Document:

Exhibit 4.4

                                                                  EXECUTION COPY

                          REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") dated as of October
22, 2004 of MASTELLONE HERMANOS S.A., a sociedad anonima organized under the
laws of the Republic of Argentina (the "COMPANY"), Leitesol Industria e Comercio
S.A., a sociedade anonima de capital fechado duly organized and existing under
the laws of Brazil, Mastellone San Luis S.A., a sociedad anonima duly organized
and existing under the laws of Argentina, and Promas S.A., a sociedad anonima
duly organized and existing under the laws of Argentina, as subsidiary
guarantors (collectively, the "SUBSIDIARY GUARANTORS") for the benefit of the
holders of the Series A-1 8% Collateralized Senior Notes due 2012 ("SERIES A-1
NOTES") and the Series B-1 8% Collateralized Senior Notes due 2012 ("SERIES B-1
NOTES").

     WHERAS, the Existing Notes have been issued by the Company pursuant an
offer to exchange described in the Offering Memorandum and Proxy Solicitation
Statement dated March 5, 2004, as supplemented by the Supplements dated April 2,
2004, May 10, 2004 and as replaced by the Offering Memorandum and Proxy
Solicitation dated 16, 2004 (the "OFFERING MEMORANDUM").

     WHEREAS, the obligations of the Company under the Existing Notes are
guaranteed by the Subsidiary Guarantors (the "GUARANTEES") pursuant to the
Indenture.

     WHEREAS, pursuant to the Offering Memorandum and Proxy Solicitation
Statement, the Company has committed to take actions with respect to effecting a
registered exchange offering with respect to the Existing Notes and, if required
as provided herein, a shelf registration with respect to the Existing Notes.

     NOW THEREFORE, the Company and the Subsidiary Guarantors hereby agree as
follows for the holders of the Existing Notes:

     Section 1. Definitions. As used in this Agreement, the following
capitalized terms shall have the following meanings:

     "ACT" means the Securities Act of 1933, as amended, and the rules and
regulations promulgated by the Commission pursuant thereto.

     "ACTION" has the meaning set forth in Section 8(c) of this Agreement.

     "BASE" means the Buenos Aires Stock Exchange (Bolsa de Comercio de Buenos
Aires).

     "BROKER-DEALER" means any broker or dealer registered under the Exchange
Act.

     "BUSINESS DAY" means any day except a Saturday, Sunday or other day in the
City of New York or in the city of the corporate trust office of the Trustee, on
which banks are authorized to close.

     "CNV" means Comision Nacional de Valores, the Argentine Securities
Commission.

     "COMMISSION" means the Securities and Exchange Commission.

     "CONSUMMATION" of an Exchange Offer means the occurrence of (i) the filing
and effectiveness under the Act of the Exchange Offer Registration Statement
relating to the New Notes to be issued in the Exchange Offer, (ii) the
maintenance of such Registration Statement continuously effective and the
keeping of the Exchange Offer open for a period not less than the minimum period
required pursuant to Section 3(b) of this Agreement and (iii) the delivery by
the Company to the Registrar under the Indenture of New Notes (including the
guarantees thereon by the Subsidiary Guarantors) in the same aggregate principal
amount as the aggregate principal amount of Existing Notes tendered by the
Holders thereof pursuant to the Exchange Offer and not withdrawn. "CONSUMMATE,"
when used as a verb, has a correlative meaning.

     "EFFECTIVENESS TARGET DATE" has the meaning set forth in Section 5 of this
Agreement.

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated by the Commission pursuant thereto.

     "EXCHANGE OFFER" means the registration under the Act by the Company of the
New Notes and the Guarantees by the Subsidiary Guarantors pursuant to a
Registration Statement pursuant to which the Company offers the Holders of all
outstanding Transfer Restricted Securities the opportunity to exchange all such
outstanding Existing Notes that are Transfer Restricted Securities held by such
Holders for New Notes in an aggregate principal amount equal to the aggregate
principal amount of the Existing Notes that are Transfer Restricted Securities
tendered in such exchange offer by such Holders.

     "EXCHANGE OFFER REGISTRATION STATEMENT" means the Registration Statement
relating to the Exchange Offer, including the related Prospectus.

     "EXISTING NOTES" means the Company's Series A-1 Notes and Series B-1 Notes
to be issued pursuant to the Indenture on the Original Issue Date.

     "GUARANTEES" has the meaning set forth in the preamble of this Agreement.

     "HOLDERS" has the meaning set forth in Section 2(b) of this Agreement.

     "INDEMNIFIED PERSON" has meaning set forth in Section 8(a) of this
Agreement.

     "INDENTURE" means the Indenture, dated as of October 22, 2004, by and among
the Company, The Bank of New York, as trustee (the "TRUSTEE"), co-registrar and
principal paying agent, Banco Rio de la Plata S.A., as registrar and paying
agent and Collateral Agent and the Subsidiary Guarantors, pursuant to which the
Notes are to be issued, as such Indenture is amended or supplemented from time
to time in accordance with its terms.

                                       2

     "INTEREST PAYMENT DATE" has the meaning set forth in the Indenture and the
Notes.

     "LOSSES" has the meaning set forth in Section 8(a) of this Agreement.

     "NASD" means the National Association of Securities Dealers, Inc.

     "NEW NOTES" means the Company's Series A-2 Notes and the Series B-2 Notes.

     "NOTES" means the Existing Notes and the New Notes.

     "OFFERING MEMORANDUM" has the meaning set forth in the preamble of this
Agreement.

     "ORIGINAL ISSUE DATE" means the date that the Existing Notes are issued
under the Indenture in consummation of the offer to exchange described in the
Offering Memorandum.

     "PARTICIPATING BROKER-DEALER" has the meaning set forth in Section 6(a) of
this Agreement.

     "PERSON" means an individual, corporation, partnership, limited liability
company, joint venture, incorporated or unincorporated association, joint-stock
company, trust, unincorporated organization or a government or other agency or
political subdivision thereof or other entity of any kind.

     "PROSPECTUS" means the prospectus included in a Registration Statement at
the time such Registration Statement is declared effective, as amended or
supplemented by any prospectus supplement and by all other amendments and
supplements thereto, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference, if any, in
such Prospectus.

     "REGISTRATION DEFAULT" has the meaning set forth in Section 5 of this
Agreement.

     "REGISTRATION STATEMENT" means any registration statement of the Company
and the Subsidiary Guarantors relating to (a) an offering of New Notes pursuant
to an Exchange Offer or (b) the registration for resale of Transfer Restricted
Securities pursuant to the Shelf Registration Statement, in each case, that is
filed (including, with respect to the Exchange Offer, by way of a "confidential"
filing) pursuant to the provisions of this Agreement, and, in each case,
including the Prospectus included therein, all amendments and supplements
thereto (including pre- and post-effective amendments) and all exhibits and
material incorporated by reference or deemed to be incorporated by reference, if
any, therein.

     "SERIES A-1 NOTES" has the meaning set forth in the preamble of this
Agreement.

     "SERIES A-2 NOTES" means the Company's Series A-2 8% Collateralized Senior
Notes due 2012 to be issued pursuant to the Indenture or an indenture
substantially identical to the Indenture (i) in connection with the Exchange
Offer or (ii) upon the request of any Holder of Series A-1 Notes covered by the
Shelf Registration Statement, in exchange for such Series A-1 Notes and
evidencing the same debt as the Series A-1 Notes.

                                       3

     "SERIES B-1 NOTES" has the meaning set forth in the preamble of this
Agreement.

     "SERIES B-2 NOTES" means the Company's Series B-2 8% Collateralized Senior
Notes due 2012 to be issued pursuant to the Indenture or an indenture
substantially identical to the Indenture (i) in connection with the Exchange
Offer or (ii) upon the request of any Holder of Series B-1 Notes covered by the
Shelf Registration Statement, in exchange for such Series B-1 Notes and
evidencing the same debt as the Series B-1 Notes.

     "SHELF FILING DEADLINE" has the meaning set forth in Section 4(a) of this
Agreement.

     "SHELF REGISTRATION STATEMENT" has the meaning set forth in Section 4(a) of
this Agreement.

     "SUBSIDIARY" means, with respect to any Person, any other Person of which a
majority of the equity ownership or the voting securities is at the time owned,
directly or indirectly, by such Person or by one or more other Subsidiaries of
such Person or a combination thereof.

     "SUBSIDIARY GUARANTORS" has the meaning set forth in the preamble of this
Agreement.

     "TIA" means the Trust Indenture Act of 1939, as amended, and the rules and
regulations promulgated pursuant thereto, all as in effect on the date of the
Indenture.

     "TRANSFER RESTRICTED SECURITIES" means each Note until the earliest to
occur of (i) the date on which such Note (if an Existing Note) has been
exchanged by a person other than a Broker-Dealer for a New Note in the Exchange
Offer, (ii) following the exchange by a Broker-Dealer in the Exchange Offer of
such Note (if an Existing Note) for a New Note, the date on which such New Note
is sold to a purchaser who receives from such Broker-Dealer on or prior to the
date of such sale a copy of the Prospectus contained in the Exchange Offer
Registration Statement, (iii) the date on which such Note (if an Existing Note)
has been effectively registered under the Act and disposed of in accordance with
the Shelf Registration Statement or (iv) the date on which such Note (if an
Existing Note) could be resold pursuant to Rule 144 under the Act.

     "UNDERWRITTEN REGISTRATION" or "UNDERWRITTEN OFFERING" means a registration
in which securities of the Company are sold to an underwriter for reoffering to
the public pursuant to an effective Registration Statement.

     Section 2. Securities Subject to this Agreement. (a) Transfer Restricted
Securities. The securities entitled to the benefits of this Agreement are the
Transfer Restricted Securities.

     (b) Holders of Transfer Restricted Securities. A Person is deemed to be a
holder of Transfer Restricted Securities (each, a "HOLDER") whenever such Person
beneficially owns Transfer Restricted Securities.

     Section 3. Registered Exchange Offer. (a) Unless, due to a change in
federal law or Commission policy after the date hereof, the Exchange Offer shall
not be permitted by applicable federal law or Commission policy, the Company
shall (and shall cause each Subsidiary Guarantor to) (i) cause to be filed
(including by way of a "confidential" filing) with the

                                       4

Commission on or prior to 90 days after the Original Issue Date, an Exchange
Offer Registration Statement, (ii) use its best efforts to cause such Exchange
Offer Registration Statement to be declared effective by the Commission on or
prior to 150 days after the Original Issue Date and (iii) use its best efforts
to consummate the Exchange Offer within 180 days after the Original Issue Date.
In connection with the foregoing, the Company shall (and shall cause each
Subsidiary Guarantor to) (A) file all pre-effective amendments to such Exchange
Offer Registration Statement as may be necessary to cause such Exchange Offer
Registration Statement to become effective, (B) if applicable, file a
post-effective amendment to such Exchange Offer Registration Statement pursuant
to Rule 430A under the Act, (C) cause all necessary filings in connection with
the registration and qualification of the New Notes to be made under the Blue
Sky laws of such jurisdictions as are necessary to permit Consummation of the
Exchange Offer, and (D) upon the effectiveness of such Registration Statement,
commence the Exchange Offer and use its best efforts to issue New Notes in
exchange for all Existing Notes tendered and not withdrawn prior to the
expiration of the Exchange Offer. The Exchange Offer shall be on the appropriate
form permitting registration of the New Notes to be offered in exchange for the
Existing Notes that are Transfer Restricted Securities and permitting resales of
New Notes held by Broker-Dealers as contemplated by Section 3(c) below. If,
after such Exchange Offer Registration Statement initially is declared effective
by the Commission, the Exchange Offer or the issuance of New Notes under the
Exchange Offer or the resale of New Notes received by Broker-Dealers in the
Exchange Offer as contemplated by Section 3(c) below is interrupted by any stop
order, injunction or other order or requirement of the Commission or any other
governmental agency or court, such Exchange Offer Registration Statement shall
be deemed not to have become effective for purposes of this Agreement during the
period that such interruption shall continue.

