Document:

exv4w3

Exhibit 4.3

March 24, 2011

Adeco Agropecuaria S.A.

Catamarca 3454 

B1640FWB | Martínez

Buenos Aires, Argentina

Pilaga S.A.,

Catamarca 3454

B1640FWB | Martínez

Buenos Aires, Argentina

Re: Loan No. 2028A/OC-AR — Amendment Offer No. 1/2011

Ladies and Gentlemen:

	1.	 	We make reference to the Loan Agreement, dated as of December 19,2008 (as amended
from time to time, the “Loan Agreement”), among Adeco Agropecuaria S.A., Pilaga S.A. (the
“Borrowers”) and Inter-American Development Bank (“IDB”). Capitalized terms used but not defined
in this offer letter have the meanings assigned to them in the Loan Agreement. The rules of
interpretation set forth in Section 1.2 (Interpretation) of the Loan Agreement shall apply to this
offer letter.
	 
	2.	 	We hereby offer to you the option to accept certain new terms to the Loan Agreement pursuant
to the terms set forth in Schedule 1 hereto (the “Offer
No. 1/2011”). The Offer No. 1/2011
can only be accepted by delivering a written copy of your acceptance to IDB not later than
March 31, 2011.
	 
	3.	 	If you accept this Offer 01/2011 as stated in paragraph 2 above any such acceptance delivered
pursuant to paragraph 2 above shall be irrevocable and such acceptance and the terms set forth
in this Offer No. 1/2011 shall remain in force until the Loan has been repaid in
full.
	 
	4.	 	The terms and conditions of the Loan Agreement in effect as of the date of this Offer 01/2011
shall continue in full force and effect unchanged, except as amended by this Offer 01/2011
upon its acceptance by each of the Borrowers.
	 
	5.	 	THIS OFFER 01/2011 IS GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA.

 

 

	6.	 	The provisions of Section 8.1 (Notices), Section 8.5 (Counterparts), Section 8.7 (Amendment),
Section 8.10 (Applicable Law and Jurisdiction), Section 8.11 (Term of Agreement), Section
8.13 (Entire Agreements), Section 8.14 (No Third Party Beneficiaries) and
Section 8.15 (Waiver and Estoppel) of the Loan Agreement are incorporated herein and
shall apply to this Offer 01/2011, mutatis mutandis.

This is an offer and, if not accepted in writing as provided in Section 2 herein, shall
expire.

Yours truly,

	 	 	 	 	 
	 	INTER-AMERICAN DEVELOPMENT BANK

 	 
	 	/s/ John Cahillane
 	 
	 	Name:  

Title:	JOHN CAHILLANE
 CHIEF PORTFOLIO MANAGEMENT UNIT 
STRUCTURED AND CORPORATE FINANCE DEPARTMENT 	 

 

 

SCHEDULE 1:

TERMS OF THE OFFER 1/2011

	I.	 	DEFINITIONS

The following definitions shall apply to the Offer 01/2011 and where the same term is
contained in the Loan Agreement, the following terms shall prevail:

     Debt means, with respect to any Person, the aggregate (as of the relevant date of calculation)
of all such Person’s obligations (whether actual or contingent) to pay or repay money, including:

(a) all Indebtedness for Money Borrowed;

(b) any credit to such Person from a supplier of goods or under any installment
purchase or other similar arrangement in respect of goods or services (except trade
accounts payable within one hundred and eighty (180) days in the ordinary course of
business);

(c) the aggregate amount then outstanding of all liabilities of any other Person to
the extent that such Person provides a guarantee of, or indemnity for, such liabilities or
otherwise obligates itself to pay such liabilities; and

(d) all liabilities of such Person (actual or contingent) under any conditional sale or a
transfer with recourse or obligation to repurchase, including by way of discount or
factoring of book debts or receivables,

but provided that:

	 	i.	 	the calculation of Debt on a Combined Basis shall exclude loans between
Adeco and Pilaga, and
	 
	 	ii.	 	the calculation of Debt on an individual or Combined Basis shall exclude Deferred
Lease Payments under the Lease Agreements

     Equity Contribution means, the subscription and payment in cash by a Shareholder of Share
Capital of the Borrowers.

