<SEC-DOCUMENT>0000950103-25-016071.txt : 20251212
<SEC-HEADER>0000950103-25-016071.hdr.sgml : 20251212
<ACCEPTANCE-DATETIME>20251212160759
ACCESSION NUMBER:		0000950103-25-016071
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20251212
FILED AS OF DATE:		20251212
DATE AS OF CHANGE:		20251212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adecoagro S.A.
		CENTRAL INDEX KEY:			0001499505
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35052
		FILM NUMBER:		251568161

	BUSINESS ADDRESS:	
		STREET 1:		28, BOULEVARD F.W. RAIFFEEISEN
		CITY:			N/A
		STATE:			N4
		ZIP:			L-2411
		BUSINESS PHONE:		352 2689-8213

	MAIL ADDRESS:	
		STREET 1:		28, BOULEVARD F.W. RAIFFEEISEN
		CITY:			N/A
		STATE:			N4
		ZIP:			L-2411
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp238692_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B>&nbsp;</P>

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><B>REPORT OF FOREIGN
PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of December 2025</P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-35052&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Translation of registrant&rsquo;s name into
English)</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>28, Boulevard F.W. Raiffeisen,</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>L-2411, Luxembourg</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Grand Duchy of Luxembourg</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive office)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant files
or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 29%; text-align: center"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD STYLE="vertical-align: top; width: 16%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 26%; text-align: center"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>INCORPORATION
BY REFERENCE</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Exhibit 99.1 of this Form 6-K is hereby
incorporated by reference into the registration statement of Adecoagro S.A. on Form F-3 (Registration Number 333-291872), as such Registration
Statement may be amended from time to time.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TABLE OF CONTENTS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 91%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="dp238692_ex9901.htm"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="font-size: 12pt"><A HREF="dp238692_ex9901.htm"><FONT STYLE="font-size: 10pt">Underwriting Agreement, dated December 11, 2025</FONT></A></TD></TR>
  </TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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 COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Adecoagro S.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Emilio Federico Gnecco</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 26%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 34%; border-top: black 1pt solid"><FONT STYLE="font-size: 10pt">Emilio Federico Gnecco</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Date: December
12, 2025&nbsp;&nbsp;&nbsp;</FONT></P>

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


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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dp238692_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Exhibit 99.1</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>41,379,311 Common Shares</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9;December 11, 2025</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">J.P. Morgan
Securities LLC&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">BofA Securitiies,
Inc.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">Banco
BTG Pactual S.A. - Cayman Branch&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">Citigroup
Global Markets Inc.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">Itau BBA
USA Securities, Inc.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underwriters listed in Schedule A hereto</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">c/o J.P. Morgan Securities LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">270 Park Avenue&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">New York, New York 10017</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">&nbsp;c/o BofA Securities, Inc.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">New York, New York 10036</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">c/o Banco BTG Pactual S.A. - Cayman Branch</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">601 Lexington Avenue, 57th floor</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">New York, New York 10022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">c/o Citigroup Global Markets Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">388 Greenwich Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">New York, New York 10013</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">c/o Itau BBA USA Securities, Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">599 Lexington Avenue, 34th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">New York, New York 10022</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;<I>Introductory</I>.&nbsp;&nbsp;Adecoagro
S.A., a Luxembourg corporation (RCS Luxembourg B153681) (the &ldquo;<B>Company</B>&rdquo;) agrees with J.P. Morgan Securities LLC (&ldquo;JPM&rdquo;),
BofA Securities, Inc. (&ldquo;BofA&rdquo;), Itau BBA USA Securities, Inc., Citigroup Global Markets Inc. and Banco BTG Pactual S.A. -
Cayman Branch, as representatives (in such capacity, the &ldquo;<B>Representatives</B>&rdquo;) of the several Underwriters named in Schedule
A hereto (collectively, the &ldquo;<B>Underwriters</B>&rdquo;),, to issue and sell to the several Underwriters an aggregate of 41,379,311
of newly issued shares (the &ldquo;<B>Securities</B>&rdquo;) (such 41,379,311 shares of Securities being hereinafter referred to as the
&ldquo;<B>Firm Securities</B>&rdquo;).&nbsp;&nbsp;The Company also agrees to issue and sell to the several Underwriters, at the option
of the Underwriters, an aggregate of not more than 1,111,035 additional newly issued shares (such 1,111,035 shares being hereinafter referred
to as the &ldquo;<B>Optional Securities</B>&rdquo;), as set forth below.&nbsp;&nbsp;The Firm Securities and the Optional Securities are
herein collectively called the &ldquo;<B>Offered Securities</B>&rdquo;.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;<I>Representations
and Warranties of the Company</I>.&nbsp;&nbsp;(a) The Company represents and warrants to, and agrees with, the several Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(i)&nbsp;&nbsp;<I>Filing
and Effectiveness of Registration Statement; Certain Defined Terms</I>.&nbsp;&nbsp;The Company has prepared and filed with the Commission
a registration statement on Form F-3 (File No. 333-291872), including a related prospectus or prospectuses, covering the registration
of the Offered Securities under the Act, which has become effective.&nbsp;&nbsp;&ldquo;<B>Registration Statement</B>&rdquo; at any particular
time means such registration statement in the form then filed with the Commission, including any amendment thereto, any document incorporated
by reference therein and all 430B Information and all 430C Information with respect to such registration statement, that in any case has
not been superseded or modified.&nbsp;&nbsp;&ldquo;<B>Registration Statement</B>&rdquo; without reference to a time means the Registration
Statement as of the Effective Time.&nbsp;&nbsp;For purposes of this definition, 430B Information shall be considered to be included in
the Registration Statement as of the time specified in Rule 430B. If the Company has filed an abbreviated registration statement pursuant
to Rule 462(b) under the Securities Act (the &ldquo;<B>Rule 462 Registration Statement</B>&rdquo;), then any reference herein to the term
&ldquo;Registration Statement&rdquo; shall be deemed to include such Rule 462 Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 18.2pt">For purposes of
this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 18.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>430B
Information</B>&rdquo; means information included in a prospectus then deemed to be a part of the Registration Statement pursuant to Rule
430B(e) or retroactively deemed to be a part of the registration statement pursuant to Rule 430B(f).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>430C
Information</B>&rdquo; means information included in a prospectus then deemed to be a part of the Registration Statement pursuant to Rule
430C.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Act</B>&rdquo;
means the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Applicable
Time</B>&rdquo; means 6:40 pm (New York City time) on the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Closing
Date</B>&rdquo; has the meaning specified in Section 3 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Commission</B>&rdquo;
means the U.S. Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Effective
Time</B>&rdquo; of the Registration Statement relating to the Offered Securities means the time of the first contract of sale for the
Offered Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Exchange
Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Final
Prospectus</B>&rdquo; means the Statutory Prospectus that discloses the offering price, other 430B Information and other final terms of
the Offered Securities and otherwise satisfies Section 10(a) of the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>First
Closing Date</B>&rdquo; has the meaning specified in Section 3 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>General
Use Issuer Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution to prospective
investors, as evidenced by its being so specified in Schedule B to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Issuer
Free Writing Prospectus</B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, relating to the Offered
Securities in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the
Company&rsquo;s records pursuant to Rule 433(g).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Limited
Use Issuer Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is not a General Use Issuer Free Writing Prospectus,
as evidenced by it being so specified in Schedule C to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Rules
and Regulations</B>&rdquo; means the rules and regulations of the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Securities
Laws</B>&rdquo; means, collectively, the Sarbanes-Oxley Act of 2002 (&ldquo;<B>Sarbanes-Oxley</B>&rdquo;), the Act, the Exchange Act,
the Rules and Regulations, the auditing principles, rules, standards and practices applicable to auditors of &ldquo;issuers&rdquo; (as
defined in Sarbanes-Oxley) promulgated or approved by the Public Company Accounting Oversight Board, the International Accounting Standards
Board (&ldquo;<B>IASB</B>&rdquo;) and, as applicable, the rules (&ldquo;<B>Exchange Rules</B>&rdquo;) of the New York Stock Exchange (&ldquo;<B>NYSE</B>&rdquo;).</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Statutory
Prospectus</B>&rdquo; with reference to any particular time means the prospectus relating to the Offered Securities that is included in
the Registration Statement immediately prior to that time, including all 430B Information, all documents incorporated by reference therein,
and all 430C Information with respect to the Registration Statement.&nbsp;&nbsp;For purposes of the foregoing definition, 430B Information
shall be considered to be included in the Statutory Prospectus as of the actual time that the form of prospectus (including a prospectus
supplement) is filed with the Commission pursuant to Rule 424(b) and not retroactively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">Unless otherwise
specified, a reference to a &ldquo;rule&rdquo; is to the indicated rule under the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 18.2pt">(ii) <I>Compliance
with Securities Act Requirements</I>.&nbsp;&nbsp;(i)&nbsp;(A) At the time the Registration Statement initially became effective, (B)&nbsp;at
the time of each amendment thereto for the purposes of complying with Section&nbsp;10(a)(3) of the Act (whether by post-effective amendment,
incorporated report or form of prospectus), (C)&nbsp;at the Effective Time relating to the Offered Securities and (D)&nbsp;on the Closing
Date, the Registration Statement conformed and will conform in all material respects to the requirements of the Act and the applicable
Rules and Regulations and did not and will not include any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading and (ii)&nbsp;(A) on its date, (B)&nbsp;at the time of
filing of the Final Prospectus pursuant to Rule&nbsp;424(b) and (C) on the Closing Date, the Final Prospectus will conform in all material
respects to the requirements of the Act and the applicable Rules and Regulations, and will not include any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading.&nbsp;&nbsp;The preceding sentence does not apply to statements in or omissions
from any such document based upon written information furnished to the Company by the Underwriters specifically for use therein, it being
understood and agreed that the only such information is that described as such in Section 8(c) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 18.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 18.2pt">(iii) <I>Ineligible
Issuer Status.</I>&nbsp;&nbsp;(i) At the earliest time after the filing of the Registration Statement that the Company or another offering
participant made a bona fide offer (within the meaning of Rule 164(h)(2)) of the Offered Securities and (ii) at the date of this Agreement,
the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule 405, including (x) the Company or any other subsidiary
in the preceding three years not having been convicted of a felony or misdemeanor or having been made the subject of a judicial or administrative
decree or order as described in Rule 405 and (y) the Company in the preceding three years not having been the subject of a bankruptcy
petition or insolvency or similar proceeding, not having had a registration statement be the subject of a proceeding under Section 8 of
the Act and not being the subject of a proceeding under Section 8A of the Act in connection with the offering of the Offered Securities,
all as described in Rule 405.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 18.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 18.2pt">(iv) <I>General
Disclosure Package</I>.&nbsp;&nbsp;As of the Applicable Time, neither (i) the General Use Issuer Free Writing Prospectus(es) issued at
or prior to the Applicable Time, the preliminary prospectus supplement, dated December 9, 2025, including the base prospectus, dated December
1, 2025 (which is the most recent Statutory Prospectus distributed to investors generally), including any documents incorporated by reference
therein, and the other information, if any, stated in Schedule B to this Agreement to be included in the General Disclosure Package, all
considered together (collectively, the &ldquo;<B>General Disclosure Package</B>&rdquo;), nor (ii) any individual Limited Use Issuer Free
Writing Prospectus, when considered together with the General Disclosure Package, included any untrue statement of a material fact or
omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading.&nbsp;&nbsp;The preceding sentence does not apply to statements in or omissions from any Statutory Prospectus
or any Issuer Free Writing Prospectus in reliance upon and in conformity with written information furnished to the Company by the Underwriters
specifically for use therein, it being understood and agreed that the only such information furnished by the Underwriters consists of
the information described as such in Section 8(c) hereof.&nbsp;&nbsp;Except as disclosed in the General Disclosure Package, on the date
of this Agreement, the Company&rsquo;s Annual Report on Form 20-F most recently filed with the Commission and all subsequent reports filed
with the Commission pursuant to Section 13(a) or 15(d) of the Exchange Act, including the documents incorporated by reference in the General
Disclosure Package and the Final Prospectus, when they were filed with the Commission, do not include an untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading.&nbsp;&nbsp;Such documents, when they were filed with the Commission, conformed in all material respects to the requirements
of the Exchange Act and the applicable Rules and Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 18.2pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 18.2pt">(v) <I>Issuer Free
Writing Prospectuses</I>.&nbsp;&nbsp;Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the
completion of the public offer and sale of the Offered Securities or until any earlier date that the Company notified or notifies the
Representatives as described in the next sentence, did not, does not and will not include any information that conflicted, conflicts or
will conflict in any material respect with the information then contained in the Registration Statement.&nbsp;&nbsp;If at any time following
issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing
Prospectus conflicted or would conflict in any material respect with the information then contained in the Registration Statement or as
a result of which such Issuer Free Writing Prospectus, if republished immediately following such event or development, would include an
untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading, (i) the Company has promptly notified or will promptly notify
the Representatives and (ii) the Company has promptly amended or will promptly amend or supplement such Issuer Free Writing Prospectus
to eliminate or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 18.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(vi) <I>Corporate
Authority</I> <I>of the Company.</I>&nbsp;&nbsp;The Company and each of its subsidiaries have been duly formed and are existing and in