     (b) The Company shall (and shall cause each Subsidiary Guarantor to) use
its best efforts to cause the Exchange Offer Registration Statement to be
effective continuously and shall keep the Exchange Offer open for a period of
not less than the minimum period required under applicable federal and state
securities laws to Consummate the Exchange Offer; provided, however, that in no
event shall such period be less than 20 Business Days. The Company shall (and
shall cause each Subsidiary Guarantor to) cause the Exchange Offer to comply
with all applicable federal and state securities laws. The Company shall only
offer to exchange New Notes for Existing Notes in the Exchange Offer. The
Company shall (and shall cause each Subsidiary Guarantor to) use its best
efforts to cause the Exchange Offer to be Consummated on the earliest
practicable date after the Exchange Offer Registration Statement has become
effective, but not less than 20 Business Days after such effective date.

     (c) The Company shall indicate in a "Plan of Distribution" section
contained in the Prospectus included in the Exchange Offer Registration
Statement that any Broker-Dealer that holds Existing Notes that are Transfer
Restricted Securities and that were acquired for its own account as a result of
market-making activities or other trading activities (other than Transfer
Restricted Securities acquired directly from the Company or any affiliate of the
Company), may exchange such Existing Notes pursuant to the Exchange Offer;
provided, however, that such Broker-Dealer may be deemed to be an "underwriter"
within the meaning of the Act and must, therefore, deliver a prospectus meeting
the requirements of the Act in connection with any resales of the New Notes
received by such Broker-Dealer in the Exchange Offer. Such "Plan of
Distribution" section shall allow the use of such Prospectus by all Persons
subject to the

                                       5

prospectus delivery requirements of the Act, including Participating
Broker-Dealers, and shall also contain all other information with respect to
such resales by Broker-Dealers that the Commission may require to permit such
resales pursuant thereto, but such "Plan of Distribution" shall not name any
such Broker-Dealer or disclose the amount of Notes held by any such
Broker-Dealer except to the extent required by the Commission as a result of a
change in policy after the date of this Agreement.

     The Company shall (and shall cause each Subsidiary Guarantor to) use its
best efforts to keep the Exchange Offer Registration Statement continuously
effective, supplemented and amended as required by the provisions of Section
6(c) below to the extent necessary to ensure that it is available for resales of
Notes acquired by Broker-Dealers for their own accounts as a result of
market-making activities or other trading activities, and to ensure that it
conforms with the requirements of this Agreement, the Act and the policies,
rules and regulations of the Commission as announced from time to time. The
Company shall provide sufficient copies of the latest version of such Prospectus
to Broker-Dealers promptly upon request, and in no event later than one Business
Day after such request, at any time in order to facilitate such resales.

     Section 4. Shelf Registration. (a) Shelf Registration. If (i) the Company
and the Subsidiary Guarantors are not required to file an Exchange Offer
Registration Statement or to Consummate the Exchange Offer because the Exchange
Offer is not permitted by applicable law or Commission policy or (ii) any Holder
of Transfer Restricted Securities shall notify the Company within 15 days after
the commencement of the Exchange Offer that such Holder (A) is prohibited by
applicable law or Commission policy from participating in the Exchange Offer, or
(B) may not resell the New Notes acquired by it in the Exchange Offer to the
public without delivering a prospectus, and the Prospectus contained in the
Exchange Offer Registration Statement is not appropriate or available for such
resales by such Holder or (C) is a Broker-Dealer and holds Existing Notes
acquired directly from the Company or one of its affiliates, then the Company
and the Subsidiary Guarantors shall (x) cause to be filed a shelf registration
statement pursuant to Rule 415 under the Act, which may be an amendment to the
Exchange Offer Registration Statement (in either event, the "SHELF REGISTRATION
STATEMENT"), on or prior to the earliest to occur of (1) the 90th day after the
date on which the Company determines that it is not required to file the
Exchange Offer Registration Statement or (2) the 90th day after the date on
which the Company receives notice from a Holder of Transfer Restricted
Securities as contemplated by clause (ii) above (such earliest date being the
"SHELF FILING DEADLINE"), which Shelf Registration Statement shall provide for
resales of all Transfer Restricted Securities the Holders of which shall have
provided the information required pursuant to Section 4(b) of this Agreement,
and (y) use its best efforts to cause such Shelf Registration Statement to be
declared effective by the Commission on or before the 90th day after the Shelf
Filing Deadline ( the "SHELF EFFECTIVENESS DEADLINE"). The Company shall (and
shall cause each Subsidiary Guarantor to) use its best efforts to keep such
Shelf Registration Statement continuously effective, supplemented and amended as
required by the provisions of Sections 6(b) and 6(c) of this Agreement to the
extent necessary to ensure that it is available for resales of Notes by the
Holders of Transfer Restricted Securities entitled to the benefit of this
Section 4(a) and to ensure that it conforms to the requirements of this
Agreement, the Act and the policies, rules and regulations of the Commission as
announced from time to time, for a continuous period of (i) two years following
the date on which such Shelf Registration becomes effective under the Act

                                       6

or (ii) such shorter period that will terminate when all the Notes covered by
the Shelf Registration Statement have been sold pursuant to such Shelf
Registration Statement.

     (b) Provision by Holders of Certain Information in Connection with the
Shelf Registration Statement. No Holder of Transfer Restricted Securities may
include any of its Transfer Restricted Securities in any Shelf Registration
Statement pursuant to this Agreement unless and until such Holder furnishes to
the Company in writing, within 15 days after receipt of a request therefor, such
information as the Company or any Subsidiary Guarantor may reasonably request
for use in connection with any Shelf Registration Statement or Prospectus or
preliminary prospectus included in such Shelf Registration Statement. Each
Holder as to which any Shelf Registration Statement is being effected agrees to
furnish promptly to the Company all information required to be disclosed to make
the information previously furnished to the Company by such Holder not
materially misleading.

     Section 5. Liquidated Damages. If (i) the Exchange Offer Registration
Statement or the Shelf Registration Statement is not filed (including, with
respect to the Exchange Offer Registration Statement, by way of a "confidential"
filing) with the Commission on or prior to the date specified for such filing in
Section 3(a) or Section 4(a), respectively, of this Agreement, (ii) the Exchange
Offer Registration Statement or the Shelf Registration Statement has not been
declared effective by the Commission on or prior to the date specified for such
effectiveness in Section 3(a) or Section 4(a), respectively, of this Agreement
(the "EFFECTIVENESS TARGET Date"), (iii) the Exchange Offer has not been
Consummated and, if required, a Shelf Registration Statement with respect to the
Existing Notes is not declared effective on or prior to the 180th day following
the Original Issue Date or (iv) any Registration Statement required by this
Agreement is filed and declared effective but shall thereafter cease to be
effective or usable in connection with resales of Transfer Restricted Securities
during the periods required by this Agreement (each such event referred to in
clauses (i) through (iv), a "REGISTRATION DEFAULT"), the Company hereby agrees
to pay to each Holder of Transfer Restricted Securities additional interest
("LIQUIDATED DAMAGES") on the principal amount of the Notes (in addition to the
stated interest on the Notes) from and including the date on which any such
Registration Defaults have occurred to but excluding the date on which all such
Registration Defaults have been cured. Liquidated Damages will accrue at a rate
of 0.25% per annum during the 90-day period immediately following the occurrence
of any Registration Default and shall increase by 0.25% per annum at the end of
each subsequent 90-day period, provided that (x) no Liquidated Damages shall
accrue under the preceding clause (ii) in respect of the Exchange Offer
Registration Statement or the Shelf Registration Statement at any time at which
Liquidated Damages shall accrue under the preceding clause (i) in respect of the
Exchange Offer Registration Statement or the Shelf Registration Statement,
respectively, and (y) in no event shall such rate exceed 1.00% per annum. All
accrued Liquidated Damages shall be paid by the Company on each Interest Payment
Date in accordance with the provisions applicable to the payment of interest set
forth in the Indenture. Following the cure of all Registration Defaults relating
to any particular Transfer Restricted Securities, the accrual of Liquidated
Damages with respect to such Transfer Restricted Securities will cease.

     All obligations of the Company set forth in the preceding paragraph that
are outstanding with respect to any Transfer Restricted Security at the time
such security ceases to be a Transfer

                                       7

Restricted Security shall survive until such time as all such obligations with
respect to such Transfer Restricted Security shall have been satisfied in full.

     Section 6. Registration Procedures. (a) Exchange Offer Registration
Statement. In connection with the Exchange Offer, the Company shall (and shall
cause each Subsidiary Guarantor to) comply with all of the provisions of Section
6(c) below, shall use its best efforts to effect such exchange to permit the
sale of Transfer Restricted Securities being sold in accordance with the
intended method or methods of distribution thereof, and shall comply with all of
the following provisions:

          (i) If, due to a change in law or Commission policy after the date
     hereof, in the reasonable opinion of U.S. counsel to the Company, there is
     a question as to whether the Exchange Offer is permitted by applicable
     federal law or Commission policy, the Company hereby agrees to seek a
     no-action letter or other favorable decision from the Commission allowing
     the Company and the Subsidiary Guarantors to Consummate an Exchange Offer
     for such Existing Notes. The Company hereby agrees to pursue the issuance
     of such a no-action letter or favorable decision to the Commission level.
     In connection with the foregoing, the Company hereby agrees (and agrees to
     cause each Subsidiary Guarantor) to take all such other reasonable actions
     as are requested by the Commission or otherwise required in connection with
     the issuance of such no-action letter or decision, including without
     limitation (A) participating in telephonic conferences with the Commission,
     (B) delivering to the Commission an analysis prepared by counsel to the
     Company setting forth the legal bases, if any, upon which such counsel has
     concluded that such an Exchange Offer should be permitted and (C)
     diligently pursuing a resolution (which need not be favorable) by the
     Commission of such submission.

          (ii) As a condition to its participation in the Exchange Offer
     pursuant to the terms of this Agreement, each Holder of Transfer Restricted
     Securities shall furnish, upon the request of the Company or any Subsidiary
     Guarantor, prior to the Consummation of the Exchange Offer, a written
     representation to the Company or such Subsidiary Guarantor (which may be
     contained in the letter of transmittal contemplated by the Exchange Offer
     Registration Statement) to the effect that (A) it is not an affiliate of
     the Company within the meaning of the Act, (B) it is not engaged in, and
     does not intend to engage in, and has no arrangement or understanding with
     any Person to participate in, a distribution of the New Notes to be issued
     in the Exchange Offer and (C) it is acquiring the New Notes in its ordinary
     course of business. Holders of Transfer Restricted Securities shall use
     their best efforts to cooperate in the Company's or any Subsidiary
     Guarantor's preparations for the Exchange Offer.

          (iii) The Company and the Subsidiary Guarantors acknowledge that the
     staff of the Commission has taken the position that any Broker-Dealer that
     owns New Notes that were received by such Broker-Dealer for its own account
     in the Exchange Offer (a "PARTICIPATING BROKER-DEALER") may be deemed to be
     an "underwriter" within the meaning of the Act and must deliver a
     prospectus meeting the requirements of the Act in connection with any
     resale of such New Notes.

                                       8

     The Company and the Subsidiary Guarantors also acknowledge that it is the
Commission staff's current position that if the Prospectus contained in the
Exchange Offer Registration Statement includes a plan of distribution containing
a statement to the above effect and the means by which Participating
Broker-Dealers may resell the New Notes, without naming the Participating
Broker-Dealers or specifying the amount of New Notes owned by them, such
Prospectus may be delivered by Participating Broker-Dealers to satisfy their
prospectus delivery obligations under the Act in connection with resales of New
Notes for their own accounts (other than a resale of an unsold allotment
resulting from the original offering of the Notes), so long as the Prospectus
otherwise meets the requirements of the Act.

     (b) Shelf Registration Statement. In the event that a Shelf Registration
Statement is required by this Agreement, the Company shall (and shall cause each
Subsidiary Guarantor to) comply with all the provisions of Section 6(c) of this
Agreement and shall use its best efforts to effect such registration to permit
the sale of the Transfer Restricted Securities being sold in accordance with the
intended method or methods of distribution of such Transfer Restricted
Securities and, in connection therewith, the Company shall (and shall cause each
Subsidiary Guarantor to), as expeditiously as possible, prepare and file with
the Commission a Shelf Registration Statement relating to the registration on
any appropriate form under the Act, which form shall be available for the sale
of the Transfer Restricted Securities in accordance with the intended method or
methods of distribution of such Transfer Restricted Securities within the time
periods and otherwise in accordance with the provisions of this Agreement.

