La cadena de valor de la maquinaria agrícola en Argentina

In October 2007, the Board of Directors and the Supervisory Board submitted a declaration of conformity according to Section 161 of the German Companies Act (AktG) regarding corporate governance and made this permanently available to the shareholders on the Balda AG website (http://www.balda.de).

AUDITOR’S FEE

With regard to the auditor of the annual report as defined in Section 319 para.1 sent. 1 and 2 HGB, the following fee has been duly registered for the financial year:

DECLARATION BY THE BOARD OF DIRECTORS

‘We guarantee to the best of our knowledge that, according to the applicable principles of accounting, the financial report provides an image of the asset, financial and income situation of the company corresponding to the actual situation, and the financial results and the situation of the company are represented in the in the management report such that an image is provided which corresponds to the actual situation, and the main chances and risks of the future development of the company are described.’

Bad Oeynhausen, 17 April 2008 The Board of Directors

Joachim Gut Dr Dirk Eichelberger

TEUR

For the audit 180

For other confirmation services 202

For other services 340

AUDITOR'S STATEMENT – GROUP

We have audited the consolidated financial statements pre- pared by Balda AG, Bad Oeynhausen, for the financial year spanning 1 January until 31 December 2007, consisting of the consolidated balance sheet, the consolidated income statement, the changes to equity, the cash flow statement and the consolidated notes as well as the Group annual report of Balda AG, which is summarised together with the company’s annual report. The preparation of the con- solidated financial statements and summarized annual report in accordance with the applicable rules of the IFRS and the EU and the supplementary provisions contained in Section 315a of the German Commercial Code (HGB), is subject to the responsibility of the company’s Supervisory Board. It is our responsibility, on the basis of the audit con- ducted by us, to present our evaluation of the consolidated financial statements and the summarised annual report. We conducted our consolidated annual audit in

accordance with Section 317 HGB and the principles laid down by the German Institute of Auditors (IDW) for proper auditing. These set out that the audit is to be plan- ned and carried out in such a way that any inaccuracies or infringements that have a significant effect on the true presentation of the company’s assets, financial position and earnings by means of the consolidated financial state- ments and by means of the combined annual report, taking into account the applicable statutory accounting requirements, are detected with sufficient certainty. In determining the actions to be taken in the course of the audit, knowledge about the business activities and the commercial and legal environment of the Group is taken into consideration, as are any expectations relating to possible errors.

In the context of the audit, the effectiveness of the inter- nal financial accounting monitoring system and evidence of the accuracy of the details in the consolidated financial statements and combined annual report are predominant- ly assessed on the basis of random samples. The audit includes an evaluation of the annual financial statements of the companies included in the consolidated financial statements, the differentiation of all the companies to be

consolidated, the accounting and consolidation principles applied and the key projections of the Board of Directos as well as an appraisal of the overall presentation of the consolidated financial statements and the combined annual report. We are of the opinion that our audit provi- des an adequate and secure basis for our appraisal. OUR AUDIT IDENTIFIED NO CAUSE FOR OBJECTION. In our opinion, based on the knowledge gained during the audit, the consolidated financial statements conform to the IFRS, as they apply in the European Union, and German commercial law additionally applicable under Section 315a [1] HGB, and give an accurate view of the assets, the financial position and the profit situation of the Group. The summarised annual report conforms to the consolida- ted financial statements and, as a whole, gives an accurate view of the assets, the financial and profit situation of the Group, stating opportunities and potential future risks in an appropriate manner.

Bielefeld, 21 April 2008 PricewaterhouseCoopers

Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Carsten Schürmann ppa. Dirk Schäfer

Auditor Auditor

AUDITOR'S STATEMENT – AG

We have audited the financial statements – consisting of the consolidated balance sheet, the income statement and the notes – including the accounts and the annual report, which is combined with the consolidated annual report of the Balda AG, Bad Oeynhausen, for the financial year from 1 January to 31 December 2007. In accordance with German commercial law, the accounts and the preparation of financial statements and the combined annual report are the responsibility of the company’s Board of Directors. It is our responsibility, on the basis of the audit conducted by us, to present our evaluation of the financial statement, including the accounts and the combined annual report. We conducted our consolidated annual audit in accordance with Section 317 HGB and the principles set out by the German Institute of Auditors (IDW) for proper auditing. These set out that the audit is to be planned and carried out in such a way that any inaccuracies or infringements that have a significant effect on the true presentation of the company’s assets, financial position and earnings by means of the consolidated financial statements and by means of the combined annual report, taking into account the applicable statutory accounting requirements, are detected with sufficient certainty. In determining the actions to be taken in the course of the audit, knowledge about the business activities and the commercial and legal environment of the company is taken into consideration, as are any expectations relating to possible errors. In the context of the audit, the effectiveness of the billing related internal monitoring system and evidence of the accuracy of the details in the consolidated financial statements and combined annual report are predominantly assessed on the basis of random samples. The audit includes an evaluation of the principles of accounting applied and key projections of the Board of Directors as well as an appraisal of the over- all presentation of the financial statements and the combi- ned annual report. We are of the opinion that our audit provides an adequate and secure basis for our appraisal.

