8-K 1 j1771_8k.

htm 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

ORM !"#
CURRENT RE$ORT $URSUANT TO SECTION %& OR %5'() O THE SECURITIES EXCHANGE ACT O %9&4
Date of Report (Date of earliest event reported): Ma* &0, 200&

S*+,an -.a/ning S*st.0s, In12

(E a!t "ame of Re#istrant as $pe!ified in %harter) Ma/*+an( 0"22!44 52"%492293 ($tate or &ther '(risdi!tion of (%ommission *ile "(m+er) ()R$ Emplo,er )dentifi!ation "o.) )n!orporation) %00% +..t St/..t, 4a+ti0o/., Ma/*+an( 2%202 (-ddress of .rin!ipal E e!(tive &ffi!es) (/). %ode) Re#istrant0s telephone n(m+er1 in!l(din# area !ode: '4%0) !4&"!000 %000 -an1ast./ St/..t, 4a+ti0o/., Ma/*+an( 2%202 (*ormer "ame or *ormer -ddress1 if %han#ed $in!e 2ast Report)

It.0 22 A156isition o/ Dis7osition o8 Ass.ts &n '(ne 31 34451 a s(+sidiar, of $,lvan 2earnin# $,stems1 )n!. (the 6%ompan,7) anno(n!ed the a!8(isition of an 849 interest in the entit, :hi!h !ontrols the operations of ;niversidad "a!ional -ndres <ello (;"-<)1 a !omprehensive (niversit, lo!ated in %hile1 and -!ademia de )diomas , Est(dios .rofesionales (-)E.)1 a te!hni!al=vo!ational instit(te lo!ated in %hile1 from lo!al %hilean investors. >he p(r!hase pri!e1 :hi!h :as determined +, ne#otiation +, the parties1 is ?@8.3 million1 :hi!h in!l(des !ash pa,ments of ?5A.1 million1 a +(,erBs note of ?17.4A million1 and ass(med +ank de+t of ?17.4A million1 pl(s the %ompan,Bs estimated transa!tion !osts +et:een ?5.4 and ?A.4 million. >he transa!tion is part of a +roader strate#i! allian!e thro(#h :hi!h the lo!al investors and fo(nders :ill maintain a finan!ial interest and parti!ipate in senior mana#ement positions in the (niversit, and the instit(te. &fferin# A4 (nder#rad(ate and 18 #rad(ate de#ree pro#rams to over 1C1444 st(dents at fo(r !amp(s lo!ations1 ;niversidad "a!ional -ndres <ello is one of the +est kno:n private (niversities in %hile. &ver the past five ,ears1 total enrollment at ;"-< has in!reased at a !ompo(nd ann(al #ro:th rate of 349. -!ademia de )diomas , Est(dios .rofesionales is a professional instit(te offerin# over 54 te!hni!al and vo!ational pro#rams to appro imatel, C1444 traditional and :orkin# ad(lt st(dents at seven !amp(s lo!ations thro(#ho(t %hile. It.0 92 inan1ia+ Stat.0.nts, $/o o/0a inan1ia+ In8o/0ation an( E:hi;its2 (a) >he finan!ial statements re8(ired +, this item are not in!l(ded in this initial report on *orm 8-K +(t :ill +e filed +, amendment not later than @4 da,s after the date that this initial report on *orm 8-K is re8(ired to +e filed. (+) >he pro forma finan!ial information re8(ired +, this item is not in!l(ded in this initial report on *orm 8-K +(t :ill +e filed +, amendment not later than @4 da,s after the date that this initial report on form 8-K is re8(ired to +e filed. (!) E hi+its DD.1 -!8(isition -#reement dated Ea, 541 3445 +et:een Desarrollo de la Ed(!a!iFn $(perior $.-.and )nversiones la %aleta $.-1 )nversiones G(ste $.-1 %opra $.-1 )nversiones H(epil 2imitada1 and Edin Development 2td. I$i#nat(re on follo:in# pa#e.J 3

SIGNATURE .(rs(ant to the re8(irements of the $e!(rities E !han#e -!t of 1D5A1 the Re#istrant has d(l, !a(sed this report to +e si#ned on its +ehalf +, the (ndersi#ned here(nto d(l, a(thoriKed. $G2L-" 2E-R")"M $G$>EE$1 )"%. =s= $ean R. %reamer "ame: $ean R. %reamer >itle: $enior Li!e .resident and %hief *inan!ial &ffi!er Date: '(ne A1 3445

E:hi;it 992% EXECUTION CO$< AC=UISITION AGREEMENT )n $antia#o1 %hile1 as of Ea, 541 3445 (the 6Effective Date7)1 +, and amon#1 I2 THE 4U<ER DESARRO--O DE -A EDUCACION SU$ERIOR S2A2 (6Desup7 or the 6Buyer7)1 a sto!k !orporation in!orporated a!!ordin# to the la:s of %hile1 represented +, Er Ro+ert N. /entK +oth domi!iled for this p(rpose in -venida )sidora Mo,ene!hea 3D5D1 .iso 11 $antia#o1 %hileO II2 THE SE--ERS IN>ERSIONES -A CA-ETA S2A2 (6La Caleta7)1 a sto!k !orporation in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile1 represented +, Er. '(an -ntonio M(KmPn Eolinari1 +oth domi!iled for this p(rpose in -venida Kenned, CACA1 &ffi!e 17411 !om(na de 2as %ondes1 $antia#o1 %hileO IN>ERSIONES <USTE S2A2 (6Yuste7)1 a sto!k !orporation in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile1 represented +, Er. -ndrQs "avarro Hae(ssler1 +oth domi!iled for this p(rpose in -venida Kenned, CACA1 &ffi!e 17411 !om(na de 2as %ondes1 $antia#o1 %hileO CO$RA S2A2 (6Copra7)1 a sto!k !orporation in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile1 represented +, Er. )#na!io *ernPndeK Doren1 +oth domi!iled for this p(rpose in -venida Kenned, CACA1 &ffi!e 17411 !om(na de 2as %ondes1 $antia#o1 %hileO IN>ERSIONES HUE$I- -IMITADA (6Huepil7)1 a limited lia+ilit, !ompan, in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile1 represented +, Er. Ei#(el -n#el .od(je $apiain1 +oth domi!iled for this p(rpose in -venida Kenned, CACA1 &ffi!e 17411 !om(na de 2as %ondes1 $antia#o1 %hileO EDIN DE>E-O$MENT -TD2 (6Edin7)1 a !ompan, in!orporated a!!ordin# to the la:s of the >erritor, of the <ritish Lir#in )slands1 represented +, Ers. $oledad -senjo >artani1 +oth domi!iled for this p(rpose in H(Qrfanos 7741 &fi!ina 35451 $antia#o1 %hileO 1

2a %aleta1 G(ste1 %opra and H(epil1 !olle!tivel, hereinafter the 6 Chilean Sellers7O 2a %aleta1 G(ste1 %opra1 H(epil1 and Edin !olle!tivel, hereinafter the 6 Sellers7O II2 THE EXC-UDED COM$ANIES INMO4I-IARIA ANDR?S 4E--O S2A2 (6Inmobiliaria7)1 a sto!k !orporation in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile1 represented +, Er. )#na!io *ernPndeK Doren and Ear!elo R(iK .QreK1 all domi!iled for this p(rpose in -venida Kenned, CACA1 &ffi!e 17411 !om(na de 2as %ondes1 $antia#o1 %hileO A4ASTECIMIENTOS GENERA-ES S2A2 (6Abasa7)1 a sto!k !orporation in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile1 represented +, Er. Ear!elo R(iK .QreK and Er. )#na!io *ernPndeK Doren1 all domi!iled for this p(rpose in -venida Kenned, CACA1 &ffi!e 17411 !om(na de 2as %ondes1 $antia#o1 %hileO the follo:in# a!8(isition a#reement (the 6A reement7) has +een a#reed. ARTIC-E %2 DE INITIONS2 S.1tion %20%2 Defined Terms. -s (sed in this -#reement1 the follo:in# terms shall have the meanin# set forth +elo: (s(!h definitions to +e e8(all, appli!a+le to +oth the sin#(lar and pl(ral forms of the terms defined): 6-+asa7 has the meanin# set forth in $e!tion 3.4C. 6-!tive Eem+ers7 has the meanin# set forth in $e!tion 3.45. 6-ffiliate7 means (i) an, .erson that dire!tl,1 or indire!tl, thro(#h one or more intermediaries1 !ontrols another .erson (a 6Controllin !erson7) or (ii) an, .erson (other than the <orro:er or a $(+sidiar,) :hi!h is !ontrolled +, or is (nder !ommon !ontrol :ith a %ontrollin# .erson. -s (sed herein1 the term 6 control7 means possession1 dire!tl, or indire!tl,1 of the po:er to dire!t or !a(se the dire!tion of the mana#ement or poli!ies of a .erson1 :hether thro(#h the o:nership of votin# se!(rities1 +, !ontra!t or other:ise. 6-)E. Entities7 means jointl, ). -)E.1 %*> -)E. and -)E. Re#ional. 6-ssets7 has the meanin# set forth in $e!tion 3.41. 6-ffe!ted %ompan,7 has the meanin# set forth in $e!tion D.43. 6-)E. Re#ional7 has the meanin# set forth in $e!tion 3.4A. 3

6<rands7 has the meanin# set forth in $e!tion 3.41. 6<(siness7 has the meanin# set forth in $e!tion 3.43. 6<(siness Da,7 means an, da, on :hi!h +anks are not a(thoriKed to +e !losed in $antia#o1 %hile or the %it, of "e:
Gork. 6<(,er7 has the meanin# set forth in the )ntrod(!tion to this -#reement. 6<(,er -(ditors7 means Ernst R Go(n#. 6<(,er0s <rea!h of Narranties7 has the meanin# set forth in $e!tion 8.43. 6%all &ption7 has the meanin# set forth in $e!tion 11.41. 6%*> -)E.7 has the meanin# set forth in $e!tion 3.4A. 6%h?7 means %hilean pesos1 the le#al !(rren!, of %hile. 6%hilean $ellers7 has the meanin# set forth in the introd(!tion to this -#reement. 6%losin#7 and 6%losin# Date7 has the meanin# spe!ified in $e!tion A.41. 6%losin# Norkin# %apital7 means the Norkin# %apital of ;"-< as of the %losin# Date. >he %losin# Norkin# %apital shall +e !al!(lated jointl, +, the <(,er -(ditors and $ellers -(ditors :ithin D4 da,s follo:in# the %losin# Date. -+sent an a#reement amon# s(!h a(ditors1 the %losin# Norkin# %apital shall +e determined +, the )ndependent -(ditors :ithin the same term. 6%onsolidated Re!(rrin# E<)>D-7 means !onsolidated a(dited re!(rrin# earnin#s +efore interest1 in!ome ta es1 monetar, !orre!tion1 depre!iation and amortiKation1 and e traordinar, in!ome and e penses determined in %hilean pesos in !onformit, :ith ;nited $tates #enerall, a!!epted a!!o(ntin# prin!iples1 !al!(lated in a!!ordan!e :ith the provisions of the &ption -#reement. 6%opra7 has the meanin# set forth in the introd(!tion to this -#reement. 6%(rrent -!!o(nt7 means the !(rrent a!!o(nt pa,a+le amo(ntin# to %h?141C1311581DD7 o:ed +, )nmo+iliaria to ;"-<. 6Des(p7 has the meanin# set forth in the introd(!tion to this -#reement. 6Des(p <rands7 means the <rands listed in the first part of E hi+it 3.41.5. 6Des(p <rands .(r!hase .ri!e7 has the meanin# set forth in $e!tion 5.43. 6Dire!tive <oard7 has the meanin# set forth in $e!tion 3.45. 5

