Document:

AMENDMENT NO. 1 TO THE SHAREHOLDERS' AGREEMENT
                 ----------------------------------------------

THIS AMENDMENT TO THE SHAREHOLDERS' AGREEMENT (this "Amendment"), dated as of
February 8, 2005, hereby amends the Shareholders' Agreement, dated as of
September 4, 2000 (the "Shareholders' Agreement"), by and among DANONE ARGENTINA
S.A. (resulting from the merger of Bagley S.A. and Danone S.A.), a company
organized and existing under the laws of Argentina, domiciled at Moreno 877,
12th Floor, Buenos Aires, Argentina, represented by its President, Mr. Fernando
C. Aranovich ("DANONE"); MASTELLONE HNOS. S.A., a company organized and existing
under the laws of Argetina, domiciled at Encarnacion Ezcurra 360, 2nd Floor,
Buenos Aires, Argentian, represented by its President, Mr. Pascual Mastellone
("MASTELLONE", and together with DANONE the "Shareholders" or the "Parties" and
each a "Shareholder" or "Party"); and LOGISTICA LA SERENISIMA S.A., a company
organized and existing under the laws of Argentina, domiciled at Moreno 877,
14th Floor , Buenos Aires, Argentina, represented by its Presidente, Mr.
Fernando C.

Aranovich (the "Company");

                                   WITNESSETH

WHEREAS, on October 15, 2002 Danone S.A. was merged with Bagley S.A. resulting
in the company known as Danone Argentina S.A., therefore, DANONE is the rightful
and legal successor and assignee of Bagley S.A. and Danone S.A. under the
Shareholders' Agreement and this Amendment;

WHEREAS, on the date hereof, Mr. Pascual Mastellone, Mr. Victorio B. Mastellone,
Jose Mastellone (jointly referred to as the "Family"), Dallpoint Investment LLC.
("Dallpoint" and together with the Family, the "Sellers") and DANONE executed a
Stock Purchase Agreement ("SPA") under which the Sellers transferred 44% of
their shareholding in the Company to DANONE;

WHEREAS, on the date hereof, the Sellers also transferred their remaining 5%
shareholding in the Company to MASTELLONE; therefore, MASTELLONE is the rightful
and legal successor and assignee of the Sellers under the Shareholders'
Agreement and this Amendment, and such assignment is hereby accepted by DANONE;
and

WHEREAS, the Parties wish to amend the Shareholders' Agreement to reflect the
changes of rights and obligations under the Shareholders' Agreement deriving
from the transfer of shares of the Company from the Sellers to MASTELLONE and
DANONE, and to ratify MASTELLONE and DANONE's assumption of obligations
hereunder in their capacity as rightful and legal successors of Group AB and
Group CD, respectively, under the Shareholders' Agreement;

NOW, THEREFORE, the undersigned Parties hereby agree as follows:

Section 1
---------

1.1.     Capitalized terms used but not defined herein shall have the respective
         meanings ascribed to them in the Shareholders' Agreement (unless
         otherwise indicated herein).

1.2.     MASTELLONE hereby assumes its obligations under the Shareholders'
         Agreement as successor of Group AB. Any reference to Group AB, PM, VM,
         JM and DALLPOINT in the Shareholders' Agreement shall be construed as
         referring exclusively to MASTELLONE.

1.3.     DANONE hereby assumes its obligations under the Shareholders' Agreement
         as successor of Group CD. Any reference to Group CD, BAGLEY and DANONE
         in the Shareholders' Agreement shall be construed as referring
         exclusively to DANONE.

Section 2
---------

2.1.     Class A and B shares of the Company transferred by the Sellers to
         DANONE pursuant to the SPA have been converted into Class C and D
         shares respectively. Section 1.4. of the Shareholders' Agreement shall
         be deleted in its entirety and replaced with the following:

         "1.4. ISSUANCE OF CAPITAL STOCK. Subject to the foregoing, the
         Shareholders agree as follows:

          (a)DANONE and MASTELLONE agree that they shall own, directly or
             indirectly, through affiliated companies which shall abide by this
             Agreement, 95% (ninety-five percent) and 5% (five percent),
             respectively, of the capital stock of the Company;

          (b)The capital stock of the Company shall be represented exclusively
             by ordinary, nominative, non-endorsable shares of $1 nominal value
             each, with 1 (one) vote per share in the case of Class A and Class
             C Shares, and with 5 (five) votes per share in the case of Class B
             and Class D Shares. The Shares shall be distributed among the
             Shareholders as follows:

             Shareholder                       Shares Owned

             MASTELLONE                        1,837,950 Class A Shares
                                               1,358,127 Class B Shares

             DANONE                            34,921,085 Class C Shares
                                               25,804,406 Class D Shares

      (c)any capital stock increase of the Company shall be decided and approved
         by a Shareholders' Meeting of the Company with the majorities provided
         in Section 2.9. hereby and shall be subscribed and paid in on a
         pro-rata basis by the Shareholders, unless one of the Shareholders
         decides not to exercise its preemptive rights. All new shares of
         capital stock shall have the same rights as existing Class A Shares,
         Class B Shares, Class C Shares and Class D Shares (collectively
         referred to as the "Shares")."