good standing under the laws of their respective jurisdictions of formation (to the extent that good standing is applicable under the
law of the relevant jurisdiction of formation), are duly qualified to do business and are in good standing in each jurisdiction in which
their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, except where
the failure to be so qualified or in good standing would not, individually or in the aggregate, have a material adverse effect on the
condition (financial or otherwise), results of operations, business, properties or prospects of the Company and its subsidiaries taken
as a whole or on the performance by the Company of its obligations under this Agreement and the Securities (a &ldquo;<B>Material Adverse
Effect</B>&rdquo;). The only significant subsidiaries of the Company are Agro Inversora Argentina S.A., Avaldi S.A., and the subsidiaries
listed in Exhibit 8.1 to the Company&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2024, except for Girasoles del
Plata S.A., which merged with Adeco Agropecuaria S.A. in August 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(vii) <I>Subsidiaries.</I>&nbsp;&nbsp;Except
as disclosed in the General Disclosure Package and the Final Prospectus, no subsidiary of the Company is currently prohibited, directly
or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company,
from making any other distribution on such subsidiary&rsquo;s capital stock or similar ownership interest, from repaying to the Company
any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary&rsquo;s properties or assets to
the Company or any other subsidiary of the Company; all of the issued and outstanding capital stock or ownership interests of each subsidiary
of the Company have been duly authorized and validly issued and, where applicable, are fully paid and nonassessable; and, except for the
pledge on the shares of Avaldi S.A. in favor of Cooperatieve Rabobank U.A. and as disclosed in the General Disclosure Package and the
Final Prospectus, the capital stock or ownership interests of each subsidiary owned by the Company, directly or through subsidiaries,
are owned free from liens, encumbrances and defects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(viii) <I>Offered
Securities</I>.&nbsp;&nbsp;The Offered Securities and all other outstanding shares of the Company have been duly authorized; the authorized
equity capitalization of the Company is as set forth in the General Disclosure Package; all outstanding shares of the Company are, and,
when the Offered Securities to be issued by the Company have been fully paid up in accordance with this Agreement and issued on each Closing
Date, such Offered Securities will have been, validly issued and fully paid up, will conform in all material respects to the information
in the General Disclosure Package and to the description of such Offered Securities contained in the Final Prospectus; the shareholders
of the Company have no preemptive rights with respect to the Securities that have not been waived pursuant to applicable law; and none
of the outstanding shares of the Company have been issued in violation of any preemptive or similar rights of any security holder.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(ix) <I>No Finder&rsquo;s
Fee.</I>&nbsp;&nbsp;There are no contracts, agreements or understandings between the Company and any person (other than any Underwriter)
that would give rise to a valid claim against the Company or any Underwriter for a brokerage commission, finder&rsquo;s fee or other like
payment in connection with the offering and sale of the Offered Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(x) <I>Registration
Rights.</I>&nbsp;&nbsp;Except as disclosed in the General Disclosure Package and the Final Prospectus, there are no contracts, agreements
or understandings between the Company and any person granting such person the right to require the Company to file a registration statement
under the Act with respect to any securities of the Company owned or to be owned by such person or to require the Company to include such
securities in the securities registered pursuant to a Registration Statement or in any securities being registered pursuant to any other
registration statement filed by the Company under the Act (collectively, &ldquo;<B>registration rights</B>&rdquo;), and any person to
whom the Company has granted registration rights has agreed not to exercise such rights in connection with such offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xi) <I>Listing.</I>&nbsp;&nbsp;The
Offered Securities have been approved for listing on the NYSE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xii) <I>Absence
of Further Requirements.</I>&nbsp;&nbsp;No consent, approval, authorization or order of, or filing or registration with, any Luxembourg,
U.S. or other person, governmental agency, body or court or stock exchange is required for the execution, delivery and performance by
the Company of this Agreement and the offer or sale of the Offered Securities hereby, except such as have been obtained, or made and such
as may be required under U.S. state securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xiii) <I>Proper
Legal Form under Luxembourg Law</I>.&nbsp;&nbsp;This Agreement is in proper legal form under the laws of Luxembourg for the enforcement
thereof in Luxembourg against the Company (except that Luxembourg courts may require that any document tabled as evidence be translated
into French or German), and it is not necessary in order to ensure the legality, validity, enforcement or admissibility into evidence
of this Agreement in Luxembourg, that such document be filed or recorded with any court or other authority in Luxembourg or that any tax
or fee be paid in Luxembourg on or in respect of this Agreement, other than court costs, including (without limitation) filing fees, except
however that registration of this Agreement with the Luxembourg <I>Administration de l&rsquo;Enregistrement et des Domaines </I>may be
ordered by a Luxembourg court or where this Agreement must be produced before an official authority in Luxembourg (in which case a fixed
registration tax or an ad valorem tax, the rate of which depends on the document and the underlying transaction, may become due and payable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xiv) <I>Proper
Legal Form under New York Law.</I> This Agreement is in proper legal form under the laws of the State of New York for the enforcement
thereof in the State of New York against the Company, and it is not necessary in order to ensure the legality, validity, enforcement or
admissibility into evidence of this Agreement in the State of New York that such document be filed or recorded with any court or other
authority in the State of New York or that any tax or fee be paid in the State of New York on or in respect of this Agreement, other than
court costs, including (without limitation) filing fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xv) <I>Title to
Property</I>.&nbsp;&nbsp;Except as disclosed in the General Disclosure Package and the Final Prospectus, the Company and its subsidiaries
have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real and personal property
that are material to the respective businesses of the Company and its subsidiaries, in each case free and clear of all liens, encumbrances,
claims and defects and imperfections of title except those that (i)&nbsp;do not materially interfere with the use made and proposed to
be made of such property by the Company and its subsidiaries or (ii)&nbsp;could not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 18.2pt">(xvi) <I>Absence
of Defaults and Conflicts Resulting from Transaction.</I>&nbsp;&nbsp;The execution, delivery and performance of this Agreement by the
Company will not result in a breach or violation of any of the terms and provisions of, or constitute a default or a Debt Repayment Triggering
Event (as defined below) under, or result in the imposition of any lien, charge or encumbrance upon any property or assets of the Company
or any of its subsidiaries pursuant to, (A) the charter, by-laws or other constitutive documents of the Company or any of its subsidiaries,
(B) any statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over
the Company or any of its subsidiaries or any of their properties, or (C) any agreement or instrument to which the Company or any of its
subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the properties of the Company or
any of its subsidiaries is subject; a &ldquo;<B>Debt Repayment Triggering Event</B>&rdquo; means any event or condition that gives, or
with the giving of notice or lapse of time would give, the holder of any note, debenture, or other evidence of indebtedness (or any person
acting on such holder&rsquo;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness
by the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 18.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xvii) <I>Absence
of Existing Defaults and Conflicts.&nbsp;&nbsp;</I>Neither the Company nor any of its subsidiaries is (A) in violation of its respective
charter, by-laws or other constitutive documents, (B) in violation of any statute, rule, regulation, judgment or order of any governmental
agency or body or any court or arbitrator, domestic or foreign, having jurisdiction over the Company or any of its subsidiaries or any
of their properties, (C) in default (or with the giving of notice or lapse of time would be in default) under any existing obligation,
agreement, covenant or condition contained in any indenture, loan agreement, mortgage, lease or other agreement or instrument to which
any of them is a party or by which any of them is bound or to which any of the properties of any of them is subject, or (D) has sent or
received any communication regarding termination of, or intent not to renew any indenture, mortgage, deed of trust, loan agreement, contract
or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries
is bound or to which any of its properties or assets is subject, and no such termination or non-renewal has been threatened by the Company,
or to Company&rsquo;s knowledge, any other party to any such indenture, mortgage, deed of trust, loan agreement, contract or other agreement
or instrument, except for, in the case of (B), (C) and (D), any such violation, default, termination or non-renewal that would not, individually
or in the aggregate, result in a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&#9;(xviii) <I>Authorization
of Agreement.</I>&nbsp;&nbsp;This Agreement has been duly authorized, executed and delivered by the Company.&#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xix) <I>Possession
of Licenses and Permits.</I>&nbsp;&nbsp;The Company and its subsidiaries possess or have applied for, and are in compliance with the terms
of, all adequate certificates, authorizations, franchises, licenses and permits (&ldquo;<B>Licenses</B>&rdquo;) necessary or material
to the conduct of the business now conducted by them and have not received any notice of proceedings relating to the revocation or modification
of any Licenses (except for such Licenses as currently being contested in good faith and as disclosed in the General Disclosure Package
and the Final Prospectus) that, if determined adversely to the Company or any of its subsidiaries, would individually or in the aggregate
have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xx) <I>Absence
of Labor Dispute.</I>&nbsp;&nbsp;No labor dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge
of the Company, is imminent that could individually or in the aggregate have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxi) <I>Possession
of Intellectual Property.</I>&nbsp;&nbsp;The Company and its subsidiaries own, possess or can acquire on reasonable terms, adequate trademarks,
trade names and other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively,
&ldquo;<B>intellectual property rights</B>&rdquo;) necessary to conduct the business now operated by them, or presently employed by them,
and have not received any notice of infringement of or conflict with asserted rights of others with respect to any intellectual property
rights that, if determined adversely to the Company or any of its subsidiaries, would individually or in the aggregate have a Material
Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxii) <I>Taxation</I>.&nbsp;&nbsp;The
Company and each of its subsidiaries have filed all federal, state, local and foreign tax returns required to be filed through the date
of this Agreement or have requested extensions thereof (except in any case in which the failure so to file would not have a Material Adverse
Effect) and have paid all taxes required to be paid thereon (except as currently being contested in good faith and for which reserves
required by the International Financial Reporting Standards (&ldquo;<B>IFRS</B>&rdquo;) have been created in the financial statements
of the Company or as would not, individually or in the aggregate, have a Material Adverse Effect), and no tax deficiency has been determined
adversely to the Company or any of its subsidiaries which has had (nor does the Company nor any of its subsidiaries have any notice or
knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its subsidiaries and which
would individually or in the aggregate have) a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxiii) <I>Luxembourg
Taxation</I>.&nbsp;&nbsp;Except as disclosed in the General Disclosure Package and the Final Prospectus under the heading &ldquo;Taxation&rdquo;,
there is no tax, duty, levy, impost, deduction, charge or withholding imposed by Luxembourg or any political subdivision thereof or taxing
authority therein on the Underwriters either (a) on or by virtue of the Company&rsquo;s execution, delivery, performance or enforcement
of this Agreement, or (b) on any payment to be made pursuant to this Agreement, except for (i) income taxes payable by the Underwriters
relating to fees and commissions they will receive in connection with the transactions contemplated in this Agreement and (ii) a registration
duty or any other similar tax in case of a voluntary registration of this Agreement or if this Agreement is appended to a document that
requires obligatory registration in Luxembourg or the Agreement is deposited in the minutes of a notary (<I>d&eacute;pos&eacute;s au rang
des minutes d'un notaire</I>), in which case either a nominal registration duty or an ad valorem duty will be payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxiv) <I>Environmental
Laws</I>. (a)(i) Neither the Company nor any of its subsidiaries is in violation of, or has any liability under, any U.S. federal, state,
local or non-U.S. statute, law, rule, regulation, ordinance, code, other requirement or rule of law (including common law), or decision
or order of any domestic or foreign governmental agency, governmental body or court, relating to pollution, to the use, handling, transportation,
treatment, storage, discharge, disposal or release of Hazardous Substances (as defined below), to the protection or restoration of the
environment or natural resources (including biota), to health and safety including as such relates to exposure to Hazardous Substances,
and to natural resource damages (collectively, &ldquo;<B>Environmental Laws</B>&rdquo;), (ii) neither the Company nor any of its subsidiaries
owns, occupies, operates or uses any real property contaminated with Hazardous Substances, (iii) neither the Company nor any of its subsidiaries
is conducting or funding any investigation, remediation, remedial action or monitoring of actual or suspected Hazardous Substances in
the environment, (iv) neither the Company nor any of its subsidiaries is liable or allegedly liable for any release or threatened release
of Hazardous Substances, including at any off-site treatment, storage or disposal site, (v) neither the Company nor any of its subsidiaries
is subject to any claim by any governmental agency or governmental body or person relating to Environmental Laws or Hazardous Substances,
and (vi) the Company and its subsidiaries have received and are in compliance with all, and have no liability under any, permits, licenses,
authorizations, identification numbers or other approvals required under applicable Environmental Laws to conduct their respective businesses,
except in each case covered by clauses (i) &ndash; (vi) such as would not individually or in the aggregate have a Material Adverse Effect;
(b) to the knowledge of the Company there are no facts or circumstances that would reasonably be expected to result in a violation of,
liability under, or claim pursuant to any Environmental Law that would have a Material Adverse Effect; (c) to the knowledge of the Company
there are no requirements proposed for adoption or implementation under any Environmental Law that would have a Material Adverse Effect;
and (d) except as described in each of the Registration Statement, the Final Prospectus or the General Disclosure Package, (i) there is
no proceeding that is pending, or to the knowledge of the Company, contemplated, against the Company or any of its subsidiaries under
any Environmental Laws in which a governmental entity is also a party, and (ii) none of the Company or its subsidiaries anticipates material
capital expenditures relating to any Environmental Laws.&nbsp;&nbsp;For purposes of this subsection, &ldquo;<B>Hazardous Substances</B>&rdquo;
means (A) petroleum and petroleum products, by-products or breakdown products, radioactive materials, asbestos-containing materials, polychlorinated
biphenyls and mold, and (B) any other chemical, material or substance defined or regulated as toxic or hazardous or as a pollutant, contaminant
or waste under Environmental Laws.&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxv)&nbsp;&nbsp;<I>Accurate
Disclosure.&nbsp;&nbsp;</I>The statements in the General Disclosure Package and the Final Prospectus under the headings &ldquo;Item 10.
