Bylaws of Paul Mac Carne S.A.

SECTION 1: The name of the company is "Paul Mac Carne

S.A.". The principal place of business is in the city of Buenos

Aires.

SECTION 2: This Company shall dissolve and terminate

ninety-nine (99) years from the date of filing these Bylaws with

the Public Registry of Commerce.

SECTION 4: The capital of the Company is $ 1,200,000,

Ch.o.M: Cfr. uncertificated | book-entry and common

divided into registered shares, cetificated shares with a

nominal or par value of one (1) Argentine peso each

and entitled to one vote each. The capital stock of the

Company may be increased by resolution made at a

Omission: Ordinaria (not clear)

Shareholders’ Meeting without limitations or amendments to

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these Bylaws.

SECTION 10: The business and affairs of the Company shall

(typo)

be managed by aBoard of Directors. The number of members

of the Board of Diretors shall be fixed by the Shareholders at a

Shareholders’ Meeting, such number shall be not less than

(in number?)
three (3) and nor more than eight. The members of the bord

shall hold office for a term of one year.

Shareholders at Shareholders’s Meetings must appoint an

equal or a lesser number of alternate directors until vacancies

that may appear are fulfilled . Such directors shall hold office

Register: Field (Cfr: regular)

for the same term than the actual directors.

Lang: collocation
SECTION 15: Notice to Shareholders’ Meetings shall be called

pursuant to the provisions

Not clear: Cfr: notices shall be served pursuant
the provisions (...) applicable to each type of meeting.
of current legislation and according to the meeting.

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 Ch.o.M (gender)
Cfr. subscribed for

SECTION 16: Each registered share subscribed entitles his

Lang: GR. Use of definite article.

holder to one vote. The quorum and majority are determined

Lang: GR. Use of definite article.

by sectiones 243 and 244 of the

Not clear (same as above)

Law 19.550 and according to the type of meeting, call and

agenda.