2.2.     Section 2.9. of the Shareholders' Agreement shall be deleted in its
         entirety and replaced with the following:

         "2.9. SHAREHOLDERS' MEETINGS. The decisions to be adopted by the
         ordinary and extraordinary Shareholders' meetings of the Company shall
         be governed by the provisions of the ACL. Notwithstanding the
         foregoing, a special majority of 97% (ninety-seven percent) of the
         outstanding shares and votes shall be required in order to approve any
         increase of the capital stock of the Company, amendment of the by-laws
         of the Company, spin-off, merger, winding-up, liquidation,
         transformation, capital reduction and repayment, redemption,
         reimbursement and repayment of shares, or limitation or suspension of
         preferred rights and the extraordinary adjustments which may affect the
         net worth of the Company"

2.3.     New Sections 4.4 and 4.5. shall be added to the Shareholders' Agreement
         as follows:

         "4.4. EARLY TERMINATION OF THE SERVICES OFFER BY MASTELLONE. The
         Parties agree that the Services Agreement currently in force with
         MASTELLONE, Mastellone San Luis S.A. and Frigorifico Rhydans S.A.
         ("MASTELLONE Group") shall be replaced, as from the date of MASTELLONE
         Group's acceptance thereof, by the terms and conditions of a new
         services offer pursuant to the form attached hereto (without exhibits)
         as Schedule I (the new services offer, once accepted by MASTELLONE
         Group, is hereinafter defined as the "Offer"). As from the date of its
         acceptance by MASTELLONE Group, all references to the Services
         Agreement in this Agreement shall be construed as referring to the
         Offer.

         The Offer shall set forth an indemnification of US$ 50,000,000 (the
         "Indemnification") to be paid to LOGISTICA and DANONE in the event of
         early termination of the Offer by MASTELLONE, other than as a
         consequence of LOGISTICA's breach thereof as provided for under section
         13.2. therein. It is further clarified, that the obligations of
         MASTELLONE under the Offer shall also be applicable to third parties
         acquiring MASTELLONE's Ongoing Concern (as such term is defined
         hereinafter).

         MASTELLONE's shareholders and MASTELLONE shall inform, as the case may
         be, any potential acquirer (the "Acquirers") of: (a) their shares in
         MASTELLONE; and (b) any part or the whole business of the MASTELLONE
         Group, whether by means of the acquisition of shares or of assets (the
         "Ongoing Concern") (any of the foregoing transactions hereafter called
         the "Acquisition") about the terms and conditions of the Offer. Such
         Acquirers, before executing the Acquisition, shall sign an adherence
         agreement by which they agree to be bound by the provisions of the
         Offer concerning the distribution of those Products manufactured either
         by (i) the relevant company which shares they are acquiring; and/or
         (ii) the Ongoing Concern thereby acquired; and which are, at the time
         of the Acquisition, distributed by LOGISTICA. In the case of the
         Acquisition of the Ongoing Concern, the adherence agreement will state
         that the amount of the Indemnification, should it become payable
         according to the terms of the Offer, will be apportioned between the
         Acquirers and MASTELLONE on the basis of the respective distribution
         costs of the Products transferred with the Ongoing Concern object of
         the Acquisition, and those retained by MASTELLONE.

         The failure to achieve the execution of the adherence agreement by the
         Acquirer shall make MASTELLONE or MASTELLONE's shareholders,
         respectively, jointly and severally liable with the Acquirer (in the
         event of the Acquisition of Ongoing concern) or with MASTELLONE (in the
         event of Acquisition of the shares of MASTELLONE),

         for the payment of the Indemnification in the event of early
         termination of the Offer by MHSA, the Acquirer or any succeeding
         entities, as the case may be.

         It is further clarified that to the extent that such Acquirers, before
         execution of the Acquisition, sign the adherence agreement described
         above, neither MASTELLONE nor MASTELLONE's shareholders, as the case
         may be, shall be liable for the new acquirers' breach of its
         obligations under the Offer.

         Notwithstanding the provisions of the preceding paragraphs, MASTELLONE
         shall be able to freely transfer, without responsibility or payment of
         any kind of indemnification, its ongoing concern with respect to
         mayonnaise, and/or with respect to any cold-cuts (chacinados) actually
         produced and/or commercialized or to be produced and/or commercialized
         in the future by RYDHANS; and the acquirer shall not be bound by the
         terms of this Offer or by any kind of relationship with LOGISTICA.

         The Parties agree that the Indemnification accurately reflects any
         damage that may be suffered by LOGISTICA and/or DANONE by the early
         termination of the Offer by MASTELLONE. It is further agreed that the
         Indemnification paid to LOGISTICA may either be distributed among its
         shareholders as dividends or reinvested in LOGISTICA. Such decision
         shall solely be adopted by DANONE. MASTELLONE hereby waives its right
         to collect dividends from such amount. This obligation shall be
         enforceable on any successor or assignor thereto. For clarification
         purposes it is set forth that MASTELLONE, as a shareholder of
         LOGISTICA, shall have no valid claim over this Indemnification.

