- Page 1: United States SECURITIES AND EXCHAN
- Page 5 and 6: (d) Selling Shareholders...........
- Page 7 and 8: DISCLOSURE REGARDING FORWARD-LOOKIN
- Page 9 and 10: differences between the tax basis a
- Page 11 and 12: CPCECABA issued revised accounting
- Page 13 and 14: As of and for the year ended June 3
- Page 15 and 16: Exchange Rates In April 1991, Argen
- Page 17 and 18: stabilized. However, inflationary p
- Page 19 and 20: Additional controls could have a ne
- Page 21 and 22: located. All of our shopping center
- Page 23 and 24: Our ability to grow will be limited
- Page 25 and 26: We are subject to great competitive
- Page 27 and 28: • adverse changes in the regional
- Page 29 and 30: Due to the currency mismatches betw
- Page 31 and 32: ITEM 4. Information on the Company
- Page 33 and 34: During fiscal year 2007 we had capi
- Page 35 and 36: company primarily engaged in the ac
- Page 37 and 38: (3) We have a 85% equity interest i
- Page 39 and 40: Alto Palermo.......................
- Page 41 and 42: Tenant mix of Abasto The following
- Page 43 and 44: The following table describes Alto
- Page 45 and 46: Alto Avellaneda’s five largest te
- Page 47 and 48: Buenos Aires Design, City of Buenos
- Page 49 and 50: Lease expirations for Buenos Aires
- Page 51 and 52: Revenues from admission rights (2)
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following periods: Revenues: 53 Fis
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Type of Business Gross Leasable Are
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Tenant Type of Business Gross Lease
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The following table sets forth cert
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Residential Complexes Torres de Aba
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We manage and operate each of the s
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Related Business Credit Card Operat
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The table below sets forth informat
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Portfolio Status 69 As of June 30,
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71 As of June 30, 2005 2006 2007 (i
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Company Shopping Center Location (1
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Company Shopping Center Location (1
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Ps.200,000 and 90 percent of purcha
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On February 4, 2003, the Executive
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ecognized professional organization
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(1) We own a 100% interest in Empal
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The following Operating and Financi
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Impairment of long-lived assets As
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notes (the "Convertible Notes") in
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abolished the fixed parity between
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A general description of each segme
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As of and for the year ended June 3
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Operating Results Fiscal Year 2007
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Gross Profit Due to the factors abo
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Credit Card Operations. Selling exp
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2006 to a net loss of Ps.19.5 milli
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consequence of the sale of the Alco
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elated to the increase of our reven
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from the same segment. Operating in
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Revenues increased 60.7%, from Ps.
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fiscal year ended June 30, 2005. Th
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to the previous period. Other. Admi
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majority of which is held by our ma
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Fiscal Year 2006. The net cash used
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Convertible Notes due 2014 On Augus
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Neuquén Project. On September 20,
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advertising campaigns at the nation
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of Banco Hipotecario, E-Commerce La
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Puerto Retiro S.A., Tarshop S.A. an
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Name Date of birth Position 131 Cur
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Audit Committee In accordance with
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conditions were left unchanged. The
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B. Related Party Transactions Lease
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The Convertible Notes originally ma
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the shopping center. On August 15,
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Year declared Cash dividends Stock
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Fiscal Year 2005 Buenos Aires Stock
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MERVAL The MERVAL is a corporation
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August 28, 2087. Article 4 of our b
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supervisory committee; • dividend
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A shareholder who votes on a matter
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NASDAQ Standards for U.S. companies
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NASDAQ Standards for U.S. companies
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• Argentine individuals and compa
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has to be made with the resulting p
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• a dealer in securities or curre
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• are obligated to make payments
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of holding the shares or ADS if we
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Minimum Presumed Income Tax (Impues
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Interest Rate Risk Our exposure to
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expenses in Ps. 0,3 million annuall
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ITEM 12. Description of Securities
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engagements, such as the review of
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Santander Río S.A. as Registrar, P
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Alto Palermo S.A. (APSA) Index to C
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ASSETS Alto Palermo S.A. (APSA) Con
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Alto Palermo S.A. (APSA) Consolidat
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Supplemental cash flow information
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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3. Significant accounting policies
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3. Significant accounting policies
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3. Significant accounting policies