     (c) General Provisions. In connection with any Registration Statement and
any related Prospectus required by this Agreement to permit the sale or resale
of Transfer Restricted Securities (including, without limitation, any
Registration Statement and the related Prospectus, to the extent that the same
are required to be available to permit resales of Notes by Broker-Dealers), the
Company shall (and shall cause each Subsidiary Guarantor to):

          (i) use its best efforts to keep such Registration Statement
     continuously effective for the applicable time period required hereunder
     and provide all requisite financial statements for the period specified in
     Section 3 or 4 of this Agreement, as applicable; upon the occurrence of any
     event that would cause any such Registration Statement or the Prospectus
     contained therein (A) to contain a material misstatement or omission or (B)
     not to be effective and usable for resale of Transfer Restricted Securities
     during the period required by this Agreement, the Company shall promptly
     notify the Holders to suspend use of the Prospectus, and the Holders shall
     suspend use of the Prospectus until the Company and the Subsidiary
     Guarantors have made an appropriate amendment to such Registration
     Statement (or caused the Prospectus to be supplemented by a Prospectus
     Supplement), in the case of clause (A), correcting any such misstatement or
     omission, and, in the case of either clause (A) or (B), the Company shall
     (and shall cause each Subsidiary Guarantor to) use its best efforts to
     cause such amendment to be declared effective and such Registration
     Statement and the related Prospectus to become usable for their intended
     purpose(s) as soon as practicable thereafter;

          (ii) prepare and file with the Commission such pre-effective and
     post-effective amendments to such Registration Statement as may be
     necessary to keep the Registration Statement effective for the applicable
     period set forth in Section 3 or 4 of this Agreement,

                                       9

     or such shorter period as will terminate when all Transfer Restricted
     Securities covered by such Registration Statement have been sold; cause the
     Prospectus to be supplemented by any required Prospectus supplement, and as
     so supplemented to be filed pursuant to Rule 424 under the Act during the
     applicable time period required hereunder and to comply fully with the
     applicable provisions of Rules 424 and 430A under the Act in a timely
     manner; and comply with the provisions of the Act and the Exchange Act
     applicable to the Company and the Subsidiary Guarantors with respect to the
     disposition of all Transfer Restricted Securities covered by such
     Registration Statement during such period in accordance with the intended
     method or methods of distribution by the sellers of such securities set
     forth in such Registration Statement as so amended or in such Prospectus as
     so supplemented;

          (iii) in the case of a Shelf Registration Statement, advise the
     underwriter(s), if any, and each of the selling Holders promptly and, if
     requested by such Persons, confirm such advice in writing, (A) when the
     Prospectus or any prospectus supplement or post-effective amendment has
     been filed and, with respect to any Registration Statement or any
     post-effective amendment thereto, when the same has become effective, (B)
     of any request by the Commission for amendments to the Registration
     Statement or amendments or supplements to the Prospectus or for additional
     information relating to such Registration Statement or Prospectus, (C) of
     the issuance by the Commission of any stop order suspending the
     effectiveness of the Registration Statement under the Act or of the
     suspension by any state securities commission of the qualification of the
     Transfer Restricted Securities for offering or sale in any jurisdiction, or
     the initiation of any proceeding for any of the preceding purposes, (D) of
     the existence of any fact or the happening of any event that makes any
     statement of a material fact made in the Registration Statement, the
     Prospectus, any amendment or supplement to such Registration Statement or
     Prospectus, as the case may be, or any document incorporated by reference
     in such Registration Statement or Prospectus untrue, or that requires the
     making of any additions to or changes in the Registration Statement or the
     Prospectus in order to make the statements in such Registration Statement
     or Prospectus not misleading and that, in the case of the Prospectus, it
     will not contain any untrue statement of a material fact or omit to state
     any material fact required to be stated therein or necessary to make the
     statements therein, in the light of the circumstances under which they were
     made, not misleading. If at any time the Commission shall issue any stop
     order suspending the effectiveness of the Registration Statement, or any
     state securities commission or other regulatory authority shall issue an
     order suspending the qualification or exemption from qualification of the
     Transfer Restricted Securities under state securities or Blue Sky laws, the
     Company shall use its best efforts to obtain the withdrawal or lifting of
     such order at the earliest possible time;

          (iv) in the case of a Shelf Registration Statement, furnish to each of
     the underwriter(s), if any, and each of the selling Holders, before filing
     with the Commission, copies of any Registration Statement or any Prospectus
     included in such Registration Statement or Prospectus or any amendments or
     supplements to any such Registration Statement or Prospectus (including all
     documents incorporated by reference after the initial filing of such
     Registration Statement), which documents will be subject to the review and
     comment of such underwriter(s), if any, and such Holders for a period of at

                                       10

     least five Business Days, and the Company and the Subsidiary Guarantors
     will not file any such Registration Statement or Prospectus or any
     amendment or supplement to any such Registration Statement or Prospectus,
     as the case may be (including all such documents incorporated by
     reference), to which any underwriter or any selling Holder shall reasonably
     object within five Business Days after the receipt of such Registration
     Statement or Prospectus;

          (v) in connection with any Shelf Registration Statement and, in the
     case of Participating Broker-Dealers, any Exchange Offer Registration
     Statement, promptly prior to the filing of any document that is to be
     incorporated by reference into a Registration Statement or Prospectus, (A)
     provide copies of such document to the selling Holders (including
     Participating Broker-Dealers, if any) and to the underwriter(s), if any,
     (B) make the Company's representatives reasonably available for discussion
     of such document and other customary due diligence matters; provided that
     such discussion and due diligence shall be coordinated on behalf of the
     selling Holders by one counsel designated by and on behalf of such selling
     Holders and (C) include such information in such document prior to the
     filing of such document as such selling Holders or underwriter(s), if any,
     may reasonably request;

          (vi) make available at reasonable times for inspection by the selling
     Holders, any underwriter participating in any disposition pursuant to such
     Registration Statement and any attorney or accountant retained by such
     selling Holders or any of the underwriter(s), if any, at the offices where
     normally kept, during reasonable business hours, all relevant financial and
     other records, pertinent corporate documents and properties of the Company
     and the Subsidiary Guarantors and cause its and their officers, directors
     and employees to supply all information reasonably requested by any such
     Holder, underwriter, attorney or accountant in connection with such
     Registration Statement subsequent to the filing thereof and prior to its
     effectiveness; provided, however, that any information that is designated
     in writing by the Company or any Subsidiary Guarantor, in good faith, as
     confidential at the time of delivery of such information shall be kept
     confidential by such selling Holders, underwriters, attorney or accountant,
     unless such disclosure is made in connection with a court proceeding or
     required by law, or such information becomes available to the public
     generally or through a third party without an accompanying, obligation of
     confidentiality. Each selling Holder, underwriter, attorney or accountant
     requesting disclosure will agree that it will, upon learning that
     disclosure of such information is sought in connection with a court
     proceeding, give notice to the Company and allow it at its own expense to
     undertake appropriate action to prevent disclosure of the information
     deemed confidential;

          (vii) if requested by any selling Holders or the underwriter(s), if
     any, promptly include in any Registration Statement or Prospectus, pursuant
     to a supplement or post-effective amendment, if necessary, such information
     as such selling Holders and underwriter(s), if any, may reasonably request
     to have included therein, including, without limitation, information
     relating to the "Plan of Distribution" of the Transfer Restricted
     Securities, information with respect to the principal amount of Transfer
     Restricted Securities being sold to such underwriter(s), the purchase price
     being paid for Transfer Restricted Securities and any other terms of the
     offering of the Transfer

                                       11

     Restricted Securities to be sold in such offering; and make all required
     filings of such Prospectus supplement or post-effective amendment as soon
     as practicable after the Company is notified of the matters to be included
     in such Prospectus supplement or post-effective amendment; provided,
     however, that the Company and the Subsidiary Guarantors shall not be
     required to take any action pursuant to this Section 6(c)(vii) that would,
     in the opinion of counsel for the Company, violate applicable law;

          (viii) furnish to each underwriter, if any, and selling Holders,
     without charge, at least one conformed copy of the Registration Statement,
     as first filed with the Commission, and of each amendment thereto,
     including all documents incorporated by reference therein and all exhibits
     (including exhibits incorporated therein by reference that are expressly
     requested by such persons);

          (ix) deliver to each selling Holder and each of the underwriter(s), if
     any, without charge, as many copies of the Prospectus (including each
     preliminary prospectus) and any amendment or supplement thereto as such
     Persons may reasonably request; the Company and the Subsidiary Guarantors
     hereby consent to the use of the Prospectus and any amendment or supplement
     to the Prospectus by each of the selling Holders and each of the
     underwriter(s), if any, in connection with the offering and the sale of the
     Transfer Restricted Securities in accordance with the terms thereof and
     with U.S. federal securities laws and Blue Sky laws covered by the
     Prospectus or any amendment or supplement thereto;

          (x) enter into such agreements (including an underwriting agreement in
     form, scope and substance as is customary in underwritten offerings of
     securities of this type) and take all such other reasonable actions in
     connection therewith in order to expedite or facilitate the disposition of
     the Transfer Restricted Securities pursuant to any Registration Statement
     contemplated by this Agreement, all as may be reasonably requested by any
     Holder of Transfer Restricted Securities or the underwriter(s), if any, in
     connection with any sale or resale of Transfer Restricted Securities
     pursuant to any Registration Statement contemplated by this Agreement; and
     whether or not an underwriting agreement is entered into and whether or not
     the registration is an Underwritten Registration, the Company shall (and
     shall cause each Subsidiary Guarantor to):

               (A) make such representations and warranties to the Holders of
          such Transfer Restricted Securities and the underwriters, if any, with
          respect to the business of the Company and its Subsidiaries (including
          with respect to businesses or assets acquired or to be acquired by any
          of them), and the Shelf Registration Statement, Prospectus and
          documents, if any, incorporated or deemed to be incorporated by
          reference therein, in each case, in form, substance and scope as are
          customarily made by issuers to underwriters in underwritten offerings,
          and confirm the same if and when customarily requested;

               (B) use its best efforts to obtain opinions of counsel to the
          Company and updates thereof (which counsel and opinions (in form,
          scope and substance) shall be reasonably satisfactory to the
          underwriters, if any, and special counsel to the Holders of the
          Transfer Restricted Securities being sold), addressed to each

                                       12

          selling Holder of Transfer Restricted Securities and each of the
          underwriters, if any, covering the matters customarily covered in
          opinions requested in underwritten offerings and such other matters as
          may be reasonably requested by such underwriters, if any, and special
          counsel to Holders of Transfer Restricted Securities;

               (C) use its best efforts to obtain customary "cold comfort"
          letters and updates thereof from the independent certified public
          accountants of the Company (and, if necessary, any other independent
          certified public accountants of any subsidiary of the Company or of
          any business acquired by the Company or any such subsidiary for which
          financial statements and financial data is, or is required to be,
          included in the Registration Statement), addressed to each selling
          Holder of Transfer Restricted Securities and each of the underwriters,
          if any, such letters to be in customary form and covering matters of
          the type customarily covered in "cold comfort" letters in connection
          with underwritten offerings;

               (D) if an underwriting agreement is entered into, the same shall
          contain indemnification provisions and procedures no less favorable to
          the selling Holders and the underwriters, if any, than those set forth
          in Section 8 hereof (or such other provisions and procedures
          acceptable to Holders of a majority in aggregate principal amount of
          Transfer Restricted Securities covered by such Shelf Registration
          Statement and the underwriters, if any); and

               (E) deliver such documents and certificates as may be reasonably
          requested by the Holders of a majority in aggregate principal amount
          of the Transfer Restricted Securities being sold and the underwriters,
          if any, to evidence the continued validity of the representations and
          warranties made pursuant to clause (A) above and to evidence
          compliance with any customary conditions contained in the underwriting
          agreement or other agreement entered into by the Company or any
          Subsidiary Guarantor.

