Alto Palermo S.A. (APSA)

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Item 16.A. Audit Committee Financial Expert ..................................................... 176 Item 16.B. Code of Ethics ..................................................................................... 176 Item 16.C. Principal Accountant Fees and Services ............................................. 176 Item 16.D. Exemptions from the Listing Standards for Audit Committees.......... 178 Item 16.E. Purchase of Equity Securities by the Issuer and Affiliated Purchasers 178 Part III Item 17 Financial Statements ............................................................................................. 178 Item 18 Financial Statements ............................................................................................. 178 Item 19 Exhibits .................................................................................................................. 178 Signatures............................................................................................................... 180 6
DISCLOSURE REGARDING FORWARD-LOOKING INFORMATION The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward looking statements. This annual report includes forward-looking statements, principally under the captions “Summary” “Risk Factors,” “Operating and Financial Review and Prospects” and “Business Overview.” We have based these forward-looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Many important factors, in addition to those discussed elsewhere in this annual report, could cause our actual results to differ substantially from those anticipated in our forward-looking statements, including, among other things: Factors that could cause actual results to differ materially and adversely include, but are not limited to: • changes in general economic, business, political or other conditions in Argentina or changes in general economic or business conditions in Latin America; • changes in capital markets in general that may affect policies or attitudes toward lending to Argentina or Argentine companies; • changes in exchange rates or regulations applicable to currency exchanges or transfers; • unexpected developments in certain existing litigation; • increased costs; • unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms; and • the factors discussed under “Risk Factors”. You should not place undue reliance on such statements, which speak only as of the date that they were made. Our independent public accountants have not examined or compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such statements. These cautionary statements should be considered in connection with any written or oral forward-looking statements that we might issue in the future. We do not undertake any obligation to release publicly any revisions to such forward-looking statements after filing of this Form to reflect later events or circumstances or to reflect the occurrence of unanticipated events. CERTAIN MEASUREMENTS AND TERMS As used throughout this annual report, the terms “APSA”, the “Company”, “we”, “us”, and “our” refer to Alto Palermo S.A. (APSA), together with our consolidated subsidiaries, except where we make clear that such terms refer only to the parent company. In Argentina the standard measure of area in the real estate market is the square meter (m 2 ), while in the United States and certain other jurisdictions, the standard measure of area is the square foot (sq. ft.). All units of area shown in this annual report (e.g., gross leasable area of buildings and size of undeveloped land) are expressed in terms of square meters. One square meter is equal to approximately 10.764 square feet. As used herein: “GLA or gross leasable area”, in the case of shopping centers, refers to the total leasable area of the property, regardless of our ownership interest in such property (excluding common areas and parking and space occupied by supermarkets, hypermarkets, gas stations and co-owners, except where specifically stated). 7
Page 1 and 2: United States SECURITIES AND EXCHAN
Page 3 and 4: Table of Contents ALTO PALERMO S.A.
Page 5: (d) Selling Shareholders...........
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)
Page 53 and 54: following periods: Revenues: 53 Fis
Page 55 and 56: Type of Business Gross Leasable Are
Page 57 and 58:
Tenant Type of Business Gross Lease
Page 59 and 60:
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
Page 151 and 152:
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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3. Significant accounting policies
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4. Breakdown of the main captions a
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5. Shareholders' equity a. Common s
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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
Page 225 and 226:
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18. Subsequent events (continued) T
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Properties: Principal account 20. O
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20. Other financial statement infor
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20. Other financial statement infor
Page 271 and 272:
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
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permitted by applicable law, the Se
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available funds to the Trustee, for
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(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
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pursuant to this Section 3.4(b) or
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fiduciary or partnership or limited
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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
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(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
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and the names and addresses of Hold
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therein, shall not, however, in any
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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
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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
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FORM OF REVERSE OF SECURITIES—TER
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Interest Rate General Exhibit C Pag
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Exhibit C Page 5 Currency amounts u
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Exhibit C Page 6 respect to such In
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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
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Alto Palermo S.A. (APSA)

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