<SEC-DOCUMENT>0001019155-13-000255.txt : 20130513
<SEC-HEADER>0001019155-13-000255.hdr.sgml : 20130513
<ACCEPTANCE-DATETIME>20130513114544
ACCESSION NUMBER:		0001019155-13-000255
CONFORMED SUBMISSION TYPE:	F-6
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20130513
DATE AS OF CHANGE:		20130513

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BBVA BANCO FRANCES SA
		CENTRAL INDEX KEY:			0000913059
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		F-6
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-188557
		FILM NUMBER:		13835986

	BUSINESS ADDRESS:	
		STREET 1:		RECONQUISTA 199
		CITY:			1003 BUENOS AIRES AR
		STATE:			C1
		ZIP:			00000
		BUSINESS PHONE:		2127595576

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRENCH BANK OF THE RIO DE LA PLATA
		DATE OF NAME CHANGE:	19931005

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANK OF NEW YORK / ADR DIVISION
		CENTRAL INDEX KEY:			0001201935
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 8880 [8880]
		IRS NUMBER:				135160382
		STATE OF INCORPORATION:			NY

	FILING VALUES:
		FORM TYPE:		F-6

	BUSINESS ADDRESS:	
		STREET 1:		AMERICAN DEPOSITARY RECEIPTS DIVISION
		STREET 2:		101 BARCLAY STREET - 22WEST
		CITY:			NYC
		STATE:			NY
		ZIP:			10286
		BUSINESS PHONE:		212-815-4601

	MAIL ADDRESS:	
		STREET 1:		ATTN: THERESA BOTROS - 15EAST
		STREET 2:		101 BARCLAY STREET
		CITY:			NYC
		STATE:			NY
		ZIP:			10286

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANK OF NEW YORK/ADR DIVISION
		DATE OF NAME CHANGE:	20021028
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6
<SEQUENCE>1
<FILENAME>bbvb7116738f6.htm
<DESCRIPTION>FORM F-6
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the Securities and Exchange Commission
on May 13, 2013</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4in">Registration No. 333-</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_____________________</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_____________________</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM F-6</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">REGISTRATION STATEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">under</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE SECURITIES ACT OF 1933</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">For Depositary Shares Evidenced by American Depositary
Receipts</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">of</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">BBVA BANCO FRANC&Eacute;S S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(F/K/A BANCO FRANC&Eacute;S R&Iacute;O DE LA
PLATA S.A.)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of issuer of deposited securities
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">N/A</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of issuer's name into English)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARGENTINA</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Jurisdiction of incorporation or organization
of issuer)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of depositary as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">One Wall Street, New York, New York 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 495-1784</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of depositary's principal executive offices)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Bank of New York Mellon</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ADR Division</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>One Wall Street, 11th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10286</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 495-1784</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brian D. Obergfell, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Emmet, Marvin &amp; Martin, LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>120 Broadway</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10271</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 238-3032</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">It is proposed that this filing become effective
under Rule 466</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">[ ] immediately upon filing</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">[ ] on (Date) at (Time).</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">If a separate registration statement has been
filed to register the deposited shares, check the following box. [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">CALCULATION OF REGISTRATION FEE</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 6pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; border: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">Title of each class <BR> of Securities to be registered</TD>
    <TD STYLE="width: 17%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">Amount to be registered</TD>
    <TD STYLE="width: 22%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold"><B>Proposed <BR>
maximum aggregate price per unit <SUP>(1)</SUP></B></TD>
    <TD STYLE="width: 21%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold"><B>Proposed <BR>
maximum aggregate offering price <SUP>(1)</SUP></B></TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">Amount of registration fee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; border-top-color: windowtext; border-top-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: justify; font-weight: bold"><B>American Depositary Shares, each American Depositary Share representing Ordinary<FONT STYLE="font-family: Times New Roman Bold,serif"> Shares of BBVA Banco Franc&eacute;s S.A.</FONT></B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">50,000,000 American Depositary Shares</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">$5.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">$2,5000,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">$341.00</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt"><SUP>1</SUP></TD><TD STYLE="text-align: justify">For the purpose of this table only the term &quot;unit&quot; is defined as 100 American Depositary
Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in"><B>The registrant
hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date
as the Commission, acting pursuant to said Section 8(a) may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">Pursuant to Rule
429 under the Securities Act of 1933, the Prospectus contained herein also relates to the Depositary Shares of the registrant covered
by previous Registration Statements on Form F-6 of the registrant (Regis. Nos. 33-70880, 333-162868, and 333-177411).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">The prospectus
consists of the Form of American Depositary Receipt filed as Exhibit 1 to this Registration Statement which is incorporated
herein by reference.</P>

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    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PART I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INFORMATION REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Item - 1.&#9;<U>Description of Securities
to be Registered</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Cross Reference Sheet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4in">Location in Form of Receipt</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 6pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt; text-decoration: underline"><U>Item
    Number and Caption</U></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt; text-decoration: underline">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;Filed
Herewith as Prospectus</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 6pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">1.&nbsp; Name and address of depositary</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introductory Article</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">2.&nbsp; Title of American Depositary Receipts and identity of deposited securities</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Face of Receipt, top center</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Terms of Deposit:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">(i)&nbsp; The amount of deposited securities represented</TD>
    <TD STYLE="width: 50%; padding-left: 30.6pt; text-align: justify; font-size: 10pt">Face of Receipt, upper right corner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">by one unit of American Depositary Receipts</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">(ii)&nbsp; The procedure for voting, if any, the deposited</TD>
    <TD STYLE="width: 50%; padding-left: 30.6pt; text-align: justify">Articles number 15 and 16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">securities</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">(iii)&nbsp; The collection and distribution of dividends</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">Articles number 12, 14 and 15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">(iv)&nbsp; The transmission of notices, reports and proxy</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">Articles number 11, 15 and 16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">soliciting material</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">(v)&nbsp; The sale or exercise of rights</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">Articles number 13 and 14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">(vi)&nbsp; The deposit or sale of securities resulting from</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">Articles number 12, 14 and 17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">dividends, splits or plans of reorganization</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">(vii)&nbsp; Amendment, extension or termination of the</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">Articles number 20 and 21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">deposit agreement</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">(viii)&nbsp; Rights of holders of Receipts to inspect the</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">Article number 11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">transfer books of the depositary and the list of</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">holders of Receipts</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">(ix)&nbsp; Restrictions upon the right to transfer or</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">Articles number 2, 3, 4, 6 and 8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">withdraw the underlying securities</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">(x)&nbsp; Limitation upon the liability of the depositary</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">Articles number 13, 18 and 21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">3.&nbsp; Fees and Charges</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">Articles number 7 and 8</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -4in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Item &ndash; 2.</TD>
    <TD STYLE="width: 50%; padding-left: 30.6pt; text-align: justify; text-decoration: underline">Available Information</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Public reports furnished by issuer</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify">Article number 11</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PART II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Item - 3.&#9;<U>Exhibits</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">Form of Deposit Agreement dated as of December 1, 1993, as amended as of August 12, 1997, as further
amended and restated as of ___________, 2013, among BBVA Banco Franc&eacute;s S.A. (formerly known as Banco Franc&eacute;s del
R&iacute;o de la Plata S.A.), The Bank of New York Mellon, as Depositary, and all Owners and holders from time to time of American
Depositary Shares issued thereunder. - Filed herewith as Exhibit 1(1).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">Letter agreement among BBVA Banco Franc&eacute;s S.A. and The Bank of New York relating to pre-release
activities. - Filed herewith as Exhibit 2.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">Every material contract relating to the deposited securities between the Depositary and the issuer
of the deposited securities in effect at any time within the last three years. - See (a) and (b) above.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">d.</TD><TD STYLE="text-align: justify">Opinion of Emmet, Marvin &amp; Martin, LLP, counsel for the Depositary, as to legality of the securities
to be registered. &ndash; Filed herewith as Exhibit 4.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">e.</TD><TD STYLE="text-align: justify">Certification under Rule 466. &ndash; Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Item - 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.25in"><U>Undertakings</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The Depositary hereby undertakes to make available at the principal office of the Depositary in
the United States, for inspection by holders of the ADRs, any reports and communications received from the issuer of the deposited
securities which are both (1) received by the Depositary as the holder of the deposited securities, and (2) made generally available
to the holders of the underlying securities by the issuer.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">If the amounts of fees charged are not disclosed in the prospectus, the Depositary undertakes to
prepare a separate document stating the amount of any fee charged and describing the service for which it is charged and to deliver
promptly a copy of such fee schedule without charge to anyone upon request. The Depositary undertakes to notify each registered
holder of an ADR thirty days before any change in the fee schedule.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that all the requirements
for filing on Form F-6 are met and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York, State of New York, on May 13, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: justify">Legal entity created by the agreement
for the issuance of American Depositary Shares for Ordinary Shares, of BBVA Banco Franc&eacute;s S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">By:&#9;The Bank of New York Mellon,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left; text-indent: 0.5in">As Depositary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: left">By: <U>/s/ Joanne Di Giovanni Hawke</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">Name: Joanne Di Giovanni Hawke</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">Title: Managing Director</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">Pursuant to the
requirements of the Securities Act of 1933, BBVA BANCO FRANC&Eacute;S S.A.<B> </B>has caused this Registration Statement to be
signed on its behalf by the undersigned thereunto duly authorized, in the City of Buenos Aires, Argentina on May 13, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-align: justify; text-indent: 0.5in"><B>BBVA BANCO
FRANC&Eacute;S S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">By: <U>/s/ Adrian Bressani</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">Name: Adrian Bressani</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Title: Legal Services Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">By: <U>/s/ Roc&iacute;o Carreras</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Name: Roc&iacute;o Carreras</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Title: Institutional Manager</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">Each person whose
signature appears below hereby constitutes and appoints Adrian Bressani and Roc&iacute;o Carreras, and each of them severally,
his true and lawful attorney-in-fact with power of substitution and resubstitution to sign in his name, place and stead in any
and all capacities the Registration Statement and any and all amendments thereto (including post-effective amendments) and any
documents in connection therewith, and to file the same with the Securities and Exchange Commission, granting unto each of said
attorneys full power to act with or without the other, and full power and authority to do and perform, in his name and on his behalf,
every act whatsoever which such attorneys, or any one of them, may deem necessary or desirable to be done in connection therewith
as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact,
or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.75in">Pursuant to the
requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities
indicated on May 13, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Jorge
        Carlos Bledel</P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Ricardo
        Enrique Moreno</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Jorge Carlos Bledel</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;Ricardo Enrique Moreno</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Chairman</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;(Principal Executive Officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom">
<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 30.6pt 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Ignacio
        Sanz y Arcelus</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Jos&eacute; Manuel Tamayo P&eacute;rez</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;Ignacio Sanz y Arcelus</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Vice Chairman</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;Financial and Presidency Areas Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;(Principal Financial and Accounting Officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Marcelo
        Gustavo Canestri</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom">
<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 30.6pt 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Marcelo Gustavo Canestri</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Luis Bernardo Juango Fitero</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Mario
        Luis Vicens</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Martin
        Ezequiel Zarich</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mario Luis Vicens</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Martin Ezequiel Zarich</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Alternate Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Oscar
        Miguel Castro</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Oscar Miguel Castro</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold; text-decoration: underline">AUTHORIZED U.S. REPRESENTATIVE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">PUGLISI &amp; ASSOCIATES</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 9pt; text-align: justify">as Authorized U.S. Representative</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">By</TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.05in; border-bottom: Black 0.5pt solid">/s/
        Donald J. Puglisi</P></TD>
    <TD STYLE="width: 51%; padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 30.6pt; padding-left: 27pt; text-align: justify; text-indent: -27pt">&nbsp;&nbsp;Name: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donald J. Puglisi</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Title:&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Managing Director</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INDEX TO EXHIBITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exhibit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Number</U>&#9;<U>Exhibit</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 1%"></TD><TD STYLE="width: 14%">1</TD><TD STYLE="text-align: justify; width: 85%">Form of Deposit Agreement dated as of December 1, 1993, as amended as of August 12, 1997, as further
amended and restated as of _______________, 2013, among BBVA Banco Franc&eacute;s S.A. (formerly known as Banco Franc&eacute;s
del R&iacute;o de la Plata S.A.), The Bank of New York Mellon, as Depositary and all Owners and holders from time to time of American
Depositary Shares issued thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1%"></TD><TD STYLE="width: 14%">2</TD><TD STYLE="text-align: justify; width: 85%">Letter agreement among BBVA Banco Franc&eacute;s S.A. and The Bank of New York relating to pre-release
activities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 1%"></TD><TD STYLE="width: 14%">4</TD><TD STYLE="text-align: justify; width: 85%">Opinion of Emmet, Marvin &amp; Martin, LLP, counsel for the Depositary, as to legality of the securities
to be registered.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

