Document:

Exhibit 4.1

	
 
    

 

MOLINO CAÑUELAS S.A.C.I.F.I.A.

 

AND

 

THE BANK OF NEW YORK MELLON

 

As Depositary

 

AND

 

OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

 

Deposit Agreement

 

                , 2017

	
 
    

 

 

TABLE OF CONTENTS

 

	
ARTICLE 1.
    	
DEFINITIONS
    	
1
    
	
SECTION 1.1.
    	
American Depositary   Shares
    	
1
    
	
SECTION 1.2.
    	
Commission
    	
2
    
	
SECTION 1.3.
    	
Company
    	
2
    
	
SECTION 1.4.
    	
Custodian
    	
2
    
	
SECTION 1.5.
    	
Delisting Event
    	
2
    
	
SECTION 1.6.
    	
Deliver; Surrender
    	
2
    
	
SECTION 1.7.
    	
Deposit Agreement
    	
3
    
	
SECTION 1.8.
    	
Depositary;   Depositary’s Office
    	
3
    
	
SECTION 1.9.
    	
Deposited Securities
    	
3
    
	
SECTION 1.10.
    	
Disseminate
    	
3
    
	
SECTION 1.11.
    	
Dollars
    	
4
    
	
SECTION 1.12.
    	
DTC
    	
4
    
	
SECTION 1.13.
    	
Foreign Registrar
    	
4
    
	
SECTION 1.14.
    	
Holder
    	
4
    
	
SECTION 1.15.
    	
Insolvency Event
    	
4
    
	
SECTION 1.16.
    	
Owner
    	
5
    
	
SECTION 1.17.
    	
Receipts
    	
5
    
	
SECTION 1.18.
    	
Registrar
    	
5
    
	
SECTION 1.19.
    	
Replacement
    	
5
    
	
SECTION 1.20.
    	
Restricted Securities
    	
5
    
	
SECTION 1.21.
    	
Securities Act of 1933
    	
5
    
	
SECTION 1.22.
    	
Shares
    	
5
    
	
SECTION 1.23.
    	
SWIFT
    	
6
    
	
SECTION 1.24.
    	
Termination Option   Event
    	
6
    
	
 
    	
 
    	
 
    
	
ARTICLE 2.
    	
FORM OF RECEIPTS,   DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY   SHARES
    	
6
    
	
SECTION 2.1.
    	
Form of Receipts;   Registration and Transferability of American Depositary Shares
    	
6
    
	
SECTION 2.2.
    	
Deposit of Shares
    	
7
    
	
SECTION 2.3.
    	
Delivery of American   Depositary Shares
    	
8
    
	
SECTION 2.4.
    	
Registration of   Transfer of American Depositary Shares; Combination and Split-up of Receipts;   Interchange of Certificated and Uncertificated American Depositary Shares
    	
9
    
	
SECTION 2.5.
    	
Surrender of American   Depositary Shares and Withdrawal of Deposited Securities
    	
10
    
	
SECTION 2.6.
    	
Limitations on   Delivery, Transfer and Surrender of American Depositary Shares
    	
11
    
				

 

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SECTION 2.7.
    	
Lost   Receipts, etc.
    	
11
    
	
SECTION 2.8.
    	
Cancellation and   Destruction of Surrendered Receipts
    	
12
    
	
SECTION 2.9.
    	
Pre-Release of American   Depositary Shares
    	
12
    
	
SECTION 2.10.
    	
DTC Direct Registration   System and Profile Modification System
    	
13
    
	
 
    	
 
    	
 
    
	
ARTICLE 3.
    	
CERTAIN OBLIGATIONS OF   OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES
    	
13
    
	
SECTION 3.1.
    	
Filing Proofs,   Certificates and Other Information
    	
13
    
	
SECTION 3.2.
    	
Liability of Owner for   Taxes
    	
14
    
	
SECTION 3.3.
    	
Warranties on Deposit   of Shares
    	
14
    
	
SECTION 3.4.
    	
Disclosure of Interests
    	
14
    
	
 
    	
 
    	
 
    
	
ARTICLE 4.
    	
THE DEPOSITED   SECURITIES
    	
15
    
	
SECTION 4.1.
    	
Cash Distributions
    	
15
    
	
SECTION 4.2.
    	
Distributions Other   Than Cash, Shares or Rights
    	
16
    
	
SECTION 4.3.
    	
Distributions in Shares
    	
17
    
	
SECTION 4.4.
    	
Rights
    	
17
    
	
SECTION 4.5.
    	
Conversion of Foreign   Currency
    	
19
    
	
SECTION 4.6.
    	
Fixing of Record Date
    	
20
    
	
SECTION 4.7.
    	
Voting of Deposited   Shares
    	
20
    
	
SECTION 4.8.
    	
Tender and Exchange   Offers; Redemption, Replacement or Cancellation of Deposited Securities
    	
22
    
	
SECTION 4.9.
    	
Reports
    	
24
    
	
SECTION 4.10.
    	
Lists of Owners
    	
24
    
	
SECTION 4.11.
    	
Withholding
    	
24
    
	
 
    	
 
    	
 
    
	
ARTICLE 5.
    	
THE DEPOSITARY, THE   CUSTODIANS AND THE COMPANY
    	
25
    
	
SECTION 5.1.
    	
Maintenance of Office   and Transfer Books by the Depositary
    	
25
    
	
SECTION 5.2.
    	
Prevention or Delay of   Performance by the Company or the Depositary
    	
25
    
	
SECTION 5.3.
    	
Obligations of the   Depositary and the Company
    	
26
    
	
SECTION 5.4.
    	
Resignation and Removal   of the Depositary
    	
28
    
	
SECTION 5.5.
    	
The Custodians
    	
28
    
	
SECTION 5.6.
    	
Notices and Reports
    	
29
    
	
SECTION 5.7.
    	
Distribution of   Additional Shares, Rights, etc.
    	
29
    
	
SECTION 5.8.
    	
Indemnification
    	
30
    
	
SECTION 5.9.
    	
Charges of Depositary
    	
32
    
	
SECTION 5.10.
    	
Retention of Depositary   Documents
    	
33
    
				

 

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SECTION 5.11.
    	
Exclusivity
    	
33
    
	
 
    	
 
    	
 
    
	
ARTICLE 6.
    	
AMENDMENT AND   TERMINATION
    	
33
    
	
SECTION 6.1.
    	
Amendment
    	
33
    
	
SECTION 6.2.
    	
Termination
    	
34
    
	
 
    	
 
    	
 
    
	
ARTICLE 7.
    	
MISCELLANEOUS
    	
35
    
	
SECTION 7.1.
    	
Counterparts;   Signatures
    	
35
    
	
SECTION 7.2.
    	
No Third Party   Beneficiaries
    	
35
    
	
SECTION 7.3.
    	
Severability
    	
35
    
	
SECTION 7.4.
    	
Owners and Holders as   Parties; Binding Effect
    	
36
    
	
SECTION 7.5.
    	
Notices
    	
36
    
	
SECTION 7.6.
    	
Appointment of Agent   for Service of Process; Submission to Jurisdiction; Jury Trial Waiver
    	
37
    
	
SECTION 7.7.
    	
Waiver of Immunities
    	
38
    
	
SECTION 7.8.
    	
Governing Law
    	
38
    
				

 

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DEPOSIT AGREEMENT

 

DEPOSIT AGREEMENT dated as of         , 2017 among MOLINO CAÑUELAS S.A.C.I.F.I.A., a sociedad anónima comercial industrial financiera, inmobiliaria y agropecuaria organized under the laws of the Republic of Argentina (herein called the “Company”), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the “Depositary”), and all Owners and Holders (each as hereinafter defined) from time to time of American Depositary Shares issued hereunder.

 

W I T N E S S E T H:

 

WHEREAS, the Company desires to provide, as set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Company from time to time with the Depositary or with the Custodian (as hereinafter defined) under this Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American Depositary Receipts evidencing the American Depositary Shares; and

 

WHEREAS, the American Depositary Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as set forth in this Deposit Agreement;

 

NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto as follows:

 

ARTICLE 1.                                                 DEFINITIONS

 

The following definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:

 

SECTION 1.1.                                          American Depositary Shares.

 

The term “American Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights with respect to the Deposited Securities.  American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities.  The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required under the Securities Act of 1933 for sales of both certificated and uncertificated American Depositary Shares.  Except for those provisions of this Deposit Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement shall apply to both certificated and uncertificated American Depositary Shares.

 

Each American Depositary Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement, except that, if there is a distribution

 

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upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section 4.8 with respect to which additional American Depositary Shares are not delivered or a sale of Deposited Securities under Section 3.2 or 4.8, each American Depositary Share shall thereafter represent the amount of Shares or other Deposited Securities that are then on deposit per American Depositary Share after giving effect to that distribution, change or sale.

 

SECTION 1.2.                                          Commission.

 

The term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.

 

SECTION 1.3.                                          Company.

 

The term “Company” shall mean Molino Cañuelas S.A.C.I.F.I.A., a sociedad anónima comercial industrial financiera, inmobiliaria y agropecuaria organized under the laws of the Republic of Argentina, and its successors.

 

SECTION 1.4.                                          Custodian.

 

The term “Custodian” shall mean Banco Santander Rio, as custodian for the Depositary in Argentina for the purposes of this Deposit Agreement, and any other firm or corporation the Depositary appoints under Section 5.5 as a substitute or additional custodian under this Deposit Agreement, and shall also mean all of them collectively.

 

SECTION 1.5.                                          Delisting Event.

 

A “Delisting Event” occurs if the American Depositary Shares are delisted from a securities exchange on which the American Depositary Shares were listed and the Company has not listed or applied to list the American Depositary Shares on any other securities exchange.

 

SECTION 1.6.                                          Deliver; Surrender.

 

(a)                                 The term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean (i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of such securities designated by the person entitled to that delivery or (ii) physical transfer of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to, the person entitled to that delivery.

 

(b)                                 The term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean (i) registration of those American Depositary

 

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Shares in the name of DTC or its nominee and book-entry transfer of those American Depositary Shares to an account at DTC designated by the person entitled to that delivery, (ii) registration of those American Depositary Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery and mailing to that person of a statement confirming that registration or (iii) if requested by the person entitled to that delivery, execution and delivery at the Depositary’s Office to the person entitled to that delivery of one or more Receipts evidencing those American Depositary Shares registered in the name requested by that person.

 

(c)                                  The term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry transfers of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of an instruction to surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary at its Office of one or more Receipts evidencing American Depositary Shares.

 

SECTION 1.7.                                          Deposit Agreement.

 

The term “Deposit Agreement” shall mean this Deposit Agreement, as it may be amended from time to time in accordance with the provisions of this Deposit Agreement.

 

SECTION 1.8.                                          Depositary; Depositary’s Office.

 

The term “Depositary” shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary under this Deposit Agreement.  The term “Office”, when used with respect to the Depositary, shall mean the office at which its depositary receipts business is administered, which, at the date of this Deposit Agreement, is located at 101 Barclay Street, New York, New York 10286.

 

SECTION 1.9.                                          Deposited Securities.

 

The term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement, including without limitation, Shares that have not been successfully delivered upon surrender of American Depositary Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in respect of Deposited Securities and at that time held under this Deposit Agreement.

 

SECTION 1.10.                                   Disseminate.

 

The term “Disseminate,” when referring to a notice or other information to be sent by the Depositary to Owners, shall mean (i) sending that information to Owners in paper form by mail or another means or (ii) with the consent of Owners, another

 

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procedure that has the effect of making the information available to Owners, which may include (A) sending the information by electronic mail or electronic messaging or (B) sending in paper form or by electronic mail or messaging a statement that the information is available and may be accessed by the Owner on an Internet website and that it will be sent in paper form upon request by the Owner, when that information is so available and is sent in paper form as promptly as practicable upon request.

 

SECTION 1.11.                                   Dollars.

 

The term “Dollars” shall mean United States dollars.

 

SECTION 1.12.                                   DTC.

 

The term “DTC” shall mean The Depository Trust Company or its successor.

 

SECTION 1.13.                                   Foreign Registrar.

 

The term “Foreign Registrar” shall mean the entity that carries out the duties of registrar for the Shares and any other agent of the Company for the transfer and registration of Shares, including, without limitation, any securities depository for the Shares.

 

SECTION 1.14.                                   Holder.

 

The term “Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary Shares, whether for its own account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares.

 

SECTION 1.15.                                   Insolvency Event.

 

An “Insolvency Event” occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors or admits in writing its inability to pay its indebtedness generally as they become due in the ordinary course of business.

 

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SECTION 1.16.                                   Owner.

 

The term “Owner” shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary maintained for that purpose.

 

SECTION 1.17.                                   Receipts.

 

The term “Receipts” shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing certificated American Depositary Shares, as the same may be amended from time to time in accordance with the provisions of this Deposit Agreement.

 

SECTION 1.18.                                   Registrar.

 

The term “Registrar” shall mean any corporation or other entity that is appointed by the Depositary to register American Depositary Shares and transfers of American Depositary Shares as provided in this Deposit Agreement.

 

SECTION 1.19.                                   Replacement.

 

The term “Replacement” shall have the meaning assigned to it in Section 4.8.

 

SECTION 1.20.                                   Restricted Securities.

 

The term “Restricted Securities” shall mean Shares that (i) are “restricted securities,” as defined in Rule 144 under the Securities Act of 1933, except for Shares that could be resold in reliance on Rule 144 without any conditions, (ii) are beneficially owned by an officer, director (or person performing similar functions) or other affiliate of the Company, (iii) otherwise would require registration under the Securities Act of 1933 in connection with the public offer and sale thereof in the United States or (iv) are subject to other restrictions on sale or deposit under the laws of the Republic of Argentina, a shareholder agreement or the articles of association or similar document of the Company.

 

SECTION 1.21.                                   Securities Act of 1933.

 

The term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended.

 

SECTION 1.22.                                   Shares.

 

The term “Shares” shall mean the Class B ordinary shares of the Company that are duly and validly authorized and issued, fully paid and nonassessable and that were not issued in violation of any preemptive or similar rights of the holders of outstanding securities of the Company; provided, however, that, if there shall occur any

 

5

 

change in nominal or par value, a split-up or consolidation or any other reclassification or, upon the occurrence of an event described in Section 4.8, an exchange or conversion in respect of the Shares of the Company, the term “Shares” shall thereafter also mean the successor securities resulting from such change in nominal value, split-up or consolidation or such other reclassification or such exchange or conversion.

 

SECTION 1.23.                                   SWIFT.

 

The term “SWIFT” shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial Telecommunication, or its successor.

 

SECTION 1.24.                                   Termination Option Event.

 

The term “Termination Option Event” shall mean an event of a kind defined as such in Section 4.1, 4.2 or 4.8.

 

ARTICLE 2.                        FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES

 

SECTION 2.1.                                          Form of Receipts; Registration and Transferability of American Depositary Shares.