6Edin7 has the meanin# set forth in the introd(!tion to this -#reement. 6Effe!tive Date7 has the meanin# set forth in the introd(!tion to this -#reement. 6Environmental 2a:s7 means an, and all stat(tes1 la:s1 j(di!ial de!isions1 re#(lations1 m(ni!ipal ordinan!es1 r(les1
j(d#ments1 orders1 de!rees1 !odes1 inj(n!tions1 permits1 li!enses and a#reements appli!a+le to the Relevant %ompanies and=or ;"-< relatin# to h(man health1 the environment or to emissions1 dis!har#es or releases of poll(tants1 !ontaminants1 haKardo(s materials or :astes into the environment1 in!l(din# :itho(t limitation am+ient air1 s(rfa!e :ater1 #ro(nd :ater or land. 6E !l(ded %ompanies7 and 6E !l(ded %ompan,7 have the meanin# set forth in $e!tion 3.4C. 6E hi+its7 has the meanin# set forth in $e!tion 17.45. 6*inan!ial $tatements7 means the !om+ined +alan!e sheet and in!ome statement1 as of the *inan!ial $tatements Date1 for ;"-< and the Relevant %ompanies1 and the individ(al finan!ial statements for ;"-< and ea!h of the Relevant %ompanies1 all of :hi!h have +een prepared a!!ordin# to ;$M--. and delivered +, $ellers to <(,er. 6*inan!ial $tatements Date7 means De!em+er 51st1 3443.

6*inan!in# %ondition7 means ;"-< havin# o+tained1 on or prior to the %losin# Date1 lo!al finan!in# (a) for an
amo(nt not less than %h?1C144414441444O (+) for a term of not less than five ,ears1 and (!) (nder terms and !onditions a!!epta+le to the sole dis!retion of <(,er. 6H(epil7 has the meanin# set forth in the introd(!tion to this -#reement. 6)ndependent -(ditors7 means .ri!e:aterho(se%oopers. 6)nmo+iliaria7 has the meanin# set forth in $e!tion 3.4C. 6)nmo+iliaria <rands7 means the <rands listed in the third part of E hi+it 3.41.5. 6)nstit(to 17 has the meanin# set forth in $e!tion 3.4A. 6)nstit(to 37 has the meanin# set forth in $e!tion 3.41. 6)nstit(to 3 $hares7 has the meanin# set forth in $e!tion 3.41. 6). -)E.7 has the meanin# set forth in $e!tion 3.4A. 62a %aleta7 has the meanin# set forth in the introd(!tion to this -#reement. A

62a: of Ed(!ation7 has the meanin# set forth in $e!tion 3.45. 62eases7 means the lease a#reements entered into +et:een )nmo+iliaria and vario(s entities :ith respe!t to part of the
Real Estate. 62e#al -!tion7 has the meanin# set forth in $e!tion D.43. 62ien7 means1 :ith respe!t to an, asset1 an, mort#a#e1 lien1 pled#e1 !har#e1 se!(rit, interest1 en!(m+ran!e or other adverse !laim of an, kind in respe!t of s(!h asset1 in!l(din#1 :itho(t limitation1 an, 2iens relatin# to >a es. *or the p(rposes of this -#reement1 a .erson shall +e deemed to o:n s(+je!t to a 2ien an, asset :hi!h it has a!8(ired or holds s(+je!t to the interest of a vendor or lessor (nder an, !onditional sale a#reement1 !apital lease or other title retention a#reement relatin# to s(!h asset. 6Eaterial -dverse Effe!t7 means a material adverse effe!t on (i) the +(siness1 assets1 operations or finan!ial !ondition of the Relevant %ompanies or the ;niversit,1 or (ii) the a+ilit, of $ellers to perform its &+li#ations (nder this -#reement1 as the !onte t re8(ires. 6"(de $hares7 has the meanin# set forth in $e!tion 11.41. 6&+li#ation7 means an, o+li#ation of a .erson1 :hether dire!t or indire!t1 a+sol(te or !ontin#ent1 d(e or to +e!ome d(e1 or no: e istin# or hereafter in!(rred1 finan!ial or other:iseO 6&ption -#reement7 has the meanin# set forth in $e!tion 3.4@. 6&ption %ontra!t7 has the meanin# set forth in $e!tion 11.41. 6.erson7 in!l(des an, nat(ral or j(ridi!al person1 sole proprietorship1 partnership1 joint vent(re1 tr(st1 in!orporated or#aniKation1 asso!iation1 !orporation1 instit(tion1 part,1 entit,1 #overnmental a(thorit, or other entit,. 6.ost-%losin# -dj(stment7 has the meanin# set forth in $e!tion 5.43. 6.ost-%losin# Restr(!t(rin#7 means the restr(!t(rin# that <(,er shall a!!omplish :ithin the 14 <(siness Da,s follo:in# the %losin# Date and :hi!h :ill in!l(de (i) the mer#in# of Edin into $,lvan1 and (ii) the mer#in# of )ns tit(to 1 into Des(p. 6.(t &ption7 has the meanin# set forth in $e!tion 11.41. 6Real Estate7 means the real estate mentioned in E hi+it @.4@ hereto1 :hi!h in!l(des (a) real estate that is !(rrentl, o:ned +, )nmo+iliaria1 and (+) real estate that is leased +, )nmo+iliaria p(rs(ant to the 2eases. C

6Related Do!(mentation7 has the meanin# set forth in $e!tion 15.41. 6Relevant %ompan,7 and 6Relevant %ompanies7 have the meanin#s set forth in $e!tion 3.4A. 6$ellers7 has the meanin# set forth in the introd(!tion to this -#reement. 6$ellers -(ditors7 means Delloite R >o(!he. 6$ellers0 <rea!h of Narranties7 has the meanin# set forth in $e!tion 8.41. 6$ellers0 Restr(!t(rin#7 means (i) the !omplete le#aliKation of )nstit(to0s spin-off !reatin# )nstit(to 3 and the
assi#nment to )nstit(to 3 of (a) )nstit(to0s shareholdin# in ). -)E. and (+) the <rands1 (ii) the transfer of $ellers shareholdin# in )nstit(to 1 to ;ni#ro(p1 (iii) the amendment of the +,-la:s of ;ni#ro(p providin# for the a(tomati! dissol(tion of ;ni#ro(p (pon an, .erson a!8(irin# 1449 of its o(tstandin# shares. 6$enior De+t7 has the meanin# set forth in $e!tion 3.47. 6$ervi!ios7 has the meanin# set forth in $e!tion 3.4A. 6$ettlement of %(rrent -!!o(nt7 means the !omplete e tin#(ishin# of the %(rrent -!!o(nt e istin# +et:een )nmo+iliaria and ;"-<1 :hi!h shall o!!(r on or prior to the %losin# Date. 6$hares7 means the )nstit(to 3 $hares and the ;ni#ro(p $hares. 6$,lvan7 means $,lvan )nternational <.L.1 a !ompan, in!orporated a!!ordin# to the la:s of the "etherlands. 6<(,er -(ditors7 shall mean Ernst R Go(n#. 6>a 7 (and1 :ith !orrelative meanin#1 6>a es71 6>a in#71 6>a ation7 and 6>a a+le7) shall mean (i) an, net in!ome1 alternative or add- on minim(m ta 1 #ross in!ome1 #ross re!eipts1 sales1 (se1 ad valorem1 val(e added1 transfer1 fran!hise1 profits1 li!ense1 :ithholdin#1 pa,roll1 emplo,ment1 e !ise1 severan!e1 stamp1 o!!(pation1 premi(m1 propert,1 environmental or :indfall profit ta 1 !(stom1 d(t, or other ta 1 #overnmental fee or other like assessment or !har#e of an, kind :hatsoever1 to#ether :ith an, interest or an, penalt,1 addition to ta or additional amo(nt1 imposed +, an, #overnmental a(thorit, responsi+le for the imposition of an, s(!h ta (domesti! or forei#n)1 (ii) lia+ilit, of either %ompan, for the pa,ment of an, amo(nts of the t,pe des!ri+ed in !la(se (i) as a res(lt of the %ompan, +ein# a mem+er of an affiliated1 !onsolidated1 !om+ined or (nitar, #ro(p or +ein# a part, to an, a#reement or arran#ement :here+, lia+ilit, of either %ompan, for pa,ments of s(!h amo(nts :as determined or taken into a!!o(nt :ith referen!e to the lia+ilit, of @

an, other .erson for an, period1 and (iii) lia+ilit, of either %ompan, :ith respe!t to the pa,ment of an, amo(nts of the t,pe des!ri+ed in (i) or (ii) as a res(lt of an, e press or implied &+li#ation to indemnif, an, other .erson. 6;"-< <rand7 means the <rand listed in the se!ond part of E hi+it 3.41.5. 6;"-< <rand .(r!hase .ri!e7 has the meanin# set forth in $e!tion 5.43. 6;nidad de *omento7 or 6;*7 means the !(rren!, (nit referred in %hapter )). <.5 of the %ompendi(m of *inan!ial Re#(lations (Compendio de "ormas #inancieras) iss(ed +, the Banco Central de Chile p(rs(ant to n(m+er D of arti!le 5C of 2a: 1818A4 (Ley $r %nica Constitucional del Banco Central de Chile)1 or an, (nit that ma, repla!e it in the f(t(re and determined (sin# similar !al!(lation. >his !(rren!, (nit represents the inde of adj(stment of %hilean inflation anno(n!ed from time to time +, the Banco Central de Chile in the Diario $ficial& %hile. 6;ni#ro(p7 has the meanin# set forth in the introd(!tion to this -#reement. 6;ni#ro(p $hares7 has the meanin# set forth in $e!tion 3.41. 6;niversit,7 has the meanin# set forth in $e!tion 3.45. 6;$ Dollar7 or 6?7 means ;nited $tates dollars1 the le#al !(rren!, of the ;nited $tates of -meri!a. 6;$M--.7 means #enerall, a!!epted a!!o(ntin# prin!iples in the ;nited $tates of -meri!a. 6;s(fr(!t .ri!e7 has the meanin# set forth in $e!tion 5.43.5. 6Norkin# %apital7 means %(rrent -ssets min(s the %(rrent 2ia+ilities1 +ased on the +alan!e sheet of ;"-<1 !al!(lated and determined p(rs(ant to ;$M--.. *or p(rpose of s(!h determination (i) 6%(rrent -ssets7 shall in!l(de +(t are not limited to s(!h items as re!eiva+les1 !ash and prepaid e penses and (ii) 6%(rrent 2ia+ilities7 shall in!l(de +(t are not limited to s(!h items as a!!r(ed e penses1 a!!o(nts pa,a+le1 short-term de+t1 !(rrent portion of lon#-term de+ts1 other !(rrent lia+ilities1 and deferred reven(es. 6G(ste7 has the meanin# set forth in the introd(!tion to this -#reement. 7