     If at any time the representations and warranties of the Company and the
     Subsidiary Guarantors contemplated in clause (x)(A) above cease to be true
     and correct, the Company shall so advise the underwriter(s), if any, and
     each selling Holder promptly and, if requested by any of them, shall
     confirm such advice in writing;

          (xi) prior to any public offering of Transfer Restricted Securities,
     cooperate with the selling Holders, the underwriter(s), if any, and their
     respective counsel in connection with the registration and qualification
     (or exemption from such registration or qualification) of the Transfer
     Restricted Securities for offer and sale under the securities or Blue Sky
     laws of such jurisdictions as the selling Holders and underwriter(s), if
     any, may reasonably request and do any and all other reasonable acts or
     things necessary or advisable to enable the disposition in such
     jurisdictions of the Transfer Restricted Securities covered by the
     Registration Statement; provided, however, that the Company and the
     Subsidiary Guarantors shall not be required to register or qualify as a
     foreign corporation where it is not now so qualified or to take any action
     that would subject it to

                                       13

     the service of process or to taxation, other than as to matters and
     transactions relating to the Registration Statement, in any jurisdiction
     where it is not now so subject;

          (xii) if a Shelf Registration is filed pursuant to Section 4,
     cooperate with the selling Holders of Registrable Securities and the
     managing underwriters, if any, to facilitate the timely preparation and
     delivery of certificates representing Transfer Restricted Securities to be
     sold, which certificates shall not bear any restrictive legends and shall
     be in a form eligible for deposit with The Depository Trust Company; and
     enable such Transfer Restricted Securities to be in such denominations and
     registered in such names as the managing underwriters, if any, or Holders
     may reasonably request;

          (xiii) in connection with any sale or transfer of Transfer Restricted
     Securities that will result in such securities no longer being Transfer
     Restricted Securities, cooperate with the selling Holders and the
     underwriter(s), if any, to facilitate the timely preparation and delivery
     of certificates representing Transfer Restricted Securities to be sold and
     not bearing any restrictive legends; and enable such Transfer Restricted
     Securities to be in such denominations and registered in such names as the
     Holders or the underwriter(s), if any, may request at least two Business
     Days prior to any sale of Transfer Restricted Securities made by such
     underwriter(s);

          (xiv) use its best efforts to cause the Transfer Restricted Securities
     covered by the Registration Statement to be registered with or approved by
     such other governmental agencies or authorities as may be necessary to
     enable the seller or sellers of such Transfer Restricted Securities or the
     underwriter(s), if any, to consummate the disposition of such Transfer
     Restricted Securities, subject to the proviso contained in clause (xi)
     above;

          (xv) if any fact or event contemplated by Section 6(c)(iii)(D) of this
     Agreement shall exist or have occurred, prepare a supplement or
     post-effective amendment to the Registration Statement or related
     Prospectus or any document incorporated in such Registration Statement or
     Prospectus by reference or file any other required document so that, as
     thereafter delivered to the purchasers of Transfer Restricted Securities,
     the Registration Statement will not contain an untrue statement of a
     material fact or omit to state any material fact necessary to make the
     statements therein not misleading and the Prospectus will not contain an
     untrue statement of a material fact or omit to state any material fact
     required to be stated therein or necessary to make the statements contained
     therein, in the light of the circumstances under which they were made, not
     misleading;

          (xvi) provide a CUSIP number for all Transfer Restricted Securities
     not later than the effective date of the Registration Statement and provide
     the Trustee under the Indenture with certificates for the Transfer
     Restricted Securities that are in a form eligible for deposit with The
     Depository Trust Company;

          (xvii) cooperate and assist in any filings required to be made with
     the NASD and in the performance of any due diligence investigation by any
     "qualified independent underwriter" that is required to be retained in
     accordance with the rules and regulations of the NASD;

                                       14

          (xviii) otherwise use its best efforts to comply with all applicable
     rules and regulations of the Commission in regards to any Registration
     Statement, and make generally available to its securityholders, as soon as
     practicable, a consolidated earnings statement of the Company and its
     subsidiaries meeting the requirements of Rule 158 of the Act (which need
     not be audited) for the twelve-month period (A) commencing at the end of
     any fiscal quarter in which Transfer Restricted Securities are sold to
     underwriters in a firm commitment or reasonable best efforts Underwritten
     Offering or (B) if not sold to underwriters in such an offering, beginning
     with the first month of the Company's first fiscal quarter commencing after
     the effective date of the Registration Statement;

          (xix) cause the Indenture or such other indenture for the New Notes to
     be qualified under the TIA not later than the effective date of the first
     Registration Statement required by this Agreement, and, if applicable, in
     connection therewith, cooperate with the Trustee and the Holders to effect
     such changes to the Indenture, if any, as may be required for such
     Indenture to be so qualified in accordance with the terms of the TIA; and
     execute, and use its best efforts to cause the Trustee to execute, all
     customary documents that may be required to effect such changes and all
     other forms and documents required to be filed with the Commission to
     enable such Indenture to be so qualified in a timely manner; and

          (xx) use its best efforts to take any action, satisfy any condition or
     do any thing (including the obtaining or effecting of any necessary
     consent, approval, authorization, filing, license, recording or
     registration and including further, without limitation, the making of all
     filings with the CNV and the BASE and providing the CNV and the BASE with
     all required documents) at any time required in accordance with applicable
     Argentine laws and regulations, to be taken, fulfilled or done in order to
     permit the Exchange Offer or the Shelf Registration Statement, as the case
     may be, and, in general, to use its best efforts to ensure at all times the
     validity, enforceability and performance of this Agreement.

     In the case of a Shelf Registration Statement, the Company and each
Subsidiary Guarantor may require each Holder to furnish to the Company such
information as the Company may reasonably request, and the Company and the
Subsidiary Guarantors may exclude from such registration the New Notes of any
Holder who fails to furnish such information within a reasonable period of time
after receiving such request. Each Holder as to which any Shelf Registration is
being effected shall furnish promptly to the Company, upon its request, all
information required to be disclosed in order to make the information previously
furnished to the Company by such Holder not materially misleading. Each Holder
agrees by acquisition of a Transfer Restricted Security that, upon receipt of
any notice from the Company of the existence of any fact of the kind described
in Section 6(c)(iii)(D) of this Agreement, such Holder will forthwith
discontinue disposition of Transfer Restricted Securities pursuant to the
applicable Registration Statement until such Holder's receipt of the copies of
the supplemented or amended Prospectus contemplated by Section 6(c)(xv) of this
Agreement, or until it is advised in writing (the "ADVICE") by the Company that
the use of the Prospectus may be resumed, and has received copies of any
additional or supplemental filings that are incorporated by reference in the
Prospectus. If so directed by the Company or any Subsidiary Guarantor, each
Holder will deliver to the Company (at the Company's expense) all copies, other
than permanent file copies

                                       15

then in such Holder's possession, of the Prospectus covering such Transfer
Restricted Securities that was current at the time of receipt of such notice. In
the event that the Company or any Subsidiary Guarantor shall give any such
notice, the time period regarding the effectiveness of such Registration
Statement set forth in Section 3 or 4 of this Agreement, as applicable, shall be
extended by the number of days during the period from and including the date of
the giving of such notice pursuant to Section 6(c)(iii)(D) of this Agreement to
and including the date when each selling Holder covered by such Registration
Statement shall have received the copies of the supplemented or amended
Prospectus contemplated by Section 6(c)(xv) of this Agreement or, if no such
supplemented or amended Prospectus is required, when it shall have received the
Advice.

     Section 7. Registration Expenses. All fees and expenses incident to the
Company's or any Subsidiary Guarantor's performance of or compliance with this
Agreement will be borne by the Company or such Subsidiary Guarantor regardless
of whether a Registration Statement becomes effective, including, without
limitation: (i) all registration and filing fees and expenses (including
required filings made by the Holder with the NASD (and, if applicable, the
reasonable fees and expenses of any "qualified independent underwriter" and its
counsel that may be required by the rules and regulations of the NASD)); (ii)
all fees and expenses of compliance with U.S. federal securities and state Blue
Sky or securities laws or Argentine laws and regulations; (iii) all expenses of
printing (including printing certificates for the New Notes to be issued in the
Exchange Offer and printing of Prospectuses); (iv) all fees and disbursements of
counsel for the Company and, subject to Section 7(b) below, all reasonable fees
and disbursements of counsel for the Holders of Transfer Restricted Securities;
(v) all fees and disbursements of independent certified public accountants of
the Company (including the expenses of any comfort letters required by or
incident to such performance); and (vi) all fees and expenses of the Trustee and
any exchange agent and the fees and disbursements of its counsel.

     The Company will, in any event, bear its internal expenses (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expenses of any annual audit and the
fees and expenses of any Person, including special experts, retained by the
Company.

     In connection with any Registration Statement required by this Agreement
(including, without limitation, the Shelf Registration Statement, but excluding
the Exchange Offer Registration Statement if no Transfer Restricted Securities
are resold pursuant to the "Plan of Distribution" contained therein), the
Company will reimburse the Holders of Transfer Restricted Securities resold
pursuant to the "Plan of Distribution" contained in the Exchange Offer
Registration Statement or registered pursuant to the Shelf Registration
Statement, as applicable, for the reasonable fees and disbursements of not more
than one counsel, who shall be Proskauer Rose LLP or such other counsel as may
be chosen by the Holders of a majority in principal amount of the Transfer
Restricted Securities for whose benefit such Registration Statement is being
prepared.

     Notwithstanding the foregoing or anything in this Agreement to the
contrary, each Holder of Transfer Restricted Securities shall pay all
underwriting discounts and commissions of any underwriters with respect to any
Notes sold by or on behalf of it.

                                       16

     Section 8. Indemnification. (a) Each of the Company and the Subsidiary
Guarantors agrees to indemnify and hold harmless (i) each Holder of Transfer
Restricted Securities and each Participating Broker-Dealer, (ii) each person, if
any, who controls any of the foregoing within the meaning of Section 15 of the
Act or Section 20(a) of the Exchange Act (any of the persons referred to in this
clause (ii) being hereinafter referred to as a "controlling person") and (iii)
the agents, employees, officers and directors of any Holder or any controlling
person (any person referred to in clause (i), (ii) or (iii) may hereinafter be
referred to as an "INDEMNIFIED PERSON") from and against any and all losses,
liabilities, claims, damages and expenses whatsoever (including, but not limited
to, reasonable attorneys' fees and any and all reasonable expenses whatsoever
incurred in investigating, preparing or defending against any litigation,
commenced or threatened, or any claim whatsoever, and any and all reasonable
amounts paid in settlement of any claim or litigation) (collectively, "LOSSES")
to which they or any of them may become subject under the Act, the Exchange Act
or otherwise, insofar as such Losses (or actions in respect thereof) arise out
of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement, preliminary prospectus or
Prospectus, or in any supplement thereto or amendment thereof, or arise out of
or are based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading;
provided, however, that the Company and the Subsidiary Guarantors will not be
liable in any such case to the extent, but only to the extent, that any such
Loss arises out of or is based upon any such untrue statement or alleged untrue
statement or omission or alleged omission made therein in reliance upon and in
conformity with written information furnished to the Company by or on behalf of
any Indemnified Person relating to such Indemnified Person expressly for use
therein. This indemnity agreement will be in addition to any liability that the
Company and the Subsidiary Guarantors may otherwise have, including, but not
limited to, liability under this Agreement.

     (b) In connection with any Registration Statement pursuant to which a
Holder of Transfer Restricted Securities offers or sells Transfer Restricted
Securities, such Holder agrees, severally and not jointly, to indemnify and hold
harmless the Company and the Subsidiary Guarantors, their respective agents,
employees, officers and directors and any person controlling the Company and the
Subsidiary Guarantors within the meaning of Section 15 of the Act or Section
20(a) of the Exchange Act, and the agents, employees, officers and directors of
such controlling person to the same extent as the foregoing indemnity from the
Company and the Subsidiary Guarantors to each Indemnified Person but only with
respect to, and to the extent that, any such Loss arises out of or is based upon
any untrue statement or alleged untrue statement or omission or alleged omission
made therein in reliance upon and in conformity with information relating to
such Holder furnished in writing to the Company by such Holder expressly for use
in such Registration Statement.