 

Definitive Receipts shall be substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions, modifications and omissions, as permitted under this Deposit Agreement.  No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless that Receipt has been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized signatory of the Depositary or the Registrar or a co-registrar.  The Depositary shall maintain books on which (x) each Receipt so executed and delivered as provided in this Deposit Agreement and each transfer of that Receipt and (y) all American Depositary Shares delivered as provided in this Deposit Agreement and all registrations of transfer of American Depositary Shares, shall be registered.  A Receipt bearing the facsimile signature of a person that was at any time a proper officer of the Depositary shall, subject to the other provisions of this paragraph, bind the Depositary, even if that person was not a proper officer of the Depositary on the date of issuance of that Receipt.

 

The Receipts and statements confirming registration of American Depositary Shares may, following consultation with the Company to the extent practicable, have incorporated in or attached to them such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be reasonably required by the Depositary or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon

 

6

 

which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts and American Depositary Shares are subject by reason of the date of issuance of the underlying Deposited Securities or otherwise.

 

American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of the State of New York.  American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York.  The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under this Deposit Agreement to any Holder of American Depositary Shares (but only to the Owner of those American Depositary Shares).

 

SECTION 2.2.                                          Deposit of Shares.

 

Subject to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this Deposit Agreement by delivery thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer, or endorsement, in form satisfactory to the Custodian.

 

As conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of, the person or persons stated in that order American Depositary Shares representing those deposited Shares, (iii) evidence satisfactory to the Depositary (at the cost of the person seeking to deposit Shares) that those Shares have been re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property, that any person in whose name those Shares are or have been recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.

 

At the request and risk and expense of a person proposing to deposit Shares, and for the account of that person, the Depositary may receive certificates for Shares to be deposited, together with the other instruments specified in this Section, for

 

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the purpose of forwarding those Share certificates to the Custodian for deposit under this Deposit Agreement.

 

The Depositary shall instruct each Custodian that, upon each delivery to a Custodian of a certificate or certificates for Shares to be deposited under this Deposit Agreement, together with the other documents specified in this Section, that such Custodian shall, as soon as transfer and recordation can be accomplished, present that certificate or those certificates to the Company or the Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or that Custodian or its nominee.

 

Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or places as the Depositary shall determine. The Depositary shall, as soon as practicable, provide written notice to the Company if Deposited Securities will be held other than by the Depositary or a Custodian.

 

The Depositary shall make reasonable efforts to comply with written instructions received from the Company not to knowingly accept for deposit under this Deposit Agreement any Shares identified in those instructions at the time and the circumstances specified in those instructions in order to facilitate the Company’s compliance with the securities laws of the United States.

 

SECTION 2.3.                                          Delivery of American Depositary Shares.

 

The Depositary shall instruct each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together with the other documents  or evidence required under that Section, that such Custodian shall notify the Depositary of that deposit and the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof.  Upon receiving a notice of a deposit from a Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon the order of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of that deposit, but only upon payment to the Depositary of the fees and expenses of the Depositary for the delivery of those American Depositary Shares as provided in Section 5.9, and of all taxes and governmental charges and fees payable in connection with that deposit and the transfer of the deposited Shares.  However, the Depositary shall deliver only whole numbers of American Depositary Shares.

 

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SECTION 2.4.                                          Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares.

 

The Depositary, subject to the terms and conditions of this Deposit Agreement, shall, without unreasonable delay, register a transfer of American Depositary Shares on its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10), and, in either case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall, without unreasonable delay, deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto.

 

The Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts, without unreasonable delay, for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered.

 

The Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall, without unreasonable delay, cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares.  The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall, without unreasonable delay, cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary Shares.

 

The Depositary may appoint one or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary Shares and combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary.  In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to American Depositary Shares and will be entitled to protection and indemnity to the same extent as the Depositary.

 

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SECTION 2.5.                                          Surrender of American Depositary Shares and Withdrawal of Deposited Securities.

 

Upon surrender at the Depositary’s Office of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares, but not any money or other property as to which a record date for distribution to Owners has passed (since money or other property of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record date).  That delivery shall be made, as provided in this Section, without unreasonable delay.

 

As a condition of accepting a surrender of American Depositary Shares for the purpose of withdrawal of Deposited Securities, the Depositary may require (i) that each surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of transfer in blank and (ii) that the surrendering Owner execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or persons designated in that order.

 

Thereupon, the Depositary shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of this Deposit Agreement and local market rules and practices, to the surrendering Owner or to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the surrendered American Depositary Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for giving that direction by cable (including SWIFT) or facsimile transmission.

 

At the request, risk and expense of an Owner surrendering American Depositary Shares for withdrawal of Deposited Securities, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary’s Office or to another address specified in the order received from the surrendering Owner.

 

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SECTION 2.6.                                          Limitations on Delivery, Transfer and Surrender of American Depositary Shares.

 

As a condition precedent to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in this Deposit Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section 2.6.

 

The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of this Deposit Agreement, or for any other reason.  Notwithstanding anything to the contrary in this Deposit Agreement, the surrender of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended, subject only to (i) temporary delays caused by closing of the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited Securities.

 

The Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities.

 

SECTION 2.7.                                          Lost Receipts, etc.

 

If a Receipt is mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced by that Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated Receipt, upon surrender and cancellation of that mutilated Receipt, or in lieu of and in substitution for that destroyed,

 

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lost or stolen Receipt.  However, before the Depositary will deliver American Depositary Shares in uncertificated form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen Receipt, the Owner must (a) file with the Depositary (i) a request for that replacement before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfy any other reasonable requirements imposed by the Depositary.

 

SECTION 2.8.                                          Cancellation and Destruction of Surrendered Receipts.

 

The Depositary shall cancel all Receipts surrendered to it and is authorized to destroy Receipts so cancelled.

 

SECTION 2.9.                                          Pre-Release of American Depositary Shares.

 

Notwithstanding Section 2.3, unless requested in writing by the Company to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”).  The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released.  The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release.  Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer (i) beneficially owns the Shares or American Depositary Shares to be remitted, as the case may be, (ii) assigns all beneficial right, title and interest in those American Depositary Shares or Shares, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners and (iii) will not take any action with respect to those American Depositary Shares or Shares, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of those American Depositary Shares or Shares, as the case may be), other than in satisfaction of the Pre-Release, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate.  The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems reasonably appropriate.

 

The Depositary may retain for its own account any compensation received by it in connection with a Pre-Release.

 

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SECTION 2.10.                                   DTC Direct Registration System and Profile Modification System.

 

(a)                                 Notwithstanding the provisions of Section 2.4, the parties acknowledge that DTC’s Direct Registration System (“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof to DRS by DTC.  DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant.  Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register that transfer.

 

(b)                                 In connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a) above has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code).  For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile.  The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system and otherwise in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary.

 

ARTICLE 3.                        CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

 

SECTION 3.1.                                          Filing Proofs, Certificates and Other Information.

 

Any person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper or as the Company may require by written request to the Depositary.  The Depositary may withhold the delivery or registration of transfer of American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations and warranties are made. The Depositary shall provide the Company, upon the Company’s written request and at the Company’s expense, as promptly as practicable, copies of any information or other materials which it receives pursuant to this Section 3.1, to the extent that disclosure is permitted under applicable law.

 

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SECTION 3.2.              Liability of Owner for Taxes.

 

If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 applies, that tax or other governmental charge shall be payable by the Owner of those American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares and apply those dividends or other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of that kind, the Owner of those American Depositary Shares shall remain liable for any deficiency.  Neither the Company nor the Depositary shall be liable for failure of an Owner or Holder to comply with applicable tax laws or governmental charges. The Depositary shall distribute any net proceeds of a sale made under this Section that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1.  If the number of Shares represented by each American Depositary Share decreases as a result of a sale of Deposited Securities under this Section, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

 

SECTION 3.3.              Warranties on Deposit of Shares.

 

Every person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each certificate therefor, if applicable, are duly and validly authorized and issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that deposit is duly authorized so to do.  Every depositing person shall also be deemed to represent and warrant that the Shares, at the time of deposit, are not Restricted Securities.  All representations and warranties deemed made under this Section shall survive the deposit of Shares and delivery of American Depositary Shares.

 

SECTION 3.4.              Disclosure of Interests.

 

When required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company, the Company may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American Depositary Shares, (b) the identity

 

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of any Holders or other persons or entities then or previously interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of such matter is required for that compliance.   Each Owner and Holder agrees to provide all information known to it in response to a request made pursuant to this Section.  Each Holder consents to the disclosure by the Owner or any other Holder through which it holds American Depositary Shares, directly or indirectly, of all information responsive to a request made pursuant to this Section relating to that Holder that is known to that Owner or other Holder.  The Depositary agrees to use reasonable efforts, at the Company’s expense, to comply with written instructions requesting that the Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses it receives in response to that request. If the Company notifies the Depositary that it restricts rights to vote or transfer Deposited Securities with respect to which a disclosure request of the kind referred to in this Section 3.4 has not been complied with, the Depositary shall use reasonable efforts to follow instructions it receives from the Company to give effect to those restrictions to the extent practicable.

 

ARTICLE 4.                 THE DEPOSITED SECURITIES

 

SECTION 4.1.              Cash Distributions.

 

Whenever the Depositary receives a cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to the provisions of Section 4.5, convert such dividend or other distribution into Dollars (if not already in Dollars) and distribute, as promptly as practicable, the amount thus received (net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto as of the record date fixed pursuant to Section 4.6, in proportion to the number of American Depositary Shares representing those Deposited Securities held by them respectively; provided, however, that if the Custodian or the Depositary shall be required to withhold and does withhold from that cash dividend or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those Deposited Securities shall be reduced accordingly.  However, the Depositary will not pay any Owner a fraction of one cent, but will round each Owner’s entitlement to the nearest whole cent.

 

The Company or its agent will remit to the appropriate governmental agency in each applicable jurisdiction all amounts withheld and owing to such agency.  The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental agencies and applicable regulatory bodies.

 

If a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also

 

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requiring surrender of American Depositary Shares) as a condition of making that cash distribution.  A distribution of that kind shall be a Termination Option Event.

 

SECTION 4.2.              Distributions Other Than Cash, Shares or Rights.

 

Subject to the provisions of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described in Section 4.1, 4.3 or 4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary shall, as promptly as practicable, cause the securities or property received by it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges imposed under applicable law, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that the Depositary reasonably deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary shares representing the securities received); provided, however, that if in the reasonable opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement under applicable law that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or that securities received must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary reasonably deems such distribution not to be lawful and feasible, the Depositary may adopt,  following consultation with the Company to the extent practicable, such other method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, all in the manner and subject to the conditions set forth in Section 4.1.  The Depositary may withhold any distribution of securities under this Section 4.2 if it has not received reasonably satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933.  The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Section 4.2 that is sufficient to pay its fees and expenses in respect of that distribution.

 

If a distribution under this Section 4.2 would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that distribution.  A distribution of such kind shall be a Termination Option Event.

 

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SECTION 4.3.              Distributions in Shares.

 

Whenever the Depositary receives any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the Company so requests in writing, deliver, as promptly as practicable, to the Owners entitled thereto, as of the record date fixed pursuant to Section 4.6, in proportion to the number of American Depositary Shares representing those Deposited Securities held by them respectively, an aggregate number of American Depositary Shares representing the amount of Shares received as that dividend or free distribution, subject to the terms and conditions of this Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including withholding of any tax or governmental charge as provided in Section 4.11 and payment of the fees and expenses of the Depositary as provided in Section 5.9 (and the Depositary may sell, by public or private sale, an amount of the Shares received (or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution).  In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1.  If and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited Securities represented thereby.

 

If the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company, make that right of election available for exercise by Owners in any manner the Depositary considers to be lawful and practical.  As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that doing so does not require registration of any securities under the Securities Act of 1933.

 

SECTION 4.4.              Rights.

 

(a)           If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights.  The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and

 

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distribute the net proceeds of that sale to Owners entitled to those proceeds.  To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.

 

(b)           If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions and procedures applicable to the particular offering.  Upon instruction from an applicable Owner in the form the Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities.  The purchased securities shall be delivered to, or as instructed by, the Depositary.  The Depositary shall (i) deposit the purchased Shares under this Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered to or to the order of that Owner.  The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that is reasonably satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933.

 

(c)           If the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions and procedures applicable to the particular offering.  Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights as requested by that Owner.

 

(d)           If the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the number of American Depositary Shares held by the  applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.

 

(e)           Payment or deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds under this Section 4.4.

 

(f)            The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights.

 

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SECTION 4.5.              Conversion of Foreign Currency.

 

Whenever the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall, as promptly as practicable, convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into Dollars, and those Dollars shall, as promptly as practicable, be distributed to the Owners entitled thereto.  A cash distribution may be made upon an averaged or other reasonably practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9.

 

If a conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license.

 

If the Depositary determines that in its reasonable judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same.

 

If any conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto.

 

The Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account.  The revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under this Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account.  The Depositary makes no representation that the exchange rate used or obtained in any

 

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currency conversion under this Deposit Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners, subject to the Depositary’s obligations under Section 5.3.  The methodology used to determine exchange rates used in currency conversions is available upon request.

 

SECTION 4.6.              Fixing of Record Date.

 

Whenever a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section 4.4) or the Depositary receives notice that a distribution or issuance of that kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary to send a notice under Section 4.7, or whenever the Depositary will assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting or (iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares.  Subject to the provisions of Sections 4.1 through 4.5 and to the other terms and conditions of this Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee or charge, as the case may be.

 

SECTION 4.7.              Voting of Deposited Shares.

 

(a)           Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice of meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Argentine law and of the articles of association or similar documents of the Company, to instruct the Depositary as to the

 

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exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares (iii) a statement as to the manner in which those instructions may be given, including an express indication that instructions may be given or deemed given in accordance with the last sentence of paragraph (b) below if no instruction is received, to the Depositary to give a discretionary proxy to a person designated by the Company, and (iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”).

 

(b)           Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable and to the extent permitted by applicable law, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth in that request, except that the Depositary is not required to vote or cause to be voted, whether by following express instructions or otherwise as provided below, with respect to any deposited Shares as to any matter unless, if so reasonably requested, the Depositary has received an opinion of Argentine counsel for the Company that is reasonably satisfactory to it to the effect that that matter is not contrary to Argentine laws or the Company’s bylaws or any similar organizational document of the Company. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary or as provided in the following sentence.  If (i) the Company instructed the Depositary to Disseminate a notice under paragraph (a) above and complied with paragraph (d) below and (ii) no instructions are received by the Depositary from an Owner with respect to a matter and an amount of American Depositary Shares of that Owner on or before the Instruction Cutoff Date, the Depositary shall deem that Owner to have instructed the Depositary to give a discretionary proxy to a person designated by the Company with respect to that matter and the amount of deposited Shares represented by that amount of American Depositary Shares and the Depositary shall give a discretionary proxy to a person designated by the Company to vote that amount of Deposited Shares as to that matter, except that no instruction of that kind shall be deemed given and no discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the Company does not wish a proxy given, (y) the Company is aware or should reasonably be aware that substantial shareholder opposition exists or (z) the matter materially and adversely affects the rights of holders of Shares. Notwithstanding anything else contained herein, if so requested in writing by the Company, the Depositary shall endeavor, in so far as practicable and to the extent permitted by applicable law, to represent all deposited Shares (whether or not voting instructions have been received in respect of such deposited Shares from Owners as of the abovementioned record date) for the sole purpose of establishing quorum at a meeting of shareholders.