 

 

II. GENERAL PROVISIONS

The
following provisions shall apply to the Offer 01/2011 and the applicable section or
sub-section of the Loan Agreement referred to below shall be deemed deleted in its entirety and
replaced with the following:

Section 6.2.4 (Financial Ratios on an Individual Basis) of Section 6.2
(Negative Covenants)

	6.2.4	 	Financial Ratios on An Individual Basis. Permit at any time (tested on a quarterly and
yearly basis) with respect to either Borrower:

	 	6.2.4.1	 	the Debt to EBITDA Ratio to exceed 4.0: 1.0 in 2008 and 3.75: 1.0 in 2009;
	 
	 	6.2.4.2	 	the Total Liabilities to Equity Ratio to exceed 1.4:1.0 in 2008 and 2009; and
	 
	 	6.2.4.3	 	the Debt to Equity Ratio for each individual Borrower beginning on and including
December 31, 2010, to exceed:

	 	 	 

	December 31, 2010

	 	1.7:1.0
	 
	 	 
	March 31, 2011

	 	1.65:1.0
	 
	 	 
	June 30, 2011

	 	1.6:1.0
	 
	 	 
	September 30, 2011

	 	1.55:1.0
	 
	 	 
	December 31, 2011

	 	1.5:1.0
	 
	 	 
	March 31, 2012

	 	1.425: 1.0
	 
	 	 
	June 30, 2012

	 	1.35:1.0
	 
	 	 
	September 30, 2011

	 	1.275: 1.0
	 
	 	 
	December 31, 2012 and thereafter

	 	1.2:1.0

Section 6.2.9
(Purchase of Assets) of Section 6.2 (Negative Covenants)

6.2.9 Purchase of Assets. Purchase any assets or business or make any capital
expenditure exceeding the equivalent of fifteen million Dollars ($15,000,000) on a Combined Basis
in respect of both Borrowers in any given twelve (12) month period,

but provided that:

	 	i.	 	purchases of assets or capital expenditures to complete the
Free Stall Project II
(as defined in Part A of Schedule A (Capital Expenditures)) in an amount of up to
ten million Dollars ($10,000,000) in any given twelve (12) month
period and up to a cumulative
amount of eighteen million Dollars ($18,000,000), shall not be computed towards the above-mentioned fifteen
million Dollars ($15,000,000) limit,
	 
	 	ii.	 	the above-mentioned fifteen million Dollars ($15,000,000) limit may be exceeded to
the extent that the additional purchases or capital expenditures are financed with Equity
Contributions received during the same twelve (12) month period, and
	 
	 	iii.	 	any amount corresponding to Equity Contributions made in any twelve (12) month
period in excess of such additional purchases or capital expenditures may be used in future twelve
(12) month periods.exv4w40

Exhibit 4.40

Notarial paper No. 345705

Seal of República Oriental del Uruguay

Certified Notary Public Uberfil Zeballos Quintero 06303/1

No. 92 PRELIMINARY PURCHASE AND SELL AGREEMENT. By KELIZER S.C.A. and LAS MESETAS S.A. In
the city of Young, District of Río Negro, on this December 21, 2010 by and between: ON ONE
PARTY: KELIZER SOCIEDAD EN COMANDITA POR ACCIONES, legal entity organized under the
legislation of Uruguay, registered with the Tax Registry [Registro Único Tributario] under number
21 494779 0015, domiciled in the city of Montevideo at Luis Alberto de Herrera 1248, Torre B, Piso
17; and, ON THE OTHER PARTY: LAS MESETAS SOCIEDAD ANÓNIMA, legal entity organized
under the legislation of Uruguay, domiciled in this city in Juncal 1305, unidad 302, registered
with the Tax Registry under number 21 532961 0016. And, in order to be expressed herein, my
notarial record, the parties state as follows: ONE: KELIZER SOCIEDAD EN COMANDITA POR
ACCIONES, promises to sell with the fences, buildings, facilities, dams and other improvements
thereof — except the woods and harvest to be stated-, free from debts of any nature, occupants on
any reason whatsoever — except from the ones to be stated-, prohibitions, obligations and liens,
to LAS MESETAS SOCIEDAD ANÓNIMA, which, under the mentioned terms promises to buy the
property and possession of the following pieces of land located at the Sixth Record’s Section of
Río Negro District, rural area: I) three pieces of land previously registered in a greater area
under number 482, which, according to the plat and division map drafted by Surveyor Eduardo D.
Guerra on June 1, 2004, registered with the Plat Record Office of Río Negro [Dirección Nacional de
Catastrofe] on June 4, 2004 under number 4481, are described as follows: (a) Piece one (1),
registered under number six thousand two hundred and ninety eight (6,298), having an area of eight
hundred forty five hectares and six thousand seven and hundred meters (845 hectares 6,700 meters)
with the following boundaries: to the Southeast 2,566 meters 9 decimeters facing
Neighboring Road with 27 meters width; to the Southwest straight line with 2,933 meters 3
decimeters facing Neighboring Road with 17 meters width; to the Northeast 2,173 meters 2
decimeters (at the middle of the bed) neighboring with part of register 3,811; to the
Northwest Dividing Track; to the Northeast broken line with two straight parts
having 309 meters 3 decimeters and 2,155 meters 3 decimeters and neighboring with part of