Additional Information&mdash;Taxation&rdquo;, &ldquo;Material U.S. Federal Income Tax Considerations for U.S. Holders,&rdquo; &ldquo;Material
Luxembourg Tax Considerations for Holders,&rdquo; &ldquo;Item 10. Additional Information&mdash;Memorandum and Articles of Association&rdquo;,
&ldquo;Item 10. Additional Information&mdash;Exchange Controls&rdquo;, &ldquo;Enforceability of Civil Liabilities&rdquo;, &ldquo;Item
7. Major Shareholders and Related Party Transactions&rdquo; and &ldquo;Operating and Financial Review and Prospects&rdquo;, insofar as
such statements summarize legal matters, agreements, documents or proceedings discussed therein, are accurate and fair summaries of such
legal matters, agreements, documents or proceedings and present the information required to be shown.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxvi) <I>Absence
of Manipulation</I>.&nbsp;&nbsp;The Company has not taken, directly or indirectly, any action that is designed to or that has constituted
or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company
to facilitate the sale or resale of the Offered Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxvii)&nbsp;&nbsp;<I>Statistical
and Market-Related Data and Forward-Looking Statements.&nbsp;&nbsp;</I>The opinions, analyses, and forecasts about the Company and any
third-party statistical and market-related data included or incorporated by reference in a Registration Statement, a Statutory Prospectus
or the General Disclosure Package are based on or derived from sources that the Company reasonably believes to be reliable and accurate,
and the Company has obtained the written consent to the use of any such data from such sources to the extent required.&nbsp;&nbsp;Any
other statistical information provided in a Registration Statement, a Statutory Prospectus or the General Disclosure Package is in all
material respects accurately presented and prepared on a basis consistent with the books and records of the Company and its consolidated
subsidiaries.&nbsp;&nbsp;No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act) contained or incorporated by reference in a Registration Statement, a Statutory Prospectus or the General Disclosure Package
has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxviii)&nbsp;&nbsp;<I>Accounting
Controls</I>.&nbsp;&nbsp;The Company and its subsidiaries maintain a system of internal controls, including, but not limited to, disclosure
controls and procedures, internal controls over accounting matters and financial reporting, an internal audit function and legal and regulatory
compliance controls (collectively, &ldquo;<B>Internal Controls</B>&rdquo;) that comply with the Sarbanes-Oxley Act of 2002 (&ldquo;<B>Sarbanes-Oxley</B>&rdquo;),
the Securities Act, the Exchange Act, the rules and regulations of the Commission, the audited principles, rules, standards and practices
applicable to auditors of &ldquo;issuers&rdquo; (as defined in Sarbanes-Oxley) promulgated or approved by the Public Company Accounting
Oversight Board, the IASB and, as applicable, the rules (the &ldquo;<B>Exchange Rules</B>&rdquo;) of the New York Stock Exchange (collectively,
the &ldquo;<B>Securities Laws</B>&rdquo;) and are sufficient to provide reasonable assurances that (i)&nbsp;transactions are executed
in accordance with management&rsquo;s general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation
of financial statements in conformity with IFRS and to maintain accountability for assets, (iii)&nbsp;access to assets is permitted only
in accordance with management&rsquo;s general or specific authorization and (iv)&nbsp;the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.&nbsp;&nbsp;The Company
does not have and does not reasonably expect to publicly disclose a significant deficiency, material weakness, change in Internal Controls
or fraud involving management or other employees who have a significant role in Internal Controls (each, an &ldquo;<B>Internal Control
Event</B>&rdquo;), any violation of, or failure to comply with, the Securities Laws, or any matter which, if determined adversely, would
individually or in the aggregate have a Material Adverse Effect.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxix)&nbsp;&nbsp;<I>Disclosure
Controls</I>.&nbsp;&nbsp;The Company and its subsidiaries maintain an effective system of &ldquo;disclosure controls and procedures&rdquo;
(as defined in Rule&nbsp;13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by the Company
in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified
in the Commission&rsquo;s rules and forms, including controls and procedures designed to ensure that such information is accumulated
and communicated to the Company&rsquo;s management as appropriate to allow timely decisions regarding required disclosure.&nbsp;&nbsp;The
Company and its subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and procedures as required
by Rule&nbsp;13a-15 of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxx) <I>Independent
Auditors</I>.&nbsp;&nbsp;a) Pricewaterhouse &amp; Co. S.R.L. and PricewaterhouseCoopers, soci&eacute;t&eacute; cooperative, who have certified
certain financial statements of the Company and its subsidiaries, are independent registered public accounting firms with respect to the
Company and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight
Board (United States) and as required by the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(b) Deloitte &amp;
Co. S.A., who have certified certain financial statements of Profertil S.A. (&ldquo;<B>Profertil</B>&rdquo;), are independent auditors
with respect to Profertil, within the applicable rules and regulations adopted by the Commission and have audited such financial statements
in accordance with U.S. Generally Accepted Auditing Standards (&ldquo;<B>U.S. GAAS</B>&rdquo;) and as required by the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(xxxi)
<I>Litigation.</I>&nbsp;&nbsp;Except as disclosed in the General Disclosure Package and the Final Prospectus, there are no pending actions,
suits or proceedings (including any inquiries or investigations by any court or governmental agency or body, domestic or foreign) against
or affecting the Company, any of its subsidiaries or any of their respective properties or directors or officers that, if determined
adversely to the Company or any of its subsidiaries, would individually or in the aggregate have a Material Adverse Effect, or would
materially and adversely affect the ability of the Company to perform its obligations under this Agreement, or which are otherwise material
in the context of the sale of the Offered Securities; and no such actions, suits or proceedings (including any inquiries or investigations
by any court or governmental agency or body, domestic or foreign) are threatened or, to the Company&rsquo;s knowledge, contemplated.