ARTIC-E 22 4AC#GROUND2 S.1tion 220%2 The Assets. $ellers o:n1 dire!tl, or indire!tl,1 the follo:in# assets1 hereinafter referred to !olle!tivel, as the 6Assets71 :hi!h are !(rrentl, o:ned +, them in the manner spe!ified in E hi+it 3.41 hereto: 3.41.1. 5C1D7D shares iss(ed +, )nstit(to -ndrQs <ello $.-. (6 Instituto '7)1 :hi!h represent a 1449 o:nership interest in s(!h !ompan,. )nstit(to 3 is a !orporation in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile p(rs(ant to the division of )nstit(to .re(niversitario -ndrQs <ello $.-. a#reed on the E traordinar, $hareholders Eeetin# of said !ompan, of Ea, 351 3445. )nstit(to 3 is in the pro!ess of +ein# re#istered in the %ommer!e Re#istr, of $antia#o. )nstit(to 3 !(rrentl, has a paid in !apital divided into 5C1D7D re#istered shares :itho(t par val(e. >he shares of )nstit(to 3 (the 6 Instituto ' Shares7) are o:ned +, the $ellers in the manner spe!ified in E hi+it 3.41 hereto. 3.41.3. D4 shares iss(ed +, ;ni#ro(p Development 2td. (6(ni roup7)1 :hi!h represent a 1449 o:nership interest in s(!h !ompan,. ;ni#ro(p is a !orporation in!orporated a!!ordin# to the la:s of the >erritor, of the <ritish Lir#in )slands1 as an )<% %ompan, "S C35D1C. ;ni#ro(p !(rrentl, has a paid in !apital of ?D14441 divided into D4 re#istered shares :ith a par val(e of ?144.44. >he shares of ;ni#ro(p (the 6 (ni roup Shares7) are o:ned +, the $ellers in the manner spe!ified in E hi+it 3.41 hereto. 3.41.5. >he ind(strial propert, !onsistin# in several trademarks that are spe!ified in E hi+it 3.41.5. hereto (!olle!tivel, the 6Brands7). >he <rands shall +e o:ned1 as of the %losin# Date1 +, )nstit(to 3 and )nmo+iliaria as spe!ified in E hi+it 3.41 hereto. S.1tion 22022 The Business. >he parties a#ree that the -ssets1 alon# :ith some other assets and thro(#h several !ompanies1 are or#aniKed (i) to serve %orpora!iFn ;niversidad "a!ional -ndrQs <ello (6 ("AB7 or the 6(niversity7)1 in its p(rposes of +ein# an ed(!ational instit(tion that e ists and operates (nder the 2a: "r. 181D@3 of the Rep(+li! of %hile (the 6La) of Education7)1 and (ii) to operate thro(#h :holl, o:ned s(+sidiaries the follo:in# ed(!ational instit(tions: (a) )nstit(to .rofesional -)E.O (+) %entro de *orma!iFn >Q!ni!a -)E.O and (!) %entro de *orma!iFn >Q!ni!a -)E. Re#ionalO hereinafter referred to as the 6 Business7. S.1tion 220&2 The University. ;"-< is a %hilean1 private post-se!ondar, ed(!ation instit(tion1 f(ll, a(tonomo(s1 :hi!h is in!orporated as a non- for-profit private !orporation and is s(+je!t to the 2a: of Ed(!ation. >he follo:in# .ersons are the a!tive mem+ers (the 6 Active *embers7) of ;"-<: 2(is %ordero <arrera1 )#na!io *ernPndeK Doren1 '(an -ntonio M(KmPn Eolinari1 -ndrQs "avarro Hae(ssler1 Ei#(el -n#el .od(je $apiain1 Ear!elo R(iK .QreK1 -lvaro $aieh <ende!k1 'or#e $el(me /aror and )nstit(to 1. 8

;"-< is mana#ed +, a +oard (the 6 Directive Board7)1 :hi!h mem+ers are Eessrs. Ei#(el -n#el .od(je $apiain1 M(illermo Elton -lamos1 'osQ -ntonio M(KmPn Eolinari1 'or#e $el(me /aror1 2(is %ordero <arrera1 EP imo .a!he!o MFmeK1 )#na!io *ernPndeK Doren1 -ndrQs "avarro Hae(ssler1 Ear!elo R(iK .QreK , -lvaro $aieh <ende!k. >he mana#ement str(!t(re and !(rrent +,-la:s of ;"-< are those in!l(ded in E hi+it 3.45 hereto. S.1tion 22042 The Relevant Companies. >he $ellers1 thro(#h ;"-<1 ;ni#ro(p and )nstit(to 31 o:n several !ompanies1 (jointl, :ith )nstit(to 3 and ;ni#ro(p referred to as the 6 +elevant Companies7 and ea!h of them a 6+elevant Company7): 3.4A.1. $ervi!ios .rofesionales -ndrQs <ello $.-. (6Servicios7)1 a !orporation in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile1 re#istered (nder pa#e 3D1CD8 n(m+er 1C1D83 of the %ommer!e Re#istr, of $antia#o1 !orrespondin# to ,ear 1D8D. $ervi!ios !(rrentl, has a paid in !apital divided into 11444 re#istered shares :itho(t par val(e. >he shares of $ervi!ios are o:ned +, the $ellers in the manner spe!ified in E hi+it 3.41 hereto. 3.4A.3. )nstit(to .rofesional -)E. $.-. (6I! AIE!7)1 a !orporation in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile1 re#istered (nder pa#e 5C13D7 n(m+er 171D@3 of the %ommer!e Re#istr, of $antia#o1 !orrespondin# to ,ear 1DD1. ). -)E. !(rrentl, has a paid in !apital divided into A41444 re#istered shares :itho(t par val(e. >he shares of ). -)E. are o:ned +, the $ellers in the manner spe!ified in E hi+it 3.41 hereto. 3.4A.5. %entro de *orma!iFn >Q!ni!a )nstit(to -)E. $.-. (6C#, AIE!7)1 a !orporation in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile1 re#istered (nder pa#e C1C8@ n(m+er 511DC of the %ommer!e Re#istr, of $antia#o1 !orrespondin# to ,ear 1D77. %*> -)E. !(rrentl, has a paid in !apital divided into @8@1@@41@17 re#istered shares :itho(t par val(e. >he shares of %*> -)E. are o:ned +, the $ellers in the manner spe!ified in E hi+it 3.41 hereto. 3.4A.A. %entro de *orma!iF n >Q!ni!a -)E. Re#ional $.-. (6AIE! +e ional7)1 a !orporation in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile1 re#istered (nder pa#e 1131A n(m+er D73 of the %ommer!e Re#istr, of $antia#o1 !orrespondin# to ,ear 1DDD. -)E. Re#ional !(rrentl, has a paid in !apital divided into 71CC4 re#istered shares :itho(t par val(e. >he shares of -)E. Re#ional are o:ned +, the $ellers in the manner spe!ified in E hi+it 3.41 hereto. 3.4A.C. )nstit(to .re(niversitario -ndrQs <ello $.-. (6Instituto -7)1 a !orporation in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile1 re#istered (nder pa#e 31185 n(m+er 113A5 of the %ommer!e Re#istr, of $antia#o1 !orrespondin# to ,ear 1D8A. )nstit(to 1 !(rrentl, has a paid in !apital divided into 5C1D7D re#istered shares :itho(t par val(e. >he shares of )nstit(to 1 are o:ned +, the $ellers in the manner spe!ified in E hi+it 3.41 hereto. D

S.1tion 22052 The Excluded Companies. >he $ellers o:n the follo:in# !ompanies (the 6E.cluded Companies7 and ea!h of them an 6E.cluded Company7)1 and :hi!h shares are e !l(ded from this a!8(isition: 3.4C.1. )nmo+iliaria -ndrQs <ello $.-. (6Inmobiliaria7)1 a !orporation in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile1 re#istered (nder pa#e 341AD8 n(m+er 1418@7 of the %ommer!e Re#istr, of $antia#o1 !orrespondin# to ,ear 1D88. )nmo+iliaria !(rrentl, has a paid in !apital of divided into A41444 re#istered shares :itho(t par val(e. >he shares of )nmo+iliaria are o:ned +, the $ellers in the manner spe!ified in E hi+it 3.41 hereto. 3.4C.3. -+aste!imientos Menerales $.-. (6Abasa7)1 a !orporation in!orporated a!!ordin# to the la:s of the Rep(+li! of %hile1 re#istered (nder pa#e 541@A8 n(m+er 1@1C58 of the %ommer!e Re#istr, of $antia#o1 !orrespondin# to ,ear 1D8D. -+asa !(rrentl, has a paid in !apital of divided into 31444 re#istered shares :itho(t par val(e. >he shares of -+asa are o:ned +, the $ellers in the manner spe!ified in E hi+it 3.41 hereto. S.1tion 22032 The Option Agreement. <, means of a private do!(ment entered into on De!em+er 51st1 3443 (the 6$ption A reement7)1 amended +, means of a private do!(ment dated Ear!h 71 3445 and +, means of a private do!(ment dated -pril 381 34451 $,lvan )nternational ;niversities1 )n!. and $ellers e e!(ted an &ption -#reement (nder :hi!h $,lvan )nternational ;niversities1 )n!. :as #ranted1 in !ase of e er!isin# the option provided there(nder1 the ri#ht to (i) a!8(ire the <(siness1 and (ii) a!8(ire the ri#ht to !ontrol de ;niversit,1 (nder the terms and !onditions set forth therein. >he &ption -#reement (and its amendments) is atta!hed as E hi+it 3.4@ hereto. S.1tion 22092 enior De!t. *or the p(rposes of finan!in# part of the a!8(isition1 the <(,er intend s to o+tain1 thro(#h ;"-<1 a senior finan!in# from %hilean +anks1 for a total amo(nt not hi#her than %h?1C11731C441444 (the 6Senior Debt7). ARTIC-E &2 $URCHASE AND SA-E2 S.1tion &20%2 "urchase and ale. <(,er and $ellers here+, a#ree that1 s(+je!t to the terms and !onditions of this -#reement1 $ellers shall sell to <(,er and <(,er shall p(r!hase from $ellers1 on the %losin# Date (i) the <rands1 (ii) the ;ni#ro(p $hares1 and (iii) the (s(fr(!t over the )nstit(to 3 $hares. S.1tion &2022 #orm and Timing of Transaction. >he p(r!hase and sale of the -ssets shall +e !arried o(t thro(#h the pro!ed(re set forth +elo:1 :hi!h shall take pla!e on the %losin# Date in the follo:in# !hronolo#i!al order: 14