     (c) Promptly after receipt by an indemnified party under this Section 8 of
notice of the commencement of any action, suit or proceeding (collectively, an
"ACTION"), such indemnified party shall, if a claim in respect thereof is to be
made against the indemnifying party under such subsection, notify each party
against whom indemnification is to be sought in writing of the commencement of
such Action (but the failure so to notify an indemnifying party shall not
relieve such indemnifying party from any liability that it may have under this
Section 8 except to the extent that it has been prejudiced in any material
respect by such failure or from any liability

                                       17

which it may otherwise have). In case any such Action is brought against any
indemnified party, and it notifies an indemnifying party of the commencement of
such Action, the indemnifying party will be entitled to participate in such
Action, and to the extent it may elect by written notice delivered to the
indemnified party promptly after receiving the aforesaid notice from such
indemnified party, to assume the defense of such Action with counsel
satisfactory to such indemnified party. Notwithstanding the foregoing, the
indemnified party or parties shall have the right to employ its or their own
counsel in any such Action, but the fees and expenses of such counsel shall be
at the expense of such indemnified party or parties unless (i) the employment of
such counsel shall have been authorized in writing by the indemnifying parties
in connection with the defense of such Action, (ii) the indemnifying parties
shall not have employed counsel to take charge of the defense of such Action
within a reasonable time after notice of commencement of the Action, or (iii)
such indemnified party or parties shall have reasonably concluded that there may
be defenses available to it or them that are different from or additional to
those available to one or all of the indemnifying parties (in which case the
indemnifying parties shall not have the right to direct the defense of such
Action on behalf of the indemnified party or parties), in any of which events
such fees and expenses of counsel shall be borne by the indemnifying parties. In
no event shall the indemnifying party be liable for the fees and expenses of
more than one counsel (together with appropriate local counsel) at any time for
all indemnified parties in connection with any one Action or separate but
substantially similar or related Actions arising out of the same general
allegations or circumstances. Anything in this subsection to the contrary
notwithstanding, an indemnifying party shall not be liable for any settlement of
any claim or Action effected without its written consent; provided, however,
that such consent was not unreasonably withheld.

     (d) In order to provide for contribution in circumstances in which the
indemnification provided for in paragraphs (a) and (b) of this Section 8 is for
any reason held to be unavailable from the indemnifying party, or is
insufficient to hold harmless a party indemnified under this Section 8, the
Company, the Subsidiary Guarantors and the Indemnified Persons shall contribute
to the aggregate Losses of the nature contemplated by such indemnification
provision (but after deducting in the case of Losses suffered by the
indemnifying party, any contribution received by the indemnifying party from
persons other than the Indemnified Person who may also be liable for
contribution, including persons who control the Indemnified Person within the
meaning of Section 15 of the Act or Section 20(a) of the Exchange Act) to which
the Company, the Subsidiary Guarantors and the Indemnified Persons may be
subject, in such proportion as is appropriate to reflect the relative benefits
received by the Company and the Subsidiary Guarantors, on the one hand, and the
Indemnified Persons, on the other hand, from the offering of the Notes or, if
such allocation is not permitted by applicable law or indemnification is not
available as a result of the indemnifying party not having received notice as
provided in paragraph (c) of this Section 8, in such proportion as is
appropriate to reflect not only the relative benefits referred to above but also
the relative fault of the Company and the Subsidiary Guarantors, on the one
hand, and the Indemnified Persons, on the other hand, in connection with the
statements or omissions that resulted in such Losses, as well as any other
relevant equitable considerations. The relative fault of the Company and the
Subsidiary Guarantors, on the one hand, and the Indemnified Persons, on the
other hand, shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the
Company, the Subsidiary Guarantors or the Indemnified Persons and the parties'
relative intent,

                                       18

knowledge, access to information and opportunity to correct or prevent such
statement or omission or alleged statement or omission.

     (e) Each of the Company and the Subsidiary Guarantors agrees that it would
not be just and equitable if contribution pursuant to paragraph (d) of this
Section 8 were determined by pro rata allocation or by any other method of
allocation that does not take into account the equitable considerations referred
to above.

     Notwithstanding the provisions of paragraph (d) of this Section 8, (i) in
no case shall an Indemnified Person be required to contribute any amount in
excess of the amount by which the total received by such Indemnified Person with
respect to its sale of its Transfer Restricted Securities or New Notes, as the
case may be, exceeds the amount of any damages that such Indemnified Person has
otherwise been required to pay by reason of any untrue or alleged untrue
statement or omission or alleged omission and (ii) no person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of paragraphs (d) and (e) of this
Section 8, each person, if any, who controls an Indemnified Person within the
meaning of Section 15 of the Act or Section 20(a) of the Exchange Act shall have
the same rights to contribution as such Indemnified Person, and each person, if
any, who controls the Company and Subsidiary Guarantors, if applicable, within
the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act shall
have the same rights to contribution as the Company and Subsidiary Guarantors,
if applicable, subject in each case to clauses (i) and (ii) of this Section
8(e). Any party entitled to contribution will, promptly after receipt of notice
of commencement of any Action against such party in respect of which a claim for
contribution may be made against another party or parties under paragraph 8(d)
or (e) of this Section 8, notify such party or parties from whom contribution
may be sought, but the omission to so notify such party or parties shall not
relieve the party or parties from whom contribution may be sought from any
obligation it or they may have under paragraph (d) or (e) of this Section 8 or
otherwise. No party shall be liable for contribution with respect to any Action
or claim settled without its written consent; provided, however, that such
written consent shall not be unreasonably withheld.

     Section 9. Rule 144A. If at any time the Company is not required to file
reports under the Act and the Exchange Act, it agrees with each Holder, for so
long as any Transfer Restricted Securities remain outstanding, to make available
to any Holder or beneficial owner of Transfer Restricted Securities and any
prospective purchaser of such Transfer Restricted Securities designated by such
Holder or beneficial owner and to Broker-Dealers, upon their request, the
information required by Rule 144A(d)(4) under the Act in order to permit resales
of such Transfer Restricted Securities pursuant to Rule 144A.

     Section 10. Participation in Underwritten Registrations. No Holder may
participate in any Underwritten Registration under this Agreement unless such
Holder (a) agrees to sell such Holder's Transfer Restricted Securities on the
basis provided in customary underwriting arrangements approved by the Persons
entitled under this Agreement to approve such arrangements and (b) completes and
executes all reasonable questionnaires, powers of attorneys, indemnities,
underwriting agreements, lock-up letters and other documents required under the
terms of such underwriting arrangements.

                                       19

     Section 11. Selection of Underwriters. The Holders of Transfer Restricted
Securities covered by the Shelf Registration Statement who desire to do so may
sell such Transfer Restricted Securities in an Underwritten Offering. In any
such Underwritten Offering, the investment banker or investment bankers and
manager or managers that will administer the offering will be selected by the
Holders of a majority in aggregate principal amount of the Transfer Restricted
Securities included in such offering; provided that such investment bankers and
managers must be reasonably satisfactory to the Company.

     Section 12. Miscellaneous. (a) Remedies. Each Holder, in addition to being
entitled to exercise all rights provided in this Agreement, in the Indenture or
granted by law, including recovery of liquidated or other damages, will be
entitled to specific performance of its rights under this Agreement. Each of the
Company and the Subsidiary Guarantors agrees that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by them of the
provisions of this Agreement and hereby agree to waive the defense in any Action
for specific performance that a remedy at law would be adequate.

     (b) No Inconsistent Agreements. The Company and the Subsidiary Guarantors
will not on or after the date of this Agreement enter into any agreement with
respect to its securities that is inconsistent with the rights granted to the
Holders in this Agreement or otherwise conflicts with the provisions of this
Agreement. The Company and the Subsidiary Guarantors have not previously entered
into any agreement granting any registration rights with respect to its
respective securities to any Person, except as disclosed in the Offering
Memorandum or in the Offering Memorandum dated March 26, 1998 related to the
Existing Notes. The rights granted to the Holders under this Agreement do not in
any way conflict with and are not inconsistent with the rights granted to the
holders of the Company's securities under any agreement in effect on the date of
this Agreement.

     (c) Adjustments Affecting the Notes. Without the written consent of the
Holders of a majority in aggregate principal amount of outstanding Transfer
Restricted Securities, the Company will not take (nor permit any Subsidiary
Guarantor to take) any action, or permit any change to occur, with respect to
the Notes that would materially and adversely affect the ability of the Holders
to Consummate any Exchange Offer.

     (d) Amendments and Waivers. The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to or departures from
the provisions of this Agreement may not be given unless (i) in the case of
Section 5 hereof and this Section 12(d)(i), the Company and the Subsidiary
Guarantors have obtained the written consent of each affected Holder of
outstanding Transfer Restricted Securities and (ii) in the case of all other
provisions hereof, the Company and the Subsidiary Guarantors have obtained the
written consent of Holders of a majority of the outstanding principal amount of
Transfer Restricted Securities. Notwithstanding the foregoing, a waiver or
consent to departure from the provisions of this Agreement that relates
exclusively to the rights of Holders whose securities are being sold or tendered
pursuant to the Exchange Offer and that does not affect directly or indirectly
the rights of other Holders whose securities are not being sold or tendered
pursuant to such Exchange Offer may be given by the Holders of a majority of the
outstanding principal amount of Transfer Restricted Securities subject to such
Exchange Offer.

                                       20

     (e) Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand-delivering, first-class mail
(registered or certified, return receipt requested), telex, telecopier or air
courier guaranteeing overnight delivery:

          (i) if to a Holder, at the address set forth on the records of the
     Registrar under the Indenture, with a copy to the Registrar under the
     Indenture; and

          (ii) if to the Company or the Subsidiary Guarantors, at:

               Mastellone Hermanos S.A.
               E. Ezcurra 365,
               Piso 2, Oficina 310
               C1107CLA Buenos Aires
               Argentina
               Telephone: (54) 23-7485-9050
               Facsimile: (54) 23-7485-9059
               Attention: Rodolfo Gonzalez

             with a copy to:

               Shearman & Sterling LLP
               599 Lexington Avenue
               New York, NY 10032
               Facsimile: (212) 848-7179
               Attention: John A. Millard, Esq.

     All such notices and communications shall be deemed to have been duly
given: (i) at the time delivered by hand, if personally delivered; (ii) five
Business Days after being deposited in the mail, postage prepaid, if mailed;
(iii) when answered back, if telexed; (iv) when receipt acknowledged, if
telecopied; and (v) on the next Business Day, if timely delivered to an air
courier guaranteeing overnight delivery.

     Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee at the
address specified in the Indenture.

     (f) Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors and permitted assigns of the Company and the
Subsidiary Guarantors, including without limitation and without the need for an
express assignment, subsequent Holders of Transfer Restricted Securities.

     (g) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning of this
Agreement.

     (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     (i) Submission to Jurisdiction. Each of the Company and the Subsidiary
Guarantors agrees to submit to the non-exclusive jurisdiction of the courts of
the State of New York and the

                                       21

United States Federal Courts sitting in the City of New York for the purposes of
any suit, action or proceeding arising out of or relating to this Agreement.
Each of the Company and the Subsidiary Guarantors hereby designates and appoints
CT Corporation System, 111 Eighth Avenue, New York, New York 10011, as its agent
to receive on its behalf service of all process in any proceedings in any court
sitting in New York, New York, such service being hereby acknowledged by the
Company and the Subsidiary Guarantors to be effective and binding service in
every respect. A copy of any such process so served shall be mailed by
registered mail to the Company and the Subsidiary Guarantors at the address
specified in Section 12(e) hereof, except that unless otherwise provided by
applicable law, any failure to mail such copy shall not affect the validity of
service of process. If any agent appointed by the Company or the Subsidiary
Guarantors refuses to accept service, each of the Company and the Subsidiary
Guarantors hereby agrees that service upon it by mail shall constitute
sufficient notice. Nothing herein shall affect the right to serve process in any
other manner permitted by law or shall limit the right of the Holders to bring
proceedings against the Company or the Subsidiary Guarantors in the courts of
any other jurisdiction.

     To the extent that the Company, the Subsidiary Guarantors or any of their
properties, assets or revenues may have or may hereafter become entitled to, or
have attributed to it, any right of immunity, on the grounds of sovereignty or
otherwise, from any legal action, suit or proceeding, from the giving of any
relief in any thereof, from setoff or counterclaim, from the jurisdiction of any
court, from service of process, from attachment upon or prior to judgment, from
attachment in aid of execution of judgment, or from execution of judgment, or
from other legal process or proceeding for the giving of any relief or for the
enforcement of any judgment, in any jurisdiction in which the proceedings may at
any time be commenced, with respect to their obligations, liabilities or any
other matter under or arising out of or in connection with this Agreement, each
of the Company and the Subsidiary Guarantors, to the fullest extent permitted by
law, hereby irrevocably and unconditionally waives and agrees not to plead or
claim any such immunity and consents to such relief and enforcement.