 

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(c)           There can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

 

(d)           In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares, if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date.

 

(e)           Notwithstanding anything in this Section 4.7 to the contrary, the Depositary and the Company may modify, amend or adopt additional procedures from time to time as they determine may be necessary or appropriate to give effect, as nearly as practicable, to voting instructions received or deemed received from Owners.

 

SECTION 4.8.              Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.

 

(a)           The Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

 

(b)           If the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary, at the expense of the Company (unless otherwise agreed in writing between the Company and the Depositary), shall (i) if required, surrender Deposited Securities that have been redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 and (iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 (and, for the avoidance of doubt, Owners shall not be entitled to receive that money under Section 4.1).  If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and only those American Depositary Shares will automatically be converted into a right to receive the net proceeds of the

 

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Redemption.  The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner.  A Redemption of all or substantially all of the Deposited Securities shall be a Termination Option Event.

 

(c)           If the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under this Deposit Agreement, the new securities or other property delivered to it in that Replacement.  However, the Depositary may elect to sell those new Deposited Securities if in the reasonable opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities under this Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it reasonably deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above.  A Replacement shall be a Termination Option Event.

 

(d)           In the case of a Replacement where the new Deposited Securities will continue to be held under this Deposit Agreement, the Depositary may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and the number of those new Deposited Securities represented by each American Depositary Share.  If the number of Shares represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

 

(e)           If there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled, or the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call for surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and a Termination Option Event occurs.

 

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SECTION 4.9.              Reports.

 

The Depositary shall make available for inspection by Owners at its Office any reports and communications, including any proxy solicitation material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of those Deposited Securities by the Company.  The Company shall furnish reports and communications, including any proxy soliciting material to which this Section applies, to the Depositary in English, to the extent those materials are required to be translated into English pursuant to any regulations of the Commission.

 

SECTION 4.10.            Lists of Owners.

 

Upon written request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names, addresses and American Depositary Share holdings of all Owners.

 

SECTION 4.11.            Withholding.

 

If the Depositary determines in its reasonable judgment that any distribution of property received or to be made by the Depositary (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold under applicable law, the Depositary may sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in such amounts and such manner as the Depositary reasonably deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the number of American Depositary Shares held by them respectively.

 

Services for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, this Deposit Agreement.  Each Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it.

 

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ARTICLE 5.                 THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY

 

SECTION 5.1.              Maintenance of Office and Transfer Books by the Depositary.

 

Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the execution and delivery, registration, registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement.

 

The Depositary shall keep books for the registration of American Depositary Shares, which shall be open for inspection by the Owners at the Depositary’s Office during regular business hours, provided that such inspection is not for the purpose of communicating with Owners in the interest of a business or object other than the business of the Company or a matter related to this Deposit Agreement or the American Depositary Shares.

 

The Depositary may close the transfer books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties under this Deposit Agreement or at the written request of the Company.

 

If any American Depositary Shares are listed on one or more stock exchanges, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for registry of those American Depositary Shares in accordance with any requirements of that exchange or those exchanges.

 

Upon reasonable written request, the Company shall have the right to inspect registration records of the Depositary relating to the American Depositary Shares during the Depositary’s normal business hours, and, at the Company’s expense, to take copies of those records and require the Depositary and the Registrar to supply copies to any part of these records.

 

SECTION 5.2.              Prevention or Delay of Performance by the Company or the Depositary.

 

Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder:

 

(i) if by reason of (A) any provision of any present or future law or regulation or other act of the government of the United States, any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary only) by reason of any provision, present or future, of the articles of association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) by reason of any event or circumstance, whether

 

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natural or caused by a person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes or criminal acts; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of this Deposit Agreement or the Deposited Securities, it is provided shall be done or performed;

 

(ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement (including any determination by the Depositary to take, or not take, any action that this Deposit Agreement provides the Depositary may take);

 

(iii) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or Holders; or

 

(iv) for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement.

 

Where, by the terms of a distribution to which Section 4.1, 4.2 or 4.3 applies, or an offering to which Section 4.4 applies, or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse.

 

SECTION 5.3.              Obligations of the Depositary and the Company.

 

The Company, its board of directors, executive officers, agents, shareholders and affiliates assume no obligation nor shall any of them be subject to any liability under this Deposit Agreement to any Owner or Holder, except that the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.

 

The Depositary, its board of directors, executive officers, agents, shareholders and affiliates assume no obligation nor shall any of them be subject to any liability under this Deposit Agreement to any Owner or Holder (including, without limitation, liability with respect to the validity or worth of the Deposited Securities),

 

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except that the Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.

 

Neither the Depositary nor the Company nor their respective agents shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person.

 

Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

Neither the Depositary nor the Company nor their respective agents shall be liable for any action or non-action by it or them in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person believed by it or them in good faith to be competent to give such advice or information.

 

The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary.

 

The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.

 

In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote.

 

The Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company or any liability for any tax consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares.

 

No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.

 

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SECTION 5.4.              Resignation and Removal of the Depositary.

 

The Depositary may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, to become effective upon the appointment of a successor depositary and its acceptance of that appointment as provided in this Section.  The effect of resignation if a successor depositary is not appointed is provided for in Section 6.2.

 

The Depositary may at any time be removed by the Company by 90 days’ prior written notice of that removal, to become effective upon the later of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of its appointment as provided in this Section.

 

If the Depositary resigns or is removed, the Company shall use reasonable efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York.  Every successor depositary shall execute and deliver to the Company an instrument in writing accepting its appointment under this Deposit Agreement.  If the Depositary receives notice from the Company that a successor depositary has been appointed following its resignation or removal, the Depositary, upon payment of all sums due it from the Company, shall deliver to its successor a register listing all the Owners and their respective holdings of outstanding American Depositary Shares and shall deliver the Deposited Securities to or to the order of its successor.  When the Depositary has taken the actions specified in the preceding sentence (i) the successor shall become the Depositary and shall have all the rights and shall assume all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor depositary shall cease to be the Depositary and shall be discharged and released from all obligations under this Deposit Agreement, except for its duties under Section 5.8 with respect to the time before that discharge.  A successor Depositary shall notify the Owners of its appointment as soon as practical after assuming the duties of Depositary.

 

Any corporation or other entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act.

 

SECTION 5.5.              The Custodians.

 

The Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it.  The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians under this Deposit Agreement.  If the Depositary receives notice that a Custodian is resigning and, upon the effectiveness of that resignation there would be no Custodian acting under this Deposit Agreement, the Depositary shall, as promptly as practicable after receiving that notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian under

 

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this Deposit Agreement.  The Depositary shall require any Custodian that resigns or is removed to deliver all Deposited Securities held by it to another Custodian.

 

SECTION 5.6.              Notices and Reports.

 

If the Company takes or decides to take any corporate action of a kind that is addressed in Sections 4.1, 4.2, 4.3, 4.4, 4.7 or 4.8, or that effects or will effect a change of the name or legal structure of the Company, or that effects or will effect a material change to the Shares (including, without limitation, reclassification, change of title, split-up or consolidation of the Shares), the Company shall notify the Depositary and the Custodian of that action or decision as soon as it is lawful and practical to give that notice.  The notice shall be in English and shall include all details that the Company is required to include in any notice to any governmental or regulatory authority or securities exchange or is required to make available generally to holders of Shares by publication or otherwise.

 

The Company will arrange for the translation into English, if not already in English, to the extent required pursuant to any regulations of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other reports and communications which are made generally available by the Company to holders of its Shares.  If requested in writing by the Company, the Depositary will Disseminate, at the Company’s expense, those notices, reports and communications to all Owners or otherwise make them available to Owners in a manner that the Company specifies as substantially equivalent to the manner in which those communications are made available to holders of Shares and compliant with the requirements of any securities exchange on which the American Depositary Shares are listed.  The Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect that Dissemination.

 

The Company represents that as of the date of this Deposit Agreement, the statements in Article 11 of the Receipt with respect to the Company’s obligation to file periodic reports under the United States Securities Exchange Act of 1934, as amended, are true and correct.  The Company agrees to promptly notify the Depositary upon becoming aware of any change in the truth of any of those statements.

 

SECTION 5.7.              Distribution of Additional Shares, Rights, etc.

 

If the Company or any affiliate of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”), the Company shall notify the Depositary in writing in English as promptly as practicable and in any event before the Distribution starts and, if requested in writing by the Depositary, the Company shall promptly furnish to the Depositary either (i) evidence reasonably satisfactory to the Depositary that the Distribution is registered

 

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under the Securities Act of 1933 or (ii) a written opinion from U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating that the Distribution does not require, or, if made in the United States, would not require, registration under the Securities Act of 1933.

 

Nothing in this Section 5.7 or elsewhere shall create any obligation of the Company or the Depositary to file a registration statement under the Securities Act of 1933 in respect of any securities or rights.

 

The Company agrees with the Depositary that neither the Company nor any company controlled by, controlling or under common control with the Company will at any time deposit any Shares that, at the time of deposit, are Restricted Securities.

 

SECTION 5.8.              Indemnification.

 

The Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and each Custodian against, and hold each of them harmless from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the fees and expenses of counsel) that may arise out of or in connection with (a) any registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or (b) acts performed or omitted, pursuant to the provisions of or in connection with this Deposit Agreement and the American Depositary Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates, except for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates.

 

The indemnities contained in the preceding paragraph shall not extend to any liability or expense which arises solely and exclusively out of a Pre-Release (as defined in Section 2.9) of American Depositary Shares in accordance with Section 2.9 and which would not otherwise have arisen had those American Depositary Shares not been the subject of a Pre-Release pursuant to Section 2.9; provided, however, that the indemnities provided in the preceding paragraph shall apply to any such liability or expense (i) to the extent that such liability or expense would have arisen had those American Depositary Shares not been the subject of a Pre-Release, or (ii) which may arise out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), or preliminary prospectus (or preliminary placement memorandum) relating to the offer or sale of American Depositary Shares, except to the extent any such liability or expense arises out of (x) information relating to the Depositary or any Custodian (other than the Company), as applicable, furnished in writing by the Depositary expressly for use in any of the foregoing documents and not materially changed or altered by the Company, or,

 

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(y) if such information is provided, the failure to state a material fact necessary to make the information provided not misleading.

 

The Depositary agrees to indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the reasonable fees and expenses of counsel) that may arise out of acts performed or omitted by the Depositary or any Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith.

 

If an action, proceeding (including, but not limited to, any governmental investigation), claim or dispute (collectively, a “Proceeding”) in respect of which indemnity may be sought by either party is brought or asserted against the other party, the party seeking indemnification (the “Indemnitee”) shall promptly (and in no event more than ten (10) days after receipt of notice of such Proceeding) notify the party obligated to provide such indemnification (the “Indemnitor”) of such Proceeding. The failure of the Indemnitee to so notify the Indemnitor shall not impair the Indemnitee’s ability to seek indemnification from the Indemnitor (but only for costs, expenses and liabilities incurred after such notice) unless such failure adversely affects the Indemnitor’s ability to adequately oppose or defend such Proceeding. Upon receipt of such notice from the Indemnitee, the Indemnitor shall be entitled to participate in such Proceeding and, to the extent that it shall so desire and provided no conflict of interest exists as specified in item (b) below or there are no other defenses available to Indemnitee as specified in item (d) below, to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee (in which case all attorney’s fees and expenses shall be borne by the Indemnitor and the Indemnitor shall in good faith defend the Indemnitee). The Indemnitee shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be borne by the Indemnitee unless (a) the Indemnitor agrees in writing to pay such fees and expenses, (b) the Indemnitee shall have reasonably and in good faith concluded that there is a conflict of interest between the Indemnitor and the Indemnitee in the conduct of the defense of such action, (c) the Indemnitor fails, within ten (10) days prior to the date the first response or appearance is required to be made in such Proceeding, to assume the defense of such Proceeding with counsel reasonably satisfactory to the Indemnitee or (d) there are legal defenses available to Indemnitee that are different from or are in addition to those available to the Indemnitor. No compromise or settlement of such Proceeding may be effected by either party without the other party’s consent unless (i) such compromise or settlement includes no statement as to or an admission of fault, culpability, failure to act or violation of law and there is no effect on any other claims that may be made against such other party and (ii) the sole relief provided is monetary damages that are paid in full by the party seeking the settlement. Neither party shall have any liability with respect to any compromise or settlement effected without its consent,

 

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which shall not be unreasonably withheld. The Indemnitor shall have no obligation to indemnify and hold harmless the Indemnitee from any loss, expense or liability incurred by the Indemnitee as a result of a default judgment entered against the Indemnitee unless such judgment was entered after the Indemnitor agreed, in writing, to assume the defense of such Proceeding.

 

SECTION 5.9.              Charges of Depositary.

 

The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section 4.3), or by Owners, as applicable:  (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 and Section 4.8, (7) a fee for the distribution of securities pursuant to Section 4.2 or of rights pursuant to Section 4.4 (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities under this Deposit Agreement (for purposes of this item 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under item 6 above, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary’s or Custodian’s agents or the agents of the Depositary’s or Custodian’s agents, in connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 and shall be payable at the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions).

 

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The Depositary may collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed, to Owners that are obligated to pay those fees.

 

In performing its duties under this Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the Depositary and that may earn or share fees, spreads or commissions.

 

The Depositary, subject to Section 2.9, may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares.

 

SECTION 5.10.                                   Retention of Depositary Documents.

 

The Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at the times permitted by the laws or regulations governing the Depositary.

 

SECTION 5.11.                                   Exclusivity.

 

Without prejudice to the Company’s rights under Section 5.4, the Company agrees not to appoint any other depositary for issuance of depositary shares, depositary receipts or any similar securities or instruments so long as The Bank of New York Mellon is acting as Depositary under this Deposit Agreement.

 

ARTICLE 6.                                                   AMENDMENT AND TERMINATION

 

SECTION 6.1.                                          Amendment.

 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary without the consent of Owners or Holders in any respect that they may deem necessary or desirable.  Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by this Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of Receipt, including a change in the number of Shares represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American

 

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Depositary Shares to effect that change of ratio.  In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding anything to the contrary in this Deposit Agreement, if, pursuant to Section 2.9, the Company requires the Depositary to cease its Pre-Release activities, that requirement shall become effective at the time or times designated by the Company; provided that no such requirement may be imposed with retroactive effect.

 

SECTION 6.2.                                          Termination.

 

(a)                                 The Company may initiate termination of this Deposit Agreement by notice to the Depositary.  The Depositary may initiate termination of this Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4, (ii) an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event has occurred or will occur.  If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination Date”), which shall be at least 90 days after the date of that notice, and this Deposit Agreement shall terminate on that Termination Date.

 

(b)                                 After the Termination Date, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9.

 

(c)                                  At any time after the Termination Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash.  After making that sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except (i) to account for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 and (iii) to act as provided in paragraph (d) below.

 

(d)                                 After the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities (that have not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver Deposited Securities (or sale proceeds) upon surrender of American

 

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Depositary Shares (after payment or upon deduction, in each case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges).  After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares.  After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been sold) if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices or perform any further acts under this Deposit Agreement except as provided in this Section.

 

ARTICLE 7.                                                   MISCELLANEOUS

 

SECTION 7.1.                                          Counterparts; Signatures.