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<DESCRIPTION>FORM OF DEPOSIT AGREEMENT
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<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify">==============================================================</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">BBVA BANCO FRANC&Eacute;S S.A.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(F/K/A BANCO FRANCES DEL RIO DE
LA PLATA S.A.)</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">AND</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(F/K/A THE BANK OF NEW YORK)</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 4in">As Depositary</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">AND</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">OWNERS AND HOLDERS OF AMERICAN DEPOSITARY
SHARES</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Deposit Agreement</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Dated as of December 1, 1993</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">As Amended as of August 12, 1997</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">As Further Amended and Restated
as of _______________, 2013</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">==============================================================</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">DEPOSIT AGREEMENT</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">DEPOSIT AGREEMENT
dated as of December 1, 1993, as amended as of August 12, 1997, as further amended and restated as of _____________, 2013, among
BBVA BANCO FRANC&Eacute;S S.A., (F/K/A BANCO FRANCES DEL RIO DE LA PLATA S.A.) incorporated under the laws of the Republic of Argentina
(herein called the Company), THE BANK OF NEW YORK MELLON (F/K/A THE BANK OF NEW YORK), a New York banking corporation (herein called
the Depositary), and all Owners and holders from time to time of American Depositary Shares issued hereunder.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">W I T N E S S E T H :</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the
Company desires to provide, as hereinafter 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) as agent of the Depositary
for the purposes set forth in 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</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the
American Depositary Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications
and omissions, as hereinafter provided in this Deposit Agreement;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
in consideration of the premises, it is agreed by and between the parties hereto as follows:</P>