OUR AUDIT IDENTIFIED NO CAUSE FOR OBJECTION. In our opinion, based on the knowledge gained during the audit, the consolidated financial statements comply with the law and give, in compliance with the principles of proper accounting, a true and fair view of the assets, the financial position and the profit situation of the company. The summarised annual report conforms to the consolida- ted financial statements and, as a whole, gives an accurate view of the assets, the financial and profit situation of the Group, stating opportunities and potential future risks in an appropriate manner.

Bielefeld, 21 April 2008 PricewaterhouseCoopers

Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Carsten Schürmann ppa. Dirk Schäfer

Auditor Auditor

Finanzkalender

¬ INMOULD LABELLING, IML

Inmould labelling is a process based on the in-mould procedure, in which a printed, colour film is inserted into the injection tool. When the plastic melts, the film bonds with the component, whereby the film protects the (decorative) print from being rubbed off. Inmould decoration with natural materials such as leather, stone or textiles means that surface applications that were previously impossible can now be achieved. The process is used, inter alia, when manufacturing packaging.

¬ INDIUM TIN OXIDE, ITO

Indium tin oxide is a transparent, semi-conducting material which is used in the production of analogue resistive touch screens.

¬ INDUCTION

Electromagnetic induction (induction) is the occurrence of an electrical current along a conductive loop as a result of a change in the magnetic flow.

¬ INFOCOM

The high-tech products business that includes both telecommunication and information technology components, which complement one another. Thus information and communication technology merge together synergetically.

¬ INFRARED

Infrared light (short: IR light) describes electromagnetic waves in physics in the spectral range between visible light and long-wave microwaves.

¬ INFRARED TECHNOLOGY

Radio technology which allows wireless data transfer. As a result, data can be trans- mitted via an IrDA interface on a mobile phone to another device by infrared light.

¬ INFRARED TOUCH

In infrared touch systems, mini-infrared LEDs create an invisible light grid on the screen. If the light beams are interrupted by contact, one or more phototransistors send a signal with the corresponding coordinates to the control unit which can localise the point of contact this way.

¬ IRDA INTERFACE

The Infrared Data Association (IrDA) describes physical specifications and communi- cation protocols of an infrared interface for exchanging data by infrared light (850 to 900 nm) over short distances, for example for use in a PAN (Personal Area Network).

¬ METAL INJECTION MOULDING, MIM

MIM is a cost-effective alternative to traditional fine casting, the result cannot be distinguished from the conventionally produced part.

¬ MP3 TECHNOLOGY

Music data can be compressed using this data format. MP3 technology is used, for example, in MP3 players, mobile telephones and computers.

¬ MULTI-COMPONENT INJECTION CASTING

Multi-component injection casting is the sequential combining of several melts during an injection process in a tool. The melts can be positioned next to or in each other.

¬ MULTI-TOUCH TECHNOLOGY

Multi-touch technology is based on a system of human-machine interaction. It combines an input and output device and as a result can be produced without traditional input devices such as mouse, keyboard or stylus. The screen, which is considerably more functional than a normal touch screen, assumes their function. It is operated exclusively with the fingers and can process several inputs simultaneously, and as a result it can be operated with all fingers simultaneously or with several hands. This technology also allows objects on the screen to be controlled directly.

¬OPTICAL IMAGING TECHNOLOGY

Technology in which the contact point is calculated by micro cameras on the screen.

¬ ORIGINAL DESIGN MANUFACTURERS, ODM

An original design manufacturer is a company which assumes a large amount of contract production. It manufactures products developed by other companies which are ultimately sold under their brand name.

¬ ORIGINAL EQUIPMENT MANUFACTURERS, OEM

Originally, an OEM (original equipment manufacturer) was a company that supplied equipment to other companies in order to resell or combine this with another product, however the brand name of the reseller was used, e.g. a manufacturer of mobile communication devices could sell its mobile phones to a telephone network operator for them to then be resold under a new name.

For some time, OEM has been used to describe manufacturers who purchase a product or a component of the same and reuse it or integrate it into a new product with their own brand name.