Mutual Investment Funds

Through General Resolution 596/2011, dated November 30, 2011 ("Resolution 596"), the Argentine Securities Exchange Commission (Comision Nacional de Valores, the "CNV") created a special regime for the formation of closed-end investment funds to finance the mass production and distribution of products and services with a high level of scientific and technological innovation (the "Technology Fund").

In addition to the general requirements applicable to closed investment mutual funds, Technology Funds must meet the following specific requirements:

1. They must invest and finance projects of technological innovation (as defined by Law No. 23,877).
2. At least seventy-five percent (75%) of the assets of the fund must be allocated to investments in technological innovation projects that are in the stages of production and marketing of products or processes developed.
3. At least twenty five percent (25%) of the assets of the fund must be invested in projects aimed at technological innovation that are or have been recipients of stimulus programs provided by public institutions of science and technology.
4. Exceptionally, they shall be temporarily allowed to make investments for up to twenty five percent (25%) of the fund's assets in financial investments outside of the scope of technological investments.
5. In addition to the provisions of the CNV, the prospectus must include, among others: (i) the investment, production and strategic plan aimed at achieving the special investment purpose, (ii) the characteristics and eligibility of projects to be financed by the fund, and (iii) the criteria, methods and procedures to be used in the valuation of the fund's investment portfolio.
6. The fund must have a minimum term of two years.
7. Initial acquisition or trading of participations in the fund is reserved only to those qualified investors that fall within the categories set forth in Article 25 of Chapter VI of the Rules (NT, 2001 and mod.), among which are (i) the Federal Government, the Provinces and Municipalities, autarchic entities, Banks and Financial Entities, State Corporations, State Owned Corporations, Companies and Public Law Legal Entities, (ii) limited liability companies and corporations, (iii) cooperative, mutual entities, social security entities, civil associations, foundations and unions, (iv) brokers, agents and affiliates of over the counter markets, and (v) the National Social Security Agency (ANSES).
8. The name of the fund shall include the following denomination "CLOSED-END MUTUAL INVESTMENT FUND FOR TECHNOLOGICAL INNOVATION PROJECTS" (in Spanish “FONDO COMÚN DE INVERSIÓN CERRADO PARA PROYECTOS DE INNOVACIÓN TECNOLÓGICA”).