<P STYLE="font: bold 12pt/150% Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>DEFINITIONS.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The following
definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>American
Depositary Shares.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;American
Depositary Shares&quot; shall mean the securities representing the interests in the Deposited Securities and evidenced by the Receipts
issued hereunder. Each American Depositary Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement,
until there shall occur a distribution upon Deposited Securities covered by Section 4.03 or a change in Deposited Securities covered
by Section 4.08 with respect to which additional Receipts are not executed and delivered, and thereafter American Depositary Shares
shall evidence the amount of Shares or Deposited Securities specified in such Sections.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Commission.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Commission&quot;
shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.03.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Company.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Company&quot;
shall mean BBVA Banco Franc&eacute;s S.A., incorporated under the laws of the Republic of Argentina, and its successors.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.04.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Custodian.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Custodian&quot;
shall mean the Buenos Aires, Argentina, office of Banco Santander Rio S.A., as agent of the Depositary for the purposes of this
Deposit Agreement, and any other firm or corporation which may hereafter be appointed by the Depositary pursuant to the terms of
Section 5.05, as substitute or additional custodian or custodians hereunder, as the context shall require and shall also mean all
of them collectively.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.05.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Deposit
Agreement.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Deposit
Agreement&quot; shall mean this Agreement, as the same may be amended from time to time in accordance with the provisions hereof.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.06.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Depositary;
Corporate Trust Office</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Depositary&quot;
shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary hereunder. The term &quot;Corporate
Trust Office&quot;, when used with respect to the Depositary, shall mean the office of the Depositary which at the date of this
Agreement is 101 Barclay Street, New York, New York, 10286.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.07.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Deposited
Securities.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Deposited
Securities&quot; as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement
and any and all other securities, property and cash received by the Depositary or the Custodian in respect thereof and at such
time held hereunder, subject as to cash to the provisions of Section 4.05.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.08.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Dollars.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Dollars&quot;
shall mean United States dollars. The terms &quot;Pesos&quot; and &quot;Ps.&quot; shall mean Argentine Pesos.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.09.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Foreign
Registrar.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Foreign
Registrar&quot; shall mean the entity that presently carries out the duties of registrar for the Shares or any successor as registrar
for the Shares and any other appointed agent of the Company for the transfer and registration of Shares.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Owner.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Owner&quot;
shall mean the person in whose name a Receipt is registered on the books of the Depositary maintained for such purpose.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Receipts&quot;
shall mean the American Depositary Receipts issued hereunder evidencing American Depositary Shares.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Registrar.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Registrar&quot;
shall mean any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed
to register Receipts and transfers of Receipts as herein provided.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Restricted
Securities.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Restricted
Securities&quot; shall mean Shares, or Receipts representing such Shares, which are acquired directly or indirectly from the Company
or its affiliates (as defined in Rule 144 to the Securities Act of 1933) in a transaction or chain of transactions not involving
any public offering or which are subject to resale limitations under Regulation D under that Act or both, or which are held by
an officer, director (or persons performing similar functions) or other affiliate of the Company, or which are subject to other
restrictions on sale or deposit under the laws of the United States or the Republic of Argentina, or under a shareholder agreement
or the Estatutos of the Company.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.14.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Securities
Act of 1933.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Securities
Act of 1933&quot; shall mean the United States Securities Act of 1933, as from time to time amended.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.15.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Shares.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Shares&quot;
shall mean ordinary shares of the Company, whether represented in book-entry or physical form, heretofore validly issued and outstanding
and fully paid, nonassessable and free of any pre-emptive rights of the holders of outstanding Shares or hereafter validly issued
and outstanding and fully paid, nonassessable and free of any pre-emptive rights of the holders of outstanding Shares.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt/normal Times New Roman Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">ARTICLE</TD><TD STYLE="text-align: justify">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>FORM OF RECEIPTS, DEPOSIT
OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS.</TD></TR></TABLE>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Form and
Transferability of Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Definitive Receipts
shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or
obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the manual signature of a duly authorized
signatory of the Depositary; provided, however, that such signature may be a facsimile if a Registrar for the Receipts shall have
been appointed and such Receipts are countersigned by the manual signature of a duly authorized officer of the Registrar. The Depositary
shall maintain books on which each Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt
shall be registered. Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was
at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold
such office prior to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance
of such Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Receipts
may, with the prior consent of the Company (which consent may not be unreasonably withheld), be endorsed with or have incorporated
in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as
may be 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 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 are subject by reason of the date
of issuance of the underlying Deposited Securities or otherwise.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Title to a Receipt
(and to the American Depositary Shares evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer,
shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Depositary,
notwithstanding any notice to the contrary, may treat the Owner thereof 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.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Deposit
of Shares.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the
terms and conditions of this Deposit Agreement, Shares may be deposited by delivery thereof to any Custodian hereunder, accompanied
by any appropriate instrument or instruments of transfer, or endorsement, in form satisfactory to the Custodian, together with
all such certifications as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit
Agreement, and, if the Depositary requires, together with a written order directing the Depositary to execute and deliver to, or
upon the written order of, the person or persons stated in such order, a Receipt or Receipts for the number of American Depositary
Shares representing such deposit. No Share shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary
that any necessary approval has been granted by any governmental body in the Republic of Argentina which is then performing the
function of the regulation of currency exchange. If required by the Depositary, Shares presented for deposit at any time, whether
or not the transfer books of the Company or the Foreign Registrar, if applicable, are closed, shall also be accompanied by an agreement
or assignment, or other instrument satisfactory to the Depositary, which will provide for the prompt transfer to the Custodian
of any dividend, or right to subscribe for additional Shares or to receive other property which any person in whose name the Shares
are or have been recorded may thereafter receive upon or in respect of such deposited Shares, or in lieu thereof, such agreement
of indemnity or other agreement as shall be satisfactory to the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">At the request
and risk and expense of any person proposing to deposit Shares, and for the account of such person, the Depositary may receive
certificates for Shares to be deposited, together with the other instruments herein specified, for the purpose of forwarding such
Share certificates to the Custodian for deposit hereunder.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon each delivery
to a Custodian of a certificate or certificates for Shares to be deposited hereunder, together with the other documents above specified,
such Custodian shall, as soon as transfer and recordation can be accomplished, present such certificate or 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 such Custodian or its nominee.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">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.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company agrees
to cause the ownership of any Deposited Securities held hereunder to be registered in the books, records and registries of the
Company and/or the Foreign Registrar, including but not limited to (in addition to complying with CNV Resolution No. 179), the
&quot;Registro de Accionistas&quot; (the Shareholders' Register), the &quot;Deposito de Acciones y Registro de Asistencia Asambleas
Generales&quot; (the Shareholders' Meeting Register) and/or the &quot;Libro de Registro de Acciones Escriturales&quot; (the Book
Entry Register) as follows:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&quot;The Bank
of New York Mellon as Depositary on behalf and for the benefit of all Owners from time to time registered in the books of the Depositary
as owners of American Depositary Receipts evidencing American Depositary Shares which in turn represent ordinary shares, in accordance
with the terms and conditions of a Deposit Agreement dated as of December 1, 1993, as amended as of August 12, 1997, and as further
amended and restated as of _________________, 2013, as amended from time to time and executed among The Bank of New York Mellon,
BBVA Banco Franc&eacute;s S.A. and all owners and holders from time to time of American Deposit Shares issued thereunder, and filed
at the Comisi&ccedil;&ccedil;n Nacional de Valores.&quot;</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.03.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Execution
and Delivery of Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon receipt
by any Custodian of any deposit pursuant to Section 2.02 hereunder (and in addition, if the transfer books of the Company or the
Foreign Registrar, if applicable, are open, the Depositary may in its sole discretion require a proper acknowledgment or other
evidence from the Company that any Deposited Securities have been recorded upon the books of the Company or the Foreign Registrar,
if applicable, in the name of the Depositary or its nominee or such Custodian or its nominee), together with the other documents
required as above specified, such Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon
whose written order a Receipt or Receipts are deliverable in respect thereof and the number of American Depositary Shares to be
evidenced thereby. Such notification shall be made by letter or, at the request, risk and expense of the person making the deposit,
by cable, telex or facsimile transmission. Upon receiving such notice from such Custodian, or upon the receipt of Shares by the
Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver at its Corporate
Trust Office, to or upon the order of the person or persons entitled thereto, a Receipt or Receipts, registered in the name or
names and evidencing any authorized number of American Depositary Shares requested by such person or persons, but only upon payment
to the Depositary of the fees of the Depositary for the execution and delivery of such Receipt or Receipts as provided in Section
5.09, and of all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Deposited
Securities.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.04.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Transfer
of Receipts; Combination and Split-up of Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary,
subject to the terms and conditions of this Deposit Agreement, shall register transfers of Receipts on its transfer books from
time to time, upon any surrender of a Receipt, by the Owner in person or by a duly authorized attorney, properly endorsed or accompanied
by proper instruments of transfer, and duly stamped as may be required by the laws of the State of New York and of the United States
of America. Thereupon the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person
entitled thereto.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary,
subject to the terms and conditions of this 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 for any authorized
number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt
or Receipts surrendered.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
may appoint one or more co-transfer agents for the purpose of effecting transfers, 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 Receipts and will be entitled to protection
and indemnity to the same extent as the Depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.05.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Surrender
of Receipts and Withdrawal of Shares.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon surrender
at the Corporate Trust Office of the Depositary of a Receipt for the purpose of withdrawal of the Deposited Securities represented
by the American Depositary Shares evidenced by such Receipt, and upon payment of the fee of the Depositary for the surrender of
Receipts as provided in Section 5.09 and payment of all taxes and governmental charges payable in connection with such surrender
and withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of such
Receipt shall be entitled to delivery, to him or upon his order, of the amount of Deposited Securities at the time represented
by the American Depositary Shares evidenced by such Receipt. Delivery of such Deposited Securities may be made by the delivery
of (a) certificates in the name of such Owner or as ordered by him or certificates properly endorsed or accompanied by proper instruments
of transfer to such Owner or as ordered by him and (b) any other securities, property and cash to which such Owner is then entitled
in respect of such Receipts to such Owner or as ordered by him. Such delivery shall be made, as hereinafter provided, without unreasonable
delay.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">A Receipt surrendered
for such purposes may be required by the Depositary to be properly endorsed in blank or accompanied by proper instruments of transfer
in blank, and if the Depositary so requires, the Owner thereof shall 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 such order. Thereupon the Depositary shall direct the Custodian to deliver at the Buenos Aires, Argentina, office
of such Custodian, subject to Sections 2.06, 3.01 and 3.02 and to the other terms and conditions of this Deposit Agreement, 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 American Depositary Shares evidenced by such Receipt, except that the Depositary may
make delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with
respect to the Deposited Securities represented by the American Depositary Shares evidenced by such Receipt, or of any proceeds
of sale of any dividends, distributions or rights, which may at the time be held by the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">At the request,
risk and expense of any Owner so surrendering a Receipt, and for the account of such Owner, the Depositary shall direct the Custodian
to forward any cash or other property (other than rights) comprising, and forward a certificate or certificates and other proper
documents of title for, the Deposited Securities represented by the American Depositary Shares evidenced by such Receipt to the
Depositary for delivery at the Corporate Trust Office of the Depositary. Such direction shall be given by letter or, at the request,
risk and expense of such Owner, by cable, telex or facsimile transmission.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.06.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Limitations
on Execution and Delivery, Transfer and Surrender of Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">As a condition
precedent to the execution and delivery, registration of transfer, split-up, combination or surrender of any Receipt or withdrawal
of any Deposited Securities, the Depositary, Custodian or Registrar may, and upon written instruction from the Company shall, require
payment from the depositor of Shares or the presentor of the 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 herein provided, 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
2.06.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The delivery
of Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer of
Receipts in particular instances may be refused, or the registration of transfer of outstanding Receipts 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, subject to the provisions of the
following sentence. The surrender of outstanding Receipts 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 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 Receipts or to the withdrawal of the Deposited
Securities. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement
any Shares required to be registered under the provisions of the Securities Act of 1933, unless a registration statement is in
effect as to such Shares. The Depositary, at the expense of the Company, will use reasonable efforts to comply with written instructions
of the Company not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances
as may be reasonably specified in such instructions in order to facilitate the Company's compliance with the securities laws of
the United States.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.07.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Lost Receipts,
etc.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In case any Receipt
shall be mutilated, destroyed, lost or stolen, the Depositary shall execute and deliver a new Receipt of like tenor in exchange
and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost
or stolen Receipt. Before the Depositary shall execute and deliver a new Receipt in substitution for a destroyed, lost or stolen
Receipt, the Owner thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary
has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfied any
other reasonable requirements imposed by the Depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.08.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Cancellation
and Destruction of Surrendered Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">All Receipts
surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.09.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Pre-Release
of Receipts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
Section 2.03 hereof, the Depositary may execute and deliver Receipts prior to the receipt of Shares pursuant to Section 2.02 (&quot;Pre-Release&quot;).
The Depositary may, pursuant to Section 2.05, deliver Shares upon the receipt and cancellation of Receipts which have been Pre-Released,
whether or not such cancellation is prior to the termination of such Pre-Release or the Depositary knows that such Receipt has
been Pre-Released. The Depositary may receive Receipts in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will
be (a) preceded or accompanied by a written representation from the person to whom Receipts are to be delivered that such person,
or its customer, owns the Shares or Receipts to be remitted, as the case may be, (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 such further indemnities and credit regulations as the Depositary deems appropriate. The number
of Shares evidenced by American Depositary Shares which are outstanding at any time as a result of Pre-Releases will not exceed
thirty percent (30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves the right to change or
disregard such limit from time to time as it deems appropriate.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
may retain for its own account any compensation received by it in connection with the foregoing.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Uncertificated
American Depositary Shares; DTC Direct Registration System.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
anything to the contrary in this Deposit Agreement:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;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 summarizes the terms and conditions of, and will be the prospectus required under the Securities
Act of 1933 for, both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement
that by their nature do not apply to uncertificated American Depositary Shares, all the provisions of this Deposit Agreement shall
apply, <U>mutatis mutandis</U>, to both certificated and uncertificated American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;(i)&#9;The
term &ldquo;deliver&rdquo;, or its noun form, when used with respect to Receipts, shall mean (A) book-entry transfer of American
Depositary Shares to an account at The Depository Trust Company, or its successor (&ldquo;DTC&rdquo;), designated by the person
entitled to such delivery, evidencing American Depositary Shares registered in the name requested by that person, (B) registration
of American Depositary Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled
to such delivery and mailing to that person of a statement confirming that registration or (C) if requested by the person entitled
to such delivery, delivery at the Corporate Trust Office of the Depositary to the person entitled to such delivery of one or more
Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&#9;(ii)&#9;The
term &ldquo;surrender&rdquo;, when used with respect to Receipts, shall mean (A) one or more book-entry transfers of American Depositary
Shares to the DTC account of the Depositary, (B) delivery to the Depositary at its Corporate Trust Office of an instruction to
surrender American Depositary Shares not evidenced by a Receipt or (C) surrender to the Depositary at its Corporate Trust Office
of one or more Receipts evidencing American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&#9;American
Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of New
York.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)&#9;The Depositary
shall have a duty to register a transfer, in the case of uncertificated American Depositary Shares, upon receipt from the Owner
of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in subsection
(f) below). The Depositary, upon surrender of a Receipt for the purpose of exchanging it for uncertificated American Depositary
Shares, shall cancel that Receipt and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated
American Depositary Shares that the surrendered Receipt evidenced. The Depositary, upon receipt of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in subsection (f) below) from the Owner of uncertificated
American Depositary Shares for the purpose of exchanging them for certificated American Depositary Shares, shall execute and deliver
to the Owner a Receipt evidencing the same number of certificated American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)&#9;Upon satisfaction
of the conditions for replacement of a Receipt that is mutilated, lost, destroyed or stolen, the Depositary shall deliver to the
Owner the American Depositary Shares evidenced by that Receipt in uncertificated form unless otherwise requested by the Owner.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)&#9;(i) The
parties acknowledge that the Direct Registration System (&ldquo;DRS&rdquo;) and Profile Modification System (&ldquo;Profile&rdquo;)
shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered
by DTC pursuant to which the Depositary may register the ownership of uncertificated American Depositary Shares, which ownership
shall be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature
of DRS which 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
such transfer.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&#9;(ii) In connection
with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary
will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner
in requesting a registration of transfer and delivery as described in subsection (i) has the actual authority to act on behalf
of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of
Sections 5.03 and 5.08 shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary&rsquo;s
reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with this
Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary.</P>

<P STYLE="font: bold 12pt/150% Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
3.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Filing Proofs,
Certificates and Other Information.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any person presenting
Shares for deposit or any Owner of a Receipt 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. The Depositary may, and at the written request of the Company shall, withhold the
delivery or registration of transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or of
the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed or such certificates
are executed or such representations and warranties made to the satisfaction of the Depositary and, if the Company has previously
notified the Depositary in writing that it wishes to review such proofs, information, certificates, representations and warranties,
the Company.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
3.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Liability
of Owner for Taxes.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any tax or
other governmental charge shall become payable with respect to any Receipt or any Deposited Securities represented by any Receipt,
such tax or other governmental charge shall be payable by the Owner of such Receipt to the Depositary. The Depositary may, and
at the written request of the Company shall, (i) refuse to effect any transfer of such Receipt or any withdrawal of Deposited Securities
represented by American Depositary Shares evidenced by such Receipt until such payment is made, (ii) withhold any dividends or
other distributions, or (iii) sell for the account of the Owner thereof any part or all of the Deposited Securities represented
by the American Depositary Shares evidenced by such Receipt, and may, and at the written request of the Company shall, apply such
dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental charge and the Owner
of such Receipt shall remain liable for any deficiency.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
3.03.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Warranties
on Deposit of Shares.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Every person
depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate
therefor are validly issued, fully paid, nonassessable and free of any pre-emptive rights of the holders of outstanding Shares
and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the
deposit of such Shares and the sale of Receipts evidencing American Depositary Shares representing such Shares by that person are
not restricted under the Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares and issuance
of Receipts.</P>