</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxxii) <I>Financial
Statements.</I>&nbsp;&nbsp;The financial statements and the related notes thereto included or incorporated by reference in each of the
Registration Statement, the Final Prospectus or the General Disclosure Package present fairly the financial position of the Company and
its subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified;
such financial statements have been prepared in conformity with IFRS Accounting Standards as issued by the IASB or with International
Accounting Standard 34 &ldquo;Interim Financial Reporting,&rdquo; as applicable, applied on a consistent basis throughout the periods
covered thereby; and the other financial information included or incorporated by reference in each of the Registration Statement, the
Final Prospectus or the General Disclosure Package has been derived from the accounting records of the Company and its subsidiaries and
presents fairly the information shown thereby; and the pro forma financial information and the related notes thereto included in the Registration
Statement, the General Disclosure Package and the Final Prospectus have been prepared in accordance with the applicable requirements of
the Securities Act and the Exchange Act, as applicable, and the assumptions underlying such pro forma financial information are reasonable
and are set forth in the Registration Statement, the General Disclosure Package and the Final Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxxiii) <I>No
Material Adverse Change in Business.</I>&nbsp;&nbsp;Except as disclosed in the General Disclosure Package and the Final Prospectus, since
the date of the latest audited financial statements included or incorporated by reference in the General Disclosure Package, there has
been no change, nor any development or event involving a prospective change that will have a Material Adverse Effect.&nbsp;&nbsp;Except
as disclosed in the General Disclosure Package and the Final Prospectus, there has been no dividend or distribution of any kind declared,
paid or made by the Company on any class of its capital stock.&nbsp;&nbsp;There has been no material adverse change in the capital stock,
short-term indebtedness, long-term indebtedness, net current assets or net assets of the Company and its subsidiaries on a consolidated
basis, except in each case as otherwise disclosed in each of the General Disclosure Package and the Final Prospectus.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxxiv)&nbsp;&nbsp;<I>Investment
Company Act.</I>&nbsp;&nbsp;The Company is not and, after giving effect to the offering and sale of the Offered Securities and the application
of the proceeds thereof as described in the General Disclosure Package, will not be an &ldquo;investment company&rdquo; as defined in
the Investment Company Act of 1940 (the &ldquo;<B>Investment Company Act</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxxv)&nbsp;&nbsp;<I>Ratings.</I>&nbsp;&nbsp;No
&ldquo;nationally recognized statistical rating organization&rdquo; as such term is defined for in Section 3(a)(62) of the Exchange Act
(i) has imposed (or has informed the Company that it is considering imposing) any condition (financial or otherwise) on the Company&rsquo;s
retaining any rating assigned to the Company or any securities of the Company or (ii) has indicated to the Company that it is considering
any of the actions described in Section 7(c)(ii) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxxvi)&nbsp;&nbsp;<I>Passive
Foreign Investment Company Status.</I> Subject to the qualifications and assumptions set forth in the General Disclosure Package and the
Final Prospectus, the Company does not expect to be treated as a &ldquo;passive foreign investment company&rdquo; (&ldquo;<B>PFIC</B>&rdquo;)
for U.S. federal income tax purposes for its current taxable year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxxvii)&nbsp;&nbsp;<I>Payments
in Foreign Currency.</I>&nbsp;&nbsp;Except as disclosed in the General Disclosure Package and the Final Prospectus under the heading
&ldquo;Taxation&rdquo; including that distributions imputed for tax purposes on newly accumulated profits are subject to a withholding
tax of 15%, under current laws and regulations of Luxembourg and any political subdivision thereof, all dividends and other distributions
declared and payable on the Offered Securities may be paid by the Company to the holder thereof in U.S. dollars or Euros and freely transferred
out of Luxembourg <FONT STYLE="color: blue"><U>(</U></FONT>subject to any restrictions resulting from national or supra national sanctions
or prohibitions applicable to certain jurisdictions<FONT STYLE="color: blue"><U>) </U></FONT>and all such payments made to holders thereof
or therein who are neither residents of Luxembourg nor having a permanent establishment or a fixed place or a permanent representative
in Luxembourg will not be subject to income, withholding or other taxes under laws and regulations of Luxembourg or any political subdivision
or taxing authority thereof or therein and will otherwise be free and clear of any other tax, duty, withholding or deduction in Luxembourg
or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization
in Luxembourg or any political subdivision or taxing authority thereof or therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&#9;(xxxviii) <I>Use
of Funds</I>.&nbsp;&nbsp;(i)&nbsp;None of the Company or its subsidiaries or affiliates, or any director, officer, or employee thereof,
or, to the Company&rsquo;s, any agent or representative of the Company or of any of its subsidiaries or affiliates, has (x) taken or will
take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of
money, property, gifts or anything else of value, directly or indirectly, to any government official (including any officer or employee
of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official
capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) or to any
person to improperly influence official action by that person for the benefit of the Company or its subsidiaries or affiliates, or to
otherwise secure any improper advantage, (y) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of
1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials
in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable
anti-bribery or anti-corruption laws; or (z) made, offered or taken an act in furtherance of any unlawful bribe or other unlawful benefit,
including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit; and (ii)&nbsp;the
Company and its subsidiaries and affiliates have conducted their businesses in compliance with applicable anti-bribery and anti-corruption
laws and have instituted and maintained, and will continue to maintain, policies and procedures reasonably designed to promote and achieve
compliance with such laws and with the representations and warranties contained herein. &#9;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xxxix) <I>Anti-Money
Laundering Laws</I>. The operations of the Company and each of its subsidiaries are and have been conducted at all times in material compliance
with all applicable financial recordkeeping and reporting requirements, including, to the extent applicable, those of the U.S. Currency
and Foreign Transactions Reporting Act of 1970, as amended, and the applicable anti-money laundering statutes of jurisdictions where the
Company or any of its subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any governmental agency (collectively, the &ldquo;<B>Anti-Money Laundering Laws</B>&rdquo;),
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any of its subsidiaries with respect to the Anti-Money Laundering Laws, anti-bribery and anti-corruption, or sanction laws is pending
or, to the best knowledge of the Company, threatened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xl) <I>Office
of Foreign Assets Control.</I>&nbsp;&nbsp;(i)&nbsp;&nbsp;None of the Company, any of its subsidiaries, or any director, officer or employee
thereof, or, to the Company&rsquo;s knowledge, any agent, affiliate or representative of the Company or any of its subsidiaries, is an
individual or entity (&ldquo;<B>Person</B>&rdquo;) that is, or is owned or controlled by one or more Persons that are:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(A)&nbsp;&nbsp;the
subject of any sanctions administered or enforced by the U.S. government, including without limitation, the Office of Foreign Assets Control
of the U.S. Treasury Department, the U.S. Department of Commerce, the U.S. Department of State, the United Nations Security Council, the
European Union, His Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;), or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;located,
organized or resident in a country or territory that is the subject of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;The Company
will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available
such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business
with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any
activities of or business in Cuba, Iran, North Korea, the so called Donetsk People&rsquo;s Republic, the so-called Luhansk People&rsquo;s
Republic, the Crimea, Zaporizhzhia and Kherson Regions of Ukraine or in any other country or territory, that, at the time of such funding
or facilitation, is the subject or target of Sanctions, or (iii) in any other manner that will result in a violation by any person (including
any person participating in the transaction, whether as initial purchaser, underwriter, advisor, investor, agent or otherwise) of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii) Except as permitted by
law or applicable regulation concerning sales of food and agricultural products, since April 24, 2019, the Company and its subsidiaries
have not knowingly engaged in, are not now knowingly engaged in, and will not knowingly engage in, any dealings or transactions with any
Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xli) <I>Luxembourg
Approvals</I>.&nbsp;&nbsp;Except as disclosed in the General Disclosure Package and the Final Prospectus, no approvals are required in
Luxembourg in order for the Company to pay dividends, interest attributable to stockholders&rsquo; equity or other distributions declared
by the Company to the holders of the Offered Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xlii) <I>Immunity</I>.&nbsp;&nbsp;Neither
the Company nor any of its subsidiaries, nor any of their respective subsidiaries, the Company&rsquo;s and its subsidiaries&rsquo; properties
or assets, have any immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment
prior to judgment, attachment in aid of execution or otherwise) under the laws of Luxembourg, Argentina, Uruguay or Brazil.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xliii) <I>Enforcement
of Judgments</I>.&nbsp;&nbsp;Any valid final (non-appealable) and conclusive judgment obtained in a U.S. federal or state court of competent
jurisdiction sitting in New York City in a civil or commercial suit arising out of or in relation to the obligations of the Company under
this Agreement or the transactions contemplated hereby and which remains in full force and effect, will be enforceable against the Company
and will be recognized in Luxembourg, subject to applicable exequatur proceedings, and provided that in particular proof of the following
conditions provided by Luxembourg law for enforcement of foreign court judgments or case-law may have to be given (and which may evolve):
(i) the New York court awarding the judgment has jurisdiction to hear and adjudicate the respective matter under its applicable laws,
and such jurisdiction is recognized by Luxembourg international private law and local law; (ii) the judgment is final and duly enforceable
(<I>ex&eacute;cutoire</I>) in New York and has not been fully enforced in that and/or any other jurisdiction; (iii) the judgment is not
in contradiction with an already issued judgment of a Luxembourg court; (iv) the New York court has applied the substantive law as designated
by the Luxembourg conflict of laws rules; (iv) the New York court has acted in accordance with its own procedural laws and had jurisdiction
over the subject matter of the action leading to the judgment; (v) the judgment was granted in compliance with the rights of the defendant
in particular, following proceedings where the counterparty had the opportunity to appear, and if it appeared, to present a defense and
other conditions for a fair trial have been complied with taking into account all facts and circumstances whether occurring before, during
or after trial or the issue and delivery of the judgement, and the judgment has not been obtained by reason of fraud; and (vi) the judgment
does not contravene international public policy rules as understood under the laws of Luxembourg and has not been given in proceedings
of a criminal, penal or tax nature or rendered subsequent to an evasion of Luxembourg law (<I>fraude &agrave; la loi</I>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xliv) <I>Valid
Choice of Law</I>. The choice of laws of the State of New York as the governing law of this Agreement is a valid choice of law under the
laws of Brazil, Uruguay and Argentina and, subject to compliance with certain evidentiary requirements, will be recognized by the courts
of Brazil, Uruguay and Argentina, except that a Brazilian, Uruguayan or Argentine court may refuse to apply the law of another jurisdiction
if it is deemed to be contrary to Brazilian, Uruguayan or Argentine principles of public order or policy, and/or, in certain circumstances,
Brazil national sovereignty, morality or human dignity or Luxembourg national sovereignty, good morals or mandatory law; provided further
that the application of New York law will be preempted by applicable Argentine and Uruguayan law in matters of bankruptcy, fraudulent
conveyance, insolvency, reorganization, moratorium and laws of general applicability relating to or affecting enforcement of creditors&rsquo;
rights generally or to general principles of equity.&nbsp;&nbsp;With respect to Brazil, provided that (a) the contractual language makes
it clear that the New York courts have exclusive jurisdiction; (b) the contract is considered to be international by Brazilian courts;
(c) the clause of submission to an exclusive jurisdiction is not considered abusive by Brazilian courts and (d) Brazilian courts do not
have exclusive jurisdiction over any dispute arising therefrom, the choice of laws of the State of New York will be deemed valid.&nbsp;&nbsp;The
submission by the Company to the jurisdiction of the U.S. federal or state courts sitting in the Borough of Manhattan, The City of New
York and County of New York in this Agreement constitutes, to the extent permitted by law, a valid and legally binding obligation of the
Company.&nbsp;&nbsp;Service of process in respect of a claim or action in a U.S. court pursuant to this Agreement, effected in the manner
set forth in this Agreement, assuming validity under the laws of the State of New York, will be effective, insofar as Brazil, Luxembourg,
Uruguay and Argentine law is concerned, to confer valid personal jurisdiction over the Company.&nbsp;&nbsp;The Company has the power to
designate, appoint and empower and pursuant to Section 16 of this Agreement has validly and effectively designated, appointed and empowered
an agent for service of process in any suit or proceeding based on or arising from this Agreement in any U.S. federal or state court sitting
in New York City. For the purposes of item (d) of this paragraph, Brazilian courts have exclusive jurisdiction over matters involving:
(i) bankruptcy, insolvency, liquidation, reorganization, moratorium, judicial recovery (recupera&ccedil;&atilde;o judicial) or extrajudicial
recovery (recupera&ccedil;&atilde;o extrajudicial) or other similar laws affecting creditors&rsquo; rights generally, (ii) certain credits,
such as costs related to proceedings (i.e., trustees&rsquo; fees), credits granted to the Company after filing of judicial recovery (recupera&ccedil;&atilde;o
judicial), labor claims, secured credits by fiduciary or in rem guarantees up to the value of the secured assets, social security and
tax claims (except for tax penalties) and other claims enjoying special or general privilege or statutorily preferred claims, (iii) possible
unavailability of specific performance, summary judgment (processo executivo) or injunctive relief, (iv) concepts of materiality, reasonableness,
good faith, public policy and fair dealing, and (v) other laws of general application relating to or affecting the rights of creditors
generally, including (without limitation) fraudulent conveyance.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xlv) <I>Valid
Choice of Law - Luxembourg</I>.&nbsp;&nbsp;The choice of laws of the State of New York as the governing law of this Agreement is, subject