5.43.1. -!8(isition of <rands. (i) Des(p shall p(r!hase from )nstit(to 3 the Des(p <rands1 +, means of a p(r!hase a#reement that shall +e e e!(ted in %hile as a p(+li! deed +efore the notar, p(+li! of $antia#o Er. RaTl ;nd(rra#a 2aso. .(r!hase pri!e for the Des(p <rands shall +e %h?C14C71C441444 (the 6 Desup Brands !urchase !rice7)/ >he Des(p <rands .(r!hase .ri!e shall +e paid in f(ll on the %losin# Date / (ii) ;"-< shall p(r!hase from )nstit(to 3 the ;"-< <rands1 +, means of a p(r!hase a#reement that shall +e e e!(ted in %hile as a p(+li! deed +efore the notar, p(+li! of $antia#o Er. RaTl ;nd(rra#a 2aso. .(r!hase pri!e for the ;"-< <rand shall +e %h?1C11731C441444 (the 6 ("AB Brand !urchase !rice7)/ >he ;"-< <rand .(r!hase .ri!e shall +e paid in f(ll on the %losin# Date / (iii) ;"-< shall p(r!hase from )nmo+iliaria the )nmo+iliaria <rands1 +, means of a p(r!hase a#reement that shall +e e e!(ted in %hile as a p(+li! deed +efore the notar, p(+li! of $antia#o Er. RaTl ;nd(rra#a 2aso. .(r!hase pri!e for the )nmo+iliaria <rands shall +e an amo(nt e8(al to the s(m of (i) the o(tstandin# amo(nt1 as of the %losin# Date1 of the %(rrent -!!o(nt1 :hi!h shall +e offset a#ainst an e8(ivalent amo(nt of the pri!e of the )nmo+iliaria <rands on the %losin# Date1 pl(s (ii) one of the follo:in# amo(nts: (a) %h?31444144414441 on a date :hi!h is not later than 1C <(siness Da,s follo:in# the final determination of the %losin# Norkin# %apital1 provided that the %losin# Norkin# %apital is e8(al to or hi#her than1 %h?5134414441444O or (+) )n !ase the %losin# Norkin# %apital is less than %h?5134414441444 +(t hi#her than %h?1134414441444 on a date :hi!h is not later than 1C <(siness Da,s follo:in# the final determination of the %losin# Norkin# %apital1 an amo(nt e8(al to the differen!e +et:een the %losin# Norkin# %apital and %h?1134414441444O or (!) )n !ase the %losin# Norkin# %apital is e8(al to or less than %h?11344144414441 no f(rther pa,ment shall +e made. 5.43.3. Distri+(tion of Dividend +, )nstit(to 3. >he <oard of Dire!tors of )nstit(to 3 shall a#ree to distri+(te an interim dividend (dividendo provisorio ) to its shareholders for a total amo(nt not hi#her than %h?1@1D4714841444 (:hi!h is e8(ivalent to the s(m of the 85.C9 of the Des(p <rands .(r!hase .ri!e pl(s 11

85.C9 of the ;"-< <rand .(r!hase .ri!e). $(!h interim dividend shall +e paid to )nstit(to 3 shareholders1 i.e.1 the %hilean $ellers1 on the %losin# Date. 5.43.5. -!8(isition of ;s(fr(!t of )nstit(to 3 $hares. (i) Des(p shall p(r!hase from 2a %aleta the (s(fr(!t over A1AD7 shares of )nstit(to 31 thro(#h a p(r!hase a#reement that shall +e e e!(ted as private do!(ment. (ii) Des(p shall p(r!hase from G(ste the (s(fr(!t over A1AD7 shares of )nstit(to 31 thro(#h a p(r!hase a#reement that shall +e e e!(ted as private do!(ment. $(!h p(r!hase a#reement shall +e e e!(ted a!!ordin# to the draft atta!hed hereto as E hi+it 5.43.5. (iii) Des(p shall p(r!hase from %opra the (s(fr(!t over 151AD5 shares of )nstit(to 31 thro(#h a p(r!hase a#reement that shall +e e e!(ted as private do!(ment. $(!h p(r!hase a#reement shall +e e e!(ted a!!ordin# to the draft atta!hed hereto as E hi+it 5.43.5. (iv) Des(p shall p(r!hase from H(epil the (s(fr(!t over 151AD3 shares of )nstit(to 31 thro(#h a p(r!hase a#reement that shall +e e e!(ted as private do!(ment. $(!h p(r!hase a#reement shall +e e e!(ted a!!ordin# to the draft atta!hed hereto as E hi+it 5.43.5. (v) >he total p(r!hase pri!e for the (s(fr(!t of )nstit(to 3 $hares shall +e (a) %h?C14C71C441444 that !orresponds to %h?1A41C@8.11 per share if the *inan!in# %ondition has +een satisfied1 and (+) %h?3143514441444 that !orresponds to %h?C@1337.3A per share if the *inan!in# %ondition has not +een satisfied (the 6(sufruct !rice7)/ >he ;s(fr(!t .ri!e shall +e paid in f(ll on the %losin# Date. (vi) >he ;s(fr(!t .ri!e ma, +e s(+je!t to a post-!losin# adj(stment p(rs(ant to the follo:in# provisions: (a) Nithin D4 da,s follo:in# the %losin# Date1 %hilean $ellers ma, s(+mit <(,er a plan for the red(!tion of re!(rrin# salar, e penses in the Relevant %ompanies for (p to %h?5@414441444. (+) )f s(!h plan is approved +, <(,er1 at its sole dis!retion1 the ;s(fr(!t .ri!e shall +e in!reased +, seven times the amo(nt of s(!h red(!tion in %h? (min(s the !ost of implementin# the plan1 e.#.1 severan!e pa,ments) (the 6 !ost0Closin Ad1ustment7). (!) >he .ost-%losin# -dj(stment1 if an,1 shall +e paid :ithin 54 da,s follo:in# <(,er0s approval of the plan. 13

(vii) >he p(r!hase a#reement for the (s(fr(!t shall !ontain all provisions ne!essar, to se!(re that <(,er has all politi!al and e!onomi! ri#hts of the )nstit(to 3 $hares d(rin# the term of the (s(fr(!t. 5.43.A. -!8(isition of ;ni#ro(p $hares. $,lvan shall p(r!hase from Edin1 8D shares of ;ni#ro(p. )n addition1 $,lvan shall p(r!hase from $asep &verseas 2td. and Edin shall !a(se $asep &verseas 2td. to sell to $,lvan1 1 share of ;ni#ro(p. >he sale of the ;ni#ro(p $hares shall +e a!!omplished thro(#h a p(r!hase a#reement that shall +e e e!(ted as private do!(ment a!!ordin# to the la:s of %hile1 in !omplian!e :ith the la:s of the >erritor, of the <ritish Lir#in )slands for the p(rposes of the effe!tive transfer of the shares. .(r!hase pri!e for the ;ni#ro(p $hares shall +e %h? 34135414441444O and shall +e paid in f(ll on the %losin# Date1 in ;$ Dollars1 a!!ordin# to the DFlar &+servado E !han#e Rate p(+lished in the %hilean &ffi!ial MaKette the <(siness Da, prior to the %losin# Date. 5.43.C. *ail(re of *inan!in# %ondition. $ho(ld the *inan!in# %ondition not +een satisfied on or prior to the %losin# Date1 the parties shall !ooperate in #ood faith1 sho(ld <(,er so re8(est1 to find other str(!t(re for the !ons(mmation of the transa!tion :hi!h is !ommer!iall, reasona+le1 :itho(t affe!tin# the total pri!e to +e paid for the <(siness1 as !ontemplated in this -#reement. S.1tion &20&2 Delivery and Transfer of the Assets. 5.45.1. $ellers shall deliver to <(,er the -ssets on the %losin# Date1 (pon e e!(tion and deliver, of the !orrespondin# a#reements set forth herein. 5.45.3. >he transfer and deliver, of the )nstit(to 3 $hares shall +e made +, means of deliver, of the appli!a+le share !ertifi!ates and pro-forma transfer of shares forms1 d(l, si#ned and e e!(ted +, the appli!a+le $eller. >he transfer and deliver, of the ;ni#ro(p $hares1 shall +e made in a manner satisfa!tor, the !o(nsel of the <(,er in s(!h j(risdi!tion. 5.45.5. >he transfer of the <rands shall +e made +, means of e e!(tin# and deliverin# the !orrespondin# p(r!hase a#reement set forth herein. -dditionall,1 the transfer of the <rands (nder Des(p shall +rin# to the $ellers the o+li#ation to o+tain the proper re#istration of s(!h <rands in the appli!a+le re#istries. 5.45.A. -n, share to +e transferred (nder this -#reement1 shall +e transferred :ith all their e!onomi! and !orporate ri#hts if appli!a+le1 free of all de+t1 &+li#ation1 en!(m+ran!e1 2ien1 #(arantee1 resol(tor, !ondition1 for+iddan!e of an, t,pe or kind that ma, limit or !onstrain in an, manner their o:nership1 possession1 holdin#1 transfera+ilit,1 ri#ht of vote or ri#ht of (se. 5.45.C. -n, <rand to +e transferred (nder this -#reement1 shall +e transferred free of all de+t1 &+li#ation1 en!(m+ran!e1 2ien1 #(arantee1 resol(tor, !ondition1 15