<P STYLE="font: bold 12pt/150% Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>THE DEPOSITED SECURITIES.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Cash Distributions.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the
Depositary shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, subject
to the provisions of Section 4.05, convert such dividend or distribution into Dollars and shall distribute the amount thus received
(net of the fees and expenses of the Depositary as provided in Section 5.09) to the Owners entitled thereto, in proportion to the
number of American Depositary Shares representing such Deposited Securities held by them respectively; provided, however, that
in the event that the Company or the Depositary shall be required to withhold and does withhold from such cash dividend or such
other cash distribution an amount on account of taxes, the amount distributed to the Owner of the Receipts evidencing American
Depositary Shares representing such Deposited Securities shall be reduced accordingly. The Depositary shall distribute only such
amount, however, as can be distributed without attributing to any Owner a fraction of one cent. Any such fractional amounts shall
be rounded to the nearest whole cent and so distributed to Owners entitled thereto. If the Depositary shall have withheld such
an amount on account of taxes, the Depositary shall remit such amount to the appropriate governmental agency if such agency is
within the United States of America, and, if such agency is within the Republic of Argentina, to the Company whereupon the Company
or its agent will remit to the appropriate governmental agency in the Republic of Argentina all such 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 the Depositary or the Company
or its agent may file any such reports necessary to obtain benefits under the applicable tax treaties for the Owners of Receipts.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Distributions
Other Than Cash, Shares or Rights.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the
provisions of Section 4.11 and 5.09, whenever the Depositary shall receive any distribution other than a distribution described
in Sections 4.01, 4.03 or 4.04, the Depositary shall 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 or any taxes or other governmental
charges, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively,
in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution; provided, however, that
if in the 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 that the Company or the Depositary withhold an amount on account
of taxes or other governmental charges or that such securities must be registered under the Securities Act of 1933 in order to
be distributed to Owners or holders) the Depositary deems such distribution not to be feasible, the Depositary may adopt such 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 the net proceeds of any such sale (net of
the fees and expenses of the Depositary as provided in Section 5.09) shall be distributed by the Depositary to the Owners entitled
thereto as in the case of a distribution received in cash.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.03.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Distributions
in Shares.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any distribution
upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the
Company shall so request, distribute to the Owners of outstanding Receipts entitled thereto, in proportion to the number of American
Depositary Shares representing such Deposited Securities held by them respectively, additional Receipts evidencing an aggregate
number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject
to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary
Shares evidenced by Receipts, including the withholding of any tax or other governmental charge as provided in Section 4.11 and
the payment of the fees of the Depositary as provided in Section 5.09. In lieu of delivering Receipts for fractional American Depositary
Shares in any such case, the Depositary shall sell the amount of Shares represented by the aggregate of such fractions and distribute
the net proceeds, all in the manner and subject to the conditions described in Section 4.01. If additional Receipts are not so
distributed, each American Depositary Share shall thenceforth also represent the additional Shares distributed upon the Deposited
Securities represented thereby.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.04.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Rights.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the event
that the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional
Shares or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed in making such
rights available to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds available to
such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights
available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall
allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its discretion that it is
lawful and feasible to make such rights available to all or certain Owners but not to other Owners, the Depositary may distribute
to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary
Shares held by such Owner, warrants or other instruments therefor in such form as it deems appropriate.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In circumstances
in which rights would otherwise not be distributed, if an Owner of Receipts requests the distribution of warrants or other instruments
in order to exercise the rights allocable to the American Depositary Shares of such Owner hereunder, the Depositary will make such
rights available to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected in its sole
discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Company has determined in
its sole discretion are reasonably required under applicable law.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Depositary
has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant
to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to
the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise
of the rights, and upon payment of the fees of the Depositary and any other charges as set forth in such warrants or other instruments,
the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares
so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the
Shares so purchased to be deposited pursuant to Section 2.02 of this Deposit Agreement, and shall, pursuant to Section 2.03 of
this Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a distribution pursuant to the second paragraph
of this section, such Receipts shall be legended in accordance with applicable U.S. laws, and shall be subject to the appropriate
restrictions on sale, deposit, cancellation, and transfer under such laws.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Depositary
determines in its discretion that it is not lawful and feasible to make such rights available to all or certain Owners, it may
sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to
whom it has determined it may not lawfully or feasibly make such rights available, and allocate the net proceeds of such sales
(net of the fees of the Depositary as provided in Section 5.09 and all taxes and governmental charges payable in connection with
such rights and subject to the terms and conditions of this Deposit Agreement) for the account of such Owners otherwise entitled
to such rights, warrants or other instruments, 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 Receipt or otherwise.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
will not offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration
under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of such Act.
If an Owner of Receipts requests the distribution of warrants or other instruments, notwithstanding that there has been no such
registration under such Act, the Depositary shall not effect such distribution unless it has received an opinion from recognized
counsel in the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt
from such registration.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
shall not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners
in general or any Owner in particular.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.05.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Conversion
of Foreign Currency.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the
Depositary shall receive 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
convert or cause to be converted, by sale or in any other manner that it may determine, such foreign currency into Dollars, and
such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed any warrants or other
instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender
thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions
among Owners on account of exchange restrictions, the date of delivery of any Receipt or otherwise and shall be net of any expenses
of conversion into Dollars incurred by the Depositary as provided in Section 5.09.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If such conversion
or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary shall file
such application for approval or license, if any, as it may deem desirable.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If at any time
the Depositary shall determine that in its judgment any foreign currency received by the Depositary 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 which is
required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if any such approval or license
is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency
(or an appropriate document evidencing the right to receive such 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.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any such 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 such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto
and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without
liability for interest thereon for the respective accounts of, the Owners entitled thereto.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.06.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Fixing of
Record Date.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever any
cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights
shall be issued with respect to the Deposited Securities, or whenever for any reason the Depositary causes a change in the number
of Shares that are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting
of holders of Shares or other Deposited Securities, the Depositary shall fix a record date (a) for the determination of the Owners
who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof or (ii) entitled
to give instructions for the exercise of voting rights at any such meeting, or (b) on or after which each American Depositary Share
will represent the changed number of Shares. Subject to the provisions of Sections 4.01 through 4.05 and to the other terms and
conditions of this Deposit Agreement, the Owners on such record date shall be entitled, as the case may be, to receive the amount
distributable by the Depositary with respect to such dividend or other distribution or such rights or the net proceeds of sale
thereof in proportion to the number of American Depositary Shares held by them respectively and to give voting instructions and
to act in respect of any other such matter.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.07.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Voting of
Deposited Securities.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon receipt
of notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company the Depositary
shall, as soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall be in the sole discretion
of the Depositary, which shall contain (a) such information as is contained in such notice of meeting, (b) 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 Estatutos of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining
to the amount of Shares or other Deposited Securities represented by their respective American Depositary Shares and (c) a statement
that if no such instructions are received with respect to any amount of Shares or other Deposited Securities, the Depositary will
deem such Owner to have instructed the Depositary vote such Shares or other Deposited Securities in the manner specified below
in this Section 4.07. Upon the written request of an Owner on such record date, received on or before the date established by the
Depositary for such purpose, the Depositary shall endeavor, in so far as practicable, to vote or cause to be voted the amount of
Shares or other Deposited Securities represented by the American Depositary Shares evidenced by such Receipt in accordance with
the instructions set forth in such request. If the Depositary has solicited the instructions of Owners as set forth above, in the
case where no instructions are received by the Depositary from any Owner with respect to the Shares or other Deposited Securities
represented by the American Depositary Shares evidenced by such Owner&rsquo;s Receipts on or before the date established by the
Depositary for such purpose, the Depositary shall deem such Owner to have instructed the Depositary to vote such Shares or other
Deposited Securities in favor of any proposal or matter proposed by the Board of Directors of the Company requiring a vote by the
holders of Shares or other Deposited Securities or in accordance with the recommendations of the Board of Directors of the Company
in case of any matter or proposal not made by the Board of Directors of the Company. The Depositary shall not vote or attempt to
exercise the right to vote that attaches to the Shares or other Deposited Securities other than in accordance with such instructions
or deemed instructions.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding
any other provision of the Deposit Agreement or the Receipts, with regard to any resolution to be voted upon by owners of Shares
or other Deposited Securities, the Depositary shall not mail the notice referred to in the prior paragraph to the Owners nor vote
the Shares or other Deposited Securities and the Owners shall not instruct the Depositary to vote the Shares or other Deposited
Securities represented by the Owners' respective American Depositary Shares unless, upon the request of the Depositary, the Company
previously shall have furnished the Depositary with an opinion in form and substance satisfactory to the Depositary of Argentine
counsel satisfactory to the Depositary that such resolution is not contrary to Argentine law or the by-laws or regulations, if
any, of the Company.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company and
the Owners hereby acknowledge that the Depositary is not the economic or beneficial owner of any Deposited Securities and merely
holds title to the Deposited Securities on behalf of the Owners. The Company and the Owners further acknowledge that the Owners
have full and exclusive power to direct and control the voting of the Deposited Securities and that the Depositary is acting solely
on behalf of the Owners in connection with such voting.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.08.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Changes
Affecting Deposited Securities.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In circumstances
where the provisions of Section 4.03 do not apply, upon any change in nominal value, change in par value, split-up, consolidation
or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or
sale of assets affecting the Company or to which it is a party, any securities which shall be received by the Depositary or a Custodian
in exchange for or in conversion of or in respect of Deposited Securities, shall be treated as new Deposited Securities under this
Deposit Agreement, and American Depositary Shares shall thenceforth represent the new Deposited Securities so received in exchange
or conversion, unless additional Receipts are delivered pursuant to the following sentence. In any such case the Depositary may,
and shall if the Company shall so request, execute and deliver additional Receipts as in the case of a dividend in Shares, or call
for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.09.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Reports.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
shall make available for inspection by Owners at its Corporate Trust Office any reports and 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 such Deposited Securities by the Company. The Depositary shall also send to
the Owners copies of such reports when furnished by the Company pursuant to Section 5.06. Any such reports and communications,
including any such proxy soliciting material, furnished to the Depositary by the Company shall be furnished in English, to the
extent such materials are required to be translated into English pursuant to any regulations of the Commission.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company is
subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files all required reports
with the Commission.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Lists of
Owners.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Promptly upon
request by the Company, at the expense of the Company or the Depositary as agreed to in writing between the Company and the Depositary,
the Depositary shall furnish to the Company a list, as of a recent date, of the names, addresses and holdings of American Depositary
Shares by all persons in whose names Receipts are registered on the books of the Depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Withholding.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the event
that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject
to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private
sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such
manner as the Depositary deems necessary and practicable to pay any such taxes or charges and the Depositary shall distribute the
net proceeds of any such sale after deduction of such taxes or charges to the Owners entitled thereto in proportion to the number
of American Depositary Shares held by them respectively.</P>