 

This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of those counterparts shall constitute one and the same instrument.  Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection by any Owner or Holder during regular business hours.

 

Any manual signature on this Deposit Agreement that is faxed, scanned or photocopied, and any electronic signature valid under the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001, et. seq., shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature, and the parties hereby waive any objection to the contrary.

 

SECTION 7.2.                                          No Third Party Beneficiaries.

 

This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective successors and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person.

 

SECTION 7.3.                                          Severability.

 

In case any one or more of the provisions contained in this Deposit Agreement or in a Receipt should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained in

 

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this Deposit Agreement or that Receipt shall in no way be affected, prejudiced or disturbed thereby.

 

SECTION 7.4.                                          Owners and Holders as Parties; Binding Effect.

 

The Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions of this Deposit Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein.

 

SECTION 7.5.                                          Notices.

 

Any and all notices to be given to the Company shall be in writing and shall be deemed to have been duly given if personally delivered or sent by domestic first class or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed writing, provided that receipt of the facsimile transmission or email has been confirmed by the recipient, addressed to Molino Cañuelas S.A.C.I.F.I.A., John F. Kennedy 160, B1814BKD Cañuelas, Province of Buenos Aires, Republic of Argentina, Attention: [Juan Manuel González Capra], or any other place to which the Company may have transferred its principal office with notice to the Depositary.

 

Any and all notices to be given to the Depositary shall be in writing and shall be deemed to have been duly given if in English and personally delivered or sent by first class domestic or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed writing, addressed to The Bank of New York Mellon, 101 Barclay Street, New York, New York 10286, Attention:  Depositary Receipt Administration, or any other place to which the Depositary may have transferred its Office with notice to the Company.

 

Delivery of a notice to the Company or Depositary by mail or air courier shall be deemed effected when deposited, postage prepaid, in a post-office letter box or received by an air courier service.  Delivery of a notice to the Company or Depositary sent by facsimile transmission or email shall be deemed effected when the recipient acknowledges receipt of that notice.

 

A notice to be given to an Owner shall be deemed to have been duly given when Disseminated to that Owner.  Dissemination in paper form will be effective when personally delivered or sent by first class domestic or international air mail or air courier, addressed to that Owner at the address of that Owner as it appears on the transfer books for American Depositary Shares of the Depositary, or, if that Owner has filed with the Depositary a written request that notices intended for that Owner be mailed to some other address, at the address designated in that request.  Dissemination in electronic form will be effective when sent in the manner consented to by the Owner to the electronic address most recently provided by the Owner for that purpose.

 

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SECTION 7.6.                                          Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.

 

The Company hereby (i) designates and appoints the person named in Exhibit A to this Deposit Agreement, located in the State of New York, as the Company’s authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement (a “Proceeding”), (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any Proceeding may be instituted and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any Proceeding.  The Company agrees to deliver to the Depositary, upon the execution and delivery of this Deposit Agreement, a written acceptance by the agent named in Exhibit A to this Deposit Agreement of its appointment as process agent.  The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as may be necessary to continue that designation and appointment in full force and effect, or to appoint and maintain the appointment of another process agent located in the United States as required above, and to deliver to the Depositary a written acceptance by that agent of that appointment, for so long as any American Depositary Shares or Receipts remain outstanding or this Deposit Agreement remains in force.  In the event the Company fails to maintain the designation and appointment of a process agent in the United States in full force and effect, the Company hereby waives personal service of process upon it and consents that a service of process in connection with a Proceeding may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices under this Deposit Agreement, and service so made shall be deemed completed five (5) days after the same shall have been so mailed.

 

EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

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SECTION 7.7.                                          Waiver of Immunities.

 

To the extent that the Company or any of its 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 respect 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 or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any immunity of that kind and consents to relief and enforcement as provided above.

 

SECTION 7.8.                                          Governing Law.

 

This Deposit Agreement and the Receipts shall be interpreted in accordance with and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by the laws of the State of New York.

 

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IN WITNESS WHEREOF, MOLINO CAÑUELAS S.A.C.I.F.I.A. and THE BANK OF NEW YORK MELLON have duly executed this Deposit Agreement as of the day and year first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest therein.

 

	
 
    	
MOLINO CAÑUELAS S.A.C.I.F.I.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THE BANK OF NEW YORK   MELLON,
    
	
 
    	
as   Depositary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

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EXHIBIT A

 

	
 
    	
AMERICAN DEPOSITARY   SHARES
    
	
 
    	
(Each American   Depositary Share represents
    
	
 
    	
          deposited   Shares)
    

 

THE BANK OF NEW YORK MELLON

AMERICAN DEPOSITARY RECEIPT

FOR COMMON SHARES OF

MOLINO CAÑUELAS S.A.C.I.F.I.A.

(INCORPORATED UNDER THE LAWS OF THE REPUBLIC OF ARGENTINA)

 

The Bank of New York Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies that                                          , or registered assigns IS THE OWNER OF

 

AMERICAN DEPOSITARY SHARES

 

representing deposited Class B ordinary shares having a par value of AR$0.10 per shar, (herein called “Shares”) of Molino Cañuelas S.A.C.I.F.I.A., a sociedad anónima comercial industrial financiera, inmobiliaria y agropecuaria organized under the laws of the Republic of Argentina (herein called the “Company”).  At the date hereof, each American Depositary Share represents       Shares deposited or subject to deposit under the Deposit Agreement (as such term is hereinafter defined) with a custodian for the Depositary (herein called the “Custodian”) that, as of the date of the Deposit Agreement, was Banco Santander Rio located in Argentina.  The Depositary’s Office is located at a different address than its principal executive office.  Its Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal executive office is located at 225 Liberty Street, New York, N.Y. 10286.

 

THE DEPOSITARY’S OFFICE ADDRESS IS

101 BARCLAY STREET, NEW YORK, N.Y. 10286

 

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1.                                      THE DEPOSIT AGREEMENT.

 

This American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms and conditions set forth in the deposit agreement dated as of         , 2017 (herein called the “Deposit Agreement”) among the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof.  The Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of those Shares and held thereunder (those Shares, securities, property, and cash are herein called “Deposited Securities”).  Copies of the Deposit Agreement are on file at the Depositary’s Office in New York City and at the office of the Custodian.

 

The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made.  Capitalized terms defined in the Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement.

 

2.                                      SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF SHARES.

 

Upon surrender at the Depositary’s Office of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 of the Deposit Agreement and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares, but not any money or other property as to which a record date for distribution to Owners has passed (since money or other property of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record date).  The Depositary shall direct the Custodian with respect to delivery of Deposited Securities and may charge the surrendering Owner a fee and its expenses for doing so.  That delivery will be made, at the office of the Custodian, except that, at the request, risk and expense of the surrendering Owner, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary

 

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for delivery at the Depositary’s Office or to another address specified in the order received from the surrendering Owner.

 

3.                                      REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND SPLIT-UP OF RECEIPTS; INTERCHANGE OF CERTIFICATED AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES.

 

The Depositary, subject to the terms and conditions of the Deposit Agreement shall, without unreasonable delay,  register a transfer of American Depositary Shares on its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of that Agreement), and, in either case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall, without unreasonable delay, deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto.

 

The Depositary, subject to the terms and conditions of the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts, without unreasonable delay, for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered.

 

The Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall, without unreasonable delay, cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares.  The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall, without unreasonable delay, cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary Shares.

 

As a condition precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor of the Shares or the presenter of the Receipt or instruction for

 

A-3

 

registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement.

 

The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit Agreement, or for any other reason.  Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt, the surrender of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited Securities.  The Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities.

 

4.                                      LIABILITY OF OWNER FOR TAXES.

 

If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 of the Deposit Agreement applies, that tax or other governmental charge shall be payable by the Owner of those American Depositary Shares to the Depositary.  The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply those dividends or other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge

 

A-4

 

but, even after a sale of that kind, the Owner shall remain liable for any deficiency. Neither the Company nor the Depositary shall be liable for the failure of an Owner or Holder to comply with applicable tax laws or governmental charges. The Depositary shall distribute any net proceeds of a sale made under Section 3.2 of the Deposit Agreement that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1 of the Deposit Agreement.  If the number of Shares represented by each American Depositary Share decreases as a result of a sale of Deposited Securities under Section 3.2 of the Deposit Agreement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

 

5.                                      WARRANTIES ON DEPOSIT OF SHARES.

 

Every person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each certificate therefor, if applicable, are duly and validly authorized and issued, fully paid and nonassessable and were not subject to any preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that deposit is duly authorized so to do.  Every depositing person shall also be deemed to represent and warrant that the Shares, at the time of deposit, are not Restricted Securities.  All representations and warranties deemed made under Section 3.3 of the Deposit Agreement shall survive the deposit of Shares and delivery of American Depositary Shares.

 

6.                                      FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

 

Any person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper or as the Company may require by written request to the Depositary..  The Depositary may withhold the delivery or registration of transfer of any American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations and warranties are made.  The Depositary shall provide the Company, upon the Company’s written request and at the Company’s expense, as promptly as practicable, copies of any information or other materials which it receives pursuant to Section 3.1 of the Deposit Agreement, to the extent that disclosure is permitted under applicable law. As conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian in accordance with the

 

A-5

 

provisions of the Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of, the person or persons stated in that order, the number of American Depositary Shares representing those Deposited Shares, (iii) evidence satisfactory to the Depositary (at the cost of the person seeking to deposit Shares) that those Shares have been re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property, that any person in whose name those Shares are or have been recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.

 

7.                                      CHARGES OF DEPOSITARY.

 

The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable:  (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 and 4.8 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement or of rights pursuant to Section 4.4 of the Deposit Agreement (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities under the Deposit Agreement (for purposes of this item 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition

 

A-6

 

to any fee charged under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary’s or Custodian’s agents or the agents of the Depositary’s or Custodian’s agents, in connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions).

 

The Depositary may collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed, to Owners that are obligated to pay those fees.

 

The Depositary, subject to Article 8 hereof, may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares.

 

From time to time, the Depositary may make payments to the Company to reimburse the Company for costs and expenses generally arising out of establishment and maintenance of the American Depositary Shares program, waive fees and expenses for services provided by the Depositary or share revenue from the fees collected from Owners or Holders.  In performing its duties under the Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the Depositary and that may earn or share fees, spreads or commissions.

 

8.                                      PRE-RELEASE OF AMERICAN DEPOSITARY SHARES.

 

Notwithstanding Section 2.3 of the Deposit Agreement, unless requested in writing by the Company to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”).  The Depositary may, pursuant to Section 2.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released.  The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release.  Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer (i) beneficially owns the Shares or American Depositary Shares to be remitted, as the case may be, (ii) assigns all beneficial right, title and interest in those American Depositary Shares or Shares, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners and (iii) will not take any action with respect to those American Depositary Shares or Shares, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of those

 

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American Depositary Shares or Shares, as the case may be), other than in satisfaction of the Pre-Release, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate.  The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems reasonably appropriate.

 

The Depositary may retain for its own account any compensation received by it in connection with a Pre-Release.

 

9.                                      TITLE TO AMERICAN DEPOSITARY SHARES.

 

It is a condition of the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting or holding the same, consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of the State of New York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York.  The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder of American Depositary Shares, but only to the Owner.

 

10.                               VALIDITY OF RECEIPT.

 

This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized signatory of the Depositary or the Registrar or a co-registrar.

 

11.                               REPORTS; INSPECTION OF TRANSFER BOOKS.

 

The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission’s EDGAR system or at public reference facilities maintained by the Commission in Washington, D.C.

 

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The Depositary will make available for inspection by Owners at its Office any reports, notices and other communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of those Deposited Securities by the Company.  The Company shall furnish reports and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary in English, to the extent such materials are required to be translated into English pursuant to any regulations of the Commission.

 

The Depositary will keep books for the registration of American Depositary Shares and transfers of American Depositary Shares, which shall be open for inspection by the Owners at the Depositary’s Office during regular business hours, provided that such inspection shall not be for the purpose of communicating with Owners in the interest of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the American Depositary Shares.

 

12.                               DIVIDENDS AND DISTRIBUTIONS.

 

Whenever the Depositary receives a cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time of receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into Dollars transferable to the United States, and subject to the Deposit Agreement, convert that dividend or other cash distribution into Dollars (if not already in Dollars) and distribute, as promptly as possible, the amount thus received (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto as of the record date fixed pursuant to Section 4.6 of the Deposit Agreement, in proportion to the number of American Depositary Shares representing those Deposited Securities held by them respectively; provided, however, that if the Custodian or the Depositary is required by applicable law to withhold and does withhold from that cash dividend or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those Deposited Securities shall be reduced accordingly.  If a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that cash distribution.  A distribution of such kind shall be a Termination Option Event.

 

Subject to the provisions of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution described in Section 4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary will, as

 

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promptly as practicable, cause the securities or property received by it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, imposed by applicable law, in any manner that the Depositary reasonably deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary shares representing the securities received); provided, however, that if in the reasonable opinion of the Depositary such distribution cannot be made proportionately among the Owners of Receipts entitled thereto, or if for any other reason the Depositary reasonably deems such distribution not to be lawful and feasible, the Depositary may adopt, following consultation with the Company to the extent practicable, such other method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto all in the manner and subject to the conditions set forth in Section 4.1 of the Deposit Agreement. The Depositary may withhold any distribution of securities under Section 4.2 of the Deposit Agreement if it has not received reasonably satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933.  The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Article that is sufficient to pay its fees and expenses in respect of that distribution.  If a distribution under Section 4.2 of the Deposit Agreement would represent a return of all of substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that distribution.  A distribution of that kind shall be a Termination Option Event.

 

Whenever the Depositary receives any distribution consisting of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the Company so requests in writing, deliver, as promptly as practicable, to the Owners entitled thereto, as of the record date fixed pursuant to Section 4.6 of the Deposit Agreement, an aggregate number of American Depositary Shares representing the amount of Shares received as that dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including the withholding of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of Shares received (or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that  distribution).  In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those Shares)

 

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and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1of the Deposit Agreement.  If and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited Securities represented thereby.

 

If the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company, make that right of election available for exercise by Owners any manner the Depositary considers to be lawful and practical.  As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that doing so does not require registration of any securities under the Securities Act of 1933.

 

If the Depositary determines in its reasonable judgment that any distribution of property received or to be made by the Depositary (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold, under applicable law, the Depositary may sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in such amounts and such manner as the Depositary reasonably deems necessary and practicable to pay any those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the number of American Depositary Shares held by them respectively.

 

Services for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, the Deposit Agreement.  Each Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it.

 

13.                               RIGHTS.

 

(a)                                 If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights.  The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to or to the order of certain

 

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Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to Owners entitled to those proceeds.  To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.

 

(b)                                 If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions and procedures applicable to the particular offering.  Upon instruction from an applicable Owner in the form the Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities.  The purchased securities shall be delivered to, or as instructed by, the Depositary.  The Depositary shall (i) deposit the purchased Shares under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered to or to the order of that Owner.  The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that is reasonably satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933.

 

(c)                                  If the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions and procedures applicable to the particular offering.  Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights as requested by that Owner.

 

(d)                                 If the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.