for+iddan!e of an, t,pe or kind that limits or !onstrains in an, manner their o:nership1 possession1 holdin#1 transfera+ilit, or ri#ht of (seO :itho(t an, re!o#nition of priorit, or preferential ri#hts of third parties to its respe!tO affe!ted +, no prior !oe isten!e a#reement to its respe!t1 nor s(+je!t of an, li!enses1 :aivers1 a(thoriKations of (se1 nor restri!tion of an, kind. ARTIC-E 42 C-OSING2 S.1tion 420%2 Closing Date. >he !losin# of the p(r!hase of the -ssets (the 6Closin 7) shall take pla!e at the offi!es of <arros R ErrPK(riK -+o#ados1 )sidora Mo,ene!hea 3D5D1 .iso 111 !om(na de 2as %ondes1 $antia#o1 %hile as soon as possi+le1 +(t in no event later than the date :hi!h is 5 <(siness Da,s after the !onditions stated in $e!tions A.43.1. A.43.3.1 A.45.1.1 A.45.3.1 A.45.5.1 A.4A.1.1 A.4A.C.1 A.4A.@.1 A.4A.8.1 A.4A.D.1 A.4A.14.1 A.4A.11. and A.4A.15. +elo: have +een f(lfilled or :aived (+, the part, entitled to :aive the !ondition) and !ontin(e to +e f(lfilled. S.1tion 42022 Conditions to O!ligations of Both "arties. >he respe!tive o+li#ations of the parties hereto to !ons(mmate the %losin# shall +e s(+je!t to the f(lfillment of the follo:in# !onditions at or prior to the %losin# Date1 (nless other:ise e pressl, :aived +, the parties in :ritin#: A.43.1. "o &rder. "o #overnmental a(thorit, or other a#en!, or !ommission or !o(rt of !ompetent j(risdi!tion shall have ena!ted1 iss(ed1 prom(l#ated1 enfor!ed or entered an, stat(te1 r(le1 re#(lation1 inj(n!tion or other order (:hether temporar,1 preliminar, or permanent) :hi!h remains in effe!t1 and :hi!h has the effe!t of makin# the transa!tions !ontemplated here+, ille#al or other:ise prohi+itin# !ons(mmation of the transa!tions !ontemplated +, this -#reement. A.43.3. Norkin# %apital. >he $(ffi!ient Norkin# %apital and the Estimated %losin# Norkin# %apital shall have +een determined. S.1tion 420&2 Conditions to O!ligations of ellers. >he o+li#ation of $eller to !ons(mmate the %losin# shall +e s(+je!t to the f(lfillment or :aiver of the follo:in# !onditions at or prior to the %losin# Date: A.45.1. Representations and Narranties. Ea!h of the representations and :arranties of <(,er !ontained in this -#reement shall +e tr(e and !orre!t1 as of the date made and1 e !ept as spe!ifi!all, !ontemplated +, this -#reement1 at and as of the %losin# Date1 :ith the same for!e and effe!t as if made as of the %losin# Date1 and $ellers shall have re!eived from <(,er a !ertifi!ate of an a(thoriKed e e!(tive offi!er of <(,er to s(!h effe!t. 1A

A.45.3. %ovenants. -ll !ovenants !ontained in this -#reement to +e !omplied :ith +, <(,er on or +efore the %losin# Date shall have +een !omplied :ith +, the %losin# Date and $ellers shall have re!eived from <(,er a !ertifi!ate of an a(thoriKed e e!(tive offi!er of <(,er to s(!h effe!t. A.45.5. Resol(tions. $eller shall have re!eived from <(,er !ertified !opies of resol(tions d(l, adopted +, the +oard of dire!tors (or shareholders meetin#1 if ne!essar,) of <(,er a(thoriKin# the e e!(tion and performan!e of this -#reement and the transa!tions !ontemplated here+,1 and !ertified !opies of resol(tions d(l, adopted +, the +oards of dire!tors of ea!h of Des(p a(thoriKin# the !ons(mmation +, Des(p of the transa!tions !ontemplated here+, and s(!h resol(tions shall not have +een revoked and shall remain in f(ll for!e and effe!t. S.1tion 42042 Conditions to O!ligations of Buyer. >he o+li#ation of <(,er to !ons(mmate the %losin# shall +e s(+je!t to the f(lfillment or :aiver of the follo:in# !onditions at or prior to the %losin# Date: A.4A.1. $ellers0 Restr(!t(rin#. $ellers0 Restr(!t(rin# shall have o!!(rred. A.4A.3. $ettlement of %(rrent -!!o(nt. >he $ettlement of %(rrent -!!o(nt shall have o!!(rred. A.4A.5. Related Do!(mentation. >he Related Do!(mentation shall have +een e e!(ted. A.4A.A. >ermination of !ertain emplo,ees. -ll individ(als in!l(ded in E hi+it A.4A.A. hereto shall have entered into +indin# releases (fini2uitos) :ith the Relevant %ompanies and=or ;"-<. A.4A.C. *orei#n )nvestment -pproval. <(,er shall have o+tained all forei#n investment and other #overnmental approvals ne!essar, for the %losin#. A.4A.@. Re#(lariKations. >he matters listed in E hi+it A.4A.@. hereto have +een resolved to <(,er0s satisfa!tion. A.4A.7. >ransfer of !ertain shares. $ellers shall !a(se the follo:in# transfer of shares to o!!(r on or prior to the %losin# Date1 at a nominal pri!e: (i) )nmo+iliaria shall transfer to )nstit(to 3 one share of ). -)E.. (ii) )nmo+iliaria shall transfer to Des(p one share of %*> -)E.. (iii) )nmo+iliaria shall transfer to Des(p one share of -)E. Re#ional. (iv) H(epil shall transfer to Des(p one share of )nstit(to 1. 1C

A.4A.8. Representations and Narranties. Ea!h of the representations and :arranties of $ellers and the E !l(ded %ompanies !ontained in this -#reement shall +e tr(e and !orre!t as of the date made and1 e !ept as spe!ifi!all, !ontemplated +, this -#reement1 at and as of the %losin# Date1 :ith the same for!e and effe!t as if made as of the %losin# Date1 and <(,er shall have re!eived from $eller s a !ertifi!ate to s(!h effe!t. A.4A.D. "o Eaterial -dverse Effe!t 2 $in!e the Effe!tive Date1 nothin# has o!!(rred :hi!h has or !o(ld reasona+l, +e e pe!ted to have a Eaterial -dverse Effe!t. A.4A.14. %ovenants. -ll !ovenants !ontained in this -#reement to +e !omplied :ith +, $ellers or either of the Relevant %ompanies or ;"-< on or +efore the %losin# Date shall have +een !omplied :ith +, the %losin# Date and <(,er shall have re!eived from $ellers a !ertifi!ate to s(!h effe!t. A.4A.11. Resol(tions. <(,er shall have re!eived from $ellers !ertified !opies of resol(tions d(l, adopted +, (i) the +oard of dire!tors (or shareholders meetin#s1 if ne!essar,) of $ellers a(thoriKin# the e e!(tion and performan!e of this -#reement and the transa!tions !ontemplated here+, and (ii) the +oards of dire!tors (or shareholders meetin#s1 if ne!essar,) of ea!h of the Relevant %ompanies a(thoriKin# the !ons(mmation of the transa!tions !ontemplated here+,1 and s(!h resol(tions shall not have +een revoked and shall remain in f(ll for!e and effe!t. A.4A.13. &pinion of $ellers0 %o(nsel. <(,er shall have re!eived an opinion of !o(nsel to $eller1 dated as of the %losin# Date1 in form and s(+stan!e reasona+l, a!!epta+le to <(,er. A.4A.15. >hird .art, %onsents. $ellers shall have o+tained in :ritin# the third part, !onsents re8(ired form the !ons(mmation of the transa!tions !ontemplated here+,. S.1tion 42052 Conduct of Business "rior to Closing. <et:een the Effe!tive Date and the %losin# Date1 e !ept as other:ise !ontemplated +, this -#reement1 or :ith the !onsent of <(,er (#iven in :ritin# thro(#h its le#al !o(nsel Er. .a+lo M(errero LalenK(ela)1 $ellers shall !a(se the <(siness to +e !ond(!ted onl,1 and $ellers shall prevent the Relevant %ompanies and ;"-< from takin# an, a!tion e !ept1 in the ordinar, !o(rse of +(siness !onsistent :ith past pra!ti!es. Nitho(t limitin# the fore#oin#1 e !ept as !ontemplated +, this -#reement or :ith !onsent of <(,er1 $ellers shall +e prohi+ited and shall prohi+it ea!h of the Relevant %ompanies and ;"-<1 +et:een the Effe!tive Date and the %losin# Date1 from dire!tl, or indire!tl, doin#1 or proposin# or a#reein# to do1 an, of the follo:in#: 1@

(i) enterin# into an, !ontra!t1 !ommitment or lease o(tside of the ordinar, !o(rse of +(sinessO (ii) takin# an, a!tion that :o(ld res(lt in the fail(re or non- f(lfillment of an, !ondition set forth in this -#reementO (iii) de!larin#1 settin# aside or pa,in# an, dividend or other distri+(tion (:hether in !ash1 sto!k or propert,) in respe!t of1 p(r!hasin#1 redeemin# or other:ise a!8(irin#1 its !apital sto!kO (iv) mer#in# or !onsolidatin# :ith an, other .erson. (v) make an, amendments1 o(tside the ordinar, !o(rse of +(siness1 :ith respe!t to t(itions1 dis!o(nts1 s!holarships1 st(dent finan!in#O (vi) in!(r in e penses in e !ess of those !ontemplated in the +(d#et atta!hed hereto as E hi+it A.4C O (vii) start an, ne: advertisin# !ampai#n :ith respe!t to servi!es provided +, the Relevant %ompanies or ;"-<O or (viii)enterin# into1 or terminatin#1 emplo,ment a#reements :ith emplo,ees :hi!h #ross ann(al !ompensation (in!l(din# +on(ses) is hi#her than %h?A414441444. S.1tion 42032 Access to $nformation. *rom the Effe!tive Date to the %losin# Date1 $ellers shall provide and shall !a(se the Relevant %ompanies and ;"-<1 and their offi!ers1 dire!tors1 emplo,ees1 advisors1 representatives and a(thoriKed a#ents to provide to <(,er and its offi!ers1 dire!tors1 emplo,ees and a(thoriKed a#ents in a manner not (nreasona+l, disr(ptive to the operation of +(siness1 offi!es and other fa!ilities a!!ess to (i) the offi!ers1 dire!tors1 emplo,ees1 a(thoriKed a#ents1 advisors1 representatives and properties of the Relevant %ompanies and ;"-< and (ii) all +ooks and re!ords of the Relevant %ompanies and ;"-<1 and shall promptl, f(rnish to <(,er all finan!ial and operatin# data and other information re#ardin# the +(siness and the assets of the Relevant %ompanies and ;"-< that <(,er ma, from time to time reasona+l, re8(est. S.1tion 42092 "u!licity. *rom the Effe!tive Date to the %losin# Date1 neither <(,er nor $ellers shall1 nor shall either <(,er or $ellers permit its respe!tive s(+sidiaries1 dire!tors1 offi!ers1 emplo,ees1 a(thoriKed a#ents1 advisors or representatives to1 iss(e an, press release or other:ise make an, p(+li! statements or anno(n!ement !on!ernin# this -#reement or the transa!tions !ontemplated here+, :itho(t the prior :ritten !onsent of the other part,. "ot:ithstandin# the fore#oin#1 neither $ellers nor <(,er shall +e prevented at an, time from f(rnishin# an, re8(ired information to an, #overnmental a#en!, or a(thorit, or from !ompl,in# :ith its le#al o+li#ations1 :ith !op, to the other part,. 17