<P STYLE="font: bold 12pt/150% Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Maintenance
of Office and Transfer Books by the Depositary.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Until termination
of this Deposit Agreement in accordance with its terms, the Depositary shall maintain in the Borough of Manhattan, The City of
New York, facilities for the execution and delivery, registration, registration of transfers and surrender of Receipts in accordance
with the provisions of this Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection
by the Owners, 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 this Deposit Agreement or the Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">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 hereunder and shall close the transfer books when requested by the Company.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any Receipts
or the American Depositary Shares evidenced thereby are listed on one or more stock exchanges in the United States, the Depositary
shall act as Registrar or appoint a Registrar or one or more co-registrars for registry of such Receipts in accordance with any
requirements of such exchange or exchanges.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Prevention
or Delay in Performance by the Depositary or the Company.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Company shall incur any liability to any Owner or holder of any Receipt, if by reason of any provision of any present or
future law or regulation of the United States or any other country, or of any governmental or regulatory authority or stock exchange,
or by reason of any provision, present or future, of the Estatutos of the Company, or by reason of any act of God or war or other
circumstances beyond its control, the Depositary or the Company shall be prevented or forbidden from, or be subject to any civil
or criminal penalty on account of, doing or performing any act or thing which by the terms of this Deposit Agreement it is provided
shall be done or performed; nor shall the Depositary or the Company incur any liability to any Owner or holder of any Receipt by
reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of this
Deposit Agreement it is provided shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement. Where, by the terms of a distribution pursuant to Sections 4.01, 4.02, or 4.03
of the Deposit Agreement, or an offering or distribution pursuant to Section 4.04 of the Deposit Agreement, or for any other reason,
such distribution or offering may not be made available to Owners, and the Depositary may not dispose of such distribution or offering
on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution
or offering, and shall allow any rights, if applicable, to lapse.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.03.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Obligations
of the Depositary, the Custodian and the Company.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company assumes
no obligation nor shall it be subject to any liability under this Deposit Agreement to Owners or holders of Receipts, except that
it agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or holder of any Receipt
(including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that it agrees
to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Company 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 Receipts, which in its opinion may involve it in expense or liability, unless
indemnity satisfactory to it against all expense and liability shall be furnished as often as may be required, and the Custodian
shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely
to the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Company shall be liable for any action or nonaction by it 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 in good faith to be competent
to give such advice or information.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">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.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">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, provided that any such action or nonaction is in good faith or in
accordance with Section 4.07.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">No disclaimer
of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.04.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Resignation
and Removal of the Depositary.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, such resignation
to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
may at any time be removed by the Company by written notice of such removal effective upon the appointment of a successor depositary
and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In case at any
time the Depositary acting hereunder shall resign or be removed, the Company shall use its best 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 its predecessor and to the Company an instrument in writing accepting its appointment hereunder,
and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on the written
request of the Company shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor
hereunder, shall duly assign, transfer and deliver all right, title and interest in the Deposited Securities to such successor,
and shall deliver to such successor a list of the Owners of all outstanding Receipts. Any such successor depositary shall promptly
mail notice of its appointment to the Owners.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any corporation
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.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.05.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>The Custodians.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Each Custodian
shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. Any
Custodian may resign and be discharged from its duties hereunder by notice of such resignation delivered to the Depositary at least
30 days prior to the date on which such resignation is to become effective. If upon such resignation there shall be no Custodian
acting hereunder, the Depositary shall, promptly after receiving such notice, appoint a substitute custodian or custodians, each
of which shall thereafter be a Custodian hereunder. Whenever the Depositary in its discretion determines that it is in the best
interest of the Owners to do so, it may appoint substitute or additional custodian or custodians, which shall thereafter be one
of the Custodians hereunder. Upon demand of the Depositary any Custodian shall deliver such of the Deposited Securities held by
it as are requested of it to any other Custodian or such substitute or additional custodian or custodians. Each such substitute
or additional custodian shall deliver to the Depositary, forthwith upon its appointment, an acceptance of such appointment satisfactory
in form and substance to the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon the appointment
of any successor depositary hereunder, each Custodian then acting hereunder shall forthwith become, without any further act or
writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair
the authority of each Custodian hereunder; but the successor depositary so appointed shall, nevertheless, on the written request
of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and
complete power and authority as agent hereunder of such successor depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.06.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Notices
and Reports.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">On or before
the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited
Securities, or of any adjourned meeting of such holders, or of the taking of any action in respect of any cash or other distributions
or the offering of any rights, the Company agrees to transmit to the Depositary and the Custodian a copy of the notice thereof
in the form given or to be given to holders of Shares or other Deposited Securities.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">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 such 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 arrange for the mailing, at the Company's expense, of copies of such notices, reports and communications to
all Owners. 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 such mailings.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.07.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Distribution
of Additional Shares, Rights, etc.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company agrees
that in the event of 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 &quot;Distribution&quot;) the Company will promptly
furnish to the Depositary a written opinion from U.S. counsel for the Company, which counsel shall be satisfactory to the Depositary,
stating whether or not the Distribution requires a Registration Statement under the Securities Act of 1933 to be in effect prior
to making such Distribution available to Owners entitled thereto. If in the opinion of such counsel a Registration Statement is
required, such counsel shall furnish to the Depositary a written opinion as to whether or not there is a Registration Statement
in effect which will cover such Distribution.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">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, either originally issued or previously issued and reacquired by the Company or any such affiliate,
unless a Registration Statement is in effect as to such Shares under the Securities Act of 1933.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.08.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Indemnification.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company agrees
to indemnify the Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each of them harmless
from, any liability or expense (including, but not limited to, the reasonable fees and expenses of counsel) which may arise out
of acts performed or omitted, in accordance with the provisions of this Deposit Agreement and of the Receipts, 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.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
agrees to indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability or expense
which may arise out of acts performed or omitted by the Depositary or its Custodian or their respective directors, employees, agents
and affiliates due to their negligence or bad faith.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.09.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Charges
of Depositary.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company agrees
to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance
with agreements in writing entered into between the Depositary and the Company from time to time. The charges and expenses of the
Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The following
charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering Receipts or to whom Receipts
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 Receipts or Deposited Securities or a distribution of Receipts pursuant to Section 4.03), whichever 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 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, telex and facsimile transmission 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 4.05, (5) a fee not in excess of $5.00
or less per 100 American Depositary Shares (or portion thereof) for the execution and delivery of Receipts pursuant to Sections
2.03 or 4.03 and the surrender of Receipts pursuant to Section 2.05 and (6) a fee of $.05 or less per American Depositary Shares
(or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections
4.01 through 4.04 hereof, (7) a fee for, and deduct such fee from, the distribution of proceeds of sales of securities or rights
pursuant to Sections 4.02 or 4.04, respectively, such fee being in an amount equal to the fee for the issuance of American Depositary
Shares referred to above which would have been charged as a result of the deposit by Owners of securities (for purposes of this
clause 7 treating all such securities as if they were Shares) or Shares received in exercise of rights distributed to them pursuant
to Sections 4.02 or 4.04, respectively, but which securities or rights are instead sold by the Depositary and the net proceeds
distributed, (8) in addition to any fee charged under clause 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 clause 9, and (9) any other charges payable by
the Depositary, any of the Depositary's agents, including the Custodian, or the agents of the Depositary's agents in connection
with the servicing of Shares or other Deposited Securities (which charge shall be assessed against Owners as of the date or dates
set by the Depositary in accordance with Section 4.06 and shall be payable at the sole discretion of the Depositary by billing
such Owners for such charge or by deducting such charge from one or more cash dividends or other cash distributions.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary,
subject to Section 2.09 hereof, may own and deal in any class of securities of the Company and its affiliates and in Receipts.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Suits Against
Owners of Deposited Securities.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company hereby
agrees that with respect to any claim that it may have against the owner of any Deposited Security, including any claim against
the owner of a Deposited Security that is voted in favor of a resolution that is contrary to Argentine law or the Estatutos, by-laws,
or regulations, if any, of the Company or that is declared void for any reason, the Company shall assert such claim and bring any
action based on such claim only against the Owners and not against the Depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Retention
of Depositary Documents.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">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 unless the Company requests that such papers be retained for
a longer period or turned over to the Company or to a successor depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Exclusivity.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company agrees
not to appoint any other depositary for issuance of American Depositary Receipts so long as The Bank of New York Mellon is acting
as Depositary hereunder.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>List of
Restricted Securities Owners.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">From time to
time, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or
entities who beneficially own Restricted Securities and the Company shall update that list on a regular basis. The Company agrees
to advise in writing each of the persons or entities so listed that such Restricted Securities are ineligible for deposit hereunder.
The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon.</P>

<P STYLE="font: bold 12pt/150% Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>AMENDMENT AND TERMINATION.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
6.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Amendment.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">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 in any respect which they may deem necessary or desirable. Any amendment which shall 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 which shall otherwise prejudice any substantial existing right of Owners, shall,
however, not become effective as to outstanding Receipts until the expiration of thirty days after notice of such amendment shall
have been given to the Owners of outstanding Receipts. Every Owner at the time any amendment so becomes effective shall be deemed,
by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended
thereby. In no event shall any amendment impair the right of the Owner of any Receipt to surrender such Receipt and receive therefor
the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
6.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Termination.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary
shall at any time at the direction of the Company, terminate this Deposit Agreement by mailing notice of such termination to the
Owners of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination. The Depositary
may likewise terminate this Deposit Agreement by mailing notice of such termination to the Company and the Owners of all Receipts
then outstanding if at any time 90 days shall have expired after the Depositary shall have delivered to the Company a written notice
of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in
Section 5.04. On and after the date of termination, the Owner of a Receipt will, upon (a) surrender of such Receipt at the Corporate
Trust Office of the Depositary, (b) payment of the fee of the Depositary for the surrender of Receipts referred to in Section 2.05,
and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount
of Deposited Securities represented by the American Depositary Shares evidenced by such Receipt. If any Receipts shall remain outstanding
after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend
the distribution of dividends to the Owners thereof, and shall not give any further notices or perform any further acts under this
Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited
Securities, shall sell rights as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, together
with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other
property, in exchange for Receipts surrendered to the Depositary (after deducting, in each case, the fee of the Depositary for
the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions
of this Deposit Agreement, and any applicable taxes or governmental charges). At any time after the expiration of one year from
the date of termination, the Depositary may sell the Deposited Securities then held hereunder 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 Receipts which have not theretofore been surrendered, such Owners thereupon
becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be
discharged from all obligations under this Deposit Agreement, except to account for such net proceeds and other cash (after deducting,
in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt
in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). Upon
the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except
for its obligations to the Depositary under Sections 5.08 and 5.09 hereof.</P>

<P STYLE="font: bold 12pt/150% Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>MISCELLANEOUS.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Counterparts.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit
Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such 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 holder or Owner of a Receipt during business hours.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>No Third
Party Beneficiaries.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit
Agreement is for the exclusive benefit of the parties hereto and shall not be deemed to give any legal or equitable right, remedy
or claim whatsoever to any other person.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.03.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Severability.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In case any one
or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way
be affected, prejudiced or disturbed thereby.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.04.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Holders
and Owners as Parties; Binding Effect.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The holders and
Owners of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts by acceptance thereof.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.05.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Notices.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by letter, addressed to [Mr. Rodolfo Corvi, Chief Financial Officer, BBVA Banco Franc&eacute;s S.A., Reconquista
199, (1003) Buenos Aires, the Republic of Argentina, or any other place to which the Company may have transferred its principal
office.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to the Depositary shall be deemed to have been duly given if in English and personally delivered or sent by mail or
cable, telex or facsimile transmission confirmed by letter, addressed to The Bank of New York Mellon, 101 Barclay Street, New York,
New York 10286, Attention: American Depositary Receipt Administration, or any other place to which the Depositary may have transferred
its Corporate Trust Office.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to any Owner shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by letter, addressed to such Owner at the address of such Owner as it appears on the transfer books for
Receipts of the Depositary, or, if such Owner shall have filed with the Depositary a written request that notices intended for
such Owner be mailed to some other address, at the address designated in such request.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Delivery of a
notice sent by mail or cable, telex or facsimile transmission shall be deemed to be effected at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage
prepaid, in a post-office letter box. The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission
received by it, notwithstanding that such cable, telex or facsimile transmission shall not subsequently be confirmed by letter
as aforesaid.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.06.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Governing
Law.</U></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit
Agreement and the Receipts shall be interpreted and all rights hereunder and thereunder and provisions hereof and thereof shall
be governed by the laws of the State of New York.</P>