         4.5. FULL INDEMNIFICATION. Notwithstanding DANONE's right to obtain
         injunctive relief to enjoin or restrain any breach of this ARTICLE IV,
         in the event MASTELLONE's violation of the non-competition provision
         triggers the payment of the indemnification provided in section 4.3.
         herein, and such amount becomes payable simultaneously with the
         Indemnification contemplated in the Offer, the Parties agree that the
         aggregate amount of monetary damages for both breaches shall amount to
         a maximum amount of US$ 50,000,000 (fifty million US Dollars) instead
         of US$ 100,000,000 (one hundred million US Dollars)."

2.4.     MASTELLONE hereby irrevocably waives any remaining right it may have
         had in connection with the put option set forth in Section 5.2. of the
         Shareholders' Agreement. As a consequence thereof, Sections 5.1., 5.2.
         and the first paragraph of Section 5.3. of the Shareholders' Agreement
         shall be deleted in its entirety and replaced by the following:

         "5.1. DANONE CALL OPTION. Class A Shares and Class B Shares shall not
         be transferred unless the provisions of this Agreement and of the
         By-laws of the Company are duly complied with by MASTELLONE.
         Nevertheless, in the event MASTELLONE terminates the Offer, other than
         as a consequence of LOGISTICA's breach of the terms of the Offer as
         provided for under section 13.2. therein, DANONE shall have a call
         option right to purchase from MASTELLONE up to 5% (five percent) of the
         outstanding capital stock and voting rights of the Company, and
         MASTELLONE shall

         be obliged to sell the necessary number of Shares to such extent, at
         the aggregate price of US$ 1 (one US Dollar).

         The transfer of the Shares shall then take place within a 30 (thirty)
         day period as from receipt by MASTELLONE of DANONE's call option
         notice. Payment of the price of the Shares purchased by DANONE thereby
         shall be made at the closing of the call option.

         5.2. MASTELLONE CALL OPTION. During 5 (five) years following full
         repayment of the CGD Note, MASTELLONE shall have a call option right
         over 44% of the outstanding capital stock and voting rights of the
         Company and DANONE shall be obliged to sell the necessary number of
         shares to such extent, at the price of US$ 18,500,000 (eighteen million
         five hundred US Dollars) plus an annual financial charge of 6-month
         LIBOR plus 1% p.a. compounded annually as from the date hereof. For the
         purpose of this Agreement, "CGD Note" shall mean the fixed rate note
         issued by MASTELLONE and delivered to DANONE at the date hereof in
         exchange of the Floating Rate Note issued by MASTELLONE on October 22,
         2004 pursuant to a Loan Agreement and held by DANONE until the date
         hereof.

         The exercise of the Call Option shall be subject to the following
         conditions:

         a)  MASTELLONE shall have not suffered a Change of Control -as such
             term is defined under section 1.01. of the Amended and Restated
             Loan Agreement executed between MASTELLONE, Compagnie Gervais
             Danone, Leitesol Industria e Comercio S.A., Mastellone San Luis
             S.A. and Promas S.A., on February 8, 2005 (the "Loan Agreement");

         b)  The Distribution Agreement between MASTELLONE and the Company shall
             not have been terminated by MASTELLONE;

         c)  MASTELLONE shall have repaid in full the CGD Note

         d)  Neither MASTELLONE, DALLPOINT nor the Mastellone Family shall have
             breached any obligation set forth in any of the agreements in force
             between any of them and the Company and/or Groupe Danone, or any
             subsidiary or affiliate thereof;

         e)  MASTELLONE shall not be in default under the restructuring of its
             outstanding financial debt with its creditors, completed in the
             terms set forth in the Offering Memorandum dated as of September
             16, 2004;

         f)  DANONE shall not have exercised the call option set forth in
             section 5.1. hereinabove."

         5.3. FIRST REFUSAL RIGHT. In addition to the rights conferred on
         Section 5.1., and in the event that MASTELLONE had not exercised the
         call option set forth in Section 5.2. herein, DANONE shall have a first
         refusal right on 5% (five percent) of the Shares of the Company. If
         MASTELLONE has exercised the call option set forth in Section 5.2.
         herein, DANONE's first refusal right shall extend to the 49%
         (forty-nine percent) of the Shares of the Company held by MASTELLONE.