S.1tion 420!2 Best Efforts. $(+je!t to the terms and !onditions of this -#reement1 ea!h part, :ill (se its +est efforts to !a(se the %losin# to o!!(r. S.1tion 42092 $nsurance. $ellers shall keep1 or !a(se to +e kept1 all ins(ran!e poli!ies listed on E hi+it A.4D1 or s(ita+le repla!ements therefore1 in f(ll for!e and effe!t thro(#h the !lose of +(siness on the %losin# Date. S.1tion 42%02 #urther Action. Ea!h of $ellers and <(,er shall1 and shall !a(se their respe!tive s(+sidiaries to1 e e!(te s(!h do!(ments and take s(!h f(rther a!tions as ma, +e reasona+l, re8(ired or desira+le to !arr, o(t the provisions hereof and the transa!tions !ontemplated here+, at or after the %losin# to eviden!e the !ons(mmation of the transa!tions !ontemplated p(rs(ant to this -#reement. ;pon the terms and s(+je!t to the !onditions hereof1 $ellers and <(,er shall take1 or !a(se to +e taken1 all a!tions and do1 or !a(se to +e done1 all other thin#s ne!essar,1 proper or advisa+le to !ons(mmate and make effe!tive as promptl, as pra!ti!a+le the transa!tions !ontemplated +, this -#reement and to o+tain in a timel, manner all ne!essar, :aivers1 !onsents and approvals and to effe!t all ne!essar, re#istrations and filin#s. ARTIC-E 52 SE--ERS@ RE$RESENTATIONS AND WARRANTIES2 S.1tion 520%2 %iscellaneous. Ea!h of the representations and :arranties set o(t in the several se!tions of this -rti!le is separate and independent and e !ept as e pressl, provided to the !ontrar, in this -#reement is not limited +, referen!e to an, other para#raph of this -rti!le. Referen!es made in this -rti!le to 6 +elevant Companies71 shall mean1 onl, for the p(rposes of this -rti!le1 made to the Relevant %ompanies as it is defined in $e!tion 1.4A (:hi!h in!l(des )nstit(to 31 ;ni#ro(p1 $ervi!ios1 ). -)E.1 %*> -)E.1 -)E. Re#ional and )nstit(to 1) jointl, :ith ;"-<1 (nless it is e pressl, provided other:ise. -n, referen!e made to a 6+elevant Company7 shall mean1 for said p(rposes onl,1 made to an, of s(!h Relevant %ompanies and ;"-<. S.1tion 52022 Representations and &arranties. $ellers represent and :arrant to <(,er that e !ept as f(ll, dis!losed to <(,er thro(#h the E hi+its to this -rti!le1 ea!h of the statements set o(t in the follo:in# se!tions of this -rti!le is tr(e and a!!(rate. S.1tion 520&2 "rior statements. >he statements made in -rti!le 3 herein are tr(e1 !orre!t and a!!(rate. 18

S.1tion 52042 Constitutional and corporate documents. C.4A.1. %hilean $ellers are !orporations d(l, or#aniKed and e istin# (nder the la:s of the Rep(+li! of %hile. %hilean $ellers possess s(ffi!ient !apa!it,1 po:er and a(thoriKation to e e!(te this -#reement. C.4A.3. Edin is a !orporation d(l, or#aniKed and e istin# (nder the la:s of the >erritor, of the <ritish Lir#in )slands. Edin possesses s(ffi!ient !apa!it,1 po:er and a(thoriKation to e e!(te this -#reement. C.4A.5. Ea!h of the Relevant %ompanies: (i) e ists and is d(l, or#aniKed and validl, e istin#1 a!!ordin# to the la:s of the !o(ntr, in :hi!h it :as in!orporatedO and (ii) possesses all the permits1 a(thoriKations and !ertifi!ations from the !ompetent a(thorities1 ne!essar, to develop the a!tivities and +(sinesses that are !(rrentl, (ndertaken +, them1 in the pla!es (nder the !onditions in :hi!h the, !(rrentl, operate. C.4A.A. E hi+it 3.41 hereof !ontains a list of all $(+sidiaries and -ffiliates of the ea!h of the Relevant %ompanies. S.1tion 52052 O'nership. $ellers are the a!t(al o:ners of the $hares. $ellers ma, freel, dispose of the $hares. $pe!ifi!all,1 $ellers represent and :arrant that: C.4C.1. -s of the %losin# Date1 the $hares :ill +e o:ned free of all 2iens and have f(ll votin# ri#hts1 :ith no restri!tions or limitations. C.4C.3. >he shares and !orporate ri#hts of the Relevant %ompanies are o:ned e !l(sivel, +, the Relevant %ompanies1 :ith the e !eption of the $hares that are o:ned in the manner des!ri+ed in $e!tion 3.4A. -s of the %losin# Date1 s(!h shares and !orporate ri#hts :ill +e o:ned free of all 2iens and have f(ll votin# ri#hts1 :ith no restri!tions or limitations. C.4C.5. >here are no pendin# s(+s!ription ri#hts in favor of an, of the shareholders or partners of the Relevant %ompanies1 or in favor of third parties1 nor an option or ri#ht of an, kind that #ives the $ellers or its s(+sidiaries1 or to third parties1 the ri#ht to p(r!hase1 s(+s!ri+e or a!8(ire1 an, title1 share or ri#ht in the Relevant %ompanies or to !apitaliKe !redits a#ainst the Relevant %ompanies. S.1tion 52032 Corporate approvals. >he e e!(tion of this -#reement :as d(l, approved and the re8(ired po:ers of attorne, :ere d(l, #ranted p(rs(ant to the appli!a+le +,-la:s and re#(lations. >he individ(als :ho appear on +ehalf of $ellers1 :ill have1 as of the %losin# Date1 all the ne!essar, po:ers and a(thorit, to e e!(te and perform the &+li#ations arisin# (nder this -#reement in!l(din#1 :itho(t limitation1 the !apa!it, to o:n and the fa!(lt, to sell the $hares and the <rands. 1D

S.1tion 52092 (o contravention. >he e e!(tion and performan!e of this -#reement and its related a#reements and do!(ments (i) does not !ontravene an, provision !ontained in the +,-la:s1 stat(tes or other analo#o(s provisions of $ellers1 the respe!tive E !l(ded %ompanies or the respe!tive Relevant %ompanies1 nor an, shareholder a#reement or other !ontra!t or !ovenant :ith respe!t to $ellers1 the E !l(ded %ompanies1 the respe!tive Relevant %ompanies or the -ssetsO (ii) as of the %losin# Date1 :ill not #rant the ri#ht to terminate or resolve an, !ontra!t or a#reement to :hi!h an, Relevant %ompan, is a part,O nor :ill it mean1 dire!tl, or indire!tl,1 an, +rea!h of an, !ontra!t in :hi!h an, Relevant %ompan, is a part,O (iii) does not !a(se nor does it +rin# an, loss of +enefit for neither an, Relevant %ompan, nor those !ompanies that are to +e!ome shareholders of the Relevant %ompaniesO (iv) does not re8(ire the a(thoriKation or !onsent of an, individ(al or entit,1 (nder an, kind of material !ontra!t1 in!l(din# an, material !redit1 !on!ession1 li!ensin# and fran!hise !ontra!tsO and (v) does not !ontravene an, le#al provision1 neither in %hile nor in an, other appli!a+le j(risdi!tion. S.1tion 520!2 #inancial tatements. >he follo:in# representations and :arranties are made in !onne!tion :ith the *inan!ial $tatements1 !op, of :hi!h are atta!hed hereto as E hi+it C.48 : C.48.1. >he *inan!ial $tatements1 as of the *inan!ial $tatements Date (i) :ere prepared a!!ordin# to #enerall, a!!epted a!!o(ntin# prin!iples and pra!ti!es appli!a+le in %hile1 prin!iples and pra!ti!es that :ere applied !onsistentl, d(rin# all t:o periods prior to the *inan!ial $tatements Date1 :itho(t an, !han#e in the a!!o(ntin# poli!ies (sedO (ii) refle!t appropriatel,1 as of the *inan!ial $tatements Date1 the finan!ial and e8(it, sit(ation of the Relevant %ompanies1 as :ell as their assets1 lia+ilities1 the profit or loss of their operations and the !han#es in their e8(it, and !ash flo:O (iii) !ontain either provisions ade8(ate to !over1 or f(ll parti!(lars in notes of1 all >a ation (in!l(din# deferred >a ation) and other lia+ilities (:hether 8(antified1 !ontin#ent or other:ise) of the Relevant %ompanies as at the *inan!ial $tatements DateO (iv) are not affe!ted +, an, (n(s(al or nonre!(rrin# itemsO and (v) f(lfill all the re8(irements of form and s(+stan!e re8(ired p(rs(ant to the appli!a+le provisions and re#(lations. C.48.3. )n the *inan!ial $tatements (i) the val(e attri+(ted to ea!h fi ed asset of the Relevant %ompanies is re#istered a!!ordin# to its histori! !ost1 s(!h fi ed assets have +een a!8(ired (nder market !onditions +ased on arms - len#th transa!tions1 and have +een depre!iated p(rs(ant to ;$M--. O (ii) there are ade8(ate provisions for an, losses in respe!t of on#oin# proje!ts and :ork in pro#ress (if appli!a+le) to the e tent that s(!h losses shall +e reasona+l, determinedO and (iii) the assets have +een depre!iated a!!ordin# to estimations of (sef(l life and resid(al val(e !onsistent :ith #enerall, a!!epted a!!o(ntin# prin!iples. C.48.5. -ll finan!ial re!ords of the Relevant %ompanies have +een properl, maintained and !onstit(te an a!!(rate re!ord of all matters :hi!h o(#ht to appear 34