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register 3,809; (b) Piece two (2) registered
under number six thousand two hundred and ninety nine (6,299), having an area of four hundred
thirty seven hectares and nine thousand meters (437 hectares 9,000 meters) with the following
boundaries: to the Southeast broken line with seven straight parts having 836 meters 3
decimeters; 1,366 meters 1 decimeter; 892 meters; 289 meters 3 decimeters; 77 meters 1 decimeter;
239 meters 9 decimeters and 237 meters 5 decimeters, all of them facing Neighboring Road with 27
meters width; to the Southwest broken line with three straight parts having 757 meters, 29
meters 5 decimeters and 1,073 meters 5 decimeters and the first two are adjoining Neighboring Road
with 27 meters width and the last one with part of register 3,854; to the Northwest 3,095
meters 3 decimeters neighboring register 3,811; and to the Northeast 905 meters 3
decimeters facing Neighboring Road with 17 meters width; and (c) Piece three (3), registered under
number six thousand three and hundred (6,300), having an area of one thousand five hundred sixty
eight hectares and eight thousand and seven hundred meters (1,568 hectares 8,700 meters) with the
following boundaries: to the Northwest broken line with eight straight lines having 172
meters, 331 meters 3 decimeters, 48 meters 6 decimeters, 280 meters, 923 meters, 1,383 meters 3
decimeters, 2,472 meters 4 decimeters and 908 meters 7 decimeters, all of them facing Neighboring
Road with 27 meters width; to the Northeast broken line with nine straight lines with 288
meters 6 decimeters, 1,147 meters 3 decimeters, 533 meters 1 decimeter, 219 meters 9 decimeter, 294
meters 6 decimeters, 893 meters 6 decimeters, 545 meters 7 decimeters, 496 meters 6 decimeters and
40 meters 1 decimeter and are neighboring register 3,809; 3,810 in part and 5,022; to the
East broken line with fifteen straight sections having 832 meters 3 decimeters, 230 meters
7 decimeters, 310 meters 2 decimeters, 289 meters 5 decimeters, 90 meters 3 decimeters, 90 meters 9
decimeters, 204 meters, 71 meters 9 decimeters, 60 meters, 132 meters, 238 meters 3 decimeters, 817
meters 4 decimeters, 419 meters, 341 meters 7 decimeters and 578 meters 9 decimeters and all of
them are neighboring piece 4 of the same map; to the Southeast straight line with 4,492
meters 5 decimeters neighboring with part of register 448, register 451, and part of register 446.
The piece described had been affected by a right of way of 10 meters width, having access to the
neighboring road to register 5,023 and to piece 4 of the same map. II) Two pieces jointly
registered under number three thousand eight hundred and eleven (3,811),  previously
registered in a greater area as 482, with the
following