2.5.     Section 6.6. shall be entirely deleted and replaced by the following:

         "6.6. NOTICES. All notices and other communications required or
         permitted to be given hereunder shall be in writing and shall be
         delivered by hand or sent by telex, cable, fax, postage prepaid or by
         registered, certified or express mail, or reputable courier service,
         and shall be deemed given when so delivered by hand, cable, or faxed,
         or if mailed, when received, as follows:

         if to DANONE, as follows:

         Moreno 877, 14th Floor
         Buenos Aires, Argentina
         Attention: Mr. General Manager
         Telefax: 54-11-4341-4013

         With a copy to:
         Marval, O'Farrell & Mairal
         Av. Leandro N. Alem 928, 7th Floor
         Buenos Aires, Argentina
         Attention: Mr. Fernando C. Aranovich
         Telefax: 54-11-4310-0200

         if to MASTELLONE, as follows:

         Encarnacion Ezcurra 360, piso 2(0),
         Buenos Aires, Argentina
         Attention: Mr. Pascual Mastellone

         Telefax: 4318-5010

         With a copy to:

         Cibils l Labougle I Ibanez
         Av. Corrientes 345, 9th Floor
         Buenos Aires, Argentina

         Attention: Joaquin Labougle / Joaquin Ibanez
         Telefax: 54-11-4327-3800

         and

         if to the Company, as follows:

         Moreno 877, 14th Floor
         Buenos Aires, Argentina
         Attention: Managing Director
         Telefax: 54-11-4318-5000"

2.6.     Section 6.16. shall be amended as follows:

         "SECTION 6.16. RIGHTS OF THIRD PARTIES. Except as otherwise expressly
         provided in this Agreement, nothing in this Agreement is intended, or
         shall be construed to confer upon

         or give any person or entity other than the Parties to this Agreement
         any rights or remedies under or by reason of this Agreement".

Section 3
---------

3.1.     Any tax, included but not limited to stamp tax, applicable to this
         Amendment and the transactions contemplated herein, shall be borne
         entirely by the Sellers and MASTELLONE.

3.2.     Except as expressly amended by this Amendment, the Shareholders'
         Agreement shall continue in full force and effect.

IN WITNESS HEREOF, the Parties have caused this Amendment to be duly executed in
three counterparts, one for DANONE, one for MASTELLONE and one for the Company.

/s/ Fernando C. Aranovich
-------------------------
Danone Argentina S.A.
By: Fernando C. Aranovich
Title: President

/s/ Pascual Mastellone
-------------------------
Mastellone Hermanos S.A.
By: Pascual Mastellone
Title: President

/s/ Fernando C. Aranovich
-------------------------
Logistica La Serenisima S.A.
By: Fernando C. Aranovich
Title: President

                                   SCHEDULE I
                                   ----------

                    FORM OF SERVICES OFFER (WITHOUT EXHIBITS)
                    -----------------------------------------SHAREHOLDERS' AGREEMENT

                                  BY AND AMONG

--------------------------------------------------------------------------------
                               PASCUAL MASTELLONE
                            VICTORIO BRUNO MASTELLONE
                                 JOSE MASTELLONE
                           DALLPOINT INVESTMENTS LTD.
--------------------------------------------------------------------------------

                           Buenos Aires, March 4, 1999

                             SHAREHOLDERS' AGREEMENT

This Shareholders' Agreement (the "Agreement") dated March 4, 1999, by and
among:

Mr. Pascual MASTELLONE, bearer of identity card DNI 4,889,103, domiciled in
General Rodriguez, Province of Buenos Aires, at Brown 957;

Mr. Victorio Bruno MASTELLONE, bearer of identity card L.E. No. 4,908,288,
domiciled in General Rodriguez, Province of Buenos Aires, at Ejercito Argentino
884;

Mr. Jose MASTELLONE, bearer of identity card L.E. No. 4,913,592, domiciled in
General Rodriguez, Province of Buenos Aires, at Ejercito Argentino 884;
(collectively referred to as the "Mastellone Brothers") and

Dallpoint Investments Ltd. (hereinafter "Dallpoint") a company duly organized
and existing under the laws of the British Virgin Islands, domiciled for the
purposes hereof in Buenos Aires at Av. Corrientes 311, 5th Floor, Capital City,
herein represented by Mr. Carlos Marcelo Agote, in his capacity as
attorney-in-fact. The Mastellone Brothers and Dallpoint shall be individually
referred to as "Party" or "Shareholder" and collectively as "Parties" or
"Shareholders".

                                     WHEREAS

A.   On August 3, 1998, the Parties entered into a "Shareholders' Agreement",
     governing the relation between the Parties as of that date.

B.   On August 23, 1998, the Parties entered into a "Shareholders' Agreement"
     providing for additional contributions, and governing the terms and
     conditions of such contributions.

C.   On December 2, 1998, the Parties entered into an "Amended Shareholders'
     Agreement".

D.   On the date hereof the Parties have entered into a "Stock Purchase
     Agreement" under which Dallpoint acquired from Mastellone Brothers certain
     shares issued by Mastellone Hnos S.A. (the "Company").

E.   The above mentioned "Stock Purchase Agreement" also provides for the
     subscription by Dallpoint of all the shares to be issued by the Company
     upon a Capital Stock increase called by the Board of Directors on the date
     hereof.