to compliance with certain evidentiary requirements, a valid choice of law under the laws of Luxembourg and will be recognized by the
courts, in accordance with and subject to the provisions of (EC) Regulation 593/2008 of the European Parliament and of the Council of
17 June 2008 on the law applicable to contractual obligations (Rome I), and Regulation (EC) 864/2007 of 11 July 2007 on the law applicable
to non-contractual obligations (Rome II) and to the extent such law is not deemed to be contrary to Luxembourg public order.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xlvi) <I>Stamp
Taxes</I>.&nbsp;&nbsp;There are no stamp or other issuance or transfer taxes or duties or other similar fees or charges required to be
paid by or on behalf of the Underwriters in Luxembourg, Brazil, Uruguay, Argentina or any political subdivision or taxing authority thereof
solely in connection with the execution and delivery of this Agreement or the offer or sale of the Securities to the underwriters thereof
as contemplated herein, except for a registration duty or any other similar tax in case of a voluntary registration of this Agreement
or if this Agreement is appended to a document that requires obligatory registration in Luxembourg, or the Agreement is deposited in the
minutes of a notary (<I>d&eacute;pos&eacute;s au rang des minutes d'un notaire</I>), in which case either a nominal registration duty
or an ad valorem duty will be payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xlvii) <I>Absence
of Licenses</I>.&nbsp;&nbsp;It is not necessary under the laws of Brazil, Uruguay or Argentina that the Underwriters should be licensed,
qualified or entitled to carry on business in Brazil, Uruguay or, as the case may be, Argentina (i) to enable any of them to enforce their
respective rights under this Agreement or the transactions contemplated in the Registration Statement, the Final Prospectus or the General
Disclosure Package or (ii) solely by reason of the execution, delivery and performance of this Agreement or the consummation of such transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xlviii) <I>Insurance</I>.&nbsp;&nbsp;The
Company and its subsidiaries have insurance covering their respective properties, operations, personnel and businesses in amounts and
against such losses and risks as are prudent and customary in the businesses in which they are engaged; and neither the Company nor any
of its subsidiaries has (i)&nbsp;received notice from any insurer or agent of such insurer that capital improvements or other expenditures
are required or necessary to be made in order to continue such insurance or (ii)&nbsp;any reason to believe that it will not be able to
renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at reasonable cost from similar
insurers as may be necessary to continue its business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(xlix) <I>Cybersecurity;
Data Protection</I>.&nbsp;&nbsp;The Company and its subsidiaries&rsquo; information technology assets and equipment, computers, systems,
networks, hardware, software, websites, applications, and databases (collectively, &ldquo;<B>IT Systems</B>&rdquo;) are adequate for,
and operate and perform in all material respects as required in connection with the operation of the business of the Company and its subsidiaries
as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants.&nbsp;&nbsp;The
Company and its subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to
maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT
Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data (&ldquo;<B>Personal Data</B>&rdquo;)
used in connection with their businesses, and there have been no breaches, violations, outages or unauthorized uses of or accesses to
same, except for those that have been remedied without material cost or liability or the duty to notify any other person, nor any incidents
under internal review or investigations relating to the same.&nbsp;&nbsp;The Company and its subsidiaries are presently in material compliance
with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory
authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the
protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(l) <I>Sarbanes-Oxley
Act</I>. There is and has been no failure on the part of the Company, any of the Company&rsquo;s officers or, to the knowledge of the
Company, any of the Company&rsquo;s directors in their capacities as such, to comply with any provision of Sarbanes-Oxley (as defined
herein) applicable to the Company as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(li) <I>Margin
Rules.</I>&nbsp;&nbsp;Neither the issuance, sale and delivery of the Shares nor the application of the proceeds thereof by the Company
as described in each of the Registration Statement, the General Disclosure Package and the Final Prospectus will violate Regulation T,
U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(lii) <I>Incorporated
Documents.</I>&nbsp;&nbsp;The documents incorporated by reference in the Registration Statement in which the Final Prospectus and the
General Disclosure Package, when they were filed with the Commission conformed in all material respects to the requirements of the Exchange
Act, and none of such documents contained any untrue statement of a material fact or omitted to state a material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading; and any further documents so filed
and incorporated by reference in the Registration Statement, the Final Prospectus or the General Disclosure Package, when such documents
are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and will not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(liii) <I>No Undisclosed
Relationships.</I>&nbsp;&nbsp;No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on
the one hand, and the directors, officers, stockholders, customers, suppliers or other affiliates of the Company or any of its subsidiaries,
on the other, that is required by the Securities Act to be described in each of the Registration Statement and the Final Prospectus and
that is not so described in such documents and in the General Disclosure Package.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;<I>Subscrip<FONT STYLE="color: Black">tion,
Issue, Sale and Delivery of Offered Securities</FONT></I><FONT STYLE="color: Black">.&nbsp;&nbsp;On the basis of the representations,
warranties and agreements and subject to the terms and conditions set forth herein, the Company agrees to issue to each Underwriter,
and each Underwriter agrees, severally and not jointly, to subscribe from the Company, at a subscription price of $7.25 per share, the
Firm Securities set forth opposite the name of such Underwriter in Schedule A hereto under the caption &ldquo;Number of Firm Securities
to be Purchased.&rdquo; As compensation for the Underwriters&rsquo; commitments, the Company will pay to the Representatives for the
Underwriters&rsquo; proportionate accounts the sum of $0.3263 per share times the total number of Firm Securities purchased by the Underwriters
from the Company on the First Closing Date; <I>provided that</I> the Underwriters shall not receive any compensation for the 30,344,827
Firm Securities proposed to be sold by the several Underwriters to Tether Investments S.A. de C.V. and 3,627,585 Firm Securities proposed
to be sold by the several Underwriters to management and other investors. Such payment will be made on the First Closing Date with respect
to the Firm Securities purchased from the Company on the First Closing Date immediately after the issue of the Firm Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black"><U>Upon</U>
payment of the subscription or purchase price in U.S. federal (same day) funds by wire transfer to an account specified by the Company
and acceptable to the Representatives, at the office of Milbank LLP, at 10:00 A.M., New York time, on December 15, 2025, or at such other
time not later than seven full business days thereafter as the Representatives and the Company determine <U>(</U>such time being herein
referred to as the &ldquo;<B>First Closing Date</B>&rdquo;), the Company will issue and deliver the Firm Securities to or as instructed
by the <U></U>Representatives.&nbsp;&nbsp;For purposes of Rule 15c6-1 under the Exchange Act, the First Closing Date (if later than the
otherwise applicable settlement date) shall be the settlement date for payment of funds and delivery of securities for all the Offered
Securities issued and sold pursuant to the offering. The issua</FONT>nce of the Firm Securities shall be acknowledged in front of a Luxembourg
notary within 30 calendar days of the issuance thereof by the board of directors of the Issuer.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, upon written
notice from the Representatives given to the Company not more than 30 days subsequent to the date of this Agreement, the Underwriters
may subscribe for all or less than all of the Optional Securities at the subscription price per Security to be paid for the Firm Securities,
provided, however, that the amount paid by the Underwriters for any Optional Securities shall be reduced by an amount per share equal
to any dividends declared by the Company and payable on the Firm Securities but not payable on such Optional Securities. As compensation
for the Underwriters&rsquo; commitments, the Company will pay to the Representatives for the Underwriters&rsquo; proportionate accounts
the sum of $0.3263 per share times the total number of Optional Securities purchased by the Underwriters from the Company on the Optional
Closing Date (as defined below). Such payment will be made on the Optional Closing Date with respect to the Optional Securities purchased
from the Company on the Optional Closing Date immediately after the issue of the Optional Securities. The Company agrees to issue to the
Underwriters the number of shares of Optional Securities specified in such notice and the Underwriters agree, severally and not jointly,
to subscribe for such Optional Securities.&nbsp;&nbsp;Such Optional Securities shall be subscribed for from the Company for the account
of each Underwriter in the same proportion as the number of Firm Securities set forth opposite such Underwriter&rsquo;s name bears to
the total number of shares of Firm Securities on Schedule A hereto (subject to adjustment by the Representatives to eliminate fractions).&nbsp;&nbsp;No
Optional Securities shall be sold unless the Firm Securities previously have been, or simultaneously are, sold.&nbsp;&nbsp;The right to
subscribe for the Optional Securities or any portion thereof may be exercised from time to time and to the extent not previously exercised
may be surrendered and terminated at any time upon notice by the Representatives to the Company. The issuance of the Optional Securities
shall be acknowledged in front of a Luxembourg notary within 30 calendar days of the issuance thereof by the board of directors of the
Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The time for the payment for
and issue and delivery of the Optional Securities, being herein referred to as the &ldquo;<B>Optional Closing Date</B>&rdquo;, which may
be the First Closing Date (the First Closing Date and each Optional Closing Date, if any, being sometimes referred to as a &ldquo;<B>Closing
Date</B>&rdquo;), shall be determined by the Representatives but shall be not (x) earlier than the First Closing Date or (y) later than
five full business days after written notice of election to subscribe for Optional Securities is given.&nbsp;&nbsp;Except with respect
to Optional Securities to be subscribed for on the First Closing Date, if any, any such notice shall be given at least two business days
prior to the date and time of issue and delivery specified therein.&nbsp;&nbsp;Payment of the subscription price for the Optional Securities
in U.S. federal (same day) funds by wire transfer to the account specified by the Company and acceptable to the Representatives shall
be made against the delivery by the Company of the Optional Securities being subscribed, and fully paid for, on each Optional Closing
Date to or as instructed by the Representatives for the accounts of the several Underwriters in a form reasonably acceptable to the Company.&nbsp;&nbsp;The
Optional Securities being subscribed for on each Optional Closing Date will be made available for checking at a reasonable time in advance
of such Optional Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;<I>Offering
by Underwriters</I>.&nbsp;&nbsp;It is understood that the several Underwriters propose to offer the Offered Securities for sale to the
public as set forth in the Final Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;<I>Certain Agreements
of the Company</I>.&nbsp;&nbsp;The Company agrees with the several Underwriters that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;<I>Filing
of Prospectuses.&nbsp;&nbsp;</I>The Company has filed or will file each Statutory Prospectus (including the Final Prospectus) pursuant
to and in accordance with Rule&nbsp;424(b) (or, if applicable and consented to by the Representatives) not later than the second business
day following the earlier of the date it is first used or the execution and delivery of this Agreement.&nbsp;&nbsp;The Company has complied
and will comply with Rule&nbsp;433.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;<I>Filing
of Amendments: Response to Commission Requests.</I>&nbsp;&nbsp;The Company will promptly advise the Representatives of any proposal to
amend or supplement at any time the Registration Statement or any Statutory Prospectus and will not effect such amendment or supplement
without the Representatives&rsquo; consent; and the Company will also advise the Representatives promptly of (i) the filing of any such
amendment or supplement, (ii) any request by the Commission or its staff for any amendment to the Registration Statement, for any supplement
to any Statutory Prospectus or for any additional information, (iii) the institution by the Commission of any stop order proceedings in
respect of the Registration Statement or the threatening of any proceeding for that purpose, and (iv) the receipt by the Company of any
notification with respect to the suspension of the qualification of the Offered Securities in any jurisdiction or the institution or threatening
of any proceedings for such purpose.&nbsp;&nbsp;The Company will use its best efforts to prevent the issuance of any such stop order or
the suspension of any such qualification and, if issued, to obtain as soon as possible the withdrawal thereof.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(c)&nbsp;&nbsp;<I>Continued
Compliance with Securities Laws.</I>&nbsp;&nbsp;If, at any time when a prospectus relating to the Offered Securities is (or but for the
exemption in Rule 172 would be) required to be delivered under the Act by any Underwriter or dealer, any event occurs as a result of which
the Final Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it
is necessary at any time to amend the Registration Statement or supplement the Final Prospectus to comply with the Act, the Company will
promptly notify the Representatives of such event and will promptly prepare and file with the Commission and furnish, at its own expense,
to the Underwriters and the dealers and any other dealers upon request of the Representatives, an amendment or supplement which will correct
such statement or omission or an amendment which will effect such compliance.&nbsp;&nbsp;Neither the Representatives&rsquo; consent to,
nor the Underwriters&rsquo; delivery of, any such amendment or supplement shall constitute a waiver of any of the conditions set forth
in Section 7 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(d)&nbsp;&nbsp;<I>Rule
158.</I>&nbsp;&nbsp;As soon as practicable, but not later than the Availability Date (as defined below), the Company will make generally
available to its security holders an earnings statement covering a period of at least 12 months beginning after the date of this Agreement
and satisfying the provisions of Section 11(a) of the Act and Rule 158 under the Act. For the purpose of the preceding sentence, &ldquo;<B>Availability
Date</B>&rdquo; means the 45<SUP>th</SUP> day after the end of the fourth fiscal quarter following the fiscal quarter that includes such
Effective Time, except that, if such fourth fiscal quarter is the last quarter of the Company&rsquo;s fiscal year, &ldquo;<B>Availability
Date</B>&rdquo; means the 90<SUP>th</SUP> day after the end of such fourth fiscal quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="color: Black">(e)&nbsp;&nbsp;<I>Furnishing
of Prospectuses.</I>&nbsp;&nbsp;The Company will furnish to the Representatives copies of the Registration Statement (one of which will
be signed), including all exhibits, any Statutory Prospectus, the Final Prospectus and all amendments and supplements to such documents,
in each case as soon as available and in such quantities as the Representatives request.&nbsp;&nbsp;The Final Prospectus shall be so