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description: 1) Piece F of the map drafted by Surveyor Alberto de Arteaga in January,
1925, registered with the Surveying Office [Dirección de Topografía] on May 11, 1925 under number
52, according to which it has an area of seven hundred fifty two hectares seven hundred and sixty
seven meters (752 hectares 767 meters) and having the following boundaries: to the
Northeast broken line with two straight lines having 618 meters 20 centimeters and 2,640
meters 20 centimeters, the first of which is adjoining part of piece C of the same map and facing
the last neighboring road with 17 meters width; to the Southeast 3,090 meters 70
centimeters adjoining piece identified as “part of estate 3” of the same map; to the
Southwest 2,495 meters adjoining with part of the property of Atilio Cerini, Gregorio
Silveira and part of Eustaquio Silveira; to the Northeast broken line with two straight
sections having 1,446 meters and 1,649 meters 50 centimeters and are adjoining piece E and part of
piece C of the same map; and 2) Piece 2 of the map drafted by Surveyor Rafael E. Thevenet dated
June 1971, registered with the Plat Record Office on July 13 of the mentioned year under number
1,106, according to which this piece has an area of seven hundred twenty nine hectares one thousand
six hundred and thirty six meters (729 hectares and 1,636 meters) and has the following boundaries:
to the East 2,195 meters adjoining in part with register 482 (piece D of the map drafted by
Surveyor Alberto de Arteaga in 1925) having an exit to the Neighboring Road, to the
Southeast broken line with 2 straight sections having 618 meters 20 centimeters and 1,695
meters 50 centimeters and are adjoining part of register 482 (piece F of the map drafted by
Surveyor Alberto de Arteaga); to the Southwest Dividing Track of Tajamar; to the
North Don Esteban Stream and part of the Dividing Track, broken line with five straight
sections having 22 meters, 664 meters, 88 meters 60 centimeters, 936 meters 20 centimeters and 24
meters and are adjoining piece 1 of the same map; to the Northeast, Dividing Track (Way).
Total area of the register: one thousand four hundred eighty one hectares two thousand four hundred
and three meters (1,481 hectares 2,403 meters). III) Piece registered under number five thousand
seven hundred and fifty four (5,754), previously registered as 3,811 and 482 in a greater area,
which, according to the map drafted by Surveyor Eduardo D. Guerra in July, 1999, registered with
the Plat Record Office of Río Negro on July 22 under number 4,013; this piece is appointed
as Piece 1, it contains an area of one hundred sixteen hectares and

3

 

seven thousand five hundred and
twenty meters (116 hectares 7,520 meters) and has the following boundaries: to the
Northeast broken line with three straight sections having 163 meters 6 decimeters, 152
meters 6 decimeters, and 1,173 meters 1 decimeter, all of them facing District Road with 27 meters
width (to Paso de la Laguna); to the Southeast broken line with 3 straight sections having
370 meters 4 decimeters, 739 meters 5 decimeters and 66 meters 6 decimeters, adjoining register
4,751 the first one, and part of register 3,613 the other two; and to the Northeast and
North, Don Esteban Grande Stream. IV) Piece registered under number six thousand three
hundred and eighty eight (6,388), previously registered under numbers four hundred forty five
(445) and five thousand seven hundred and fifty five (5,755), which, according to the measurement
and fusion map drafted by Surveying Engineer Edgardo D. Guerra on March 10, 2005, registered with
the Plat Record Office of Río Negro on June 20, 2005 under number 4,571; the described piece of
property contains an area of six hundred thirty three hectares and six thousand and three hundred
meters (636 hectares 6,300 meters) and has the following boundaries: to the West, broken
line with four straight lines having 273 meters 70 centimeters, 1,406 meters 50 centimeters, 281
meters 30 centimeters and 51 meters 10 centimeters, all of them facing District Road with 27 meters
width, to Paso Leopoldo; to the Northwest Don Esteban Grande Stream, which divides this
piece from part of register number 3,182, from register 3,184 and from part of register number 280;
to the Northeast, Track of Tajamar, which divides this piece from part of register number
3,811; to the Southeast, two straight sections having 135 meters 70 centimeters and 1,270
meters 40 centimeters, adjoining register 3811 (part); and to the South broken line with
three straight sections having 1,500 meters, 170 metes 80 centimeters and 253 meters 90 centimeters
and adjoining registers 3,613 and 6,287. TWO: PRICE: the total price of this
preliminary purchase and sell agreement is THIRTY FOUR MILLION UNITED STATES DOLLARS (USD
34,000,000), to be paid as follows: a) ten million United States Dollars (USD 10,000,000) that
buyer delivers hereby to seller, a receipt of which is duly granted by seller; b) seven million
United States Dollars (USD 7,000,000) plus compensatory interests of this installment amounting to
four hundred fifty nine thousand, five hundred forty eight United States Dollars (USD 459,548),
totaling seven million four hundred fifty nine thousand five hundred and forty eight

4

 