F.   Upon consummation of the above mentioned transfer of shares and the
     subscription by Dallpoint of the new shares to be issued pursuant to the
     Company's Capital Stock increase, the Company's ownership structure shall
     be as follows:

---------------------------------------------------------------------------------------------
SHAREHOLDER                        CLASS A SHARES         CLASS B SHARES             TOTAL
---------------------------------------------------------------------------------------------

Pascual Mastellone                    43,482,328             27,178,770           70,661,098
---------------------------------------------------------------------------------------------
Victorio Bruno Mastellone             43,482,324             27,178,767           70,661,091
---------------------------------------------------------------------------------------------
Jose Mastellone                       43,482,324             27,178,767           70,661,091
---------------------------------------------------------------------------------------------
Dallpoint Investments Ltd.            51,500,000             52,910,665          104,410,665
---------------------------------------------------------------------------------------------

                                       2

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

               TOTAL                 181,946,976            134,446,969          316,393,945
---------------------------------------------------------------------------------------------

G.   In the light of the new equity interests of the Parties in the Company, and
     in order to have a single document governing the relation among
     Shareholders, the Parties have agreed to terminate the documents mentioned
     in the Whereas Clauses A, B and C hereof and enter into a new Shareholders'
     Agreement.

NOW, THEREFORE, the Parties agree as follows:

Section 1. Effectiveness of Agreement.
           ---------------------------

1.1.   The Parties agree that as of this date and upon execution hereof, this
       Agreement shall govern the relation between the Parties in all matters
       provided for herein. Therefore, this Agreement shall be binding, both
       directly and indirectly, on and as among the Shareholders, their
       successors, heirs, assignees, legal representatives, trustees, etc.

1.2.   The Parties expressly agree that this Agreement supersedes: (i) the
       "Shareholders' Agreement made by and among the Parties on August 3, 1998;
       (ii) the "Shareholders' Agreement dated October 23, 1998; and (iii) the
       "Amended Shareholders' Agreement", dated December 2, 1998.

1.3.   The documents referred to in the preceding paragraph shall be
       automatically terminated and cease to be valid and/or effective; and the
       Parties hereby acknowledge and agree that they have no claims against
       each other in connection with such termination.

1.4.   The Parties agree to cause the Company and its management and auditing
       bodies, as well as any and all companies and/or entities in which the
       Company holds an equity interest, and their respective management and
       auditing bodies, to abide and cause abidance to this Agreement. Each
       Party shall be liable for the faithful performance of its obligations
       under this Agreement.

2.     Bylaws
       ------

2.1.   Attached hereto as Schedule 2.1 is a copy of the Company's Bylaws, as in
       effect. The Parties represent that, except for the change in the Capital
       Stock as may be resolved at the Special General Meeting of Shareholders
       called for March 24, 1999, no amendment to the Bylaws is pending
       implementation or registration as of the date hereof.

3.     Company's Board of Directors
       ----------------------------

3.1.   The Parties agree that the Board of Directors shall consist of three (3)
       regular members, and that an equal number of alternates may be appointed.

3.2.   Notwithstanding the foregoing, in the event the Parties desire to
       increase the number of members of the Board of Directors, it is hereby
       agreed that the Board of Directors shall at all times consist of an odd
       number of regular members and that an equal number of alternates may be
       appointed.

                                       3

3.3.   Where the Company's Board of Directors consists of three regular members,
       Dallpoint shall have the right to appoint one Regular Director and one
       alternate Director. If the Company's Board of Directors consists of five
       or seven regular members, Dallpoint shall have the right to appoint two
       Regular Directors and an equal number of alternates. If the Company's
       Board of Directors consists of nine regular members, Dallpoint shall have
       the right to appoint three Regular Directors and an equal number of
       alternates.

3.4.   The Board of Directors shall adopt resolutions with the approval of at
       least one Regular Director appointed by Dallpoint. The foregoing shall
       apply provided that the Director(s) appointed by Dallpoint attend the
       relevant meeting, and that such Director(s)' refusal to approve the
       matters at issue shall be reasonably founded.

3.5.   All meetings of the Company's Board of Directors shall be called on at
       least forty-eight hour days' notice by the Chairman, by letter and/or
       facsimile to the address and/or telephone number designated by each
       Director. The notice of meeting shall contain the items of the agenda to
       be discussed thereat, and attach any documents related thereto.

3.6.   Notwithstanding the provisions of the Bylaws, the Board of Directors
       shall hold at least one meeting monthly.

Section 4. Board of Directors of subsidiaries and affiliates
           -------------------------------------------------

4.1.   The Parties expressly agree that Dallpoint may at its sole option and at
       any time as it may determine, appoint at least one Regular Director and
       one alternate Director to the Board of Directors of each of the companies
       in which the Company shall hold an equity interest (other than Danone
       S.A. and Lacteos Longchamps S.A and the company to be organized pursuant
       to the provisions of the agreement entered into with Challener Holding
       Inc., dated January 22, 1999).

4.2.   In the event Dallpoint makes an appointment as provided for herein above,
       the Board of Directors of the relevant subsidiary and/or affiliate shall
       adopt its resolutions with the approval of at least the Director
       appointed by Dallpoint. The foregoing shall apply provided that the
       Director appointed by Dallpoint attends the relevant meeting, and that
       such Director's refusal to approve the matters at issue be reasonably
       founded.