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<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 48pt; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF,
BBVA BANCO FRANC&Eacute;S S.A. and THE BANK OF NEW YORK MELLON have duly executed this agreement as of the day and year first set
forth above and all Owners shall become parties hereto upon acceptance by them of Receipts issued in accordance with the terms
hereof.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 171pt">BBVA BANCO
FRANC&Eacute;S S.A.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 171pt">By:____________________________</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 171pt">Name:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: justify; text-indent: 171.35pt">Title:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 171pt">THE BANK OF NEW
YORK MELLON,</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 171pt">as Depositary</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 171.35pt">By:____________________________</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 171.35pt">Name:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 171.35pt">Title:</P>

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<DESCRIPTION>EXHIBIT A TO THE FORM OF DEPOSIT AGREEMENT
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">EXHIBIT A</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.25in">AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.25in">(Each American Depositary
Share</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 3.25in">represents three
deposited Shares)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(F/K/A THE BANK OF NEW YORK)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">AMERICAN DEPOSITARY RECEIPT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">FOR ORDINARY SHARES OF</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">BBVA BANCO FRANC&Eacute;S S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(F/K/A BANCO FRANCES DEL RIO DE LA PLATA S.A.)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center">(INCORPORATED UNDER THE LAWS OF THE REPUBLIC
OF ARGENTINA)</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Bank of New York Mellon as
depositary (hereinafter called the &quot;Depositary&quot;), hereby certifies that ____________________________________________________,
or registered assigns IS THE OWNER OF ____________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">representing deposited ordinary
shares, (herein called &quot;Shares&quot;) of BBVA Banco Franc&eacute;s S.A., incorporated under the laws of the Republic of Argentina
(herein called the &quot;Company&quot;). At the date hereof, each American Depositary Share represents three Shares deposited or
subject to deposit under the Deposit Agreement (as such term is hereinafter defined) at the Buenos Aires, Argentina, office of
Banco Santander Rio S.A., (herein called the &quot;Custodian&quot;). The Depositary's Corporate Trust Office is located at a different
address than its principal executive office. Its Corporate Trust Office is located at 101 Barclay Street, New York, N.Y. 10286,
and its principal executive office is located at One Wall Street, New York, N.Y. 10286.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE DEPOSITARY'S CORPORATE TRUST OFFICE ADDRESS
IS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>101 BARCLAY STREET, NEW YORK, N.Y.
10286</B></P>

