, SII, rendered null and void Resolution Nr 39 of 16th December, 2002 which, according to Circular Nr 82 and for the purposes considered by Ex. Resolutions Nrs. 64 and 65, laid down that Stock Companies and Partnership limited by shares should consider shareholders’ record with current legislation on the indicated date in final subsection of Article 81, Law N. 18,046 regarding Stock Companies, updated with all lease transactions shedding light on the transfer of shares with dividend right.

By virtue of SII Resolution 39 repeal, dividends distributed since 1st of January, 2010, (Tax Year 2011), will be located among shareholders registered up to the closing date, that is, the fifth working day before respective dividend payment day in the Shareholder Register or in the Special Register that all entities of values on account of third parties yet on its own name with the identification of individual member/s have.

Due to the above, DCV has made appropriate adjustments to its systems.

Yours faithfully,