furnished on or prior to 3:00 P.M., New York time, on the business day following the later of the execution and delivery of this Agreement
or the Effective Time of the Registration Statement.&nbsp;&nbsp;The Company will pay the expenses of printing and distributing to the
Underwriters all such documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="color: Black">(f)&nbsp;&nbsp;<I>Blue
Sky Qualifications.</I>&nbsp;&nbsp;The Company will arrange for the qualification of the Offered Securities for sale under the laws of
such <U>U.S.</U> jurisdictions as the Representatives designate and will continue such qualifications in effect so long as required for
the distribution of the Offered Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&#9;(g)&nbsp;&nbsp;<I>Reporting
Requirements.</I>&nbsp;&nbsp;During the period of five years hereafter, the Company will furnish to the Representatives as soon as practicable
after the end of each fiscal year, a copy of its annual report to stockholders for such year; and the Company will furnish to the Representatives
(i) as soon as available, a copy of each report and any definitive proxy statement of the Company filed with the Commission under the
Exchange Act or mailed to stockholders, and (ii) from time to time, such other information concerning the Company as the Representatives
may reasonably request.&nbsp;&nbsp;However, so long as the Company is subject to the reporting requirements of either Section 13 or Section
15(d) of the Exchange Act and is timely filing reports with the Commission on its Electronic Data Gathering, Analysis and Retrieval system
(&ldquo;<B>EDGAR</B>&rdquo;), it is not required to furnish such reports or statements to the Underwriters.&#9;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(h)&nbsp;&nbsp;<I>Payment
of Expenses.</I>&nbsp;&nbsp;Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated,
the Company agrees with the several Underwriters that any costs and expenses with respect to the transactions contemplated in this Agreement
shall be payable or be fully reimbursed by the Company, as the case may be, including:<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">costs and expenses relating to investor presentations or any &ldquo;road show&rdquo; in connection with
the offering and sale of the Offered Securities including, without limitation, reasonable and documented expenses of the Underwriters
and the Company&rsquo;s officers and employees; <I>provided </I>that the Company shall not be required to pay or reimburse the Underwriters
for any costs and expenses of the Underwriters pursuant to this clause (i) in excess of $50,000;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">fees and expenses, as separately agreed between the Company and each respective firm, of Davis Polk &amp;
Wardwell LLP, Milbank LLP, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados, Marval O'Farrell Mairal, Elvinger Hoss Prussen,
<I>soci&eacute;t&eacute; anonyme</I>, and Arendt &amp; Medernach SA;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">fees and expenses of the Company&rsquo;s independent public accountants; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">any costs and expenses related to the filing of documents in connection with the issuance and sale of
the Offered Securities, including, without limitation, the qualification of the Offered Securities for sale under the laws of such jurisdictions
as the Representatives designate and the preparation and printing of memoranda relating thereto, costs and expenses related to the review
by the Financial Industry Regulatory Authority of the Offered Securities (including filing fees), fees and expenses incident to listing
the Offered Securities on the NYSE, fees and expenses in connection with the registration of the Offered Securities under the Securities
Act and the Exchange Act, expenses incurred in distributing preliminary prospectuses and the Final Prospectus (including any amendments
and supplements thereto) to the Underwriters, and expenses incurred for preparing and distributing any Issuer Free Writing Prospectuses
to investors or prospective investors.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) <I>Absence of
Manipulation.&nbsp;&nbsp;</I>The Company will not take, directly or indirectly, any action designed to or that would constitute or that
might reasonably be expected to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate
the sale or resale of the Offered Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;<I>Taxes.</I>&nbsp;&nbsp;The
Company will indemnify and hold harmless the Underwriters against any documentary, stamp or similar tax, including any interest and penalties,
on the sale of the Offered Securities to be delivered by it and on the execution and delivery of this Agreement except in case of a direct
or indirect voluntary registration of the Agreement or any other action of the Underwriters that is not necessary to enforce the right
under this Agreement.&nbsp;&nbsp;All payments to be made by the Company hereunder shall be made without withholding or deduction for or
on account of any present or future taxes, duties or governmental charges whatsoever unless the Company is compelled by law to deduct
or withhold such taxes, duties or charges.&nbsp;&nbsp;In that event, except in the case of any income (however denominated), capital gains
or franchise taxes imposed on an Underwriter by a taxing jurisdiction as a result of any present or former connection (other than any
connection resulting solely from the transactions contemplated by this Agreement) between the Underwriter and the jurisdiction imposing
such tax or for dividend withholding tax on the Offered Securities held by the Underwriters, the Company shall pay such additional amounts
as may be necessary in order that the net amounts received after such withholding or deduction shall equal the amounts that would have
been received by an Underwriter if no withholding or deduction had been made. If applicable, and upon reasonable request, the Company
shall provide to the Underwriters evidence of such payment of taxes, duties or charges made to the relevant governmental authority within
thirty (30) days thereof and shall also provide to the Underwriters any official tax receipt or other documentation issued by the appropriate
governmental authorities with respect to such payment.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;<I>Restriction
on Sale of Securities by Company.&nbsp;&nbsp;</I>The Company hereby agrees that, without the prior written consent of JPM and BofA, it
will not, during the period ending 90 days after the date of the Final Prospectus (the &ldquo;<B>Lock-Up Period</B>&rdquo;), (1) issue,
offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Securities beneficially
owned (as such term is used in Rule 13d-3 of the Exchange Act) or any other securities so owned convertible into or exercisable or exchangeable
for Securities or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of the Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Securities
or such other securities, in cash or otherwise or (3) file any registration statement with the Commission relating to the offering of
any Securities or any securities convertible into or exercisable or exchangeable for Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">The restrictions
contained in the preceding paragraph shall not <FONT STYLE="color: Black">apply to (a) the Offered Securities to be issued and sold hereunder,
(b) issuances of grants of employee stock options or equity awards pursuant to the terms of a Company plan in effect on the date hereof
or issuances of Securities pursuant to the exercise of such options or the exercise of any other employee stock options outstanding on
the date hereof, (c) the issuance by the Company of Securities upon the exercise of an option or warrant or the conversion of a security
outstanding on the date hereof of which the Representatives have been advised in writing, (d) any pledge (including the grant of any
power of attorney) or similar arrangement with respect to the Securities and to which the Representatives or any of its affiliates is
a party, provided that such pledge or similar arrangement is already in effect prior to the date hereof, (e) transactions relating to
Securities acquired in open market transactions after the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in"><FONT STYLE="color: Black">(l)
<I>Use of Proceeds</I>.&nbsp;&nbsp;The Company will apply the net proceeds from the sale of the Offered Securities as described in each
of the Registration Statement, the General Disclosure Package and the Final Prospectus under the heading &ldquo;Use of proceeds&rdquo;.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">6.&nbsp;&nbsp;<I>Free
Writing Prospectuses</I>.&nbsp;&nbsp;The Company represents and agrees that, unless it obtains the prior consent of the Representatives,
and each Underwriter represents and agrees that, unless it obtains the prior consent of the Company, it has not made and will not</FONT>
make any offer relating to the Offered Securities that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute
a &ldquo;free writing prospectus,&rdquo; as defined in Rule 405, required to be filed with the Commission.&nbsp;&nbsp;Any such free writing
prospectus consented to by the Company and the Representatives is hereinafter referred to as a &ldquo;<B>Permitted Free Writing Prospectus</B>.&rdquo;&nbsp;&nbsp;The
Company represents that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer free
writing prospectus,&rdquo; as defined in Rule 433, and has complied and will comply with the requirements of Rules 164 and 433 applicable
to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.&nbsp;&nbsp;The
Company represents that it has satisfied and agrees that it will satisfy the conditions in Rule 433 to avoid a requirement to file with
the Commission any electronic road show.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;<I>Conditions
of the Obligations of the Underwriters</I>.&nbsp;&nbsp;The obligations of the several Underwriters to purchase and pay for the Firm Securities
on the First Closing Date and the Optional Securities to be purchased on each Optional Closing Date will be subject to the accuracy of
the representations and warranties of the Company herein (as though made on such Closing Date), to the accuracy of the statements of Company
officers made pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder to the following additional
conditions precedent:</P>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;<I>Accountants&rsquo;
Comfort Letter.</I>&nbsp;&nbsp;(i) The Representatives shall have received letters, dated, respectively, the date hereof and each Closing
Date, of Price Waterhouse &amp; Co. S.R.L., with respect to the Company and its subsidiaries, confirming that it is a registered public
accounting firm and independent public accountants within the meaning of the Securities Laws and under the applicable rules and regulations
adopted by the Public Company Accounting Oversight Board (except that, in any letter dated a Closing Date, the specified date referred
to in such letter shall be a date no more than three days prior to such Closing Date).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(ii) The Representatives
shall have received letters, dated, respectively, the date hereof and each Closing Date, of Deloitte &amp; Co. S.A., with respect to Profertil,
confirming that it is an independent auditor within the meaning of the Securities Laws and the audit of the Profertil financial statements
was conducted in accordance with U.S. GAAS (except that, in any letter dated a Closing Date, the specified date referred to in such letter
shall be a date no more than three days prior to such Closing Date).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;<I>Filing
of Prospectus.</I>&nbsp;&nbsp;The Final Prospectus shall have been filed with the Commission in accordance with the Rules and Regulations
and Section 5(a) hereof.&nbsp;&nbsp;No stop order suspending the effectiveness of the Registration Statement shall have been issued and
no proceedings for that purpose shall have been instituted or, to the knowledge of the Company or the Representatives, shall be contemplated
by the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(c)&nbsp;&nbsp;<I>No
Material Adverse Change.</I>&nbsp;&nbsp;Subsequent to the execution and delivery of this Agreement, there shall not have occurred (i)
any change, or any development or event involving a prospective change, in the condition (financial or otherwise), results of operations,
business, properties or prospects of the Company and its subsidiaries taken as a whole which, in the judgment of the Representatives,
is material and adverse and makes it impractical or inadvisable to market the Offered Securities; (ii) any downgrading in the rating of
any debt securities of the Company by any &ldquo;nationally recognized statistical rating organization&rdquo; (as defined for purposes
of Rule 436(g)), or any public announcement that any such organization has under surveillance or review its rating of any debt securities
of the Company (other than an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading,
of such rating); (iii) any change in U.S., Luxembourg, Argentine, Brazilian, Uruguay or international financial, political or economic
conditions or currency exchange rates or foreign exchange controls the effect of which is such as to make it, in the judgment of the Representatives,
impractical to market or to enforce contracts for the sale of the Offered Securities, whether in the primary market or in respect of dealings
in the secondary market; (iv) any suspension or material limitation of trading in securities generally on the NYSE, or any setting of
minimum or maximum prices for trading on such exchange; (v) any suspension of trading of any securities of the Company on any exchange
or in the over-the-counter market; (vi) any banking moratorium declared by any U.S. federal, New York, Luxembourg, Brazilian, Uruguay
or Argentine authorities; (vii) any major disruption of settlements of securities, payment or clearance services in the United States,
Luxembourg, Brazil, Uruguay or Argentina or any other country where such securities are listed or (viii) any attack on, outbreak or escalation
of hostilities or act of terrorism involving the United States, Luxembourg, Brazil, Uruguay or Argentina, any declaration of war by Congress
or any other national or international calamity or emergency if, in the judgment of the Representatives, the effect of any such attack,
outbreak, escalation, act, declaration, calamity or emergency is such as to make it impractical or inadvisable to market the Offered Securities
or to enforce contracts for the sale of the Offered Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(d)&nbsp;&nbsp;<I>Opinion
of U.S. Counsel for the Company.</I>&nbsp;&nbsp;The Representatives shall have received an opinion, and a customary negative assurance
letter, dated such Closing Date, of Davis Polk &amp; Wardwell LLP, U.S. counsel for the Company, substantially in the form of Exhibit
A hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(e)<I>&nbsp;&nbsp;Opinion
of General Counsel for the Company.</I>&nbsp;&nbsp;The Representatives shall have received an opinion dated such Closing Date, of Josefina
Diaz Vega, General Counsel for the Company, substantially in the form of Exhibit B hereto.</P>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(f) <I>Opinion of
U.S. Counsel for the Underwriters.</I>&nbsp;&nbsp;The Representatives shall have received from Milbank LLP, counsel for the Underwriters,
such opinion or opinions, and a customary negative assurance letter, dated such Closing Date, with respect to such matters as the Representatives
may require and in form and substance satisfactory to the Representatives, and the Company shall have furnished to such counsel such documents
as they request for the purpose of enabling them to pass upon such matters.&nbsp;&nbsp;In rendering such opinion, Milbank LLP may rely
(i) as to all matters governed by Argentine law upon the opinion of Marval O&rsquo;Farrell Mairal referred to below and (ii) as to all
matters governed by Brazilian law upon the opinion of Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados referred to below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(h) <I>Opinion
of Special Counsel for the Company</I>.&nbsp;&nbsp;The Representatives shall have received the legal opinion in English, substantially
in the form of Exhibit C hereto, dated as of each Closing Date, of: (i) Elvinger Hoss Prussen, soci&eacute;t&eacute; anonyme, counsel
for the Company in the Grand Duchy of Luxembourg, and (ii) in-house counsel of the Company for the Federative Republic of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(i) <I>Opinion of
