The present dynamics of the market creates the need for an efficient and competitive organization with a high professional level in all our company's departments. Our expertise has turned Allaria Ledesma & Cia Sociedad de Bolsa, S.A. into one of the market's leaders. Our high level of participation in brokerage transactions and market instruments is the result of our experience and of the trust that our company inspires our private, institutional and corporate clients including brokers and foreign banks, insurance local companies, mutual funds and a diverse range of companies who choose us to manage their excess liquidity plus a large number of individuals who trust us to safeguard and grow their savings.

Being aware of our strengths, we offer personalized services which comprise a wide variety of financial advice, ranging from recommendations or answers to inquiries (both periodically or on request) to the discretional management of our clients' portfolios, complemented with the custody of securities as depositary of Caja de Valores.

Each client is assigned to an account officer who is in charge of informing and advising them about the best investment alternatives, and of monitoring the client's assets portfolio on a periodic-basis.
This profile has favored the building of a broad base of individual clients, of which we are very proud.

We have successfully taken part, as sellers, in the initial public offering of some privatized companies and of newly listed companies such as SIDERAR, in two of whose public offerings we were ranked as top sellers to retail investors. We were also distributors of Pan American Energy's Negotiable Obligations, placing such obligations with individual and institutional investors (AFJPs). Recently, our Capital Markets Department has become an active participant in the organization and emission of Commercial Papers of small and medium companies, and has also strengthened our leadership in the distribution of structured products and Trusts.

Regarding brokerage transactions, we trade all the authorized stocks and instruments, on the trading floor and the continuous market through electronic means (SINAC system). We provide an agile and transparent on-line trading service. We also offer an expeditious cross-board service by means of our electronic terminals, which link us to world markets (NYSE, NASDAQ, AMEX, LATIBEX). In this Spaniard market, we are the only authorized operator.
We also have international links with foreign capital markets and receive advice and information about these markets and the management of world portfolios.

Our computer and communication infrastructure has been designed to supply top quality services. The volume of transactions we manage is increasing steadily, as evidenced by our position in the MERVAL's brokers ranking.

Since information and market analysis are our permanent concern, we have developed a Research Department that meets our clients' needs by constantly seeking a more efficient use of all available instruments (options, futures, indices and ETFs) so as to optimize the risk-return ratio of our clients' portfolios and by underlining the business opportunities offered by local and international markets, adjusting them to each investment profile.

Our analysts staff offers advice by means of market report meetings, monthly reports on economic, political and financial news and periodic reports on the main listed companies, which have great impact on the local and international markets.
The fundamental analysis of markets and companies is completed by the technical monitoring of all market-related information.

We also attach great value to the direct contact with the management of listed companies' achieved by a long-standing coverage of said companies and by attending shareholders' meetings regularly.

Service, Reliability, Professionalism and Respect are not mere slogans to Allaria Ledesma & Cia Sociedad de Bolsa, S.A. They stand for our own particular style and they are a guide to face a challenging future.