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3. Significant accounting policies
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4. Breakdown of the main captions a
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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5. Shareholders' equity a. Common s
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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9. Segment information General info
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9. Segment information (continued)
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Assets 10. Additional information o
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13. Earnings per share Alto Palermo
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Alto Palermo S.A. (APSA) Notes to t
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18. Subsequent events (continued) T
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Alto Palermo S.A. (APSA) Notes to t
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Properties: Principal account 20. O
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20. Other financial statement infor
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Alto Palermo S.A. (APSA) Notes to t
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20. Other financial statement infor
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DOCUMENT 25,257,215 - Florida 537 -
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-----------------------------------
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U.S. Trust Indenture Act Section Ce
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Note: This reconciliation and tie s
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Table of Contents (Continued) ARTIC
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Table of Contents (Continued) Secti
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convertible, at any time, at the op
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“Argentine GAAP ” has the meani
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Settlement Date”); provided furth
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the date of such determination (the
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agreement executed in connection wi
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include any principal or other amou
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“Payment Date” means, with resp
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“Rating Agency” means any one o
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custodian for DTC, and registered i
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(1) the then outstanding aggregate
- Page 303 and 304:
permitted by applicable law, the Se
- Page 305 and 306:
available funds to the Trustee, for
- Page 307 and 308:
(7) the right or obligation, if any
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NEWYORK 6033603 v8 (2K) 27
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the principal amount of Securities
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NEWYORK 6033603 v8 (2K) 30
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authenticate and deliver or cause t
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nothing herein shall prevent APSA,
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The Trustee or Transfer Agents shal
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payment, transfer or exchange, in a
- Page 323 and 324:
pursuant to this Section 3.4(b) or
- Page 325 and 326:
fiduciary or partnership or limited
- Page 327 and 328:
NEWYORK 6033603 v8 (2K) 43
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Section 3.12. Other Information. Fo
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(h) Indebtedness arising from the h
- Page 333 and 334:
(in integral multiples of US$1,000)
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accordance with the terms thereof,
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and payable on any such Security fo
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Section 4.6. Limitations on Suits b
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Section 4.9. Control by Securityhol
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(4) none of the provisions containe
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compensation of a trustee of an exp
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NEWYORK 6033603 v8 (2K) 61
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predecessor Trustee shall apply onl
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governing the exercise of the right
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irrevocable once given and will be
- Page 355 and 356:
and the names and addresses of Hold
- Page 357 and 358:
therein, shall not, however, in any
- Page 359 and 360:
Section 8.1. APSA May Consolidate,
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egistration of transfer, exchange a
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If less than all the Securities of
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shall be entitled to accept such ce
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Section 3(a)(2) of the Securities A
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(k) APSA shall have paid the Truste
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sufficiently given or made, for all
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Any certificate or opinion of any i
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NEWYORK 6033603 v8 (2K) 88
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IN WITNESS WHEREOF, the parties her
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Exhibit A Page 2 THAT IT WILL NOTIF
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and Conditions ”) and the terms a
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Exhibit A Page 6 IN WITNESS WHEREOF
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Date NEWYORK 6033603 v8 (2K) Princi
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Exhibit B Page 2 THE FOREGOING LEGE
- Page 389 and 390:
As used herein, the term “Holder
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NEWYORK 6033603 v8 (2K) [ATTACH TER
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transfers unto FORM OF TRANSFER [In
- Page 395 and 396:
FORM OF REVERSE OF SECURITIES—TER
- Page 397 and 398:
Interest Rate General Exhibit C Pag
- Page 399 and 400:
Exhibit C Page 5 Currency amounts u
- Page 401 and 402:
Exhibit C Page 6 respect to such In
- Page 403 and 404:
Exhibit C Page 8 Interest Reset Dat
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NEWYORK 6033603 v8 (2K) 9
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Exhibit C Page 11 Additional Amount
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Exhibit D Page 2 (4) the additional
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(3)no directed selling efforts have
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Exhibit F Page 2 This certificate a
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(iv) THE PARTIES have entrusted Del
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Alto Palermo S.A. (APSA)-----------
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Insurance -------------------------
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I, Alejandro G. Elsztain, certify t
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EXHIBIT 13.1 CERTIFICATION OF CHIEF