 

(e)                                  Payment or deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of the expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds under Section 4.4 of that Agreement.

 

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(f)                                   The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or exercise rights on behalf of Owners in general or any Owner in particular , or to sell rights.

 

14.                               CONVERSION OF FOREIGN CURRENCY.

 

Whenever the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall, as promptly as practicable, convert or cause to be converted by sale or in any other manner that it may reasonably determine that foreign currency into Dollars, and those Dollars shall be distributed, as promptly as practicable, to the Owners entitled thereto.  A cash distribution may be made upon an averaged or other reasonably practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9 of the Deposit Agreement.

 

If a conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license.

 

If the Depositary determines that in its reasonable judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same.

 

If any conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto.

 

The Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account.  The revenue is based on,

 

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among other things, the difference between the exchange rate assigned to the currency conversion made under the Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account.  The Depositary makes no representation that the exchange rate used or obtained in any currency conversion under the Deposit Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners, subject to the Depositary’s obligations under Section 5.3 of that Agreement.  The methodology used to determine exchange rates used in currency conversions is available upon request.

 

15.                               RECORD DATES.

 

Whenever a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section 4.4 of the Deposit Agreement) or the Depositary receives notice that a distribution or issuance of that kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary to send a notice under Section 4.7 of the Deposit Agreement, or whenever the Depositary will assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting, (iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares.  Subject to the provisions of Sections 4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee or charge, as the case may be.

 

16.                               VOTING OF DEPOSITED SHARES.

 

(a)                                 Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall be in the sole discretion of the Depositary, that shall contain

 

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(i) the information contained in the notice of meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Argentine law and of the articles of association or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares (iii) a statement as to the manner in which those instructions may be, including an express indication that instructions may be given or deemed given in accordance with the last sentence of paragraph (b) below if no instruction is received, to the Depositary to give a discretionary proxy to a person designated by the Company, and (iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”).

 

(b)                                 Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable and to the extent permitted by applicable law, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth in that request.  The Depositary shall not vote or attempt to exercise the right to vote that attaches to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary or as provided in the following sentence.  If (i) the Company instructed the Depositary to Disseminate a notice under paragraph (a) above and complied with paragraph (d) below and (ii) no instructions are received by the Depositary from an Owner with respect to a matter and an amount of American Depositary Shares of that Owner on or before the Instruction Cutoff Date, the Depositary shall deem that Owner to have instructed the Depositary to give a discretionary proxy to a person designated by the Company with respect to that matter and the amount of deposited Shares represented by that amount of American Depositary Shares and the Depositary shall give a discretionary proxy to a person designated by the Company to vote that amount of Deposited Shares as to that matter, except that no instruction of that kind shall be deemed given and no discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the Company does not wish a proxy given, (y) the Company is aware or should reasonably be aware that substantial shareholder opposition exists or (z) the matter materially and adversely affects the rights of holders of Shares. Notwithstanding anything else contained herein, if so requested in writing by the Company, the Depositary shall endeavor, in so far as practicable and to the extent permitted by applicable law, to represent all deposited Shares (whether or not voting instructions have been received in respect of such deposited Shares from Owners as of the abovementioned record date) for the sole purpose of establishing quorum at a meeting of shareholders.

 

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(c)                                  There can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

 

(d)                                 In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares, if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date.

 

(e)                                  Notwithstanding anything in Section 4.7 of the Deposit Agreement to the contrary, the Depositary and the Company may modify, amend or adopt additional procedures from time to time as they determine may be necessary or appropriate to give effect, as nearly as practicable, to voting instructions received or deemed received from Owners.

 

17.                               TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.

 

(a)                                 The Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

 

(b)                                 If the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary, at the expense of the Company (unless otherwise agreed in writing between the Company and the Depositary), shall (i) if required, surrender Deposited Securities that have been redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 of the Deposit Agreement and (iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 of that Agreement (and, for the avoidance of doubt, Owners shall not be entitled to receive that money under Section 4.1 of that Agreement).  If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and only those

 

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American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption.  The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner.  A Redemption of all or substantially all of the Deposited Securities shall be a Termination Option Event.

 

(c)                                  If the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement, the new securities or other property delivered to it in that Replacement.  However, the Depositary may elect to sell those new Deposited Securities if in the reasonable opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities under the Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it reasonably deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above.  A Replacement shall be a Termination Option Event.

 

(d)                                 In the case of a Replacement where the new Deposited Securities will continue to be held under the Deposit Agreement, the Depositary may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and the number of those new Deposited Securities represented by each American Depositary Share.  If the number of Shares represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

 

(e)                                  If there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled, or the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for surrender of those American Depositary Shares or may cancel those

 

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American Depositary Shares, upon notice to Owners, and a Termination Option Event occurs.

 

18.                               LIABILITY OF THE COMPANY AND DEPOSITARY.

 

Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder:

 

(i) if by reason of (A) any provision of any present or future law or regulation or other act of the government of the United States, any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary only) by reason of any provision, present or future, of the articles of association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) by reason of any event or circumstance, whether natural or caused by a person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes or criminal acts; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of the Deposit Agreement or the Deposited Securities, it is provided shall be done or performed;

 

(ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement (including any determination by the Depositary to take, or not take, any action that the Deposit Agreement provides the Depositary may take);

 

(iii) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders; or

 

(iv) for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement.

 

Where, by the terms of a distribution to which Section 4.1, 4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section 4.4 of that Agreement applies, or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not

 

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make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse.

 

Neither the Company nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or Holders, except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith.  The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities.  Neither the Depositary nor the Company nor their respective agents shall be under any obligation to appear in, prosecute or defend any action, suit, or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares, on behalf of any Owner or Holder or other person.  Neither the Depositary nor the Company nor their respective agents shall be liable for any action or non-action by it or them in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it or them in good faith to be competent to give such advice or information.  Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.  The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises, the Depositary performed its obligations without negligence or bad faith while it acted as Depositary.  The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.  In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities or for the manner in which any such vote is cast or the effect of any such vote.  The Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company or any liability for any tax consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares.  No disclaimer of liability under the Securities Act of 1933 is intended by any provision of the Deposit Agreement.

 

19.                               RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.

 

The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company, to become effective upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement.  The Depositary may at any time be removed by the Company by 90 days’ prior written notice of that removal, to become effective upon the later of (i) the 90th day after delivery of the notice to the Depositary

 

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and (ii) the appointment of a successor depositary and its acceptance of its appointment as provided in the Deposit Agreement.  The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians.

 

20.                               AMENDMENT.

 

The form of the Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable.  Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of Receipt, including a change in the number of Shares represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to effect that change of ratio.  In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding anything to the contrary in the Deposit Agreement, if, pursuant to Section 2.9 of the Deposit Agreement, the Company requires the Depositary cease its Pre-Release activities, that requirement shall become effective at the time or times designated by the Company; provided that no such requirement may be imposed with retroactive effect.

 

21.                               TERMINATION OF DEPOSIT AGREEMENT.

 

(a)                                 The Company may initiate termination of the Deposit Agreement by notice to the Depositary.  The Depositary may initiate termination of the Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 of that Agreement, (ii) an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event has occurred or will occur.  If termination of the Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination Date”), which shall be at least 90 days after the date of that notice, and the Deposit Agreement shall terminate on that Termination Date.

 

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(b)                                 After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9 of that Agreement.

 

(c)                                  At any time after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash.  After making that sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except (i) to account for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 of that Agreement and (iii) to act as provided in paragraph (d) below.

 

(d)                                 After the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities (that have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver Deposited Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges).  After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares.  After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been sold) if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices or perform any further acts under the Deposit Agreement except as provided in Section 6.2 of that Agreement.

 

22.                               DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM.

 

(a)                                 Notwithstanding the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC’s Direct Registration System (“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary Shares upon

 

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acceptance thereof to DRS by DTC.  DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant.  Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register that transfer.

 

(b)                                 In connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery described in paragraph (a) above has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code).  For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from the use of the DRS/Profile.  The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system and otherwise in accordance with the Deposit Agreement, shall not constitute negligence or bad faith on the part of the Depositary.

 

23.                               APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF IMMUNITIES.

 

The Company has (i) appointed                                       , located in the State of New York, as the Company’s authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agreed that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding.

 

EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING WITHOUT LIMITATION ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

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To the extent that the Company or any of its properties, assets or revenues may have or 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 respect 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 or judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, 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.

 

24.                               DISCLOSURE OF INTERESTS.

 

When required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company, the Company may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American Depositary Shares, (b) the identity of any Holders or other persons or entities then or previously interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of such matter is required for that compliance.   Each Owner and Holder agrees to provide all information known to it in response to a request made pursuant to this Section.  Each Holder consents to the disclosure by the Owner or other Holder through which it holds American Depositary Shares, directly or indirectly, of all information responsive to a request made pursuant to this Section relating to that Holder that is known to that Owner or other Holder.  The Depositary agrees to use reasonable efforts, at the Company’s expense, to comply with written instructions requesting that the Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses it receives in response to that request. If the Company notifies the Depositary that it restricts rights to vote or transfer Deposited Securities with respect to which a disclosure request of the kind referred to in Section 3.4 of the Deposit Agreement has not been complied with, the Depositary shall use reasonable efforts to follow instructions it receives from the Company to give effect to those restrictions to the extent practicable.

 

A-23Exhibit 10.1

 

MOLINO CAÑUELAS S.A. SHAREHOLDERS’ AGREEMENT

 

This Molino Cañuelas S.A. Shareholders’ Agreement (hereinafter referred to as the “Shareholders’ Agreement”) is entered into in the city of Buenos Aires on January 18, 2017, by and between:

 

1.              Mr. ALDO ADRIANO NAVILLI, with Documento Nacional de Identidad (National Identity Document) No. 10,053,805 and registered address at Ombú 3075, city of Buenos Aires (hereinafter referred to as “Aldo Navilli”) as party of the first part;

 

2.              Mr. RICARDO ALBERTO NAVILLI, with National Identity Document No. 13,429,134 and registered address at Azucena Villaflor 489, piso 4,  Rio 1, city of Buenos Aires (hereinafter referred to as “Ricardo Navilli”) as party of the second part;

 

3.              Mr. CARLOS ADRIANO NAVILLI, with National Identity Document No. 12,657,137 and registered address at Rodríguez Peña 1560, piso 3°, city of Buenos Aires (hereinafter referred to as “Carlos Navilli”) as party of the third part; and

 

4.              Ms. ADRIANA ELBA NAVILLI, with National Identity Document No. 11,398,465 and registered address at Las Heras 41, Laboulaye, Province of Córdoba (hereinafter referred to as “Adriana Navilli”) and Mr. MARCOS ANÍBAL VILLEMUR, with National Identity Document No. 26,927,403, with registered address at Las Heras 41, Laboulaye, Province of Córdoba (hereinafter referred to as “Marcos Villemur”) as party of the fourth part.

 

In this Shareholders’ Agreement, Aldo Navilli, Ricardo Navilli and Carlos Navilli shall each be referred to as a “Party.” In addition, Adriana Navilli and Marcos Villemur, shall be jointly referred to as a single “Party.”

 

W H E R E A S

 

A.                                   The parties are, jointly, exclusive and lawful holders of 12,000,000 common shares of a nominal value of one peso ($1) each and with one (1) vote per share representing one hundred percent (100%) of the capital stock and voting rights of Molino Cañuelas S.A., a corporation organized and in good standing under the laws of the Argentine Republic (hereinafter referred to as “Molino Cañuelas” or the “Corporation”), pursuant to the details provided in Annex I hereto (hereinafter and jointly, the “Initial Shares”).

 

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B.                                   The Parties are parties to and  associated by a shareholders’ agreement dated March 19, 2004 (in addition to its amendments dated March 19, 2004, April 28, 2009 and April 13, 2016, hereinafter referred to as the “2004 Shareholders’ Agreement”).

 

C.                                   The Parties have agreed that the Corporation shall make a public offering and shall publicly trade its shares in local and foreign stock markets and exchanges at the appropriate time under suitable conditions, which may be determined by Aldo Navilli, for which purpose the Parties shall trade the Initial Shares that are not to be offered in a secondary offering in such stock markets and exchanges for common Class “A” shares of the Corporation, with the right to five (5) votes per share (the “Common Class A Shares”).

 

D.                                   The Parties intend to reach an agreement on certain matters related to the management and governance of the Corporation, as well as the possible transfer of their shares for its application during the life of this Shareholders’ Agreement.

 

Now, therefore, the Parties hereby agree to the following:

 

SECTION I

DEFINITIONS AND INTERPRETATION

 

Clause 1.01.  Defined Terms

 

In this Shareholders’ Agreement, all the defined terms, of which the first letter of each word is capitalized and which are placed between quotations marks and underlined on initially defining their meaning (except if they are words at the beginning of a sentence or proper nouns and if so required by the context) shall have the meaning assigned to them in each case in the text of the Shareholders’ Agreement and in this clause.  For reference purposes, a list of the defined terms (which may not include all of the terms defined in this Shareholders’ Agreement) has been added to this clause, in which such definitions are indicated and, as the case may be, clarification is provided with regard to the scope of each respective defined term:

 

“Shares”: shall mean (i) Initial Shares; (ii) Class A Shares; (iii) any other shares of the Corporation (other than the Initial Shares and the Class A shares); (iv) any other right issued by the Corporation that may be subscribed and/or acquired by any of the Parties and may - even if subject to a condition, conversion or procedure of a similar nature - become Shares; (v) any revocable or irrevocable contribution made or to be made to the Company by any of its shareholders or by third parties; and (vi) any right, prerogative or power incorporated into, added to, associated with or attached to the Shares.

 

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“Initial Shares”: has the meaning assigned in the whereas clause of this Shareholders’ Agreement.

 

“Class A Shares”: has the meaning assigned in the whereas clause of this Shareholders’ Agreement.

 

“Offered Shares”: has the meaning assigned in subsection (a) of Clause 5.02 hereof.

 

“Purchasing Shareholders”: has the meaning assigned in subsection (a) of Clause 5.04 hereof.

 

“Non-Selling Shareholders”: has the meaning assigned in Clause 5.01 hereof.

 

“Selling Shareholder”: has the meaning assigned in Clause 5.01 hereof.

 

“Shareholders’ Agreement”: has the meaning assigned in the first introductory paragraph hereof and includes each and every one of the amendments, addenda and supplementary documents hereto that may be issued by the Parties pursuant to this document.

 

“2004 Shareholders’ Agreement”: has the meaning assigned in the whereas clause of this Shareholders’ Agreement.

 

“Adriana Navilli”: has the meaning assigned in the header of this Shareholders’ Agreement.

 

“Aldo Navilli”: has the meaning assigned in the header of this Shareholders’ Agreement.

 

“Carlos Navilli”: has the meaning assigned in the header of this Shareholders’ Agreement.

 

“Corporation”: has the meaning assigned in the whereas clause of this Shareholders’ Agreement and includes all of the Corporation’s associated, affiliated and/or controlled corporations and/or companies.

 

“Preemptive Right”: has the meaning assigned in subsection (a) of Clause 5.04 hereof.

 

“Independent Directors”: has the meaning assigned in Clause 3.02 (b) hereof.