in them and :here re8(ired +, la: have +een d(l, filed. >he Relevant %ompanies have !omplied in all material respe!ts :ith the stat(tor, a!!o(ntin# re8(irements in!l(din# the re8(irements :ith respe!t to >a ation1 provided that this representation shall appl, to the -)E. Entities e !l(sivel, sin!e !alendar ,ear 3441. C.48.A. -s of the *inan!ial $tatements Date1 no Relevant %ompan, has an, &+li#ations1 inde+tedness1 lia+ilities or !ontin#en!ies1 that a!!ordin# to the appli!a+le a!!o(ntin# r(les and prin!iples1 o(#ht to +e refle!ted in the *inan!ial $tatements or their notes1 other than those refle!ted in the *inan!ial $tatements. S.1tion 52092 "osition since #inancial tatements Date. $in!e the *inan!ial $tatements Date (i) no event has o!!(rred :hi!h ma, +e !onsidered to an, Relevant %ompan, as a Eaterial -dverse %han#e. (ii) ea!h Relevant %ompan, has !ond(!ted the <(siness in a normal and proper mannerO (iii) no Relevant %ompan, has entered into an, (n(s(al !ontra!t or !ommitment or other:ise departed from its ordinar, !o(rse of +(sinessO (iv) there has +een no deterioration in the t(rnover1 finan!ial or tradin# position or the prospe!ts of an, of the Relevant %ompaniesO (v) ea!h Relevant %ompan, has paid its !reditors :ithin the times a#reed :ith them and has !olle!ted its de+ts in the ordinar, !o(rse of +(sinessO (vi) no asset has +een a!8(ired or disposed of or a#reed to +e a!8(ired or disposed of +, an, Relevant %ompan, on !apital a!!o(nt1 and no !ontra!t involvin# e pendit(re +, it on !apital a!!o(nt has +een entered into +, an, Relevant %ompan, other than in the ordinar, !o(rse of +(siness1 +ein# a#reed that to dispose means an, sale1 restit(tion1 !ession1 #rantin# or a!8(irin# of options1 en!(m+ran!e or transferen!e and an, other a!t that mi#ht +e !onsidered a disposition a!t (nder %ivil 2a:O (vii) e !ept for the in!rease of the %(rrent -!!o(nt +, %h?3851D8A1444 d(rin# 34451 no dividend or other distri+(tion of profits or assets has +een or a#reed to +e de!lared1 made or paid +, an, Relevant %ompan,1 nor has an, distri+(tion of !ash or assets of an, kind +een made +, an, Relevant %ompan, to an, of the E !l(ded %ompaniesO (viii) no shareholder resol(tions have +een passed +, an, Relevant %ompan,O 31

(i ) no event has o!!(rred :hi!h #ives rise to >a ation to an, Relevant %ompan, on deemed (as opposed to a!t(al) in!ome1 profits or #ains or :hi!h res(lts in an, Relevant %ompan, +e!omin# lia+le to pa, or +ear a ta lia+ilit, dire!tl, or primaril, !har#ea+le a#ainst or attri+(ta+le to another .ersonO ( ) no event has o!!(rred :hi!h :o(ld entitle an, third part, (:ith or :itho(t the #ivin# of noti!e) to !all for the repa,ment of inde+tedness of an, Relevant %ompan, prior to the normal mat(rit, dateO and ( i) e !ept for the in!rease of the %(rrent -!!o(nt +, %h?3851D8A1444 d(rin# 34451 no Relevant %ompan, has made an, pa,ment or in!(rred an, lia+ilit, to an, mem+er of the $ellers or an, E !l(ded %ompan, e !ept in the ordinar, !o(rse of +(siness on normal !ommer!ial terms. S.1tion 52%02 $nde!tedness and loans. >he follo:in# representations and :arranties are made re#ardin# the inde+tedness of the Relevant %ompanies1 :ith the e !eptions in!l(ded in E hi+it C.14 hereto: C.14.1. "o Relevant %ompan, has o(tstandin# an, inde+tedness or an, mone, raised other than (nder an, +ank overdraft fa!ilities not e !eedin# the amo(nt set o(t in the *inan!ial $tatements. C.14.3. "o Relevant %ompan, has lent an, mone, :hi!h has not +een repaid to it nor does it o:n the +enefit of an, de+t (:hether present or f(t(re) other than de+ts a!!r(ed to it in the ordinar, !o(rse of its +(siness. C.14.5. "o Relevant %ompan, has re!eived or is s(+je!t to an, arran#ement for the repa,ment of an, #rant1 s(+sid, or finan!ial assistan!e from an, #overnment department or other similar entit,. >he e e!(tion and !omplian!e :ith the terms of this -#reement does not and :ill not res(lt in an, #rant1 s(+sid, or finan!ial assistan!e from an, #overnment department or other similar entit, +e!omin# repa,a+le. S.1tion 52%%2 Assets. (a) Ea!h Relevant %ompan, is the !(rrent o:ner of all #oods and assets that are !onsidered in the *inan!ial $tatements and inventories as of the *inan!ial $tatements Date (e !ept those that have +een transferred in the normal and ordinar, !o(rse of +(siness of the respe!tive Relevant %ompan,1 !onsistent :ith past pra!ti!es). (+) -ll s(!h #oods and assets are (i) free of all en!(m+ran!es1 2iens1 for+iddan!es or limitations that restri!t their o:nership or (se1 :ith e !eption to those en!(m+ran!es1 2iens1 for+iddan!es or limitations in!l(ded in E hi+it C.11 hereofO (ii) in a #ood !ondition for the p(rposes for :hi!h the, are re8(ired1 e !ept for the deterioration related to their normal :ear and tearO and (iii) not o+solete. (!) "o Relevant %ompan, is the o:ner of an, real estate propert,1 nor has it entered into an, a#reement1 option or pre33

emption to a!8(ire an, of s(!h1 e !ept for the maritime !on!essions and real estate thereof in!l(ded in E hi+it C.11. S.1tion 52%22 Contracts and agreements. E hi+it C.13 hereof f(ll, dis!loses all of the a#reements1 !ontra!ts1 arran#ements and &+li#ations of an, kind (other than a#reements and !ontra!ts listed or in!l(ded in other E hi+its hereto) in :hi!h an, Relevant %ompan, is a part, or has entered intoO atta!hed to it are !opies of ever, s(!h a#reements :hi!h pa,ments or val(e or lia+ilities e !eed for the respe!tive Relevant %ompan, an ann(al amo(nt e !eedin# ;$?C41444. Ea!h Relevant %ompan, has !omplied :ith all its &+li#ations (nder ea!h s(!h !ontra!t1 as :ell as :ith an, of it (nder an, other !ontra!t or a#reement !ontained in or referred to in an, other provision herein. Ea!h s(!h !ontra!t1 arran#ement or &+li#ation is in f(ll for!e and effe!t and +indin# on the parties in a!!ordan!e :ith its terms. -dditionall,1 $ellers represent and :arrant to the <(,er the follo:in# re#ardin# the !ontra!ts and a#reements of the Relevant %ompanies: C.13.1. >he Relevant %ompanies are not parties nor has the, entered into an, a#reement1 !ontra!t or arran#ement that (i) is not in the respe!tive Relevant %ompan, ordinar, !o(rse of its +(sinessO or (ii) is e pe!ted to res(lt in a loss to that Relevant %ompan, on !ompletion of performan!eO or (iii) is of an onero(s nat(re or !annot +e f(lfilled or performed +, that Relevant %ompan, on time and :itho(t (nd(e or (n(s(al e pendit(re of mone, and effort. C.13.3. -s of the %losin# Date1 no Relevant %ompan, :ill have an, &+li#ation or lia+ilit, (a!t(al or !ontin#ent) (i) (nder an, #(arantee or indemnit, or letter of !redit or !omfort letter (:hether or not refle!ted in the *inan!ial $tatements)O (ii) (other than an, &+li#ation of a t,pe and to an e tent re#(larl, in!(rred +, it in the ordinar, !o(rse of +(siness) :hi!h !annot readil, +e f(lfilled or performed +, it on time and :itho(t (nd(e or (n(s(al e pendit(re of mone, or effortO or (iii) (nder an, sale and p(r!hase a#reement in respe!t of a former part of the <(siness (in!l(din# representations and :arranties or indemnities #iven +, an, Relevant %ompan,). C.13.5. "o Relevant %ompan, is a part, to an, a#en!,1 distri+(tion or mana#ement a#reement or to an, a#reement or arran#ement :hi!h restri!ts its freedom to !arr, on its +(siness in s(!h manner as it thinks fit or to en#a#e in an, line of +(siness. C.13.A. E !ept for an, #(arantee or an, :arrant, implied +, la: or !ontained in its standard terms of +(siness1 no Relevant %ompan, has #iven an, #(arantee or :arrant,1 or made an, representations1 in respe!t of #oods or servi!es s(pplied1 or !ontra!ted to +e s(pplied1 +, it or1 e !ept as aforesaid1 a!!epted an, lia+ilit, or &+li#ation that :o(ld appl, after an, s(!h #oods or servi!es had +een s(pplied +, it. 35

C.13.C. "o Relevant %ompan, has #iven an, #(arantee or :arrant,1 or made an, representations in respe!t of a sale of shares or an (ndertakin# or part of an (ndertakin#. C.13.@. >he $ellers are not a:are of the invalidit, of an, a#reement to :hi!h an, Relevant %ompan, is a part, and no Relevant %ompan, has re!eived noti!e of termination1 res!ission1 invalidation or !laim p(rs(ant to an, a!t(al or alle#ed +rea!h or defa(lt of an, a#reement to :hi!h a Relevant %ompan, is a part, or has entered into. C.13.7. E !ept for the e !eptions !ontained in E hi+it C.13.7 hereto1 no Relevant %ompan, is in +rea!h neither of the lease and rental a#reements nor of a#reements that affe!t an, of their #oods and assets. "either are the !o(nterparts of the a+ove mentioned lease and rental a#reements in +rea!h of said a#reements. -ll the rent pa,ments and lease installments1 as :ell as the !osts asso!iated :ith said !ontra!ts1 have +een d(l, paid and are !(rrent. >he latter does not in!l(de rental or lease a#reements entered into e !l(sivel, amon# the Relevant %ompanies and :hi!h1 therefore1 do not involve third parties. C.13.8. -ll the !ons(ltin#1 advisor,1 professional servi!es !ontra!ts and others of similar nat(re1 to :hi!h ea!h of the Relevant %ompanies are parties1 either as a lender or re!eiver of the servi!es are valid1 le#al and there are no +rea!hes of them. C.13.D. -ll the promise to p(r!hase a#reements1 options1 and #eneral promise for p(r!hase1 sale1 rent1 lease1 a!8(isition and transfer of an, assets to :hi!h ea!h of the Relevant %ompanies are parties to are valid1 le#al and there are no +rea!hes of them. S.1tion 52%&2 )itigation. E !ept for the e !eptions !ontained in E hi+it C.15 hereof1 the $ellers represent and :arrant the follo:in# re#ardin# liti#ation1 !laims and disp(tes. C.15.1. >here are no s(its1 !laims1 petitions1 or an, other t,pe of le#al a!tion1 administrative pro!eedin#s or la+or disp(tes1 or e tra-j(di!ial !laims pendin#1 in pro!ess or that ma, +e ass(med :ill +e initiated1 for an, motive1 a#ainst one or more of the Relevant %ompanies. C.15.3. "o Relevant %ompan, is en#a#ed in an, liti#ation or ar+itration pro!eedin#s and there are no s(!h pro!eedin#s pendin# or threatened +, or a#ainst an, Relevant %ompan,. C.15.5. >he $ellers are not a:are of an,thin# :hi!h is likel, to #ive rise to an, liti#ation or ar+itration pro!eedin#s +, or a#ainst an, Relevant %ompan,. C.15.A. "o Relevant %ompan, is the s(+je!t of an, investi#ation1 in8(ir, or enfor!ement pro!eedin#s or pro!ess +, an, #overnmental1 administrative or 3A