Section 5. Audit Committee of the Company and its subsidiaries and affiliates.
           -------------------------------------------------------------------

5.1.   The Parties agree that the business and affairs of the Company and of any
       and all companies in which the Company holds an equity interest shall be
       audited, respectively, by an Audit Committee consisting of three (3)
       regular members and three (3) alternate members.

5.2.   Dallpoint may at all times appoint at least one (1) regular member and
       one (1) alternate member to the Audit Committee of the Company and of all
       such companies or entities in which the Company shall hold an equity
       interest (other than Danone S.A. and Lacteos Longchamps S.A and the
       company to be organized pursuant to the provisions of the agreement
       entered into with Challener Holding Inc., dated January 22, 1999).

                                       4

5.3.   In addition, at least one (1) regular member and one (1) alternate member
       of the Company's Audit Committee shall be a partner of the Company's
       independent audit firm selected in accordance with Section 6 of this
       Agreement.

5.4.   At the option of Dallpoint, at least one (1) regular member and one (1)
       alternate member of the Audit Committees of the companies or entities in
       which the Company shall hold an equity interest shall be a partner of the
       Company's independent audit firm selected in accordance with Section 6 of
       this Agreement.

Section 6. Independent Auditors
           --------------------

The Company's independent auditors shall be selected by the Parties from the
list of entities included in Schedule 6 hereof. In the event that in the
reasonably founded opinion of any of the Parties it is desirable to change the
selected independent auditors, the Parties agree that new independent auditors
shall be selected from the list of firms included in Schedule 6 hereof.

Section 7. Meetings of Shareholders
           ------------------------

7.1.   With respect to the matters provided for in Schedule 7.1 hereof, the
       presence of Dallpoint's representative shall be necessary to constitute a
       quorum, and any resolution thereon shall require the affirmative vote of
       such representative.

7.2.   If any of the matters provided for in Schedule 7.1 is to be discussed or
       resolved at a meeting of shareholders of any of the Company's
       subsidiaries or affiliates, the Parties agree to previously discuss such
       matters at a Meeting of Shareholders of the Company, or else to agree on
       any other method to Dallpoint's satisfaction ensuring that the relevant
       matters shall not be approved without Dallpoint's consent.

Section 8. Limitation on the transfer of Shares and Rights
           -----------------------------------------------

8.1.   As a general principle, unless the Company's shares list on any stock
       exchange and/or self-regulated market, the Parties agree that they shall
       not sell, transfer, assign, pledge and/or otherwise encumber, create any
       lien or usufruct on, trade, convey title to, or dispose of, whether under
       a trust or otherwise, its shares; and shall not sell, transfer, assign,
       create any lien on, trade, convey title to or in any manner dispose of,
       whether under a trust or otherwise, the rights of first refusal,
       preemptive rights, or irrevocable contributions on account of the
       subscription of Shares, or debt securities convertible into capital
       stock, or any other negotiable economic right or interest in the
       Company's shares, without first providing for the exercise of the right
       of first refusal agreed in Section 9.

8.2    The above restriction shall not apply to any transfer by any of the
       Parties to a parent company and/or subsidiary; provided, however, that
       prior notice thereof shall be given to the other Parties.

Section 9. Right of first refusal
           ----------------------

                                       5

9.1.   In the event that any of the Parties desires to sell all or any portion
       of its shareholding, preemptive rights or residual pre-emptive right (the
       "Selling Party"), such Party shall, prior to consummating any sale to
       third parties, give written notice of its desire to sell, for the other
       parties to exercise their right of first refusal- in a percentage equal
       to that of their respective holdings less the Selling Party's holding-
       according to the following procedure:

       a.  The Selling Party shall give written notice to the other Parties of
           its decision to sell, specifying: (i) number of shares offered for
           sale; (ii) price, term, form of payment and terms and conditions of
           the offer and, if there is a third party interested in purchasing the
           shares offered for sale, such third party's name, address and
           telephone number (hereinafter the "Offer for Sale"). The other
           Parties shall have thirty (30) calendar days from receipt of the
           Offer for Sale to accept it or reject it. Acceptance of the Offer for
           Sale shall constitute an irrevocable obligation to purchase the
           shares and/or rights offered thereunder on terms and conditions
           identical to those stated in the above mentioned notice. Failure to
           answer to, or non-acceptance of an Offer for Sale within the term
           stated above shall be deemed a rejection of the Offer for Sale, in
           which event the Selling Party may dispose of the rights and/or shares
           offered thereunder, within sixty (60) days of notice of Offer for
           Sale to the other Parties, on terms and conditions identical to those
           specified in the Offer for Sale.

       b.  If any third party should make a purchase offer ("Purchase Offer")
           with respect to the Selling Party's shares, the Selling Party shall,
           prior to consummating the sale: (i) allow the other Parties to
           exercise the right of first refusal provided for in the preceding
           paragraph, for which purpose the Selling Party shall give notice of
           the terms and conditions of the Purchase Offer to the other Parties,
           which will have thirty (30) calendar days to accept it or reject it.
           Upon rejection or failure to answer by the other Parties, the Selling
           Party shall give effect to the transfer of shares and/or rights
           provided for in the Purchase Offer not later than sixty (60) days of
           notice of the Purchase Offer, on terms and conditions identical to
           those specified therein. If the relevant shares and/or rights are not
           sold within such term, the Selling Party shall be required to follow
           this procedure again; (ii) as the case may be, inform the relevant
           third party of (a) the option provided for in Section 10, and (b) the
           preemptive right of the Parties; and (iii) give written notice to
           such third party of the full contents of this clause.