United States Dollars (USD 7,459,548) that buyer will pay to seller within a term expiring on August 5, 2011; c)
three million United States Dollars (USD 3,000,000) plus compensatory interests of this installment
amounting to three hundred thirty one thousand, one hundred and forty United States Dollars (USD
331,140) totaling three million three hundred thirty one thousand one hundred and forty United
States Dollars (USD 3,331,140) that buyer will pay to seller within a term expiring on December 20,
2011; d) five million United States Dollars (USD 5,000,000) plus compensatory interests of this
installment amounting to four hundred eighty-five thousand and twenty three United States Dollars
(USD 485,023) totaling to five million four hundred eighty-five thousand and twenty three United
States Dollars (USD 5,485,023) that buyer will pay to seller within a term expiring on August 5,
2012; and e) nine million United States Dollars (USD 9,000,000) plus compensatory interests of this
installment amounting to two hundred eighteen thousand two hundred and ninety four United States
Dollars (USD 218,294) amounting to nine million two hundred eighteen thousand two hundred and
ninety four United States Dollars (USD 9,218,294) that buyer will pay to seller within a term
expiring on December 20, 2012. Any delay in the payment of principal and/or its pertinent interests
will produce the expiration of the agreed terms and the aggregate amount owed will be due and
payable. Any due and payable amount will, until its effective payment, bear an interest on arrears
of 12.00 per cent per annum. The balance and its interests on arrears and compensatory interests,
as well as the expenses and fees arising from court or out-of-court collection actions and the
possible extensions or renewals that could be granted will be secured by a first mortgage for the
benefit of seller to be granted simultaneously with the purchase and sell deed in compliance with
this instrument, according to the instructions to be given in section four herein. The notarial
instrument evidencing the mortgage will be authorized by a Certified Notary Public to be appointed
by creditor, and debtor shall pay all accrued fees and expenses. THREE: This agreement will
be subject to the following condition subsequent: the use by the National Land Registry [Instituto
Nacional de Colonización] of the purchase option stated in section 35 of Law 11029 according to the
drafting stated in section 15 of Law 18187 on all the pieces of property previously described. Upon
the occurrence of the mentioned condition subsequent, this agreement will be terminated without
liabilities upon the parties. In such case, the parties shall make the pertinent
refunds and returns within a five-business-day term as from the notice of termination. Furthermore, seller
shall bear, and shall be

5

 

refunded together with the part of the purchase price already paid, all
the expenses and taxes paid by buyer arising from the business subject matter of this agreement, to
wit: Transfer Tax, Notarial Pension Fund, Value Added Tax on notarial pension funds, charges,
stamps and expenses derived from proceedings. Upon termination of this agreement pursuant to the
provisions of this section, seller shall not be bound to pay any kind of professional fee. In the
event that the pending certificates and information reports would show prior filings that would
impede the proposed granting because it affects the goods subject matter of this agreement or its
holders, seller undertakes to cancel the mentioned filings or to cure them at its exclusive cost.
Should seller fail to comply with this undertaking, buyer will be entitled to make the applicable
cancellations and/or payments, deducting the pertinent amount from the first installment of the
balance. Seller shall pay the following expenses: irregular situations or debts before the National
Hydrographic Department [Dirección Nacional de Hidrografía], the Social Security Bank [Banco de
Previsión Social], the Ministry of Labor and Social Security [Ministerio de Trabajo y Seguridad
Social] and the Office for the Control of Livestock (DI.CO.SE.) [Division Control de Semovientes].
FOUR: FINAL DEED: The final purchase and sell deed and the instrument evidencing the
mortgage securing the balance existing at the pertinent time and its interests, as stated in
section TWO, will be granted simultaneously within a ten-calendar-day term as from the date of
delivery by the National Land Registry of the certificate evidencing the fact that the mentioned
entity will not use the purchase option granted by section 35 of Law 11029 according to the
drafting stated in section 15 of Law 18187, provided that all the measures necessary to execute the
mentioned agreement have been previously submitted to the counsels of buyer and of seller (Special
Certificates issued by the Social Security Bank and Sworn Statements and payment receipts of the
Capital Tax) with the necessary advance regarding the projected executions. In the event that, due
to reasons not attributable to the parties, one or more of these measures could not be obtained
within the mentioned term, it will be automatically extended in accordance with the quantity of
days necessary to fulfill the mentioned measures. FIVE: possession and occupation of the
pieces of real property before mentioned is made today free from occupants and livestock of any
nature, with the utilities, taxes and other expenses related thereto fully paid as of this date.

