2007 results were highly positive both for our Firm and for the accountancy profession in general. Our fee turnover exhibits growth of 33%, derived from the expansion of our client portfolio. A large number of companies recognized in us the right option because of our sound skills in international practices –a key element in today's increasingly globalized environment– which are successfully matched with a local approach. At BDO Becher we are well aware of Argentina 's reality and our service focus takes into consideration the expectations, opportunities and threats of this scenario and their impact on business.

We are quite pleased with the expansion rate achieved while following strategic guidelines adopted back in 2001, when we committed ourselves to position our Firm as the only valid alternative to the 4 large accounting organizations. However, it is important to say that strategy has not only allowed us to meet our objective but has also kept us alert and aware of developments in the arena where we operate. Indeed, in 2008 we will conduct a strategic revision of our Firm and our services' market positioning to ensure that they are adequately geared to convey our Vision.

Turning to organizational issues, today the 12 practice areas rendering clients' services and the 5 departments providing internal support at BDO Becher possess consolidated structures and enjoy enough independence ensuring prompt action for decision making, always upholding our distinctive work style.

Our professional skills and capacity are refected not only in our services but also through our executives' prestige and involvement in academic and professional bodies.

Our people will be a major focus for management's responsibilities in 2008. Every action will be fostered to attract and retain talented professionals willing to develop their careers in a Firm that provides a consistent response to their present contribution, trains and allows them to grow in an environment which honors personal commitments and values respect for rules and people.

Leading a workteam of 404 professionals and staff who know that they are part of an agreed project involves a great responsibility and a great satisfaction. We are proud to say that, far from any improvisation, we have managed to consolidate a style which has successfuly led our Firm for 34 years.

Buenos Aires, April 2007.

Eduardo Becher - Managing Partner
BDO Becher & Asociados S.R.L.