 

“Board of Directors”: has the meaning assigned in Clause 5.01 hereof.

 

“Encumbrance”: has the meaning assigned in Clause 4.06 hereof.

 

“Notice of Purchase”: has the meaning assigned in subsection (a) of Clause 5.05.

 

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“Notice of Sale”: has the meaning assigned in Clause 5.01 hereof.

 

“Marcos Villemur”: has the meaning assigned in the header of this Shareholders’ Agreement.

 

“Parties”: has the meaning assigned to it in the introductory paragraph hereof.

 

“Exercise Period”: has the meaning assigned to it in subsection (a) of Clause 5.03 hereof.

 

“Price”: has the meaning assigned to it in Clause 5.02 hereof.

 

“Ricardo Navilli”: has the meaning assigned to it in the header of this Shareholders’ Agreement.

 

“Transfer”: has the meaning assigned to it in Clause 4.01 hereof.

 

Clause 1.02.  Interpretations.

 

Unless otherwise indicated or required by the context, in this Shareholders’ Agreement or in relation to this Shareholders’ Agreement:

 

(i)                                   the titles of the Sections, Clauses and/or other sections of the Shareholders’ Agreement are included only for better reference and shall be ignored for the purposes of their interpretation;

 

(ii)                                if so required by the context, the words and terms defined in singular form include the plural form and vice versa, and the words and terms defined in feminine gender form include the feminine, masculine and neutral gender forms;

 

(iii)                             unless otherwise indicated, all references to Annexes are references to Annexes of this Shareholders’ Agreement (each of which is considered an integral part of this Shareholders’ Agreement);

 

(iv)                            all references to Articles, Sections or Clauses, unless otherwise expressly indicated, are references to the Articles, Sections or Clauses of this Shareholders’ Agreement;

 

(v)                               the expressions “herein,” “hereunder,” and other similar expressions used in this Shareholders’ Agreement refer to this Shareholders’ Agreement in its entirety, but not to a particular provision contained in it, unless otherwise expressly indicated;

 

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(vi)                            the expression “including” or “comprising” and other similar expressions used herein shall mean “including but not limited to”;

 

(vii)                         references to any person (including any Party) shall include the permitted successors (successors and/or assigns, either inter vivos and/or mortis causae, voluntary and necessary or legal), successors-in-interest, acquirers, beneficiaries, heirs, legatees and assignees of such person;

 

(viii)                      any accounting term and/or expression included herein that has not been defined herein or to which an express meaning has not been attributed shall have the meaning assigned to such term or expression by the generally accepted accounting principles of the Argentine Republic; and

 

(ix)                            the whereas clause hereof may be used for the purposes of determining the intention of the Parties on executing the Shareholders’ Agreement.

 

SECTION II

PURPOSE OF THE AGREEMENT. RULES APPLICABLE TO MANAGEMENT AND GOVERNANCE

OF THE CORPORATION

 

Clause 2.01.  Purpose.

 

(a)                                It is the common and irrevocable intent of all the Parties that the governance, management, auditing, policy making and administration of the Corporation, its assets, activities and operation shall be conducted pursuant to the rules established in Section III of this Shareholders’ Agreement.

 

(b)                                The Parties hereby undertake to:

 

(i)                                    perform or refrain from performing, as the case may be, all necessary and/or convenient acts for the implementation and fulfillment of (1) the common and irrevocable intent stated in the initial paragraph of this Clause 2.01, as well as the provision established in Clause 2.02 hereof, and (2) the purpose of this Shareholders’ Agreement and each and every one of the provisions of this Shareholders’ Agreement; and

 

(ii)                                  have the persons designated by them to act or hold any position in the Corporation or any of its bodies (including its shareholders’ meeting, board of directors, body of statutory auditors, management or any committee) perform or refrain from performing, as the case may be, all acts necessary and/or convenient for the implementation and fulfillment of (1) the common

 

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and irrevocable intent stated in the initial paragraph of this Clause 2.01 hereof, as well as the provisions established in Clause 2.02 hereof and (2) the purpose of this Shareholders’ Agreement and each and every one of the provisions of this Shareholders’ Agreement. Any act or omission by any of the persons holding such positions and/or performing such functions that is inconsistent with the provisions of this Shareholders’ Agreement shall be deemed to constitute non-compliance by the Party or Parties who proposed such person for designation or nomination, for all purposes of this Shareholders’ Agreement.

 

Clause 2.02.  Corporate Management and Governance.

 

(a)                                Notwithstanding the powers assigned by laws, regulations and/or corporate by-laws (or regulations) to Corporate bodies and authorities, it is hereby expressly established that no decision of any nature may be adopted at any level of the Company in opposition to the provisions established in Clause 2.01 of this Shareholders’ Agreement. Any decision adopted or omitted by Corporate bodies, officials, authorities and/or employees that contradicts, in any way, the provisions hereof, shall be null and void and the Party or Parties who directly or indirectly allowed, caused or facilitated (either by action or omission) the occurrence or adoption of such decision, action or omission, including by having proposed the designation of any Corporate body, official and/or authority, shall be deemed directly and jointly liable for non-compliance with this Shareholders’ Agreement.

 

(b)                                The Parties hereby accept and provide the broadest support for the request, admissibility and adoption of any court or administrative measure or order (including precautionary or preventive measures or other kinds of measures) that in the most immediate and expeditious way, ex-parte, without any injunction bond of any kind, proceeds to prevent and/or render null and void any decision adopted or omitted or any action performed by any Party and/or Corporate bodies, officials, authorities and/or employees that contradicts, in any way, the provisions of this Shareholders’ Agreement. The Parties hereby state that they shall not, in any way, oppose, by any means or method, the request, issue, adoption, application and/or implementation of any of such measures or orders.

 

Clause 2.03.  Chairmanship.

 

During the first five years following the effective date of this Agreement, the Board of Directors of the Corporation shall be chaired by Mr. Aldo Adriano Navilli or by the person chosen by Mr. Aldo Adriano Navilli for such purpose, at his sole discretion. As of the sixth

 

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year following the effective date of this Agreement, the chairman of the Board of Directors of the Corporation shall be elected pursuant to the rules established in Section III of this Shareholders’ Agreement. Mr. Aldo Adriano Navilli may freely and voluntarily resign, at any time, as Chairman of the Board of Directors, without this requiring prior notice or any formalities of any kind.

 

SECTION III

GENERAL RULES APPLICABLE TO THE CORPORATION’S BOARD OF DIRECTORS AND

SHAREHOLDERS’ MEETINGS.

 

Clause 3.01.  General Obligations.

 

(a)                                Notwithstanding any provision contained in the Corporate by-laws (or regulations), the Parties hereby undertake to ensure that the persons designated each time at their proposal to hold the position of directors of the Corporation conduct all acts required to comply with each and every one of the provisions of this Shareholders’ Agreement. Any act or omission by any of the persons holding the abovementioned positions that is inconsistent with the provisions of this Shareholders’ Agreement, shall be deemed, for all purposes of this Shareholders’ Agreement, an act or omission by the Party or Parties at whose proposal such person was designated.

 

(b)                                Prior to any Corporate Board of Directors’ Meeting or Regular or Special Shareholders’ Meeting, the Parties shall meet and adopt sufficiently in advance all the measures that are necessary and convenient to give full effect to the provisions of this Shareholders’ Agreement and ensure that no decision is adopted by any corporate body (including the Board of Directors or Shareholders’ Meeting) in violation of the provisions established in this Shareholders’ Agreement. Notwithstanding any provision to the contrary, all decisions related to the governance, administration and auditing of the Corporation (including its activities, business and assets) shall be made by the favorable resolution of at least three (3) Parties to this Shareholders’ Agreement. It is hereby expressly established that during the first five (5) years of the life of this Shareholders’ Agreement, one of such Parties must necessarily be Aldo Navilli. Once the respective decision has thus been made, all of the Parties (even the one opposed to the adoption of such decision, if any) shall act in a joint and unified manner (as a single party or person) to enforce the decision adopted, including in all of the Corporate bodies; particularly in its Shareholders’ Meetings (Regular and Special) by voting with all their Shares and in the Board of Directors’ Meetings, by voting in favor of such decision and ensuring that it is approved. Once a decision has been adopted by the Parties under the terms

 

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established in this clause, no Party shall display or allow the display of dissent in the corporate bodies.

 

Clause 3.02.  Board of Directors.

 

The following rules shall apply during the life of this Shareholders’ Agreement:

 

(a)                                The Corporation’s management shall be conducted by the Board of Directors, composed of eleven (11) regular members and an equal number of alternate members, of which each Party is entitled to the designation, at their indication, of two (2) regular directors and an equal number of alternate directors, resulting in the appointment in this manner of eight (8) of such members. In the event of absence or impediment, the alternate directors designated at the indication of each Party shall replace the regular directors designated at the indication of the same Party in the manner or order indicated by such Party and such method of replacement shall be recorded in the Shareholders’ Meeting at which they are designated.

 

(b)                                Each Party shall be entitled to remove or replace (at their sole discretion), at any time, any of the directors designated at their indication, as established in § (a) of this Clause 3.02. In all cases, however, such Party shall hold the Corporation and the other Parties harmless from and against any claims that may be made by a director replaced in such a manner.

 

(c)                                 In addition to the eight (8) regular directors (and the respective alternate directors) designated as stated in § (a) of this Clause 3.02, another three (3) regular directors, and an equal number of alternate directors, shall be members of the Board of Directors. Such directors shall be “independent,” as established in Law No. 26,831 on the Capital Market and the Regulations of the National Securities Commission (hereinafter, the “Independent Directors”). The Independent Directors shall be designated from a list jointly proposed by at least three (3) Parties, one of which must be Aldo Navilli during the first five (5) years of the life of this Shareholders’ Agreement.

 

(d)                                In the event that, due to the application of regulations in effect, at any time, shareholders of the Corporation who are not Parties to this Shareholders’ Agreement are entitled to designate and effectively designate one or more members of the Corporation’s Board of Directors, the Parties shall increase the number of eleven (11) regular (and alternate) members of the Board of Directors by the number of positions required so that the director/s designated at the proposal of the abovementioned shareholders who are not Parties to this Agreement may be included in the administrative body, for as long as this is the case.

 

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(e)                                 The directors shall hold office for at least one (1) and no more than three (3) fiscal years and may be successively reelected, as resolved by the Shareholders’ Meeting. The Chairman of the Board of Directors shall cast the deciding vote in the event of a tie.

 

(f)                                  Having complied with the provisions of Clause 3.01 (b), the Board of Directors shall meet at least every three (3) months. Meeting notices must be duly sent to the Directors by fax, with a written acknowledgment of receipt and/or by e-mail, at the telephone numbers and at the addresses recorded for such purpose at the Corporation, at least seven (7) calendar days in advance, with the proposed meeting agenda.  During the following five (5) calendar days, the directors may request that the chairman of the Board of Directors include additional items in the proposed meeting agenda. The chairman must inform the directors of the final agenda at least two (2) days in advance of the Board of Directors’ meeting. Prior to any Board of Directors’ meeting, the Parties shall meet and adopt, sufficiently in advance, all of the measures that are necessary and convenient to give full effect to the provisions of Section III and ensure that no decision is adopted in violation of the provisions of such Section III and those established in this Shareholders’ Agreement.

 

(g)                                 The Board of Directors shall validly meet with the attendance, in person or duly represented, of at least more than half of the number of directors, which during the first five (5) years of the life of this Shareholders’ Agreement, must include at least one (1) of the directors designated at the proposal of Aldo Navilli. Except as indicated in § (h) with regard to Relevant Matters, during the first five (5) years of the life of this Shareholders’ Agreement, the Board of Directors shall issue resolutions by the affirmative vote of the majority of the directors present, provided that the affirmative votes include (i) the affirmative vote of at least one (1) director designated at the proposal of Aldo Navilli; (ii) the affirmative vote of at least one (1) director designated at the proposal of any of the other three (3) Parties to this Shareholders’ Agreement; and (iii) the affirmative vote of at least one (1) director designated at the proposal of the other two (2) Parties to this Shareholders’ Agreement who are not the Parties referred to in subsections (i) and (ii) of this § (g). Except as indicated in § (h) with regard to Relevant Matters, once the first five (5) years of the life of this Shareholders’ Agreement have elapsed, the Board of Directors shall issue resolutions by the affirmative vote of the majority of the directors present, provided that the affirmative votes include those of the directors designated by at least three (3) of the Parties, whichever they may be, to this Shareholders’ Agreement. Notwithstanding any provision to the contrary in the corporate by-laws, no decision may be adopted by the Board of Directors without the affirmative votes indicated in this clause.

 

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(h)                                For the discussion of any Relevant Matter, the Board of Directors shall only meet validly with the attendance, in person or duly represented, of at least half of the number of directors, and shall issue resolutions by the affirmative vote of the majority of the votes present, provided that the affirmative votes include at least one (1) director designated at the proposal of each of the four (4) Parties to this Shareholders’ Agreement. Notwithstanding any provision to the contrary in the corporate by-laws, no decision may be adopted by the Board of Directors without the affirmative votes indicated in this clause.

 

Clause 3.03.  Shareholders’ Meetings.

 

Having complied with the provisions established in Clause 3.01 (b), the Corporate Shareholders’ Meetings shall be governed as follows:

 

(a)                                 Regular Shareholders’ Meeting:

 

(i)                                     Quorum: Established upon first notice with the presence of the majority of the Corporation’s shares with the right to vote and upon second notice with the presence of any number of Corporate shares, in both cases provided that at least three (3) of the Parties to this Shareholders’ Agreement are present, one (1) of which must necessarily be Aldo Navilli during the first five (5) years of the life of this Shareholders’ Meeting.

 

(ii)                                 Decisions: Decisions are adopted by the affirmative vote of at least three (3) of the Parties to this Shareholders’ Agreement, one (1) of which must necessarily be Aldo Navilli during the first five (5) years of the life of this Shareholders’ Agreement.

 

Notwithstanding any provision to the contrary in the Corporate by-laws, no decision may be adopted by the regular Shareholders’ Meeting without the affirmative votes indicated in this clause.

 

(b)                                 Special Shareholders’ Meeting.

 

(i)                                    Quorum: Established both upon first and second notice with the presence of shareholders representing sixty percent (60%) of the total votes of the Corporation, in both cases provided that at least three (3) of the Parties to this Shareholders’ Agreement are present, one (1) of which must necessarily be Aldo Navilli during the first five (5) years of the life of this Shareholders’ Agreement.

 

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(ii)                                 Decisions: Decisions are adopted by the affirmative vote of at least three (3) of the Parties to this Shareholders’ Agreement, one (1) of which must necessarily be Aldo Navilli during the first five (5) years of the life of this Shareholders’ Agreement.

 

Notwithstanding any provision to the contrary in the Corporate by-laws, no decision may be adopted by the regular Shareholders’ Meeting without the affirmative votes indicated in this clause.

 

(c)           Shareholders’ Meetings Discussing Relevant Matters.

 

(i)                                    Quorum: The four (4) Parties to this Shareholders’ Agreement must be present in the Shareholders’ Meetings discussing Relevant Matters, both upon first and second notice.

 

(ii)                                 Decisions: Decisions on Relevant Matters shall be adopted by the affirmative vote of the four (4) Parties to this Shareholders’ Agreement.