9.2.   Any Offer for Sale or Purchase Offer shall be deemed irrevocable after
       notice thereof has been given.

9.3.   As used herein, Purchase Offer shall be any act by any third party,
       whether a natural or legal person, aimed at acquiring all or any of the
       shares and/or rights thereon. The foregoing shall not apply to Company's
       redemption of its shares.

9.4.   Upon infringement of any of the provisions of this Section 9, this
       Agreement shall be automatically terminated for Selling Party's breach,
       and the other Parties shall be entitled to damages.

9.5.   The restriction agreed by the Parties shall not apply to any transfer by
       any of the Parties to a parent company and/or subsidiary; provided,
       however, that prior notice thereof

                                       6

       shall be given to the other Parties. The restriction also does not apply
       where the Company's shares are listed on any Stock Exchange or
       self-regulated market.

Section 10. Public Offering of Company's Shares
            -----------------------------------

10.1.  In the event that Dallpoint considers that it is convenient for the
       Company to issue shares to be publicly offered, the Parties agree to take
       the necessary corporate action to obtain the requisite approvals.

10.2.  Additionally, in the event that Dallpoint gives written notice to the
       Mastellone Brothers of its intention to sell through the Bolsa de
       Comercio de Buenos Aires [Buenos Aires Stock Exchange] all or any portion
       of the Company's shares held by it, the Mastellone Brothers agree to
       adopt all requisite resolutions of shareholders, and to cause their
       representatives at the Board of Directors to take such action as may be
       necessary for the Company to obtain as soon as possible the appropriate
       approvals from the Buenos Aires Stock Exchange, any other self-regulated
       market and the Comision Nacional de Valores [Argentine Securities and
       Exchange Commission] to make a public offering of its shares.

10.3.  Dallpoint shall designate the placement agent(s) and determine jointly
       with such agents the system to be applied to, as well as the price and
       other terms and conditions for, the subscription of the shares.

10.4.  The Parties agree that, prior to taking any action aimed at obtaining the
       approvals provided for in 10.1 and 10.2, the Bylaws shall be amended to
       eliminate such provisions as in the Parties opinion are inconvenient for,
       or prevent or hinder, the normal placement of shares by public offering.

10.5.  In the event that the Mastellone Brothers determine to have the Company's
       shares listed on the Buenos Aires Stock Exchange and/or any
       self-regulated market in order to sell their equity interest in the
       Company, the Parties agree to take the necessary corporate action to
       obtain the requisite approvals. Notwithstanding the foregoing, prior to
       taking any action in connection therewith, the shareholder desiring to
       sell its shares shall allow the other parties to exercise the right of
       first refusal set forth in Section 9. For all purposes thereof, the
       purchase price shall be the price of the shares of holders desiring to
       have their shares listed, as shown in the most recent audited balance
       sheet prepared by the Company and filed with the Buenos Aires Stock
       Exchange (book value) as of the date of notice to the other shareholders.
       Notwithstanding the foregoing, any holder desiring to sell its shares
       may, prior to giving the above mentioned notice, request, at its own cost
       and expense, the valuation of the Company by two internationally
       recognized Investment Banks. In this event, the price payable for the
       shares shall be the average of these two valuations. If accepted, the
       offer, together with the payment of the price, shall be made within
       ninety (90) days of acceptance. Any shareholder desiring to have its
       shares listed shall select the Placement Agent and bear the costs
       thereof.

Section 11. Distribution of Dividends - Business and Investment Plan
            --------------------------------------------------------

                                       7

11.1.  The Parties agree to use their best efforts and adopt such decisions as
       are necessary for the Company to distribute the maximum amount of
       dividends permitted, subject to the restrictions resulting from the
       various agreements executed by the Company to the date hereof.

11.2.  The Board of Directors may execute any kind of agreement imposing
       additional restrictions on the distribution of dividends, provided that
       any decision or agreement affecting the right to distribute dividends
       shall require prior approval at a Meeting of Shareholders, which shall
       adopt the relevant resolution in accordance with Section 7 hereof.

11.3.  A business and investment plan is attached hereto as Schedule 11.3. This
       plan shall be carried out by the Company with funds to be contributed by
       Dallpoint upon subscription of the Capital Increase.

Section 12. Company's Management
            --------------------

12.1.  The Company shall be managed by the current management team.

12.2.  In the event Mr. Pascual Mastellone shall not serve as President of the
       Company, the Parties agree to cause a Director appointed by Dallpoint to
       serve as Vice President.