Foreign Counsel for the Underwriters.&nbsp;&nbsp;</I>The Representatives shall have received the legal opinion, dated as of each Closing
Date of (i) Marval O&rsquo;Farrell Mairal, counsel for the Underwriters in the Argentine Republic, (ii) Mattos Filho, Veiga Filho, Marrey
Jr e Quiroga Advogados, counsel for the Underwriters in the Federative Republic of Brazil, and (iii) Arendt &amp; Medernach SA, counsel
for the Underwriters in the Grand Duchy of Luxembourg.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(j)&nbsp;&nbsp;<I>Officer&rsquo;s
Certificate.</I>&nbsp;&nbsp;The Representatives shall have received a certificate, dated such Closing Date, of an executive officer of
the Company and a principal financial or accounting officer of the Company in which such officers shall state that: the representations
and warranties of the Company in this Agreement are true and correct; the Company has complied with all agreements and satisfied all conditions
on its part to be performed or satisfied hereunder at or prior to such Closing Date; no stop order suspending the effectiveness of the
Registration Statement has been issued and no proceedings for that purpose have been instituted or, to the best of their knowledge and
after reasonable investigation, are contemplated by the Commission; and, subsequent to the date of the most recent financial statements
in the General Disclosure Package, there has been no material adverse change, nor any development or event involving a prospective material
adverse change, in the condition (financial or otherwise), results of operations, business, properties or prospects of the Company and
its subsidiaries taken as a whole except as set forth in the General Disclosure Package or as described in such certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(k)&nbsp;&nbsp;<I>Lock-Up
Agreements.</I>&nbsp;&nbsp;On or prior to the date hereof, the Representatives shall have received lock-up letters, each substantially
in the form of Exhibit D hereto, from certain shareholders and each of the executive officers and directors of the Company (each acting
in his or her individual capacity).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(l) <I>Chief Financial
Officer Certificate</I>.&nbsp;&nbsp;On the date of this Agreement and on each Closing Date, the Representatives shall have received a
written certificate executed by the Chief Financial Officer of the Company, in form and substance reasonably satisfactory to the Representatives,
with respect to certain financial information contained in the General Disclosure Package or the Final Prospectus, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(m) <I>Good Standing</I>.&nbsp;&nbsp;The
Representatives shall have received on and as of each Closing Date satisfactory evidence of the good standing of the Company and its
subsidiaries in their respective jurisdictions of organization (to the extent such concept exists in such jurisdiction) and their good
standing in such other jurisdictions (to the extent such concept exists in such jurisdiction) as the Representatives may reasonably request,
in each case in writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(l) <I>Additional
Documents</I>.&nbsp;&nbsp;On or prior to any Closing Date, the Company shall have furnished to the Underwriter such further certificates
(including incumbency certificates) and documents as the Underwriter may reasonably request in connection with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will furnish the Representatives with
such conformed copies of such opinions, certificates, letters and documents as the Representatives reasonably request.&nbsp;&nbsp;The
Representatives have may in their sole discretion waive compliance with any conditions to the obligations of the Underwriters hereunder,
whether in respect of an Optional Closing Date or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;<I>Indemnification
and Contribution</I>.&nbsp;&nbsp;(a)&nbsp;&nbsp;<I>Indemnification of Underwriter by Company.</I>&nbsp;&nbsp;The Company will indemnify
and hold harmless each Underwriter, its partners, members, directors, officers, employees, agents, affiliates and each person, if any,
who controls the Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (each an &ldquo;<B>Indemnified
Party</B>&rdquo;), against any and all losses, claims, damages or liabilities, joint or several, to which such Indemnified Party may become
subject, under the Act, the Exchange Act, other U.S. federal or state statutory law or regulation or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in any part of the Registration Statement at any time, any Statutory Prospectus as of any time, the Final
Prospectus or any Issuer Free Writing Prospectus, any road show as defined in Rule 433(h) under the Securities Act or arise out of or
are based upon the omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, and will reimburse each Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified Party
in connection with investigating or defending against any loss, claim, damage, liability, action, litigation, investigation or proceeding
whatsoever (whether or not such Indemnified Party is a party thereto), whether threatened or commenced, and in connection with the enforcement
of this provision with respect to any of the above as such expenses are incurred; provided, however, that the Company will not be liable
in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged
untrue statement in or omission or alleged omission from any of such documents in reliance upon and in conformity with written information
furnished to the Company by the Underwriter specifically for use therein, it being understood and agreed that the only such information
furnished by the Underwriter consists of the information described as such in subsection (b) below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;<I>Indemnification
of Company by Underwriter.</I>&nbsp;&nbsp;Each Underwriter will indemnify and hold harmless the Company, each of its directors and each
of its officers who signs the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15
of the Act or Section 20 of the Exchange Act (each, an &ldquo;<B>Underwriter Indemnified Party</B>&rdquo;) against any and all losses,
claims, damages or liabilities to which such Underwriter Indemnified Party may become subject, under the Act, the Exchange Act, or other
U.S. federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the
Registration Statement at any time, any Statutory Prospectus as of any time, the Final Prospectus or any Issuer Free Writing Prospectus
or arise out of or are based upon the omission or the alleged omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the
Company by the Underwriters specifically for use therein, and will reimburse any legal or other expenses reasonably incurred by such Underwriter
Indemnified Party in connection with investigating or defending against any such loss, claim, damage, liability, action, litigation, investigation
or proceeding whatsoever (whether or not such Underwriter Indemnified Party is a party thereto), whether threatened or commenced, based
upon any such untrue statement or omission, or any such alleged untrue statement or omission as such expenses are incurred, it being understood
and agreed that the only such information furnished by the Underwriters consists of the following information in the Final Prospectus
furnished by the Underwriters: the stabilization information in the thirteenth paragraph under the heading &ldquo;Underwriting.&rdquo;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;<I>Actions
against Parties; Notification.</I>&nbsp;&nbsp;Promptly after receipt by an indemnified party under this Section of notice of the commencement
of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under subsection
(a) or (b) above, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not
relieve it from any liability that it may have under subsection (a) or (b) above except to the extent that it has been materially prejudiced
(through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying
party shall not relieve it from any liability that it may have to an indemnified party otherwise than under subsection (a) or (b) above.&nbsp;&nbsp;If
any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the indemnifying person thereof,
the indemnifying person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of
the Indemnified Person, be counsel to the indemnifying person) to represent the Indemnified Person and any others entitled to indemnification
pursuant to this Section 8(c) that the indemnifying person may designate in such proceeding and shall pay the fees and expenses of such
proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred.&nbsp;&nbsp;In any such proceeding,
any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense
of such Indemnified Person unless (i) the indemnifying person and the Indemnified Person shall have mutually agreed to the contrary; (ii)
the indemnifying person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii)
the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in
addition to those available to the indemnifying person; or (iv) the named parties in any such proceeding (including any impleaded parties)
include both the indemnifying person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them.&nbsp;&nbsp;It is understood and agreed that the indemnifying person shall
not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than
one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be paid or
reimbursed as they are incurred.&nbsp;&nbsp;Any such separate firm for any Underwriter, its affiliates, directors and officers and any
control persons of such Underwriter shall be designated in writing by the Representatives and any such separate firm for the Company,
its directors and officers and any control persons of the Company shall be designated in writing by the Company.&nbsp;&nbsp;The indemnifying
person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent
or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against
any loss or liability by reason of such settlement or judgment.&nbsp;&nbsp;Notwithstanding the foregoing sentence, if at any time an Indemnified
Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated
by this paragraph, the indemnifying person shall be liable for any settlement of any proceeding effected without its written consent if
(i) such settlement is entered into more than 30 days after receipt by the indemnifying person of such request, and (ii) the <B>Indemnifying
Person</B> shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement.&nbsp;&nbsp;No
indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened
action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such
indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from all liability on any claims
that are the subject matter of such action and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure
to act by or on behalf of an indemnified party.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<I>&nbsp;&nbsp;Contribution.</I>&nbsp;&nbsp;If
the indemnification provided for in this Section is unavailable or insufficient to hold harmless an indemnified party under subsection
(a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of
the losses, claims, damages or liabilities referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect
the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering of the Securities or
(ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and the Underwriters
on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities as well as
any other relevant equitable considerations.&nbsp;&nbsp;The relative benefits received by the Company on the one hand and the Underwriters
on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received
by the Company and the total underwriting discounts and commissions received by the Underwriter in connection therewith.&nbsp;&nbsp;The
relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriter and
the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission.&nbsp;&nbsp;The
amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this
subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any action or claim which is the subject of this subsection (d).&nbsp;&nbsp;Notwithstanding the provisions
of subsection (d), an Underwriter shall not be required to contribute any amount in excess of the net underwriting discount or commissions
received by it in connection with the Offered Securities underwritten by it and distributed to the public.&nbsp;&nbsp;No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who
was not guilty of such fraudulent misrepresentation.&nbsp;&nbsp;The Company and the Underwriters agree that it would not be just and
equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in this Section 8(d).&nbsp;&nbsp;The Underwriters&rsquo; obligations
to contribute pursuant to this subsection are several in proportion to their respective purchase obligations hereunder and not joint.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) <I>Non-Exclusive Remedies.</I>&nbsp;&nbsp;The
remedies provided for in this Section&nbsp;8 are not exclusive and shall not limit any rights or remedies that may otherwise be available
to any Indemnified Person at law or in equity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;<I>Default of
Underwriters</I>.&nbsp;&nbsp;(a) If, on a Closing Date, any Underwriter defaults on its obligation to purchase the Offered Securities
that it has agreed to purchase hereunder, the non defaulting Underwriters may in their discretion arrange for the purchase of such Offered
Securities by other persons satisfactory to the Company on the terms contained in this Agreement.&nbsp;&nbsp;If, within 36 hours after
any such default by any Underwriter, the non defaulting Underwriters do not arrange for the purchase of such Offered Securities, then
the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non defaulting
Underwriters to purchase such Offered Securities on such terms.&nbsp;&nbsp;If other persons become obligated or agree to purchase the
Offered Securities of a defaulting Underwriter, either the non defaulting Underwriters or the Company may postpone such Closing Date for
up to five full business days in order to effect any changes that in the opinion of counsel for the Company or counsel for the Underwriters
may be necessary in the General Disclosure Package, the Final Prospectus or in any other document or arrangement, and the Company agrees
to promptly prepare any amendment or supplement to the General Disclosure Package or the Final Prospectus that effects any such changes.&nbsp;&nbsp;As
used in this Agreement, the term &ldquo;Underwriter&rdquo; includes, for all purposes of this Agreement unless the context otherwise requires,
any person not listed in Schedule A hereto that, pursuant to this Section 9, purchases Offered Securities that a defaulting Underwriter
agreed but failed to purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) If, after giving effect
to any arrangements for the subscription or purchase of the Offered Securities of a defaulting Underwriter by the non-defaulting Underwriters
or the Company as provided in paragraph (a) above, the number of Offered Securities that remains un subscribed or unpurchased does not
exceed one-eleventh of the number of all Offered Securities, then the Company shall have the right to require each non-defaulting Underwriter
to subscribe for or purchase the number of Offered Securities that such Underwriter agreed to subscribe for or purchase hereunder plus
such Underwriter&rsquo;s pro rata share (based on the number of Offered Securities that such Underwriter agreed to subscribe for or purchase
hereunder) of the Offered Securities of such defaulting Underwriter for which such arrangements have not been made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) If, after giving effect
to any arrangements for the subscription or purchase of the Offered Securities of a defaulting Underwriter by the non defaulting Underwriters
and the Company as provided in paragraph (a) above, the number of such Offered Securities that remains unsubscribe for or unpurchased
exceeds one eleventh of the number of all the Offered Securities, or if the Company shall not exercise the right described in paragraph
(b) above, then this Agreement shall terminate without liability on the part of the non defaulting Underwriters.&nbsp;&nbsp;Any termination
of this Agreement pursuant to this Section 9 shall be without liability on the part of the Company, except that the Company will continue
to be liable for the payment of expenses as set forth in Section 4(h) hereof and except that the provisions of Section 8 hereof shall
not terminate and shall remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) Nothing contained herein
shall relieve a defaulting Underwriter from liability to the Company or any non-defaulting Underwriter for damages caused by its default.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10<I>.