 

Notwithstanding any provision to the contrary in the Corporate by-laws, no decision may be adopted by the regular Shareholders’ Meeting without the affirmative votes indicated in this clause.

 

(d)           General Rule for all Shareholders’ Meetings.

 

Notwithstanding the rules listed above and in spite of the provisions of the Corporate by-laws, the Parties shall, under their responsibility, perform all the actions or omissions necessary or convenient so that no decision of the Corporation may be made, adopted and/or approved in violation of the provisions of this Clause 3.03. Non-compliance with this obligations shall be considered serious non-compliance with this Shareholders’ Agreement.

 

Clause 3.04.  Relevant Matters.

 

(a)                                Any and all decisions that must be adopted by the Company (whether they need to be approved by the Board of Directors, the Shareholders’ Meeting and/or any other corporate body) in relation to the matters, subjects and topics listed below (the “Relevant Matters”) may only be validly accepted and performed by the Corporation if previously approved by the favorable vote of all the Parties to this Shareholders’ Agreement.

 

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(b)                                The Relevant Matters are the following:

 

1.              Dissolution, voluntary liquidation or bankruptcy of the Corporation.

 

2.              Transfer of the Corporation’s goodwill and/or the disposal of all or substantially all of the Corporation’s assets.

 

SECTION IV

TRANSFER OF THE CORPORATION’S SHARES

 

Clause 4.01.  Limitation to the Transfer of the Corporation’s Shares.

 

During the life of this Shareholders’ Agreement, none of the Parties may sell or offer to sell, grant purchase options, transfer or assign for any reason or in any way, pledge, guarantee, grant the right to use or in any way dispose of, for any reason, including transfers for payment in kind, exchange and/or donation (any of these actions referred to as a “Transfer”) of the Corporation’s Shares owned by them, if such Transfer is not allowed by the provisions of this Shareholders’ Agreement and performed in accordance with them.  The Parties shall not allow the Corporation, nor may the Corporation register or allow the registration of any Transfer of Shares that is not allowed or performed pursuant to the terms of this Shareholders’ Agreement.

 

Clause 4.02.  Permitted Transfer of Shares.

 

The Parties may only Transfer their Shares if:

 

(a)                                the Transfer is performed for valuable consideration, for a price in money (with the exception of Transfers (i) under Clause 4.03 hereof, or (ii) to a Controlled Company performed as established in Clause 4.03 hereof, in either of which cases this requirement shall not apply; or (iii) under Clause 4.05 hereof); and

 

(b)                                Transfers include, in each case, Shares with all their rights, whether property rights or others (including voting rights, preemptive rights and the right to a proportional increase of the unclaimed portion of an estate, which may not be transferred separately from the respective Shares); and

 

(c)                                 the procedures established in Section V hereof which governs Preemptive Rights (as defined below) have been performed, except in the case of a Transfer  (i) under Clause 4.03 hereof, or (ii) to a Controlled Company, performed as established under Clause 4.04 hereof, in any of which cases the procedure established in Section V hereof shall not apply; or (iii) under Clause 4.05 hereof.

 

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Clause 4.03.  Transfer of Shares within a Family Branch.

 

(a)                                Ricardo Navilli may freely Transfer, on one or more occasions, Shares to Alfredo Navilli, Ricardo Leandro Navilli, Francisco Andrés Navilli and Vicente Navilli and any of their respective heirs, under the condition that, simultaneously with such Transfer, the acquirers of the Shares are incorporated into this Shareholders’ Agreement, paying in the Part corresponding to Ricardo Navilli (jointly assuming the rights and obligations related to such Part). The transferor shall be jointly responsible with the acquirer for compliance with all of the obligations of the latter under this Shareholders’ Agreement. In addition, the persons mentioned above, holders of Shares and having paid in Ricardo Navilli’s Part, may freely Transfer Corporate Shares, only among themselves, on one or more occasions.

 

(b)                                Carlos Navilli may freely Transfer, on one or more occasions, Shares to Enzo Agustín Navilli, Nicolás Adriano Navilli and María Florencia Navilli and/or any of their respective heirs, under the condition that, simultaneously with such Transfer, the acquirers of the Shares are incorporated into this Shareholders’ Agreement, paying in the Part corresponding to Carlos Navilli (jointly assuming the rights and obligations related to such Part). The transferor shall be jointly responsible with the acquirer for compliance with all of the obligations of the latter under this Shareholders’ Agreement. In addition, the abovementioned persons, holders of Shares and having paid in Carlos Navilli’s Part, may freely Transfer Corporate Shares, only among themselves, on one or more occasions.

 

(c)                                 Aldo Navilli may freely Transfer Shares, on one or more occasions, to Regina Navilli and/or Luciano Navilli and/or Mariano Navilli and/or any of their respective heirs, under the condition that, simultaneously with such Transfer, the acquirer/s of the Shares are incorporated into this Shareholders’ Agreement, paying in the Part corresponding to Aldo Navilli (thus jointly assuming the rights and obligations related to such Part). The transferor shall be jointly responsible with the acquirer for compliance with all the obligations of the latter under this Shareholders’ Agreement. In addition, the abovementioned persons, holders of Shares and having paid in Aldo Navilli’s Part, may freely Transfer Corporate Shares, only among themselves, on one or more occasions.

 

(d)                                Adriana Navilli and Marcos Villemur may freely Transfer, on one or more occasions, Shares to Tomás Villemur and Emma Villemur and/or any of their respective heirs, under the condition that, simultaneously with each Transfer, the acquirer/s of the Shares are incorporated into this Shareholders’ Agreement, paying in the Part corresponding to Adriana Navilli and Marcos Villemur (jointly assuming the rights and obligations related to such Part). The transferor shall be jointly

 

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responsible with the acquirer for compliance with all the obligations of the latter under this Shareholders’ Agreement. In addition, the abovementioned persons, holders of Shares and having paid in Aldo Navilli’s Part, may freely transfer Corporate Shares, only among them, on one or more occasions.

 

Clause 4.04.  Transfer to a Controlled Company.

 

(a)                                Share Transfers by the Parties to controlled companies with respect to which the transferor possesses the full and unrestricted ownership of no less than ninety-nine percent (99%) of the capital stock and shares or units of ownership interest with the right to vote, without calculating the plurality of votes, shall not be subject to Preemptive Rights (or to the restrictions and procedures indicated in Section V hereof).

 

(b)                                Any Party wishing to Transfer Shares to a controlled company must previously show in a manner that is satisfactory to the rest of the Parties, that the acquirer has the previously mentioned capacity in relation to the transferor. For such purpose, it must notify the rest of the Parties of its intention to perform the Transfer fifteen (15) calendar days in advance of the date proposed for it, providing the documents proving that the acquiring controlled company has such conditions in relation to the transferor and that it shall preserve such conditions in the Transfer.  Within the same term, the acquiring controlling company must express its unconditional will to submit to this Shareholders’ Agreement.

 

(c)                                 Notwithstanding all of the above or any Transfer performed in accordance with the system authorized by this Clause, (i) the transferring Party shall continue to be jointly obligated by the provisions of this Shareholders’ Agreement with the acquiring controlled company; (ii) all of the rights and obligations of the transferring Party arising from this Shareholders’ Agreement must be assigned and transferred to such controlled company on performing the Transfer, fully in the event of a full Transfer, or in proportion to the Shares included in the Transfer, if it is Partial; and (iii) any Transfer of Shares performed under the system established in this Clause shall be subject to the condition subsequent of the maintenance by the acquiring controlled company, with regard to the Party performing the Transfer, of its controlled condition that allowed it to perform the Transfer.

 

Clause 4.05.  Free Transfer.

 

Once the Corporation is incorporated into the system of public offering and trading of its shares, the Transfer at any time and in one or more operations of up to 20% of the total Class A Shares held by each Party at the time of the initial public offering (IPO) of the Corporation’s shares shall not be subject to Preemptive Rights (or subject to the restrictions

 

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and procedures mentioned in Section V hereof). Any Transfer of Class A Shares under the terms of this Clause 4.05 must previously undergo the conversion into Corporate shares with the right to one (1) vote per Share under the terms established in the corporate by-laws in the terms set forth in Clause 5.08(b) of this Shareholders’ Agreement.

 

Clause 4.06.  Encumbrances on Corporate Shares.

 

(a)                                None of the Parties may perform, constitute or allow the constitution or existence, in any way, of a fiduciary transfer, usufruct, pledge, assignment as security, attachment or other encumbrance on the Shares of their property, or an irrevocable mandate in favor of another person to exercise any of such rights, except with the express written authorization of the other Parties (any of these cases shall be referred to as an “Encumbrance”).

 

(b)                                Should one of the Parties have an Encumbrance imposed on the Shares of its property, consisting of a precautionary or preventive measure (whether an attachment or other), such Party hereby undertakes (i) to replace the Shares on which the Encumbrance was imposed with another or other properties that are acceptable to the Court imposing the Encumbrance (if possible according to the nature and characteristics of the measure implemented and (ii) if it is not possible to comply with the provisions of subsection (i) above, the Party holding the Shares on which the Encumbrance was imposed shall have a term of one hundred and twenty (120) court working days as of the notice of such Encumbrance to have it lifted or substituted, unless the imminence of the foreclosure of the Encumbrance, or agreements of the Corporation with third parties expressly approved by the Parties impose shorter terms than the one mentioned above, in which case the Party holding the Shares on which the Encumbrance was imposed shall have the Encumbrance lifted or replaced prior to the foreclosure of the Corporate Shares affected by the Encumbrance or within the term established in the respective agreements of the Corporation with third parties.

 

SECTION V

PREEMPTIVE RIGHT

 

Clause 5.01.  Notice of Intention to Transfer Shares.

 

If one of the Parties wishes to perform a total or partial Transfer of the Corporate Shares owned by it (that Party shall hereinafter be referred to as the “Selling Shareholder”) to any third party, including any Party -and provided that it is not one of the cases authorized under Clauses 4.03 or 4.04- such Selling Shareholder must report its decision in writing

 

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(hereinafter referred to as the “Notice of Sale”) to the Corporation’s Board of Directors (the “Board of Directors”) and the remaining Parties (hereinafter referred to as the “Non-Selling Shareholders”).

 

Clause 5.02.  Content of Notice of Sale.

 

The Notice of Sale must be sent simultaneously to the Board of Directors and Non-Selling Shareholders, establishing in writing: (i) the number and details of the Shares belonging to the Selling Shareholder that it wishes to Transfer (hereinafter referred to as the “Offered Shares”); and (ii) the price in money and cash for each Corporate Share for which the Selling Shareholder is willing to perform the Transfer of the Offered Shares (hereinafter referred to as the “Price”).

 

Clause 5.03.  Offer of Sale.

 

(a)                                The Notice of Sale shall be considered, for all purposes, an irrevocable offer of sale of the Offered Shares made by the Selling Shareholder to the Non-Selling Shareholders for a term of thirty (30) calendar days (hereinafter referred to as the “Exercise Period”).

 

(b)                                Once the Notice of Sale has been provided, the Board of Directors shall immediately proceed to verify that all of the Non-Selling Shareholders have received it; otherwise, it shall notify them immediately.

 

(c)                                 The Exercise Period shall be the same for all Non-Selling Shareholders and shall be calculated as of the receipt by the Board of Directors of the Notice of Sale, regardless of the date on which each Non-Selling Shareholder has received the Notice of Sale.  The offer of sale issued by the Selling Shareholder shall be understood to be made at the Price.

 

Clause 5.04.  Preemptive Right.

 

(a)                                Non-Selling Shareholders shall have preemptive rights to purchase all, but no less than all, of the Offered Shares (hereinafter referred to as the “Preemptive Right”). If all of the Non-Selling Shareholders decide to exercise their respective Preemptive Rights (hereinafter referred to as the “Purchasing Shareholders”), the Offered Shares shall be distributed in proportion to their respective Corporate Shareholdings, excluding from the respective distribution the proportion corresponding to any of the Parties who are not Purchasing Shareholders. For clarification purposes, it is hereby stated that in this case, the provisions of Clause 5.08 (b) hereof shall not apply.

 

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(b)                                Should one of the Non-Selling Shareholders decide to exercise their respective Preemptive Rights, the Offered Shares shall be distributed proportionally to their respective Corporate Shareholdings, excluding from the distribution the proportion corresponding to any of the Parties who are not Purchasing Shareholders. For clarification purposes, it is hereby stated that in this case, the provisions of Clause 5.08 (b) hereof shall not apply.

 

(c)                                 In all cases, the exercise of Preemptive Rights shall entail for the Purchasing Shareholder the obligation to purchase all of the Offered Shares and, therefore, the Offered Shares shall be understood to be jointly purchased by all of the Purchasing Shareholders, who shall jointly assume the obligation of payment of the Price.

 

Clause 5.05.  Notice of Purchase.

 

(a)                                The Non-Selling Shareholders must, within the Exercise Period, notify the Board of Directors in writing if they intend to exercise their Preemptive Rights with regard to the Offered Shares (such notice to the Board of Directors shall hereinafter be referred to as the “Notice of Purchase”).

 

(b)                                The Notice of Purchase shall entail, for the Purchasing Shareholder, full acceptance of the sale offer (for the Price) of the Offered Shares, made by the Selling Shareholder through the Notice of Sale.

 

(c)                                 Acceptance of the sale offer of the Shares Sold for the Price shall be understood to be performed as of the written notification of the Board of Directors, of the Notice of Purchase.  Failure to provide a written Notice of Purchase to the Board of Directors within the Exercise Period shall imply - with no admission of proof to the contrary - the waiver by the Non-Selling Shareholders of their Preemptive Rights established herein.

 

Clause 5.06.  Terms and Conditions of the Purchase and Sale of Offered Shares.

 

(a)                                The Notice of Purchase as established in Clause 5.05 above shall entail the execution of an Agreement for the Purchase and Sale of the Offered Shares, for the Price, by and between the Selling Shareholder, as party of the first part, and the Purchasing Shareholder/s, as party of the second part.

 

(b)                                Unless otherwise agreed in writing by the Selling Shareholder and each of the Purchasing Shareholders, the Agreement for the Purchase and Sale of the Offered Shares shall be executed under the following terms:

 

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(i) Purpose: the Offered Shares;

 

(ii) Price: The amount established as such in the Notice of Sale;

 

(iii) Method of Payment of the Price: on the due date, either in cash or by transfer to the bank account indicated by the Selling Shareholder five (5) business days prior to the date of completion;

 

(iv) Transfer and Delivery of Offered Shares: On the due date, the Selling Shareholder must provide to the Purchasing Shareholder, upon payment of the Price: (1) the certificates representing the Offered Shares, free from any restriction or encumbrance (with the exception of any restriction or encumbrance that may have been established on the Corporate Shares admitted by this Shareholders’ Agreement); and (2) the notice sent to the Corporation reporting (for the purposes established in Section 215 of Law 19,550) the transfer of the Offered Shares to the Purchasing Shareholder.

 

(v) Place, Date and Time of Completion: Unless otherwise expressly agreed by the Selling Shareholder and the Purchasing Shareholder, the completion of the Agreement for the Purchase and Sale of the Offered Shares, understood as the fulfillment of all the obligations of the Selling Shareholder and the Purchasing Shareholder, must take place within (10) calendar days following the determination of the Price, at the office of a banking institution of the city of Buenos Aires and within banking hours allowing the payment of the Price as stated above.  In the event of a discrepancy or lack of agreement, completion shall take place at the registered legal address of the Corporation on the date and at the time determined by the Board of Directors.