12.3.  Nominees to the Company's management offices and General Management
       Office shall be approved by the Board of Directors.

12.4.  It is expressly agreed that Dallpoint shall have special influence on the
       Company's internal audit area and division, and that it may, based on a
       reasonable and founded criterion, develop new internal management and
       audit policies related to such area and/or division, and appoint any
       additional employees in connection therewith. In addition, Dallpoint may,
       at any time, conduct an internal audit of the Company or of such areas as
       it may deem fit, at its own cost.

12.5.  The Parties undertake to cause all Company's management offices and all
       companies and/or entities in which the Company holds an equity interest
       (other than Danone S.A. and Lacteos Longchamps S.A.) to issue a monthly
       report -which shall be delivered to Shareholders at the address set forth
       in the preamble to this Agreement- containing updated information on the
       matters discussed by such management offices and/or subsidiaries and/or
       affiliates after the last report. The Parties undertake to use their best
       efforts to cause Danone S.A. and Lacteos Longchamps S.A. to issue reports
       of their respective activities at regular intervals.

12.6.  Notwithstanding the foregoing, it is understood and agreed that for so as
       long as this Agreement is in full force and effect, and in addition to
       the accounting books and records that pursuant to provisions of law the
       Company shall keep and make available to shareholders according to
       section 67 and related sections of Argentine Act 19,550, Shareholders
       shall have the right to demand that the Chairman of the Board of
       Directors, through its legal representatives or designated directors, as
       the case may be, make available to Shareholders any contract, agreement,
       evidence of payment, balance sheet, receipt, book and, generally, any
       document related to the business and affairs of

                                       8

       the Company and/or its subsidiaries and/or affiliates, and the Board of
       Directors shall take all actions necessary to ensure that such
       information is furnished to the requesting Shareholder within 48 hours
       after request.

Section 13. Representations and Warranties
            ------------------------------

Each Shareholder represent and warrants that (a) the execution and performance
of this Agreement do not and will not contravene, or result in a breach of the
terms of, any agreement or instrument to which such Shareholder is a party or by
which such Shareholder is bound, or constitute a violation of any decree,
judgement or order of any court or governmental agency or authority, and (b)
this Agreement constitutes the legal, valid and binding obligation of each
Shareholder, enforceable in accordance with its terms.

Section 14. Prior Agreement
            ---------------

This Agreement shall prevail over any provision to the contrary contained in the
Company's Bylaws, and in case of conflict, the Parties agree to use their best
reasonable efforts to amend the Bylaws to make them consistent with the
provisions hereof.

Section 15. Confidentiality
            ---------------

Each Shareholder shall, for a term of three (3) years after it shall have
transferred its shares in the Company, keep confidential, with respect to any
person other than its associates or shareholders, any and all information
obtained in its capacity as shareholder, or through directors, unless such
information is required to be disclosed to any domestic or foreign government
authority entitled to request it, and provided such Shareholder shall give prior
notice of that circumstance to the Company and the other Parties.

Section 16. Effectiveness
            -------------

This Agreement shall become effective upon execution and continue in full force
and effect during the term of duration of the Company, unless (i) earlier
terminated by the Parties' mutual agreement in writing, or (ii) Dallpoint's
interest in the Company's capital stock shall be lower than 15% (fifteen per
cent). In any of these two events, the parties shall not be entitled to make any
claim or demand damages against each other. The provisions of Section 15 shall
survive the termination of this agreement, irrespective of the reasons therefor.

Section 17. Governing Law
            -------------

This Agreement shall be governed by and construed in accordance with the laws of
the Republic of Argentina. Any dispute arising out of or in connection with this
Agreement, or the construction or performance hereof shall be submitted to the
exclusive jurisdiction of the General Arbitration Board of the Buenos Aires
Stock Exchange. Without prejudice to this arbitration jurisdiction, the Parties
agree that where court assistance is required due to lack of imperium of the
above mentioned General Arbitration Board, any dispute in connection herewith
shall be submitted to the Ordinary Commercial Courts of the City of Buenos
Aires, with exclusion of any other court. The Mastellone Brothers hereby waive
the right to file a motion requesting security for costs of litigation (cautio
judicatum solvi), provided for in section 348 of the Argentine Federal Code of
Procedures in Civil and Commercial Matters.

                                       9

Section 18. Notices
            -------

18.1.  Any notices or other communications required or permitted under this
       Agreement shall be in writing and will be deemed given on the date they
       are received, whether delivered personally or by certified mail, postage
       prepaid, return receipt requested. All such notices shall be given at the
       domiciles set forth in the preamble of this Agreement, which shall be
       deemed valid for all purposes hereof.

18.2   Any Party may change its domicile for notices, by written notice to the
       other Parties as specified in the foregoing paragraph.

IN WITNESS WHEREOF, this Agreement is executed in two (2) counterparts, in the
City of Buenos Aires, on the date first above written.

/s/ Carlos Agote

/s/ Pascual Mastellone

/s/ Victorio Mastellone

/s/ Jose Moreno

                                       10

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