6

 

Buyer states that it knows and accepts the existence of
an area of 761 hectares under a lease agreement for pasturing of livestock granted to Juan Miguel
Secco de Souza and another area of 381 hectares granted to Rafael Leandro Secco de Souza for the
same purpose, according to the rural lease agreement dated June 30, 2005. Possession of the
mentioned areas is made effective as of today without prejudice of the fact that they will be
vacated by the pertinent lessees on or before January 31, 2011. SIX: Default will be
produced as a matter of law and without the need of any court or out-of-court notice in the event
of any action or omission in breach of the provisions stated herein or by the expiration of the
agreed terms. SEVEN: The obligations undertaken in this agreement including the obligations
derived from its violation or termination are indivisible obligations. EIGHT: The parties
agree on the registered telegram sent to the established domiciles as a method for serving notices,
warnings or communications for all purposes. NINE: The parties establish their special
domiciles to all court and out-of-court effects arising from this agreement in the domiciles stated
as their own domiciles in the appearance section. TEN: In case of violation of any
obligation airing herefrom (including the obligations derived from its termination) and as penalty
clause, the parties agree on a fine amounting to TEN MILLION United States Dollars (USD 10,000,000)
that the party entitled to collect it may request apart from the compulsory performance of the
obligation or termination of this agreement. In both cases the non-breaching party may demand the
pertinent damages. The breaching party shall pay all the expenses and court and out-of-court fees
derived from its breach as well as any other cost and tax. The fine stated in this section will not
be applied in the event of termination due to the cause stated in section THREE herein. Seller is
entitled to deduct the amount resulting from the application of the fine and damages judicially
stated from the sums received from the price. ELEVEN: The parties agree that all the
current cereal harvests pertaining to the agricultural campaign of 2010/ 2011 are not a part of
this agreement and will be owned by seller. TWELVE: Buyer knows and accepts the purchase
and sell of woods agreement executed with Compañía Forestal Oriental Sociedad Anónima regarding the
woods located in a area of approximately 122 hectares, dated December 21, 2006, registered with the
Land Registry [Registro de la Propiedad] of Río Negro under number 62/2007. THIRTEEN: In
the event of discrepancies, controversies or conflicts
between the parties

7

 

arising from the compliance, enforcement, termination or construction of this
agreement, the mentioned conflicts will be finally solved by arbitration. The appointment of
arbitrators and the arbitration process will be governed by the provisions contained in the
Arbitration Rules issued by the International Chamber of Commerce. The arbitration court will be
composed by three arbitrators appointed as follows: each party will appoint one arbitrator and the
third one will be chosen by the two arbitrators already appointed. In the event of lack of
agreement as to the appointment of the third arbitrator, this third arbitrator will be appointed by
the Arbitration Center [Centro de Conciliación y Arbitraje]. The place where the arbitration will
be performed will be the city of Montevideo, República Oriental del Uruguay and the proceedings
shall take place in Spanish. The Tribunal will decide on the law and the award issued by the
Arbitration Tribunal shall be final and not subject to appeal by the Parties. FOURTEEN: The
parties agree to submit this agreement to the provisions of Law 8733 and related and modifying
provisions and to file a counterpart hereof with the Land Registry, Real Property Division for Río
Negro [Registro de la Propiedad, Sección Inmobiliaria]. I HEREBY STATE: B) KELIZER Sociedad en
Comandita por Acciones is a legal entity duly organized and incorporated as “sociedad anónima”
[similar to a U.S. corporation] on February 5, 2004. The mentioned company had its bylaws duly
approved by the National Controlling Entity [Auditoría Interna de la Nación] on March 15, 2004,
filed with the Companies Controlling Authority [Registro Nacional de Comercio] under number 2226
and said bylaws have been duly published according to the law. In a Extraordinary General Meeting
of Shareholders held on November 14, 2005 the transformation of the company was decided to a
“sociedad en comandita por acciones” [type of company where Limited Partners hold stock and General
Partners are jointly and severally liable]. By means of a notarially recorded instrument authorized
in Buenos Aires, República Argentina on December 16, 2005 by Certified Notary Public Emilio
Merovich, certified in Montevideo on December 26, 2005 by Certified Notary Public Vanessa Balero,
the first certified copy of which was filed with the Companies Controlling Authority under number
11202/2005, the partners of the company granted the mentioned transformation of company type. The
partnership agreement states that the representation of the company may be performed by the
Administrator, the President, and any Vice-president acting indistinctively; or two
Directors acting jointly. The appearing party in his capacity as current Present validly represents
the