 

Clause 5.07.  Non-Compliance with the Agreement for the Purchase and Sale of the Offered Shares.

 

(a)                                Default in the fulfillment of the obligations of the parties to the agreement for the purchase and sale of the Offered Shares shall occur by operation of law upon expiration of the agreed terms, without prior notice of any kind.  Once default by one of the parties has occurred, the complying party may choose to: (i) demand compliance with the specific obligation, plus a fine for each day of delay in compliance with the obligation, equal to 0.5% (five tenths of one percent) of the Price; or (ii) immediately declare the termination the agreement for the purchase and sale of the Offered Shares for reasons attributable to the non-complying party.

 

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(b)                                Should the complying party choose to demand compliance as indicated in  § (a) (i) above, if the non-complying party is the Selling Shareholder, the fine accrued until the date of compliance with its obligation shall be deducted from the Price; if the non-complying party is the Purchasing Shareholder, the fine accrued until compliance with the obligation shall be added to the Price and must be paid in addition to it.

 

(c)                                 Should the complying party choose to declare the agreement for the purchase and sale of the Offered Shares terminated, the complying party shall be entitled to claim from the non-complying party, payment - within five (5) calendar days as of the date on which notice is provided of such decision - of an amount equal to thirty percent (30%) of the Price, by way of compensation and penalty.

 

Clause 5.08.  Failure to Exercise Preemptive Rights.

 

(a)                                If the Board of Directors does not receive - within the Exercise Period - any Notice of Purchase sent by any of the Non-Selling Shareholders, the Selling Shareholder shall be free to Transfer the Offered Shares to any interested third party at the Price, provided that such transfer is performed in terms substantially analogous to the ones established in the Notice of Sale. Should a Transfer be intended during the first five (5) years of the life of this Shareholders’ Agreement, the intended acquirer must previously and expressly agree, without any reservations, to submit to all of the provisions contained in Section II of this Shareholders’ Agreement and the transferring Party shall be jointly liable for any non-compliance by the acquiring party with its obligations under the abovementioned Section II of this Shareholders’ Agreement.

 

(b)                                In no case and under no circumstances shall a Selling Shareholder Transfer to third parties Shares with multiple votes. Therefore, prior to any Transfer, the Selling Shareholder shall request that the Corporation convert the Offered Shares to an equal amount of common Corporate shares with the right to one (1) vote per share, under the terms established in the by-laws.

 

(c)                                 If, for any reason, the Transfer of the Offered Shares to a third party does not occur within sixty (60) calendar days as of the expiration of the Exercise Period, the Selling Shareholder may only offer and/or perform a Transfer of Offered Shares, or any other Corporate Shares it may own, provided that it again grants Preemptive Rights to the rest of the Parties, and by the procedure described in Section V hereof.

 

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Clause 5.09.  Intervention of the National Commission for the Protection of Competition

 

In the event that, due to the nature of the respective purchase of Corporate Shares, authorization by the National Commission for the Protection of Competition (or by the body by which it may be substituted or replaced in the future in the functions established by Law No. 25,156) is previously required, the terms and procedures for the Transfer of Corporate Shares shall be subject to the following changes:

 

(a)                                the full acceptance of the sale offer mentioned in Clause 5.05 (c) shall be understood to be provided subject to the condition subsequent that the respective approval be obtained from the National Commission for the Protection of Competition;

 

(b)                                the ten (10) day term established for the completion of the operation of purchase and sale of the Offered Shares referred to in Clause 5.06(b)(v) shall be calculated as of the date of notification of the resolution of the National Commission for the Protection of Competition approving the operation;

 

(c)                                 The Parties hereby undertake to perform, and to cause the Corporation to perform, as the case may be, all the actions, submissions and procedures required to obtain approval of the respective operation by the National Commission for the Protection of Competition or the respective body with similar powers, within the legal and regulatory terms established for such purpose;

 

(d)                                Should one of the Parties fail to comply with the obligation established in subsection (c) above, default shall not occur automatically in this case, but the complying Party must duly request that the non-complying Party fulfill the respective obligation within a term of no more than ten (10) days, under penalty of a daily fine of US$ 50,000; and

 

(e)                                 If none of the Non-Selling Shareholders exercise their Preemptive Rights, the term in which the Transfer of Offered Shares must occur to avoid reinitiation of the procedure established in this Section V shall be extended from sixty (60) days (as established in Clause 5.08 (c)) to one hundred and twenty (120) days calculated as of the expiration of the Exercise Period.

 

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SECTION VI

MISCELLANEOUS PROVISIONS

 

Clause 6.01. Term.

 

This Shareholders’ Agreement shall remain in full force and effect for a term of twenty (20) years as of its effective date, as established in Clause 6.03 (b) of this Shareholders’ Agreement.

 

Clause 6.02.  Effects of the Shareholders’ Agreement  Assignments.

 

The provisions of this Shareholders’ Agreement shall extend actively and passively to the Parties and to their respective successors. None of the Parties may assign this Shareholders’ Agreement, or the rights established herein, without the prior written consent of the other Parties.

 

Clause 6.03.  Completion of the Shareholders’ Agreement. Effective Date.

 

(a)                                This Shareholders’ Agreement contains the entire agreement between the parties in relation to the matters constituting its purpose.

 

(b)                                This Shareholders’ Agreement shall become effective on April 14, 2017, unless it becomes effective earlier if, prior to such date, the Corporation effectively makes a public offering and/or negotiates all or part of its shares in the Argentine Republic or abroad.

 

(c)                                 Subject to the effectiveness of this Shareholders’ Agreement, as established in  § (b) of this Clause 6.03 and as of the date on which it becomes effective, this Shareholders’ Agreement shall supersede all prior verbal or written agreements, assertions and understandings between the Parties, including the 2004 Shareholders’ Agreement. The above shall apply notwithstanding the rights granted to any of the parties under the 2004 Shareholders’ Agreement, in any event, and regardless of whether or not this Shareholders’ Agreement becomes effective, Ricardo Navilli, Carlos Navilli, Adriana Navilli and Marcos Villemur hereby express their full approval of the governance, management and auditing of the Corporation (including its assets, distributions, activities and operations) carried out as of this date within the framework of the 2004 Shareholders’ Agreement (particularly in all matters related to the distribution of fees and distributions) and have absolutely no complaints in this regard.

 

Clause 6.04.  Amendments and Waivers.

 

No supplementary provisions, amendments or reform of this Shareholders’ Agreement shall be binding unless they are issued in writing and signed by the Parties. Except as established in this Shareholders’ Agreement, no waiver shall be binding unless it is granted in writing by the Party against which the waiver must be effective.  No waiver of any of the

 

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provisions of this Shareholders’ Agreement shall be deemed or constitute a waiver of any other provision, whether similar or not, and no waiver shall constitute a permanent waiver.  Failure or delay by any of the Parties in exercising any right, power or privilege established herein shall not constitute a waiver of such right, power or privilege, nor shall their singular or partial exercise prevent any other such exercise or subsequent exercise or the exercise of any other right, power or privilege.

 

Clause 6.05. Additional Warranties.

 

The Parties and, to the extent it is concerned, the Corporation, must immediately take the steps that are necessary or convenient, or cause them to be taken, sign additional documents and other documents, certificates, shareholders’ meeting minutes, amendments to the by-laws and other instruments and shall exercise the rights granted by the Shares, so as to ensure compliance with the provisions, purpose and spirit of this Shareholders’ Agreement to the fullest extent possible and guarantee that they become fully effective.

 

Clause 6.06.  Severability.

 

Should any clause or provision of this Shareholders’ Agreement be invalid, illegal or unenforceable by virtue of a legal or public order provision, the rest of the clauses and provisions of this Shareholders’ Agreement shall nevertheless remain in full force and effect and such invalid, illegal or unenforceable clause or provision shall be immediately amended by the Parties as required to adjust it to applicable law or public order and implement it as consistently as possible with the original intent of the Parties.

 

Clause 6.07.  Registered Legal Address.  Notices.

 

For all purposes of this Shareholders’ Agreement, the Parties hereby constitute their registered legal addresses at the locations indicated in the header hereof, where all notices sent shall be valid.

 

Clause 6.08.  Applicable Law.  Dispute Resolution.

 

(a)                                This Shareholders’ Agreement and the rights and obligations of the Parties shall be construed and judged pursuant to the laws of the Argentine Republic.

 

(b)                                For the resolution of any dispute, discrepancy or difference with regard to the validity, effectiveness, interpretation, compliance with and/or performance of this Shareholders’ Agreement, the Parties shall accept the final award of the General Court of Arbitration of the Buenos Aires Stock Exchange, the Regulations of which

 

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are known and accepted by the Parties, and whose award shall be final and unappealable.  The Court shall issue an award under the Law.

 

(c)                                 The provisions of this Clause 6.08 shall survive the termination of this Shareholders’ Agreement, regardless of its cause, and their validity shall be extended throughout the existence of disputes arising from the Shareholders’ Agreement.

 

Clause 6.09.  Prevailing Agreement.

 

The provisions of this Shareholders’ Agreement shall prevail over any contradictory provision of the Corporate by-laws or regulations.  Therefore, in case of doubt on the application, scope or interpretation of any clause of the by-laws or regulations, the provisions established in this Shareholders’ Agreement shall apply in every case.  None of the Parties may invoke the provisions of the by-laws or regulations to breach or fail to comply with the provisions established in this Shareholders’ Agreement.

 

Clause 6.10. Acceptance by the Corporation.

 

The Corporation subscribes this Shareholders’ Agreement for the purpose of accepting and assuming without reservations each and every one of its obligations and commitments established directly or indirectly hereunder. Furthermore, the Corporation hereby undertakes to perform or refrain from performing, as the case may be, all acts that are necessary and/or convenient to fulfill (i) the common and irrevocable intent of the Parties expressed in this Shareholders’ Agreement and (ii) the purpose of this Shareholders’ Agreement and each and every one of its provisions.

 

IN WITNESS WHEREOF, the Parties have subscribed six (6) identical counterparts.

 

	
/s/ Ricardo   Alberto Navilli
    	
 
    
	
RICARDO   ALBERTO NAVILLI
    	
 
    
	
 
    	
 
    
	
/s/ Carlos Adriano   Navilli
    	
 
    
	
CARLOS   ADRIANO NAVILLI
    	
 
    
	
 
    	
 
    
	
/s/ Aldo Adriano   Navilli
    	
 
    
	
ALDO   ADRIANO NAVILLI
    	
 
    
	
 
    	
 
    
	
/s/ Adriana Elba   Navilli
    	
 
    
	
ADRIANA   ELBA NAVILLI
    	
 
    

 

23

 

	
/s/ Marcos Villemur
    	
 
    
	
MARCOS VILLEMUR
    	
 
    

 

The following party has subscribed this Agreement for the purposes of notification, acceptance of its duties and the provision of its full approval:

 

	
/s/ Molino   Cañuelas S.A.
    	
 
    
	
MOLINO   CAÑUELAS S.A.
    	
 
    

 

 

The following Parties hereby provide their conjugal consent and assent:

 

24

 

Annex I

 

SHAREHOLDERS OF MOLINO CAÑUELAS   S.A.C.I.F.I.A

 

	
NUMBER
   OF SHARES
    	
 
    	
CERTIFICATE
   No.
    	
 
    	
NUMBER
   OF SHARES
    	
 
    	
SHARES No.
    	
 
    	
SUBSCRIBED
   AMOUNT
    	
 
    	
NUMBER
   OF VOTES
    	
 
    	
FULL NAME AND
   ADDRESS
    	
 
    	
DOCUMENT
   No.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Ricardo Alberto NAVILLI
    	
 
    	
 
    
	
3.000.000
    	
 
    	
25 TO 48
    	
 
    	
3.000.000
    	
 
    	
3,000,001   TO 6,000,000
    	
 
    	
3.000.000
    	
 
    	
3.000.000
    	
 
    	
Sarmiento 136- Laboulaye -(Prov. of   Cba.)
    	
 
    	
D.N.I.   (National Identity Document) No. 13,420,134
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Adriana Elba NAVILLI
    	
 
    	
 
    
	
1.750.000
    	
 
    	
59 TO 72
    	
 
    	
1.800.000
    	
 
    	
7,250,001   TO 9,000,000
    	
 
    	
1.750.000
    	
 
    	
1.750.000
    	
 
    	
Av. Pellegrini 10 - Laboulaye - (Prov.   of Cba.)
    	
 
    	
D.N.I.   No. 11,398,465
    
	
50.000
    	
 
    	
58
    	
 
    	
 
    	
 
    	
7,125,001   TO 7,175,000
    	
 
    	
50.000
    	
 
    	
50.000
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Aldo Adriano NAVILLI
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
3.000.000
    	
 
    	
1 TO 24
    	
 
    	
3.000.000
    	
 
    	
1 TO   3,000,000
    	
 
    	
3.000.000
    	
 
    	
3.000.000
    	
 
    	
Ombú 3,075 - Buenos Aires
    	
 
    	
D.N.I.   No. 10,053,805
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Carlos Adriano NAVILLI
    	
 
    	
 
    
	
3.000.000
    	
 
    	
73 TO 96
    	
 
    	
3.000.000
    	
 
    	
9,000,001   TO 12,000,000
    	
 
    	
3.000.000
    	
 
    	
3.000.000
    	
 
    	
Las Heras 41 - Laboulaye - (Prov. of   Cba.)
    	
 
    	
D.N.I.   No. 12,657,137
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
500.000
    	
 
    	
49 TO 52
    	
 
    	
500.000
    	
 
    	
6,000,001   TO 6,500,000
    	
 
    	
500.000
    	
 
    	
500.000
    	
 
    	
Adriana Elba NAVILLI
    	
 
    	
D.N.I.   No. 11,398,465
    
	
25.000
    	
 
    	
53
    	
 
    	
25.000
    	
 
    	
6,500,001   TO 6,525,000
    	
 
    	
25.000
    	
 
    	
25.000
    	
 
    	
Av. Pellegrini 10 - Laboulaye - (Prov.   of Cba.)
    	
 
    	
 
    
	
75.000
    	
 
    	
97
    	
 
    	
75.000
    	
 
    	
7,175,001   TO 7,250,000
    	
 
    	
75.000
    	
 
    	
75.000
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
225.000
    	
 
    	
54
    	
 
    	
225.000
    	
 
    	
6,525,001   TO 6,750,000
    	
 
    	
225.000
    	
 
    	
225.000
    	
 
    	
Marcos Aníbal Villemur
    	
 
    	
 
    
	
375.000
    	
 
    	
55 TO 57
    	
 
    	
375.000
    	
 
    	
6,750,001   TO 7,125,000
    	
 
    	
375.000
    	
 
    	
375.000
    	
 
    	
Av. Pellegrini 10 - Laboulaye - (Prov.   of Cba.)
    	
 
    	
D.N.I.   No. 26,974,403
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
12.000.000
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
12.000.000,00
    	
 
    	
12.000.000
    	
 
    	
 
    	
 
    	
 
    

 

25

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