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<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>THE DEPOSIT AGREEMENT.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This American Depositary
Receipt is one of an issue (herein called &quot;Receipts&quot;), all issued and to be issued upon the terms and conditions set
forth in the deposit agreement, dated as of December 1, 1993, as amended as of August 12, 1997, as further amended and restated
as of ______________, 2013 (herein called the &quot;Deposit Agreement&quot;), by and 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 an 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 of the American Depositary Shares 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 such Shares
and held thereunder (such Shares, securities, property, and cash are herein called &quot;Deposited Securities&quot;). Copies of
the Deposit Agreement are on file at the Depositary's Corporate Trust Office in New York City and at the office of the Custodian.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon surrender at
the Corporate Trust Office of the Depositary of this Receipt, and upon payment of the fee of the Depositary provided in this Receipt,
and subject to the terms and conditions of the Deposit Agreement, the Owner hereof is entitled to delivery, to him or upon his
order, of the Deposited Securities at the time represented by the American Depositary Shares for which this Receipt is issued.
Delivery of such Deposited Securities may be made by the delivery of (a) certificates in the name of the Owner hereof or as ordered
by him or certificates properly endorsed or accompanied by proper instruments of transfer and (b) any other securities, property
and cash to which such Owner is then entitled in respect of this Receipt. Such delivery will be made at the option of the Owner
hereof, either at the office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding
of certificates for Shares or other Deposited Securities for such delivery at the Corporate Trust Office of the Depositary shall
be at the risk and expense of the Owner hereof.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The transfer of
this Receipt is registrable on the books of the Depositary at its Corporate Trust Office by the Owner hereof in person or by a
duly authorized attorney, upon surrender of this Receipt properly endorsed for transfer or accompanied by proper instruments of
transfer and funds sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon compliance with
such regulations, if any, as the Depositary may establish for such purpose. This Receipt may be split into other such Receipts,
or may be combined with other such Receipts into one Receipt, evidencing the same aggregate number of American Depositary Shares
as the Receipt or Receipts surrendered. As a condition precedent to the execution and delivery, registration of transfer, split-up,
combination, or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar
may, and upon written instruction from the Company shall, require payment from the depositor of the Shares or the presentor of
the 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 Receipt, 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 or this Receipt, including, without limitation, this Article 3.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The delivery of
Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer of Receipts
in particular instances may be refused, or the registration of transfer of outstanding Receipts 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 this Receipt, or for any other reason, subject to the provisions
of the following sentence. The surrender of outstanding Receipts 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 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 Receipts or to the withdrawal of
the Deposited Securities. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the
Deposit Agreement any Shares required to be registered under the provisions of the Securities Act of 1933, unless a registration
statement is in effect as to such Shares. The Depositary, at the expense of the Company, will use reasonable efforts to comply
with written instructions of the Company not to accept for deposit hereunder any Shares identified in such instructions at such
times and under such circumstances as may be reasonably specified in such instructions in order to facilitate the Company's compliance
with the securities laws of the United States.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>LIABILITY OF OWNER FOR TAXES.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any tax or other
governmental charge shall become payable with respect to any Receipt or any Deposited Securities represented hereby, such tax or
other governmental charge shall be payable by the Owner hereof to the Depositary. The Depositary may, and at the written request
of the Company shall, (i) refuse to effect any transfer of this Receipt or any withdrawal of Deposited Securities represented by
American Depositary Shares evidenced by such Receipt until such payment is made, (ii) withhold any dividends or other distributions,
or (iii) sell for the account of the Owner hereof any part or all of the Deposited Securities represented by the American Depositary
Shares evidenced by this Receipt, and may, and at the written request of the Company shall, apply such dividends or other distributions
or the proceeds of any such sale in payment of such tax or other governmental charge and the Owner hereof shall remain liable for
any deficiency.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>WARRANTIES OF DEPOSITORS.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Every person depositing
Shares hereunder and under the Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate
therefor are validly issued, fully paid, non-assessable, and free of any pre-emptive rights of the holders of outstanding Shares
and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the
deposit of such Shares and the sale of Receipts evidencing American Depositary Shares representing such Shares by that person are
not restricted under the Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares and issuance
of Receipts.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any person presenting
Shares for deposit or any Owner of a Receipt 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. The Depositary may, and at the written request of the Company shall, withhold the
delivery or registration of transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or of
the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed or such certificates
are executed or such representations and warranties made to the satisfaction of the Depositary and, if the Company has previously
notified the Depositary in writing that it wishes to review such proofs, information, certificates, representations and warranties,
the Company. No Share shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary
approval has been granted by any governmental body in the Republic of Argentina which is then performing the function of the regulation
of currency exchange.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>CHARGES OF DEPOSITARY.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company agrees
to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance
with agreements in writing entered into between the Depositary and the Company from time to time. The charges and expenses of the
Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering Receipts or to whom Receipts 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 Receipts or Deposited Securities or a distribution of Receipts pursuant to Section 4.03 of the Deposit Agreement),
whichever 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 the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or
withdrawals under the terms of the Deposit Agreement, (3) such cable, telex and facsimile transmission 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 4.05 of the Deposit Agreement, (5) a fee not in excess of $5.00 or less per 100 American Depositary Shares (or portion
thereof) for the execution and delivery of Receipts pursuant to Sections 2.03 or 4.03 of the Deposit Agreement and the surrender
of Receipts pursuant to Section 2.05 of the Deposit Agreement and (6) a fee of $.05 or less per American Depositary Shares (or
portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.01
through 4.04 hereof, (7) a fee for, and deduct such fee from, the distribution of proceeds of sales of securities or rights pursuant
to Sections 4.02 or 4.04, respectively, of the Deposit Agreement, such fee being in an amount equal to the fee for the issuance
of American Depositary Shares referred to above which would have been charged as a result of the deposit by Owners of securities
(for purposes of this clause 7 treating all such securities as if they were Shares) or Shares received in exercise of rights distributed
to them pursuant to Sections 4.02 or 4.04, respectively, but which securities or rights are instead sold by the Depositary and
the net proceeds distributed, (8) in addition to any fee charged under clause 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 clause 9, and (9) any other
charges payable by the Depositary, any of the Depositary's agents, including the Custodian, or the agents of the Depositary's agents
in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed against Owners as of the
date or dates set by the Depositary in accordance with Section 4.06 of the Deposit Agreement and shall be payable at the sole discretion
of the Depositary by billing such Owners for such charge or by deducting such charge from one or more cash dividends or other cash
distributions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary,
subject to Article 8 hereof, may own and deal in any class of securities of the Company and its affiliates and in Receipts.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>PRE-RELEASE OF RECEIPTS.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
Section 2.03 of the Deposit Agreement, the Depositary may execute and deliver Receipts prior to the receipt of Shares pursuant
to Section 2.02 of the Deposit Agreement (&quot;Pre-Release&quot;). The Depositary may, pursuant to Section 2.05 of the Deposit
Agreement, deliver Shares upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not such cancellation
is prior to the termination of such Pre-Release or the Depositary knows that such Receipt has been Pre-Released. The Depositary
may receive Receipts in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by
a written representation from the person to whom Receipts are to be delivered that such person, or its customer, owns the Shares
or Receipts to be remitted, as the case may be, (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 such further indemnities and credit regulations as the Depositary deems appropriate. The number of Shares evidenced by American
Depositary Shares which are outstanding at any time as a result of Pre-Releases will not exceed thirty percent (30%) of the Shares
deposited hereunder; provided, however, that the Depositary reserves the right to change or disregard such limit from time to time
as it deems appropriate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
retain for its own account any compensation received by it in connection with the foregoing.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">9.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>TITLE TO RECEIPTS.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">It is a condition
of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that
title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with
the same effect as in the case of a negotiable instrument, provided, however, that the Depositary, notwithstanding any notice to
the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the absolute owner
hereof 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 or for all other purposes.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>VALIDITY OF RECEIPT.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">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 executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary or,
if a Registrar for the Receipts shall have been appointed, by the manual or facsimile signature of a duly authorized officer of
the Registrar.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>REPORTS; INSPECTION OF TRANSFER BOOKS.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">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 (hereinafter called the &quot;Commission&quot;). Such reports and other information will be available for
inspection and copying through the Commission&rsquo;s EDGAR system or at public reference facilities maintained by the Commission
in Washington, D.C.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary will
make available for inspection by Owners of Receipts at its Corporate Trust Office any reports and 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 such Deposited Securities by the Company. The Depositary will also
send to Owners of Receipts copies of such reports when furnished by the Company pursuant to the Deposit Agreement. Any such reports
and communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall be furnished
in English to the extent such materials are required to be translated into English pursuant to any regulations of the Commission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary will
keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection
by the Owners of Receipts provided that such inspection shall not be for the purpose of communicating with Owners of Receipts 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
Receipts.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>DIVIDENDS AND DISTRIBUTIONS.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever the Depositary
receives any cash dividend or other cash distribution on any 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
United States dollars transferable to the United States, and subject to the Deposit Agreement, convert such dividend or distribution
into dollars and will distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article
7 hereof and Section 5.09 of the Deposit Agreement) to the Owners of Receipts entitled thereto, provided, however, that in the
event that the Company or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution
in respect of any Deposited Securities an amount on account of taxes, the amount distributed to the Owners of the Receipts evidencing
American Depositary Shares representing such Deposited Securities shall be reduced accordingly.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the provisions
of Section 4.11 and 5.09 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution
described in Sections 4.01, 4.03 or 4.04 of the Deposit Agreement, the Depositary will cause the securities or property received
by it to be distributed to the Owners of Receipts entitled thereto, after deduction or upon payment of any fees and expenses of
the Depositary or any taxes or other governmental charges, in any manner that the Depositary may deem equitable and practicable
for accomplishing such distribution; provided, however, that if in the 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 deems such distribution
not to be feasible, the Depositary may adopt such 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 the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Article 7 hereof
and Section 5.09 of the Deposit Agreement) shall be distributed by the Depositary to the Owners of Receipts entitled thereto as
in the case of a distribution received in cash.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any distribution
consists of a dividend in, or free distribution of, Shares, the Depositary may and shall if the Company shall so request, distribute
to the Owners of outstanding Receipts entitled thereto, additional Receipts evidencing an aggregate number of American Depositary
Shares representing the amount of Shares received as such dividend or free distribution subject to the terms and conditions of
the Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary Shares evidenced by Receipts,
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 of the Depositary as provided in Article 7 hereof and Section 5.09 of the Deposit Agreement. In lieu of delivering
Receipts for fractional American Depositary Shares in any such case, the Depositary will sell the amount of Shares represented
by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to the conditions set forth in
the Deposit Agreement. If additional Receipts are not so distributed, each American Depositary Share shall thenceforth also represent
the additional Shares distributed upon the Deposited Securities represented thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event that
the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any
tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose
of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as
the Depositary deems necessary and practicable to pay any such taxes or charges, and the Depositary shall distribute the net proceeds
of any such sale after deduction of such taxes or charges to the Owners of Receipts entitled thereto.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>RIGHTS.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event that
the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional
Shares or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed in making such
rights available to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds available to
such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights
available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall
allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its discretion that it is
lawful and feasible to make such rights available to all or certain Owners but not to other Owners, the Depositary may distribute
to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary
Shares held by such Owner, warrants or other instruments therefor in such form as it deems appropriate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In circumstances
in which rights would otherwise not be distributed, if an Owner of Receipts requests the distribution of warrants or other instruments
in order to exercise the rights allocable to the American Depositary Shares of such Owner hereunder, the Depositary will make such
rights available to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected in its sole
discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Company has determined in
its sole discretion are reasonably required under applicable law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Depositary
has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant
to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to
the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise
of the rights, and upon payment of the fees of the Depositary and any other charges as set forth in such warrants or other instruments,
the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares
so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the
Shares so purchased to be deposited pursuant to Section 2.02 of the Deposit Agreement, and shall, pursuant to Section 2.03 of the
Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a distribution pursuant to the second paragraph of
this Article 13, such Receipts shall be legended in accordance with applicable U.S. laws, and shall be subject to the appropriate
restrictions on sale, deposit, cancellation, and transfer under such laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Depositary
determines in its discretion that it is not lawful and feasible to make such rights available to all or certain Owners, it may
sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to
whom it has determined it may not lawfully or feasibly make such rights available, and allocate the net proceeds of such sales
(net of the fees of the Depositary as provided in Section 5.09 of the Deposit Agreement and all taxes and governmental charges
payable in connection with such rights and subject to the terms and conditions of the Deposit Agreement) for the account of such
Owners otherwise entitled to such rights, warrants or other instruments, 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 Receipt or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary will
not offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration
under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of such Act.
If an Owner of Receipts requests the distribution of warrants or other instruments, notwithstanding that there has been no such
registration under such Act, the Depositary shall not effect such distribution unless it has received an opinion from recognized
counsel in the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt
from such registration.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary shall
not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners in general
or any Owner in particular.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">14.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>CONVERSION OF FOREIGN CURRENCY.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever the Depositary
shall receive 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 convert
or cause to be converted, by sale or in any other manner that it may determine, such foreign currency into Dollars, and such Dollars
shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed any warrants or other instruments
which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender thereof
for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions
among Owners on account of exchange restrictions, the date of delivery of any Receipt or otherwise and shall be net of any expenses
of conversion into Dollars incurred by the Depositary as provided in Section 5.09 of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If such conversion
or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary shall file
such application for approval or license, if any, as it may deem desirable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If at any time the
Depositary shall determine that in its judgment any foreign currency received by the Depositary 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 which is
required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if any such approval or license
is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency
(or an appropriate document evidencing the right to receive such 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any such 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 such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto
and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without
liability for interest thereon for the respective accounts of, the Owners entitled thereto.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">15.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>RECORD DATES.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever any cash
dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights
shall be issued with respect to the Deposited Securities, or whenever for any reason the Depositary causes a change in the number
of Shares that are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting
of holders of Shares or other Deposited Securities, the Depositary shall fix a record date (a) for the determination of the Owners
of Receipts who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof
or (ii) entitled to give instructions for the exercise of voting rights at any such meeting, or (b) on or after which each American
Depositary Share will represent the changed number of Shares, subject to the provisions of the Deposit Agreement.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">16.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>VOTING OF DEPOSITED SECURITIES.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon receipt of
notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary
shall, as soon as practicable thereafter, mail to the Owners of Receipts a notice, the form of which notice shall be in the sole
discretion of the Depositary, which shall contain (a) such information as is contained in such notice of meeting, (b) a statement
that the Owners of Receipts as of the close of business on a specified record date will be entitled, subject to any applicable
provision of law and of the Estatutos of the Company, to instruct the Depositary as to the exercise of the voting rights, if any,
pertaining to the amount of Shares or other Deposited Securities represented by their respective American Depositary Shares and
(c) a statement that if no such instructions are received with respect to any amount of Shares or other Deposited Securities, the
Depositary will deem such Owner to have instructed the Depositary vote such Shares or other Deposited Securities in the manner
specified below in this Article 16. Upon the written request of an Owner of a Receipt on such record date, received on or before
the date established by the Depositary for such purpose, the Depositary shall endeavor in so far as practicable to vote or cause
to be voted the amount of Shares or other Deposited Securities represented by such American Depositary Shares evidenced by such
Receipt in accordance with the instructions set forth in such request. If the Depositary has solicited the instructions of Owners
as set forth above, in the case where no instructions are received by the Depositary from any Owner with respect to the Shares
or other Deposited Securities represented by the American Depositary Shares evidenced by such Owner&rsquo;s Receipts on or before
the date established by the Depositary for such purpose, the Depositary shall deem such Owner to have instructed the Depositary
to vote such Shares or other Deposited Securities in favor of any proposal or matter proposed by the Board of Directors of the
Company requiring a vote by the holders of Shares or other Deposited Securities or in accordance with the recommendations of the
Board of Directors of the Company in case of any matter or proposal not made by the Board of Directors of the Company. The Depositary
shall not vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited Securities other than in
accordance with such instructions or deemed instructions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
any other provision of the Deposit Agreement or the Receipts, with regard to any resolution to be voted upon by owners of Shares
or other Deposited Securities, the Depositary shall not mail the notice referred to in the prior paragraph to the Owners nor vote
the Shares or other Deposited Securities and the Owners shall not instruct the Depositary to vote the Shares or other Deposited
Securities represented by the Owners' respective American Depositary Shares unless upon the request of the Depositary, the Company
previously shall have furnished the Depositary with an opinion in form and substance satisfactory to the Depositary of Argentine
counsel satisfactory to the Depositary that such resolution is not contrary to Argentine law or the by-laws or regulations, if
any, of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company and
the Owners acknowledge that the Depositary is not the economic or beneficial owner of any Deposited Securities and merely holds
title to the Deposited Securities on behalf of the Owners. The Company and the Owners further acknowledge that the Owners have
full and exclusive power to direct and control the voting of the Deposited Securities and that the Depositary is acting solely
on behalf of the Owners in connection with such voting.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">17.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>CHANGES AFFECTING DEPOSITED SECURITIES.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In circumstances
where the provisions of Section 4.03 of the Deposit Agreement do not apply, upon any change in nominal value, change in par value,
split-up, consolidation, or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger
or consolidation, or sale of assets affecting the Company or to which it is a party, any securities which shall be received by
the Depositary or a Custodian in exchange for or in conversion of or in respect of Deposited Securities shall be treated as new
Deposited Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth represent the new Deposited
Securities so received in exchange or conversion, unless additional Receipts are delivered pursuant to the following sentence.
In any such case the Depositary may, and shall if the Company shall so request, execute and deliver additional Receipts as in the
case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing
such new Deposited Securities.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">18.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>LIABILITY OF THE COMPANY AND DEPOSITARY.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither the Depositary
nor the Company shall incur any liability to any Owner or holder of any Receipt, if by reason of any provision of any present or
future law or regulation of the United States or any other country, or of any other governmental or regulatory authority, or by
reason of any provision, present or future, of the Estatutos of the Company, or by reason of any act of God or war or other circumstances
beyond its control, the Depositary or the Company shall be prevented or forbidden from or be subject to any civil or criminal penalty
on account of doing or performing any act or thing which by the terms of the Deposit Agreement it is provided shall be done or
performed; nor shall the Depositary or the Company incur any liability to any Owner or holder of a Receipt by reason of any non-performance
or delay, caused as aforesaid, in the performance of any act or thing which by the terms of the Deposit Agreement it is provided
shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in the
Deposit Agreement. Where, by the terms of a distribution pursuant to Sections 4.01, 4.02, or 4.03 of the Deposit Agreement, or
an offering or distribution pursuant to Section 4.04 of the Deposit Agreement, such distribution or offering may not be made available
to Owners of Receipts, and the Depositary may not dispose of such distribution or offering on behalf of such Owners and make the
net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, 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 of Receipts, 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 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 Receipts,
which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability
shall be furnished as often as may be required, and the Custodian shall not be under any obligation whatsoever with respect to
such proceedings, the responsibility of the Custodian being solely to the Depositary. Neither the Depositary nor the Company shall
be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel, accountants, any
person presenting Shares for deposit, any Owner or holder of a Receipt, or any other person believed by it in good faith to be
competent to give such advice or information. 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, provided
that any such action or nonaction is in good faith or in accordance with Section 4.07 of the Deposit Agreement. 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 Company agrees to indemnify the Depositary, its directors, employees, agents and
affiliates and any Custodian against, and hold each of them harmless from, any liability or expense (including, but not limited
to, the reasonable fees and expenses of counsel) which may arise out of acts performed or omitted, in accordance with the provisions
of the Deposit Agreement and of the Receipts, 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. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of the Deposit Agreement.
The Company agrees that with respect to any claim that it may have against the owner of any Deposited Security, including any claim
against the owner of a Deposited Security that is voted in favor of a resolution that is contrary to Argentine law or the Estatutos
by-laws or regulations, if any, of the Company or that is declared void for any reason, the Company shall assert such claim and
bring any action based on such claim only against the Owners and not against the Depositary.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">19.</FONT></TD><TD STYLE="text-align: justify"><U>RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, such resignation
to take effect 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 written notice of such removal, effective upon the appointment
of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. Whenever the Depositary
in its discretion determines that it is in the best interest of the Owners of Receipts to do so, it may appoint a substitute or
additional custodian or custodians.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">20.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>AMENDMENT.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">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 in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase
any fees or charges (other than taxes and other governmental charges, registration fees and cable, telex or facsimile transmission
costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial existing right of Owners of Receipts,
shall, however, not become effective as to outstanding Receipts until the expiration of thirty days after notice of such amendment
shall have been given to the Owners of outstanding Receipts. Every Owner of a Receipt at the time any amendment so becomes effective
shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement
as amended thereby. In no event shall any amendment impair the right of the Owner of any Receipt to surrender such Receipt and
receive therefor the Deposited Securities represented thereby except in order to comply with mandatory provisions of applicable
law.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">21.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>TERMINATION OF DEPOSIT AGREEMENT.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary at
any time at the direction of the Company, shall terminate the Deposit Agreement by mailing notice of such termination to the Owners
of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate the Deposit Agreement by mailing notice of such termination to the Company and the Owners of all Receipts then
outstanding if at any time 90 days shall have expired after the Depositary shall have delivered to the Company a written notice
of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in
the Deposit Agreement. On and after the date of termination, the Owner of a Receipt will, upon (a) surrender of such Receipt at
the Corporate Trust Office of the Depositary, (b) payment of the fee of the Depositary for the surrender of Receipts referred to
in Section 2.05 of the Deposit Agreement, and (c) payment of any applicable taxes or governmental charges, be entitled to delivery,
to him or upon his order, of the amount of Deposited Securities represented by the American Depositary Shares evidenced by such
Receipt. If any Receipts shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the
registration of transfers of Receipts, shall suspend the distribution of dividends to the Owners thereof, and shall not give any
further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends
and other distributions pertaining to Deposited Securities, shall sell rights as provided in the Deposit Agreement, and shall continue
to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds
of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, in each case,
the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance
with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges). At any time after the
expiration of one year from the date of termination, 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 thereunder,
unsegregated and without liability for interest, for the pro rata benefit of the Owners of Receipts which have not theretofore
been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making
such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except to account for such net
proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses
for the account of the Owner of such Receipt in accordance with the terms and conditions of the Deposit Agreement, and any applicable
taxes or governmental charges). Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations
under the Deposit Agreement except for its obligations to the Depositary with respect to indemnification, charges, and expenses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">22.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>UNCERTIFICATED AMERICAN DEPOSITARY SHARES; DTC DIRECT REGISTRATION SYSTEM.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary in this Deposit Agreement:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;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 summarizes the terms and conditions of, and will be the prospectus required under the Securities
Act of 1933 for, both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement
that by their nature do not apply to uncertificated American Depositary Shares, all the provisions of this Deposit Agreement shall
apply, <U>mutatis mutandis</U>, to both certificated and uncertificated American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;(i)&#9;The
term &ldquo;deliver&rdquo;, or its noun form, when used with respect to Receipts, shall mean (A) book-entry transfer of American
Depositary Shares to an account at The Depository Trust Company, or its successor (&ldquo;DTC&rdquo;), designated by the person
entitled to such delivery, evidencing American Depositary Shares registered in the name requested by that person, (B) registration
of American Depositary Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled
to such delivery and mailing to that person of a statement confirming that registration or (C) if requested by the person entitled
to such delivery, delivery at the Corporate Trust Office of the Depositary to the person entitled to such delivery of one or more
Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&#9;(ii)&#9;The
term &ldquo;surrender&rdquo;, when used with respect to Receipts, shall mean (A) one or more book-entry transfers of American Depositary
Shares to the DTC account of the Depositary, (B) delivery to the Depositary at its Corporate Trust Office of an instruction to
surrender American Depositary Shares not evidenced by a Receipt or (C) surrender to the Depositary at its Corporate Trust Office
of one or more Receipts evidencing American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&#9;American
Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of New
York.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&#9;The Depositary
shall have a duty to register a transfer, in the case of uncertificated American Depositary Shares, upon receipt from the Owner
of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in subsection
(f) below). The Depositary, upon surrender of a Receipt for the purpose of exchanging it for uncertificated American Depositary
Shares, shall cancel that Receipt and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated
American Depositary Shares that the surrendered Receipt evidenced. The Depositary, upon receipt of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in subsection (f) below) from the Owner of uncertificated
American Depositary Shares for the purpose of exchanging them for certificated American Depositary Shares, shall execute and deliver
to the Owner a Receipt evidencing the same number of certificated American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)&#9;Upon satisfaction
of the conditions for replacement of a Receipt that is mutilated, lost, destroyed or stolen, the Depositary shall deliver to the
Owner the American Depositary Shares evidenced by that Receipt in uncertificated form unless otherwise requested by the Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)&#9;(i) The parties
acknowledge that the Direct Registration System (&ldquo;DRS&rdquo;) and Profile Modification System (&ldquo;Profile&rdquo;) shall
apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC
pursuant to which the Depositary may register the ownership of uncertificated American Depositary Shares, which ownership shall
be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS
which 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 such
transfer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&#9;(ii) In connection
with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary
will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner
in requesting a registration of transfer and delivery as described in subsection (i) has the actual authority to act on behalf
of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of
Sections 5.03 and 5.08 shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary&rsquo;s
reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with this
Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary.</P>