     Each of the Company and the Subsidiary Guarantors irrevocably waives the
right to demand that the plaintiff post a bond or guaranty or other similar
cautio indicatum solvi in any action or proceeding arising out of relating to
this Agreement against the Company or the Subsidiary Guarantors in Argentina.

     (j) Judgment Currency. If for the purposes of obtaining judgment in any
court it is necessary to convert a sum due hereunder into any currency other
than United States dollars, each of the Company and the Subsidiary Guarantors
agrees, to the fullest extent that it may effectively do so, that the rate of
exchange used shall be the rate at which in accordance with normal banking
procedures the Company could purchase United States dollars with such other
currency in New York City on the Business Day preceding that on which final
judgment is given. The obligation of the Company, the Subsidiary Guarantors and
any indemnifying party in respect of any amount payable pursuant to this
Agreement, shall, notwithstanding any judgment in a currency other than United
States dollars, not be discharged until the first Business Day following receipt
by the Company, such Subsidiary Guarantor or the Indemnified Person, as the case
may be, of any sum adjudged to be so due in such other currency, on which (and
only to the extent that) the Company, the Subsidiary Guarantors or the
Indemnified Person, as the case may be, may in accordance with normal banking
procedures purchase United States dollars with such

                                       22

other currency; if the United States dollars so purchased are less than the sum
originally due to the Company, the Subsidiary Guarantors or the Indemnified
Person, as the case may be, hereunder, the Company, the Subsidiary Guarantors
and such Indemnified Person agree, as a separate obligation and notwithstanding
any such judgment, to indemnify the Company, the Subsidiary Guarantors or the
Indemnified Person, as the case may be, against such loss. If the United States
dollars so purchased are greater than the sum originally due to the Company,
Subsidiary Guarantor or Indemnified Person, as the case may be, hereunder, the
Company, such Subsidiary Guarantor or the Indemnified Person, as the case may
be, agrees to pay to the Company, the Subsidiary Guarantor or the Indemnified
Person, as the case may be, an amount equal to the excess of the dollars so
purchased over the sum originally due to the Company, the Subsidiary Guarantor
or the Indemnified Person, as the case may be, hereunder.

     All payments to be made by the Company or any Subsidiary Guarantors under
this Agreement shall be made in U.S. dollars, at such place outside of the
Republic of Argentina as agreed with the payee thereof, without withholding or
deduction for or on account of any present or future taxes, duties or charges
whatsoever imposed or levied by or on behalf of the Republic of Argentina or any
political subdivision or taxing authority therein, unless the Company or any
Subsidiary Guarantor is compelled by law to deduct or withhold such taxes,
duties or charges, in which event the Company or any Subsidiary Guarantor shall
pay such "additional amounts" as may be necessary in order that the net amounts
received by such payee (including "additional amounts") after any withholding in
respect of such taxes, duties or charges shall equal the amount that would have
been received in the absence of such withholding or deduction.

     (k) Waiver of Immunity. To the extent that the Company or any Subsidiary
Guarantor has or hereafter may acquire any immunity from jurisdiction of any
court or from any legal process (whether through service or notice, attachment
prior to judgment, attachment in aid or execution, or otherwise) with respect to
itself or its property, such party hereby irrevocably waives such immunity in
respect of its obligations hereunder to the extent permitted by applicable law
and, without limiting the generality of the foregoing, agrees that the waivers
set forth in this paragraph shall have effect to the fullest extent permitted
under the Foreign Sovereign Immunities Act of 1976 of the United States and are
intended to be irrevocable for purposes of such Act.

     (l) Severability. In the event that any one or more of the provisions
contained in this Agreement, or the application of any such provision in any
circumstance, is held invalid, illegal or unenforceable, the validity, legality
and enforceability of any such provision in every other respect and of the
remaining provisions contained in this Agreement shall not be affected or
impaired thereby.

     (m) Entire Agreement. This Agreement is intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties to this Agreement in
respect of the subject matter contained in this Agreement. There are no
restrictions, promises, warranties or undertakings, other than those set forth
or referred to in this Agreement with respect to the registration rights granted
by the Company and the Subsidiary Guarantors with respect to the Transfer
Restricted Securities. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

                                       23

     (n) Beneficiaries. Holders are intended beneficiaries of this Agreement and
this Agreement may be enforced by such Holders. Any person who acquires Transfer
Restricted Securities will, as the Holder of such Transfer Restricted
Securities, automatically become a party to this Agreement.

                                       24

     IN WITNESS WHEREOF, the Company and the Subsidiary Guarantors have executed
this Agreement as of the date first written above.

                                       MASTELLONE HERMANOS S. A.

                                       By: /s/ Pascual Mastellone
                                           -------------------------------------
                                           Name: Pascual Mastellone
                                           Title: President

                                       LEITESOL INDUSTRIA E COMERCIO S.A.

                                       By: /s/ Pascual Mastellone
                                           -------------------------------------
                                           Name: Pascual Mastellone
                                           Title: President

                                       MASTELLONE SAN LUIS S. A.

                                       By: /s/ Pascual Mastellone
                                           -------------------------------------
                                           Name: Pascual Mastellone
                                           Title: President

                                       PROMAS S.A.

                                       By: /s/ Jose A. Moreno
                                           -------------------------------------
                                           Name: Jose A. Moreno
                                           Title: PresidentExhibit 4.5

-------------------------------------------------------------------------------

                             STOCK PLEDGE AGREEMENT

                                 BY AND BETWEEN

                               PASCUAL MASTELLONE

                            VICTORIO BRUNO MASTELLONE

                                 JOSE MASTELLONE

                            DALLPOINT INVESTMENTS LLC

                                       and

                              THE BANK OF NEW YORK

                           BANCO RIO DE LA PLATA S.A.

-------------------------------------------------------------------------------

                        BUENOS AIRES, OCTOBER 22ND, 2004

                             STOCK PLEDGE AGREEMENT

This Stock Pledge Agreement (the "Agreement") is made in the City of Buenos
Aires, Argentina, this 22 day of October, 2004, by and among:

o    Banco Rio de la Plata S.A. (the "Collateral Agent"), domiciled at Bartolome
     Mitre 480, City of Buenos Aires, Argentina, hereat represented by Mr.
     Nicolas del Campo Wilson and Mr. Claudio A. Cesario, in their capacity as
     attorneys-in-fact with full power to execute these presents;

o    The Bank of New York ("BONY"), domiciled at 101 Barclay Street, 7 East, New
     York, New York, United States of America, hereat represented by Mr. Walter
     D. Salvatori, in his/her capacity as attorney-in-fact with full power to
     execute these presents;

o    Dallpoint Investments LLC ("Dallpoint"), domiciled at Corporation Trust
     Center, 1209 Orange Street, City of Wilmington, County of New Castle, State
     of Delaware, United States of America, hereat represented by Mr. Carlos M.
     Agote, in his capacity as attorney-in-fact with full power to execute these
     presents, and Messrs. Pascual Mastellone, Jose Mastellone and Victorio
     Mastellone (the "Mastellone Brothers"), all of them domiciled at
     Encarnacion Ezcurra 365, piso 2(o), oficina "310", City of Buenos Aires
     (hereinafter, Dallpoint and the Mastellone Brothers are collectively
     referred to as the "Pledgors").

Each of the Collateral Agent, BONY and Pledgors are referred to in this
Agreement individually as a "Party" and collectively as the "Parties".

WHEREAS

(i)      Pursuant to the Indenture dated March 31, 1998, as amended, among
         Mastellone Hermanos S.A. (the "Company"), as issuer, BONY, as Trustee,
         Co-Registrar and Principal Paying Agent, and Banco Rio de la Plata
         S.A., as Registrar and Paying Agent, the Company issued 11.75% Senior
         Notes due 2008 (the "Existing Notes") in the principal amount of
         US$225,000,000, 100% of which principal amount remained outstanding as
         of October 22nd, 2004 (the "Cut-off Date");

(ii)     In addition to its indebtedness under the Existing Notes, the Company
         had as of the Cut-off Date financial debt originally owed to banking
         institutions in the amount of approximately US$104.000.000 (or its
         equivalent) (the "Existing Bank Debt" and, together with the Existing
         Notes, and interest accrued on the Existing Notes and the Existing Bank
         Debt to the Cut-off Date, the "Debt Subject to the Offers");

(iii)    On September 16, 2004, pursuant to an Offering Memorandum dated on the
         same date (as amended and supplemented) the Company made a cash tender
         offer and an exchange offer (the "Offers") to the holders of Existing
         Notes and Existing Bank Debt;

(iv)     The Offers made by the Company have been accepted by a majority of its
         creditors, whose claims account for approximately 97,8% of the
         principal amount of the Debt Subject to the Offers as of October 19,
         2004;

(v)      Pursuant to the Offers the Company will issue Exchange Notes and
         Exchange Floating Rate Debt, to be delivered in exchange for the Debt
         Subject to the Offers;

(vi)     In addition, and as provided for under the Offer, upon the issuance of
         the Exchange Notes but not later than 180 days thereafter, the Company
         shall issue another series of notes which will be registered with the
         United States Securities and Exchange Commission ("SEC New Notes"), and
         will be offered in exchange for the Exchange Notes (the Exchange Notes,
         and the SEC New Notes, issued under the Indenture, collectively
         referred to herein as the "Secured Debt");

(vii)    As provided in the Offering Memorandum, the terms and conditions of the
         Secured Debt are governed by an Indenture (the "Indenture") executed on
         the date hereof by and between the Company and BONY, a copy of which is
         attached hereto as Schedule A;

(viii)   Both the Offers and the Indenture, the terms and conditions of which
         Pledgors hereby acknowledge and accept, provide that on the one hand
         the Secured Debt and on the other hand the Exchange Floating Rate Debt
         will be respectively secured with a first rank pledge of an aggregate
         of shares equal to 49% of the Company's capital tock and voting rights,
         which shall be proportionally distributed between each pledge, as it is
         set forth in the Offering Memorandum. The obligation of the Pledgors to
         constitute this Pledge is evidenced in the Shareholders' Meeting of the
         Company dated March 5, 2004, whereby the issuance of the Offers was
         approved;

(ix)     As provided for under the foregoing documents, Pledgors hereby create
         on the date hereof a stock pledge for the benefit of holders of the
         Secured Debt (collectively, "Secured Creditors"), and, by a separate
         instrument, Pledgors hereby create another stock pledge for the benefit
         of holders of the Exchange

         Floating Rate Debt, in such proportions as are contemplated under
         clause (viii) above;

(x)      The Offering Memorandum, the Offers and the Indenture provide that
         Banco Rio de la Plata S.A. will act as collateral agent under the
         Pledge agreement, with full power to execute this agreement on behalf
         of the Secured Creditors;

(xi)     The Indenture and the Offering Memorandum as supplemented in order to
         participate in the Offers, authorize BONY and the Collateral Agent to
         execute this Agreement on behalf of the Secured Creditors;

(xii)    This Agreement is executed by BONY, as Trustee, Co-Registrar and
         Principal Paying Agent, under the Indenture, and as Closing Agent under
         the Offering Memorandum. In addition, this Agreement is executed by
         Banco Rio de la Plata S.A. as Collateral Agent, assuming its rights and
         liabilities under the terms and conditions of this Agreement.

NOW, THEREFORE, the Parties agree to enter into this Agreement, subject to the
following terms and conditions:

1. PURPOSE.

Pledgors hereby create in favor of the Collateral Agent, acting on behalf of the
Secured Creditors, as security for the Secured Debt, a first commercial pledge,
in accordance with the provisions of section 580 et seq. of the Argentine
Commercial Code (the "Pledge") on such number of registered non endorsable
shares of par value Pesos 1 each as shall represent 32,51% (thirty two with
fifty one per cent) of the capital stock and voting rights of the Company (the
"Shares"). The quantity, number and class of Shares and the number of votes per
Share are listed in Schedule B hereto.