Termination</I></FONT>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;This Agreement may be terminated in the absolute
discretion of the Representatives, by notice to the Company, if after the execution and delivery of this Agreement and on or prior to
any Closing Date (i) trading generally shall have been suspended or materially limited on or by any of the New York Stock Exchange or
The Nasdaq Stock Market; (ii) trading of any securities issued or guaranteed by the Company shall have been suspended on any exchange
or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or
New York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets
or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representatives, is material and adverse
and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on any such Closing Date on the
terms and in the manner contemplated by this Agreement, the General Disclosure Package and the Final Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;<I>Survival
of Certain Representations and Obligations</I>.&nbsp;&nbsp;The respective indemnities, agreements, representations, warranties and other
statements of the Company or its officers and of the several Underwriters set forth in or made pursuant to this Agreement will remain
in full force and effect, regardless of any termination of this Agreement or any investigation, or statement as to the results thereof,
made by or on behalf of any Underwriter, the Company or any of their respective representatives, officers or directors or any controlling
person, and will survive payment for <FONT STYLE="color: Black">and delivery of</FONT> <FONT STYLE="color: blue"></FONT>the Offered Securities.&nbsp;&nbsp;In
addition, if any Offered Securities have been purchased hereunder, the representations and warranties in Section 2 and all obligations
under Section 5 shall also remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;<I>Notices</I>.&nbsp;&nbsp;All
communications hereunder will be in writing and, if sent to the Representatives, will be mailed, delivered or telegraphed and confirmed
to the Representatives, c/o J.P. Morgan Securities LLC, 270 Park Avenue, New York, New York 10017 (fax:&nbsp;&nbsp;(212) 622-8358), Attention:
Equity Syndicate Desk, with a copy to the Legal Department, c/o BofA Securities, Inc., One Bryant Park, New York, New York 10036, attention
of Syndicate Department (facsimile: (646) 855-3073), with a copy to ECM Legal (facsimile: (212) 230-8730), c/o Banco BTG Pactual S.A.
- Cayman Branch, 601 Lexington Avenue, 57th floor, New York, New York 10022, Attention: Legal Department +1 (212) 293-4600, c/o Citigroup
Global Markets Inc., 388 Greenwich Street, New York, New York 10013 (fax no.: (646) 291-1469), Attention: General Counsel, and c/o Itau
BBA USA Securities, Inc., 599 Lexington Avenue, 34th Floor, New York, New York 10022 (fax: 212-207-9076); Attention, Equity Capital Markets,
or, if sent to the Company, will be mailed, delivered or telegraphed and confirmed to it at Fondo de la Legua 936, B1640ESO, Martinez,
Provincia de Buenos Aires, Argentina, Facsimile: 5411-4836-8639, Attention: Mariano Bosch and Emilio Gnecco.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;<I>Successors</I>.&nbsp;&nbsp;This
Agreement will inure to the benefit of and be binding upon the parties hereto and their respective personal representatives and successors
and the officers and directors and controlling persons referred to in Section 8, and no other person will have any right or obligation
hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14. <I>Representation of Underwriters</I>.&nbsp;&nbsp;The
Representatives will act for the several Underwriters in connection with the transactions contemplated by this Agreement, and any action
under this Agreement taken by the Representatives will be binding upon all the Underwriters.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.&nbsp;&nbsp;<I>Counterparts</I>.&nbsp;&nbsp;This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall
together constitute one and the same Agreement.</FONT>&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Counterparts and the lock-up letter may
be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform
Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.<I>&nbsp;&nbsp;Absence
of Fiduciary Relationship.&nbsp;&nbsp;</I>The Company acknowledges and agrees that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <I>No Other Relationship.</I>&nbsp;&nbsp;The
Representatives have been retained solely to act as underwriters in connection with the sale of the Offered Securities and that no fiduciary,
advisory or agency relationship between the Company, on the one hand, and the Representatives, on the other, has been created in respect
of any of the transactions contemplated by this Agreement or the Final Prospectus, irrespective of whether the Representatives have advised
or is advising the Company on other matters;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <I>Arms&rsquo; Length
Negotiations.&nbsp;&nbsp;</I>The price of the Offered Securities set forth in this Agreement was established by Company following discussions
and arms-length negotiations with the Representatives and the Company is capable of evaluating and understanding and understand and accept
the terms, risks and conditions of the transactions contemplated by this Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <I>Absence of Obligation
to Disclose.&nbsp;&nbsp;</I>The Company has been advised that the Representatives and its affiliates are engaged in a broad range of transactions
which may involve interests that differ from those of the Company and that the Representatives have no obligation to disclose such interests
and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) <I>Waiver.</I>&nbsp;&nbsp;The
Company waives, to the fullest extent permitted by law, any claims it may have against the Representatives for breach of fiduciary duty
or alleged breach of fiduciary duty and agree that the Representatives shall have no liability (whether direct or indirect) to the Company
in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including
stockholders, employees or creditors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>17.&nbsp;&nbsp;<I>Applicable
Law</I>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby submits
to the exclusive jurisdiction of the U.S. federal and state courts in the Borough of Manhattan in The City of New York (except for proceedings
instituted in regard to the enforcement of a judgment of any such court (a &ldquo;<B>Related Judgment</B>&rdquo;), as to which such jurisdiction
is non-exclusive) in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.&nbsp;&nbsp;The
Company irrevocably and unconditionally waives any objection to the laying of venue of any suit or proceeding arising out of or relating
to this Agreement or the transactions contemplated hereby in U.S. federal and state courts in the Borough of Manhattan in the City of
New York and irrevocably and unconditionally waives and agree not to plead or claim in any such court that any such suit or proceeding
in any such court has been brought in an inconvenient forum.&nbsp;&nbsp;The Company has appointed Cogency Global Inc., at its offices
located at 122 East 42nd Street, 18th Floor, New York, NY 10168, as its authorized agent upon whom process may be served in any suit,
action or proceeding arising out of or based upon this Agreement or the transactions contemplated herein that may be instituted in any
U.S. federal or state court in New York City, by the Underwriters, the directors, officers, employees, affiliates and agents of the Underwriters,
or by any person who controls the Underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.
Such appointment shall be irrevocable.&nbsp;&nbsp;The Company hereby represents and warrants that its respective Authorized Agent has
accepted such appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action,
including the filing of any and all documents that may be necessary to continue such appointment in full force and effect for a period
of seven years from the date of this Agreement.&nbsp;&nbsp;Service of process in compliance with applicable requirements upon the Company&rsquo;s
Authorized Agent shall be deemed, in every respect, effective service of process upon the Company.&nbsp;&nbsp;Notwithstanding the foregoing,
any action against the Company to enforce a Related Judgment arising out of or based upon this Agreement may be instituted by any Underwriter,
the directors, officers, employees, affiliates and agents of such Underwriter, or by any person who controls such Underwriter within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, in any court of competent jurisdiction in Luxembourg, Brazil
or Argentina.&nbsp;&nbsp;The parties hereto each hereby waive any right to trial by jury in any action, proceeding or counterclaim arising
out of or relating to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligation of the Company
pursuant to this Agreement in respect of any sum due to any Underwriter shall, notwithstanding any judgment in a currency other than United
States dollars, not be discharged until the first business day, following receipt by such Underwriter of any sum adjudged to be so due
in such other currency, on which (and only to the extent that) such Underwriter may in accordance with normal banking procedures purchase
United States dollars with such other currency; if the United States dollars so purchased are less than the sum originally due to such
Underwriter hereunder, the Company agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Underwriter
against such loss.&nbsp;&nbsp;If the United States dollars so purchased are greater than the sum originally due to such Underwriter hereunder,
such Underwriter agrees to pay to the Company an amount equal to the excess of the dollars so purchased over the sum originally due to
such Underwriter hereunder.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.&nbsp;&nbsp;<I>Waiver of
Immunity</I>.&nbsp;&nbsp;To the extent that the Company has or hereafter may acquire any immunity (sovereign or otherwise) from any legal
action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment
in aid or otherwise) with respect to itself or any of its property, the Company hereby irrevocably waives and agrees not to plead or claim
such immunity in respect of its obligations under this Agreement to the extent permitted by applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19<I>.&nbsp;&nbsp;Recognition
of the U.S. Special Resolution Regimes</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) In the event that the
Underwriter is a Covered Entity and becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Underwriter
of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws
of the United States or a state of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) In the event that the
Underwriter is a Covered Entity or a BHC Act Affiliate of the Underwriter and becomes subject to a proceeding under a U.S. Special Resolution
Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws
of the United States or a state of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this Section 19:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;BHC Act Affiliate&rdquo; has the meaning
assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Covered Entity&rdquo; means any of the
following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(i) a &ldquo;covered entity&rdquo; as
that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(ii) a &ldquo;covered bank&rdquo; as
that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(iii) a &ldquo;covered FSI&rdquo; as
that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Default Right&rdquo; has the meaning assigned
to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;U.S. Special Resolution Regime&rdquo; means
each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is in accordance
with the Representatives&rsquo; understanding of our agreement, kindly sign and return to the Company one of the counterparts hereof,
whereupon it will become a binding agreement among the Company and the several Underwriters in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ADECOAGRO S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Mariano Bosch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Emilio Gnecco</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;Mariano Bosch&nbsp;&nbsp;/&nbsp;&nbsp;Emilio Gnecco</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;CEO&nbsp;&nbsp;/&nbsp;&nbsp;CFO</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3in 0pt 5.95pt; text-align: justify; text-indent: -5.95pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3in 0pt 5.95pt; text-align: justify; text-indent: -5.95pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3in 0pt 5.95pt; text-align: justify; text-indent: -5.95pt">The foregoing
Underwriting Agreement is hereby confirmed and accepted as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3in 0pt 5.95pt; text-align: justify; text-indent: -5.95pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">J.P. Morgan Securities LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Mattia Monti</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;Mattia Monti</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;Managing Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3in 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">BofA Securities, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Douglas Oliveira</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;Douglas Oliveira</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;Managing Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3in 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Banco BTG Pactual S.A. - Cayman Branch</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Kevin Younai</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;Kevin Younai</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Citigroup Global Markets Inc.</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Juliana Medina</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;Juliana Medina</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;Managing Director, Head of&nbsp;Consumer,<BR>
&#9;Retail &amp; Agribusiness</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3in 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Itau BBA USA Securities, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Roderick Greenlees</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;Roderick Greenlees</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;Managing Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3in 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Cassio Gouveia</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;Cassio Gouveia</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;Managing Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B><U>Underwriter</U></B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Number
    of</U></B></FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Firm Securities
    to be</U></B></FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Purchased</U></B></FONT></P></TD>
    <TD STYLE="text-align: center; vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Number
    of Optional</U></B></FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Securities
    to be</U></B></FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Purchased</U></B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-size: 10pt">J.P. Morgan Securities LLC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">15,517,243</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">416,640</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-size: 10pt">BofA Securities, Inc</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">15,517,243</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">416,640</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Banco BTG Pactual S.A. - Cayman Branch</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,448,275</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">92,585</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Citigroup Global Markets Inc</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,448,275</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">92,585</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Itau BBA USA Securities, Inc.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,448,275</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">92,585</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">41,379,311</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1,111,035</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General Use Free Writing Prospectuses (included in the
General Disclosure Package)</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;General Use Issuer Free Writing Prospectus&rdquo;
includes each of the following documents:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">None</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Information Included in the General Disclosure
Package</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following information is also included in the
General Disclosure Package:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.&nbsp;&nbsp;The price paid by the applicable purchaser</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right"><B>SCHEDULE C</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.&nbsp;&nbsp;Limited Use Issuer Free Writing Prospectuses </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Limited Use Issuer Free Writing Prospectus&rdquo;
includes each of the following documents:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None</P>

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

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

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


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    <!-- Field: /Page -->

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

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