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<TYPE>EX-2
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<FILENAME>bbvaprerel.htm
<DESCRIPTION>FORM OF PRE-RELEASE SIDE LETTER
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Garamond,serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: 2.5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Garamond,serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: 2.5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Garamond,serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: 2.5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Garamond,serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: 2.5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Garamond,serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: 2.5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Garamond,serif; margin: 0; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in">December 1, 1993</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Davis Polk &amp; Wardwell</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>450 Lexington Avenue</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>New York, New York 10017</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 12%; border: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">Re:</TD>
    <TD STYLE="width: 88%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; border-left-color: windowtext; border-left-width: 1pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">Deposit Agreement (the &quot;Deposit Agreement&quot;) dated as of December 1, 1993, by and among Banco Franc&eacute;s del R&iacute;o de la Plata S.A., The Bank of New York, as Depositary, and the Owners and holders of American Depositary Receipts issued thereunder. </TD></TR>
</TABLE>
<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Dear Sirs:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">We refer to the
Deposit Agreement Capitalized terms defined in the Deposit Agreement and not otherwise defined herein are used herein as defined
in the Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">We hereby confirm
our understanding that neither the Depositary nor the Custodian shall deliver Shares, by physical delivery, book entry or otherwise,
or otherwise permit Shares to be withdrawn from the facility created by the Deposit Agreement, except upon receipt and cancellation
of American Depositary Receipts, in a transaction contemplated by Section 4.08 or by another provision of the Deposit Agreement
which contemplates that Shares shall be delivered to the Company or an agent of the Company, or as required by law.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">We hereby confirm
our understanding that, without the prior written consent of the company, we will issue American Depositary Receipts prior to the
receipt by us, the Custodian, or our nominees of corresponding Shares (a &ldquo;Pre-Release&rdquo;) only pursuant to agreements
containing covenants, representations or warranties substantively to the effect of Sections 3(a), 4, 7(a) and 14 of the form of
ADR Pre-Release Agreement attached hereto (or, in lieu of Section 14, covenants that authorize provisions of the ADR Pre-Release
Agreement which are substantively to the effect of Section 14 to inure to the benefit of the Company to the extent of any damages
suffered by the Company as a result of a breach of the ADR Pre-Release Agreement by the counterparty of the ADR Pre-Release Agreement).</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">THE BANK OF NEW YORK,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">As Depositary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: left">By: <U>_____________</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: left">Name:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: left">Title:</P>

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<FILENAME>bbvaopin.htm
<DESCRIPTION>OPINION OF DEPOSITARY'S COUNSEL
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    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: left">Writer&rsquo;s Direct Dial</P>
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-variant: small-caps; text-transform: uppercase">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 48%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT 4</U></B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 17pt; font-variant: small-caps">Emmet,
        Marvin &amp; Martin,</FONT> <FONT STYLE="font-size: 14pt">LLP</FONT></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Counsellors
        at Law</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">120 Broadway</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.5pt">New York,
        New York 10271</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 238-3000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 653-1760</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fax: (212) 238-3100</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fax: (212) 653-1730</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 1pt">http://www.emmetmarvin.com</FONT></P></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">177
        Madison Avenue</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">Morristown,
        New Jersey 07960</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">(973)
        538-5600</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><FONT STYLE="font-variant: small-caps">Fax:
        (973) 538-6448<BR STYLE="mso-special-character: line-break">
        <BR STYLE="mso-special-character: line-break">
        </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">May 13, 2013</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Bank of New York Mellon,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">as Depositary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">101 Barclay Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York, 10286</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Re:</TD>
    <TD STYLE="width: 90%; border-bottom: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">American Depositary Shares representing Ordinary Shares of BBVA Banco Franc&eacute;s S.A.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We refer to the registration
statement to be filed on Form F-6 under the Securities Act of 1933 (the &quot;Registration Statement&quot;) by the legal entity
created by the agreement (the &quot;Deposit Agreement&quot;) for issuance of American Depositary Shares (&quot;ADSs&quot;), which
may be evidenced by American Depositary Receipts (&quot;ADRs&quot;), representing ordinary shares of BBVA Banco Franc&eacute;s
S.A., for which you propose to act as Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are of the opinion
that the ADSs covered by the Registration Statement, when issued in accordance with the terms of the Deposit Agreement, will, when
sold, be legally issued and will entitle the holders thereof to the rights specified in the Deposit Agreement and the ADRs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This opinion may
be used by you as an exhibit to the Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 12pt 3in; text-align: justify">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 3in; text-align: justify"><U>/s/ EMMET, MARVIN &amp; MARTIN,
LLP</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 3in; text-align: justify">EMMET, MARVIN &amp; MARTIN, LLP</P>

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