The liability of Pledgors to the Secured Creditors is limited exclusively to
this pledge security; therefore, Pledgors shall no be deemed to be sureties
and/or guarantors of the Company in respect of the Secured Debt. Accordingly,
the liability of Pledgors shall, in all events, including, without limitation,
damages upon breach of this Agreement, be limited exclusively to this Pledge
security and the value of the Shares.

2. SCOPE OF PLEDGE.

The Pledge is not limited to the Shares listed on Schedule B, but includes
32,51% of all such shares of the Company issued hereafter which will be
automatically subject to this Pledge Agreement, until the Secured Debt is
discharged as it is necessary to make subject to the Pledge in order to maintain
the percentage of 32,51% of the capital stock and voting rights mentioned in the
previous Section, whether any such shares are issued under any capital increase,
capitalization of irrevocable contributions, and/or payment of capital in cash
or in kind, accounting revaluation, and/or distribution of stock dividends
and/or merger or spin-off, and/or otherwise.

In all the foregoing events, Pledgors agree to notify the Collateral Agent and
the Company in writing within 10 (ten) banking days following the relevant
Stockholders' Meeting and/or Board Meeting, and to pledge, and deliver to the
Collateral Agent, any and all shares issued that are required to be pledged
under the provisions of the foregoing paragraph, which shares shall be subject
to the terms and conditions of this Agreement.

3. DEBT SECURED BY THE PLEDGE.

This Pledge is granted by Pledgors to secure payment of all the obligations to
the Secured Creditors assumed by the Company with respect to the Secured Debt
under the Indenture, including, without limitation, the Exchange Notes, the SEC
New Notes to be issued in exchange for the Exchange Notes, and any such
refinancing and or restructuring, whether total or partial, as may be
hereinafter made in respect thereof. The Pledge secures the payment of principal
and interest of the Secured Debt, as well as the payment of any default
interest, expenses and costs of litigation as may result from the breach of the
terms and conditions of the Secured Debt. This Pledge is created without
prejudice to any other security interest in real or personal property previously
or hereafter granted by the Company and/or its subsidiaries to the Secured
Creditors, and the Secured Creditors shall be entitled to enforce, jointly or
severally, any of their guarantees against the Company and/or its Subsidiaries,
in such order and manner as the Secured Creditors shall deem fit.

4. DELIVERY OF THE SHARES AND REGISTRATION OF THE PLEDGE.

To give effect to the security granted hereunder, Pledgors hereby deliver to the
Collateral Agent, and the Collateral Agent hereby receives to its satisfaction,
the Shares certificates. The pledge granted hereunder is duly registered in the
Shares certificates and has further been registered by the Company in accordance
with the provisions of

sections 213 and 215 of the Argentine Business Company Act No. 19, 550, as
amended and supplemented (the "BCA"). The creation of the Pledge was entered in
the Minutes of Meeting of the Board of Directors dated October 22nd, 2004,
attached hereto as Schedule C, at which meeting it was resolved that the Pledge
be registered in the Company's Stock Ledger (the "Stock Ledger "), which was
duly effected on the date hereof, as evidenced by the certified copy of folio 27
of the Stock Ledger, attached hereto as Schedule D.

5. RESTRICTIONS ON THE SHARES.

Until full payment of the Secured Debt and the resulting termination of the
Company's obligations under the Indenture, Pledgors may not sell, assign and/or
otherwise transfer the Shares and/or the preemptive rights, or any other rights
thereon, except in the manner and to the extent permitted under the Indenture.
Pledgors may not create any second priority lien on, or any beneficial interest
in, the Shares, and may not make or adopt any decision in any manner affecting
the economic or voting rights on the Shares, or on any other shares as may be
pledged hereafter pursuant to Section 2 hereof.

6. OBLIGATION OF PLEDGORS IN THE EVENT OF AN INCREASE OF THE COMPANY'S CAPITAL
   STOCK.

In the event of an increase of the Company's Capital Stock, Pledgors shall be
obligated to exercise their preemptive rights with respect to a number of shares
which shall allow them to maintain an amount of shares representing not less
than 32,51% of the Company's capital stock and voting rights, in order to
prevent the rights herein granted to the Secured Creditors being affected.

Without prejudice to the foregoing, in the event of a capital increase, whether
or not such increase involves any disbursement by Pledgors, the new shares
resulting from the exercise of the preemptive rights on the Shares will be
incorporated to the Pledge created hereunder, to such extent and in such number
as it may be necessary for the Shares subject to this Pledge to continue
representing 32,51% (thirty two with fifty one per cent) of the capital stock
and voting rights of the Company. The share certificates issued shall be
delivered to the Collateral Agent not later than three (3) days from issuance,
and record of the Pledge shall be entered in the relevant certificates and the
Stock Ledger.

7. EXERCISE OF VOTING RIGHTS ON THE SHARES.

Pledgors shall retain the right to vote at Stockholders' Meetings of the Company
carried by the Shares, as long as the Company and the Pledgors are not in
default with respect to the obligations assumed under the Secured Debt and under
this Agreement. To permit or facilitate the free exercise of such right, BONY
shall notify the Collateral Agent, based on reports it receives from the Company
pursuant to Sections 10.08 (a) and 10.08 (b) of the Indenture, of the Company's
compliance with its obligations and upon such notice it shall issue to Pledgors
appropriate certificates of their respective holdings and of the custody of the
Shares.

8. AFFIRMATIVE AND NEGATIVE COVENANTS OF PLEDGORS.

Until the Company's Secured Debt and obligations under the Indenture are
discharged in full, Pledgors irrevocably agree as follows:

A)   To give notice to the Collateral Agent of any event or act that may
     materially affect the economic and financial condition of the Company.

B)   To cause that the Collateral Agent be given access to the Company's
     accounting books and records and to any other documentation reasonably
     requested to the Company, and to permit the Collateral Agent to conduct
     reasonable inspections in the Company to verify compliance with the
     obligations hereunder.

C)   To give notice to the Collateral Agent of any change in the Company's
     capital structure.

D)   To give notice to the Collateral Agent of any Meeting of Stockholders
     and/or Board of Directors of the Company called to discuss irrevocable
     contributions to, or spin-off, merger and/or transformation of, the
     Company, not later than twenty (20) banking days after such meeting was
     held.

9.       TERMINATION OF THE PLEDGE AND RETURN OF THE SHARES.

The Parties agree that upon Company's full payment of the Secured Debt, the
Pledge hereunder shall terminate and the Collateral Agent shall return the
Shares not later than 15 (fifteen) days thereafter. Upon termination of the
Pledge, the Collateral Agent shall issue a certificate to the Company certifying
that the Company's obligations under the Secured Debt have been discharged in
full and consenting to the registration of the Pledge termination in the Share
certificates and the Stock Ledger.

10. DUTIES OF THE COLLATERAL AGENT.

The Collateral Agent shall perform hereunder the duties listed below, and shall
do such other things and perform such other duties -which at its own discretion-
are convenient and appropriate to protect the rights and interests of the
Secured Creditors under this Pledge Agreement.

10.1. Custody of the Shares. To hold the certificates evidencing the Shares and
any new shares as may be issued hereafter and delivered to it pursuant to
Section 2 hereof.

10.2. To monitor that any new shares issued and delivered to it pursuant to
Section 2 hereof contain the notation of the Pledge in their respective
certificates and that the Pledge on such shares has been registered in the Stock
Ledger. For such purpose, the Pledgors covenant to (i) instruct the Company to
make available the Company's books to the Agent and (ii) to make available the
newly issued shares certificates to the Collateral Agent in order to verify
registration of the Pledge.

10.3. In the event the Company determines to invalidate and/or exchange any
Shares, to deliver and receive the appropriate Shares, ensuring that the Secured
Creditors are not adversely affected.

10.4. To give notice, through the Trustee, to the Secured Creditors holding
Secured Debt of any event that may constitute an Event of Default (as defined
below) hereunder, in order to allow the Secured Creditors to act thereon with
the majorities required by the Indenture and this Agreement, and to exercise all
the relevant rights and actions, as the case may be.

10.5. To enforce the Pledge, when so instructed by the majorities required by
Section 12 of this Agreement.

11. EVENTS OF DEFAULT.

The events of default ("Events of Default") upon the occurrence of which the
Collateral Agent is entitled to institute proceedings to enforce the Pledge, or
to take any other action or exercise any remedy shall mean Events of Default as
defined under the Indenture.

In addition to the Events of Default set forth in the Indenture, the occurrence
at any time, with respect to any Pledgor, of any of the events specified below
shall constitute

an Event of Default hereunder, provided it is declared as such by the above
mentioned majorities of Secured Creditors:

A)   Pledgors' failure to deliver to the Collateral Agent new shares of the
     Company to make them subject to the Pledge pursuant to Section 2 hereof.

B)   Inaccuracy of any of the representations, statements or warranties made by
     Pledgors in this Agreement.

C)   Pledgors' failure to comply with any of their obligations hereunder in a
     timely manner, and

D)   The commencement of voluntary bankruptcy or insolvency proceedings by any
     of the Pledgors, the execution of an APE or the filing of a petition in
     bankruptcy against any of the Pledgors, which shall have not been
     dismissed.

12.  COMMENCEMENT OF ENFORCEMENT OF THE PLEDGE.

For the Collateral Agent to be entitled to commence enforcement of the Pledge,
he shall receive in writing from BONY a written communication signed by a
Responsible Officer (as such term is defined in the Indenture) instructing the
Collateral Agent to proceed in such respect, provided however that BONY has
received such direction from the required Secured Creditors. Such instruction
shall be given not later than 10 days after the Secured Creditors representing
the majority in principal amount of the Secured Debt shall have requested in
writing the enforcement of the Pledge upon a declaration of acceleration of the
Secured Debt under Section 5.02 of the Indenture.

13. PLEDGE ENFORCEMENT PROCEEDINGS.

Upon the requirement provided for in Section 12 having been complied with, the
Collateral Agent may enforce the Pledge on the Shares and on any shares as shall
have been pledged hereafter. For enforcement purposes, the procedure set forth
in section 585 and related sections of the Argentine Commercial Code shall
apply. The notice required under the above mentioned regulation shall be
published during 5 (five) days in at least 2 (two) leading newspapers in Buenos
Aires, selected at the discretion of the Collateral Agent.

The Collateral Agent may enforce the security interest granted herein without
prior demand (whether judicial or administrative), by causing the sale in cash
of the Shares and any shares pledged hereafter to the highest bidder. For such
purpose, the Collateral Agent shall designate the auctioneer or stock exchange
broker who will conduct the auction, which will be held at the Buenos Aires
Stock Exchange (Bolsa de Comercio de Buenos Aires) or, in default thereof, at
any such place as the Collateral Agent shall designate within the City of Buenos
Aires. The sale by auction shall be made in U.S. dollars, at an opening bid
price equal to the Secured Debt outstanding at that date, which outstanding
amount shall be previously notified in writing by BONY to the Collateral Agent.
The Collateral Agent will notify the potential bidders of such outstanding
amount of the Secured Debt. If no bid is submitted, a second auction shall be
conducted half and hour later at the opening bid price reduced by 50% (fifty
percent). If no bid is submitted thereat, a new auction shall be conducted on a
later date, starting at the opening bid price reduced by 50%; if this auction
fails, a new auction may be conducted within half an hour without an opening bid
price. The proceeds of the auction shall be applied as follows:

A)       To the payment of any tax on the transfer of the Shares sold upon
         enforcement, the auctioneer's or stock broker's fees, professional fees
         and other auction expenses.

B)       The Collateral Agent will receive the total remaining balance of the
         proceeds and apply such balance to the repayment of the Secured Debt,
         for which purpose the Collateral Agent shall transfer to the Trustee
         such funds to be distributed among the Secured Creditors.

C)       The remaining balance, if any, shall be distributed by the Collateral
         Agent ratably among Pledgors, according to their equity interest,
         within 15 (fifteen) days after the relevant payments.

D)       If the sale proceeds are not sufficient to cover the Secured Debt,
         Pledgors shall be released from any obligation to the Collateral Agent
         and the Secured Creditors, since its personal liability is limited
         exclusively to the value of the Shares, notwithstanding the Secured
         Creditors right to enforce any other collateral or to file any other
         proceedings to protect their rights.

E)       The Secured Creditors may not set-off their claims at the auction.