8

 

 company having the pertinent powers to execute and subscribe this instrument. According to the
statement made on September 22, 2010 granted before Certified Notary Public Ana Ferreira,
registered with the Companies Controlling Authority under number 16256/2010 the provisions stated
in section 13 of Law 17904 were complied with. According to the statement made on September 22,
2010 granted before Certified Notary Public Carlos Falco, the first certified copy of which was
filed with the Land Registry of Río Negro under number 1345, the provisions stated in section 111
of Law 16060 were complied with. C) LAS MESETAS SOCIEDAD ANÓNIMA: a) is a legal entity duly
organized, existing and incorporated as “sociedad anónima” [similar to a U.S. corporation]
according to the laws of Uruguay pursuant to its bylaws dated January 4, 2006 approved National
Controlling Entity on March 20, 2006, filed with the Registry of Legal Entities, Trade Division
[Registro de Personas Jurídicas, Sección Comercio] on April 7, 2006 under number 3879 and published
in the Official Gazette and in “Depso Prensa” on April 28, 2006. b) The corporation is a “Sociedad
Anónima” and its capital is composed by registered shares and all the shareholders are individuals.
c). According to the bylaws, the representation of the company may be performed by the
Administrator, the President, and any Vice-president acting indistinctively; or two Directors
acting jointly. The Minutes Book of Shareholder’s Meetings states that in the Shareholder’s Meeting
held on October 11, 2006 the appearing party was appointed as President. d) According to the
statement made on December 6, 2006 registered with the Companies Controlling Authority under number
25884 on December 7, 2006 the provisions stated in section 13 of Law 17904 were complied with. The
mentioned statement evidences that the stated individuals are acting in the referred capacities and
therefore the appearing party is currently empowered to execute and subscribe this instrument. D)
Regarding the pieces of real property subject matter of this instrument: a) they are safeguarded
from governmental claims in accordance with the provisions of section 1194 of the Civil Code and
121 of Law 12802 and have the following origin: 2005. Purchase and sell agreement: By notarially
recorded instrument authorized on April 27 2005 by Certified Notary Public Vanessa Balero, the
first certified copy of which was filed with the Land Registry of Río Negro under number 412, Juan
Miguel Secco and others sold and delivered to
KELIZER S.A. the registers 6298, 6299, 6300, 3811, 5754,

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 5755 and 445. 2005. FUSION: according to
the measurement and fusion map drafted by Surveying Engineer Edgardo D. Guerra, registered with the
Plat Record Office of Río Negro on June 20, 2005 under number 4571; the fusion of registers 445 and
5755 was performed and as a result thereof register 6388 was created. b) The pertinent payments of
Real Property Contributions have been made and the Tax on Primary Education does not apply to the
pieces of real property since they are located in a rural area. c) Their actual values are:
register 6298: $9,574,676; register 6299: $4,957,904; register 6300: $17,762,746; register 3811:
$17,533,441; register 5754: $1,381,993 and register 6388: $7,535,789. E) I have before me, by
KELIZER S.C.A., the District Certificate No. 2099, issued by the Municipality of Río Negro on
December 17, 2010 expiring on December 17, 2011. F) I have before me, the certificate issued by the
National Land Registry on December 14, 2010 evidencing that the mentioned pieces of real property
are not comprised by the provisions of section 70 of Law 11029 according to the drafting of Law
18187. G) The preceding promise is granted subject to the Priority Reserve number 1515 dated
December 15, 2010. H) Dollar exchange rate as of today (purchaser price) is $19.65 per dollar. I)
For this transaction the due diligence measures foreseen in executive order 355/2010 were adopted.
J) The appearing parties have not voted during the last municipal elections held on May 2010 since
they are foreign citizens. K) This notarially recorded instrument is read by me and the appearing
parties execute and subscribe it. L) This notarially recorded instrument follows number 91 of
Preliminary Purchase and Sell Agreement, granted on December 16 on folios 302 to 304. [Signatures]

10

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