14.      REPRESENTATIONS AND WARRANTIES OF PLEDGORS.

Pledgors make the following representations and warranties to the Collateral
Agent with respect to the Shares:

A)   The Company is a validly existing corporation, duly organized under the
     laws of the Republic of Argentina on October 22, 1973, as evidenced in its
     Bylaws, filed with the Argentine Registry of Commerce - Registrar of
     Companies of the City of Buenos Aires on May 17, 1976 under number 1163,
     Book 85, Volume "A" of Corporations;

B)   The Shares have been validly issued, are 100% (one hundred per cent)
     paid-in and are not subject to call options or similar rights of any
     person;

C)   The Stock Ledger is duly notarized, its records are complete and it is kept
     by the Company as required by law;

D)   As evidenced in folio 27 of the Stock Ledger, Pledgors hold 100% (one
     hundred per cent) of the shares representing the entire Capital Stock of
     the Company, the structure of which is shown in the following table:

                               CLASS B       CLASS A
                              FIVE VOTE     ONE VOTE                                      PERCENTAGE OF
       SHAREHOLDERS            SHARES        SHARES      TOTAL SHARES     TOTAL VOTES     TOTAL SHARES
--------------------------- -----------   -----------   ------------    --------------     ------------

Pascual Mastellone......... 35,211,300    56,333,283    91,544,583      232,389,783        22.3332647%
Victorio Bruno Mastellone.. 35,211,297    56,333,278    91,544,575      232,389,763        22.3332627%
Jose Mastellone............ 35,211,297    56,333,278    91,544,575      232,389,763        22.3332627%
Dallpoint Investments LLC.. 68,548,112    66,720,533    135,268,645     409,461,093        33.0002099%
                            -----------   -----------   ------------    --------------     ------------
Total...................... 174,182,006   235,720,372   409,902,378     1,106,630,402      100.00%
                            ===========   ===========   ============    ==============     ============

The Pledgors hereby represent and warrant that there are not shares pending to
be issued, nor an agreement with third parties to issue new shares, or to
increase or decrease the Company's stock capital, or any other document that
could vary the Company's stock capital.

E) Pledgors are the sole holders of the Shares and are not subject to any
restriction preventing the creation of the Pledge; and

F) The Shares are not subject to any attachment, pledge, beneficial interest or
any injunction or lien of any nature;

15. ADDITIONAL REPRESENTATIONS OF PLEDGORS.

Additionally, Pledgors represent to the Collateral Agent that:

A)   Either no authorization is required for the execution, delivery and
     performance of this Agreement by Pledgors and the consummation of the
     events contemplated hereby, or such authorization has been duly given by
     the appropriate corporate authority.

B)   This Agreement has been validly executed and delivered by Pledgors and
     constitute their legal and binding obligation, enforceable against Pledgors
     in accordance with its terms and the provisions of Argentine law.

C)   The execution, delivery and performance of this Agreement by Pledgors does
     not, and no other document to be executed and delivered by Pledgors
     hereunder in compliance with the terms and conditions hereof will, (i)
     contravene or conflict with any provision of the Bylaws of the Company or
     of Pledgors, as the case may be, (ii) contravene or result in violation of,
     or default under, or constitute grounds for acceleration or amendment of,
     the terms and conditions of any agreement which is binding upon the Company
     or Pledgors; (iii) contravene any law applicable to Pledgors or any of
     their respective assets (iv) contravene any resolution, decision or ruling
     by any government or judicial authority applicable to the Company or
     Pledgors or any of their respective assets.

16.  SPOUSE'S CONSENT.

For purposes of the consent required by section 1277 of the Argentine Civil
Code, this agreement is also executed by Mrs. Maria Rosa Carrubba, Libreta
Civica N(o) 3.981.886, spouse of Mr. Jose Mastellone, and by Mrs. Clide
Petrona Ubellart, Libreta Civica N(o) 4.231.272, spouse of Mr. Victorio
Bruno Mastellone.

17.      RIGHTS AND INDEMNITIES OF THE COLLATERAL AGENT.

17.1.    Compensation: During the effectiveness hereof, the Collateral Agent
         shall be entitled to receive an annual compensation, payable in
         advance, equivalent to US$3,187.50 together with any taxes applicable
         thereon (including, without limitation, Value Added Tax), which shall
         be paid by the Company not more than five days after execution hereof
         and on each anniversary of the transaction; provided however, that the
         Collateral Agent may

         -at its option- debit the aforementioned compensation from the
         Company's Account, with this Agreement constituting an express and
         irrevocable instruction by the Company in such respect.

17.2.    Indemnity: The Pledgors and/or the Company covenant to indemnify and
         hold the Collateral Agent and BONY, and their respective directors,
         officers, employees and agents harmless against any liabilities,
         expenses, damages and other costs of any kind or nature (including
         fees of legal counsel) incurred by or claimed against them as a result
         of or in connection with the performance of their duties as Collateral
         Agent hereunder, unless such damages are a direct result of their
         gross negligence or willful misconduct. The Parties agree that the
         Pledgors may comply with this obligation either directly or through
         the Company, in which event the Pledgors shall take the relevant
         actions for such purpose within the Company. The obligations assumed
         hereunder shall survive discharge of the Pledge and termination of the
         Collateral Agent or BONY. The Collateral Agent may at any time obtain
         independent advise as to any alternative relating to this Agreement.
         If the Company incurs in default in compliance with its obligations
         under the Secured Debt, or if the Pledgors incur in default in
         compliance with their obligations hereunder, the Pledgors and/or the
         Company shall be required to reimburse the fees as may be payable for
         such advise, to the extent that they are reasonable. In no event shall
         BONY or the Collateral Agent be liable for any indirect, special,
         punitive or consequential loss or damage of any kind whatsoever,
         including but not limited to, lost profits, even if BONY or the
         Collateral Agent have been advised of the likelihood of such loss or
         damage and regardless of the form of action. In no event shall BONY or
         the Collateral Agent be liable for any failure or delay in the
         performance of their obligations hereunder because of circumstances
         beyond their control, including, but not limited to, acts of God,
         flood, war (whether declared or undeclared), terrorism, fire, riot,
         embargo, government action, including any laws, ordinances,
         regulations, governmental action or the like which delay, restrict or
         prohibit the providing of the services contemplated by this Agreement.

17.3.    Resignation and Removal: The Collateral Agent may resign at any time
         and without cause as Collateral Agent hereunder upon not less than 60
         calendar days prior due notice in writing to the Company, in which
         event the Company shall appoint a substitute Collateral Agent to whom
         it shall deliver all the certificates evidencing the Shares received
         from the Pledgors within a term of 30 days after it being so notified.
         If within 10 days after expiration of the aforementioned 60 day term,
         the Company shall have not designated the substitute Collateral Agent,

         the Collateral Agent shall be entitled to appoint its successor from
         among the financial institutions authorized to operate in Argentina.

17.4.    Upon express instructions from the majority of Secured Creditors, the
         Company may at any time and without cause remove the Collateral Agent
         by means of due notice in writing, in which event, the latter shall
         deliver to BONY all the certificates evidencing the Shares received
         from the Pledgors not more than 10 days after being so notified.

18.      MISCELLANEOUS.

18.1 Assignment: No Pledgor may assign its rights and obligations hereunder, or
any right provided for herein, whether such right arises by operation of law or
otherwise, without the previous and written consent of the Collateral Agent.
Additionally, this pledge is accessory to the Secured Debt; therefore it shall
be understood that the Pledgees have automatically assigned their rights
hereunder -in the applicable proportion- upon any assignment or transfer by the
Pledgees of the Secured Debt under the terms of the Indenture. No person shall
hold any right hereunder unless such person holds Secured Debt. This Agreement
shall be binding on the Parties' successors and permitted assignees.

18.2 Entire agreement and severability: Unless otherwise provided herein, this
Agreement constitutes the entire agreement between the Parties and supersedes
all prior oral or written agreements or understandings between the Parties with
respect to the subject matter hereof, and does not purport to grant any right or
remedy to any other person. If any court of competent jurisdiction shall adjudge
any provision or portion thereof to be invalid or unenforceable in any respect,
then such provision shall be limited to the terms that the court shall hold
enforceable and remain valid as such. The declaration of invalidity, illegality
or unenforceability of any provision or portion thereof by a court shall not
affect the validity of the remaining provisions of this Agreement.

18.3 Schedules: Any matter included in any Schedule of this Agreement shall be
deemed incorporated into this Agreement for all purposes hereof.

18.4 Notices: All notices required hereunder shall be in writing and delivered
to the Parties personally or by telex, letter document, registered mail with
return receipt requested or any other means of notice meeting the rules for
submission as evidence, and shall be deemed delivered upon receipt thereof at
the following addresses:

         To the Collateral Agent
         Banco Rio de la Plata S.A.
         Bartolome Mitre 480
         City of Buenos Aires
         Attn: Mr. Eduardo Rodriguez Sapey - Mrs. Bettina Garcia
         Telephone: (5411) 4341-1013/1018

         To Pledgors:
         Encarnacion Ezcurra 365 - 2(o) floor, Of. 310
         City of Buenos Aires
         Attn: Rodolfo Gonzalez
         Telephone: (5411) 4 318-5000

With copy to:

              Cibils Robirosa - Labougle - Ibanez
              Av. Corrientes 345, piso 9(o),
              City of Buenos Aires
              Attn: Dres. Joaquin Labougle/Joaquin Ibanez
              Telephone: (5411) 4327-1500

The foregoing domiciles shall be valid unless notice of change is given to the
other Parties by any means of notice meeting the rules for submission as
evidence.

18.5 Governing Law: This Agreement shall be governed by, and construed in
accordance with, the laws of the Republic of Argentina.

18.6. Jurisdiction: For all purposes of this Agreement, the Parties irrevocably
submit themselves to the jurisdiction of the ordinary courts of the City of
Buenos Aires, hereby waiving any other venue or jurisdiction as may otherwise
apply.

18.7 Representation of the Collateral Agent: The Collateral Agent hereby
represents that as of the date hereof it is not a creditor of the Company as a
holder of Secured Debt.

18.8 Interpretation: For all purposes of this Agreement, unless otherwise
expressly provided herein or required by context:

     (a)  the terms defined in this Agreement shall have the meanings assigned
          to them herein and include the plural as well as the singular number;

     (b)  words importing gender include both genders;

     (c)  any reference to a "Section" or a "Schedule" refers to a Section or a
          Schedule, as the case may be, of this Agreement;

     (d)  all references to this Agreement or Pledge and the words "herein",
          "hereof", "hereto" and "hereunder" and other words of similar import
          refer to this Agreement as a whole and not to any particular Article,
          Section, Schedule or other subdivision;

     (e)  any reference to "includes" or "including" shall mean "including,
          without limitation";

     (f)  all references to any agreement or contract, including this Agreement,
          shall mean such agreement or contract together with all schedules,
          annexes and attachments thereto and as such agreement or contract may
          be amended, restated, supplemented or otherwise modified from time to
          time, and

     (g)  The headings of the sections, paragraphs, and subsections of this
          Agreement are inserted for convenience of reference only and shall not
          affect the interpretation hereof.

     (h)  unless otherwise expressly defined in this Agreement capitalized terms
          shall have the meanings assigned thereto in the Offering Memorandum, a
          copy of which is attached hereto as Schedule E.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date and
in the place first above written, in three (3) counterparts, one for each Party,
each of which shall be deemed an original and together shall constitute one and
the same instrument.

     /s/ Pascual Mastellone                     /s/ Walter Salvatori
     /s/ Victorio Mastellone                    /s/ Claudio Cesario
     /s/ Jose Moreno                            /s/ Nicolas del Campo Wilson
     /s/ Carlos M. Agote

                                   SCHEDULE A
                                    INDENTURE

                                   SCHEDULE B
                    SHARES PLEDGED UNDER THE PLEDGE AGREEMENT

                                   SCHEDULE C
       MINUTES OF MEETING OF THE BOARD OF DIRECTORS REGISTERING THE PLEDGE

                                   SCHEDULE D
              COPY OF THE RELEVANT FOLIO 27 OF THE STOCK LEDGER OF
          MASTELLONE HNOS. S.A. SHOWING THE REGISTRATION OF THE PLEDGE.

                                   SCHEDULE E
                               OFFERING MEMORANDUM

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]