re#(lator, +od, nor are the $ellers a:are of an,thin# :hi!h is likel, to #ive rise to an, s(!h investi#ation1 in8(ir, or pro!eedin# or pro!ess. C.15.C. >here are no e istin# or pendin# j(d#ments1 a:ards or de!isions affe!tin# an, Relevant %ompan,. C.15.@. >here are no past or !(rrent1 threatened or pendin#1 !riminal a!tions1 pro!eedin#s or investi#ations1 !on!ernin# dire!tors or mana#ers or emplo,ees of an, Relevant %ompan, :hi!h relate to their respe!tive +(sinesses. S.1tion 52%42 Taxation. >he $ellers represent and :arrant to the <(,er re#ardin# >a ation of the Relevant %ompanies as follo:s. C.1A.1. ,a.ation liabilities. (a) -ll >a ation of an, nat(re :hatsoever for :hi!h an, Relevant %ompan, is lia+le and :hi!h has fallen d(e for pa,ment has +een d(l, paid. (+) Ea!h of the Relevant %ompanies has f(lfilled f(ll, and opport(nel, all other &+li#ations and !har#es imposed +, the respe!tive and appli!a+le le#islation and ta re#(lations. (!) Ea!h of the Relevant %ompanies has paid f(ll, and opport(nel, all ta 1 fees1 interests1 ri#hts1 !ontri+(tions and m(ni!ipal patents of an, kind and has :ithheld f(ll, and opport(nel, all those ta es :hi!h it is o+li#ated to :ithhold1 provided that this representation shall appl, to the -)E. Entities e !l(sivel, sin!e !alendar ,ear 3444 (fis!al ,ear 3441). C.1A.3. ,a.ation filin s. Ea!h of the Relevant %ompanies has presented timel, and in #ood faith all the de!larations and reports re8(ired +, the la:s1 r(les and re#(lations of a(tonomo(s entities and instr(!tions and !ir!(lars of administrative entities1 related to ta es1 !(stoms1 forei#n e !han#e1 and so!ial se!(rit, in #eneral. "o Relevant %ompan, has asked for an, e tensions of time for the filin# of an, ta ret(rns or other do!(ments relatin# to >a ation1 provided that this representation shall appl, to the -)E. Entities e !l(sivel, sin!e !alendar ,ear 3444 (fis!al ,ear 3441). C.1A.5. ,a.ation returns. -ll noti!es1 !omp(tations1 s:orn affidavits and ret(rns :hi!h o(#ht to have +een #iven or made1 have +een properl, and d(l, s(+mitted +, ea!h Relevant %ompan, to the relevant >a ation a(thorities and all information1 noti!es1 !omp(tations and ret(rns s(+mitted to s(!h a(thorities are tr(e1 a!!(rate and !omplete and are not the s(+je!t of an, material disp(te nor are likel, to +e!ome the s(+je!t of an, material disp(te :ith s(!h a(thorities1 provided that this representation shall appl, to the -)E. Entities e !l(sivel, sin!e !alendar ,ear 3444 (fis!al ,ear 3441). C.1A.A. +ecords. -ll re!ords :hi!h an, Relevant %ompan, is re8(ired to keep for >a ation p(rposes or :hi!h :o(ld +e needed to s(+stantiate an, !laim made or position taken in relation to >a ation +, the Relevant %ompan,1 have +een kept and are availa+le for inspe!tion at the premises of the Relevant %ompan,1 3C

provided that this representation shall appl, to the -)E. Entities e !l(sivel, sin!e !alendar ,ear 3444 (fis!al ,ear 3441). C.1A.C. Claims and re2uests for treatment. -ll !laims or other re8(ests for an, parti!(lar treatment relatin# to >a ation that have +een taken into a!!o(nt in !omp(tin# an, amo(nt in the *inan!ial $tatements have +een d(l, made and are not likel, to +e disp(ted +, an, >a ation a(thorit,. C.1A.@. Concessions and arran ements. >he amo(nt of >a ation !har#ea+le on an, Relevant %ompan, d(rin# the stat(tor, limitation period in ea!h relevant j(risdi!tion has not +een affe!ted to an, material e tent +, an, !on!ession1 arran#ements1 a#reement or other formal or informal arran#ement :ith an, >a ation a(thorit, (not +ein# a !on!ession1 a#reement or arran#ement availa+le to !ompanies #enerall,). E !ept for ;"-<1 no Relevant %ompan, is s(+je!t to a spe!ial re#ime in respe!t of >a ation. C.1A.7. !enalties and interest. "o Relevant %ompan, has :ithin the stat(tor, limitation period in ea!h relevant j(risdi!tion paid or +e!ome lia+le to pa,1 nor are there an, !ir!(mstan!es +, reason of :hi!h it is likel, to +e!ome lia+le to pa, an, interest1 penalt,1 s(r!har#e or fine relatin# to >a ation1 provided that this representation shall appl, to the -)E. Entities e !l(sivel, sin!e !alendar ,ear 3444 (fis!al ,ear 3441). C.1A.8. Investi ations. "o Relevant %ompan, has :ithin the past t:elve months +een s(+je!t to or is !(rrentl, s(+je!t to an, investi#ation1 a(dit or visit +, an, >a ation or e !ise a(thorit,1 and neither the $ellers nor an, Relevant %ompan, is a:are of an, s(!h investi#ation1 a(dit or visit planned for the ne t si months. C.1A.D. Deductions and )ithholdin s. (a) Ea!h Relevant %ompan, has made all ded(!tions in respe!t1 or in a!!o(nt1 of an, >a ation from an, pa,ments made +, it :hi!h it is o+li#ed or entitled to make and has a!!o(nted in f(ll to the appropriate a(thorit, for all amo(nts so ded(!ted. (+) "o Relevant %ompan, has re!eived an, noti!e from an, >a ation a(thorit, :hi!h re8(ired or :ill re8(ire an, of them to :ithhold >a ation from an, pa,ment made sin!e the *inan!ial $tatements Date (in respe!t of :hi!h s(!h :ithheld >a ation has not +een a!!o(nted for in f(ll to the appropriate a(thorit,). C.1A.14. Depreciation and ta. bases. (a) &n the ass(mption that disposals are made for a !onsideration e8(al to the +ook val(e sho:n in or adopted for the p(rposes of the *inan!ial $tatements no !har#e to >a ation :o(ld arise on the disposal +, an, Relevant %ompan, of an, of its assets1 other than as dis!losed in the *inan!ial $tatements. (+) "o !laim has +een made for the depre!iation of an, asset of an, Relevant %ompan, for >a ation p(rposes in !ir!(mstan!es in :hi!h the !laim is likel, to +e disallo:ed. 3@

C.1A.11. Capital ains. "o Relevant %ompan, has disposed of or a!8(ired an, assets sin!e the *inan!ial $tatements Date in !ir!(mstan!es s(!h that the disposal pri!e or a!8(isition !ost of the asset :o(ld +e treated for >a ation p(rposes as +ein# different from the !onsideration #iven or re!eived. C.1A.13. Disposal of debts. "o ta a+le profit or #ain :o(ld a!!r(e on the disposal or settlement of an, de+t o:ed to an, Relevant %ompan, at the val(e of that de+t adopted for the p(rposes of the *inan!ial $tatements. C.1A.15. Employees 0 compensation for loss of office. "o Relevant %ompan, is (nder an, &+li#ation to pa, nor has it sin!e the *inan!ial $tatements Date paid or a#reed to pa, an, !ompensation for loss of offi!e or for an, #rat(ito(s pa,ment not ded(!ti+le in !omp(tin# its in!ome for the p(rposes of >a ation. C.1A.1A. Closin . "o !har#e to >a ation :ill arise on an, Relevant %ompan, +, virt(e (:hether alone or in !onj(n!tion :ith an, other fa(lt or !ir!(mstan!e) of the enterin# into and=or %losin# of this -#reement1 e !ept for the !apital #ains ta appli!a+le to )nstit(to 3 (pon the sale of the <rands. C.1A.1C. ,a. residence. "o Relevant %ompan, is treated for an, >a ation p(rpose as resident in a !o(ntr, other than the !o(ntr, of its in!orporation and no Relevant %ompan, has1 or has had :ithin the stat(tor, limitation period in ea!h relevant j(risdi!tion a +ran!h1 a#en!, or permanent esta+lishment in a !o(ntr, other than the !o(ntr, of its in!orporation. C.1A.1@. Secondary liability. "o Relevant %ompan, is or :ill +e!ome lia+le to >a ation !har#ea+le primaril, on an, other .erson1 +od, of .ersons1 entit, or !ompan,1 in!l(din#1 :itho(t limitation1 so!ial se!(rit, pa,ments for s(+!ontra!tors. C.1A.17. ,ransfer pricin . "o transactions or arran#ements involvin# a Relevant %ompan, have taken pla!e or are in e isten!e :hi!h are s(!h that an, provision relatin# to transfer pri!in# mi#ht +e invoked +, a >a ation or e !ise a(thorit,. C.1A.18. Deemed income and ains. E !ept as provided in the *inan!ial $tatements1 no Relevant %ompan, has a lia+ilit, to >a ation on in!ome or #ains e !ept in respe!t of and to the e tent of in!ome and profits a!t(all, re!eived1 nor do an, arran#ements e ist :hi!h mi#ht #ive rise to s(!h a lia+ilit,. C.1A.1D. 3alue added ta.. (a) Ea!h Relevant %ompan, is d(l, re#istered for the p(rposes of L-> in its !o(ntr, of in!orporation1 :hen appli!a+le. (+) Ea!h Relevant %ompan, has !omplied :ith all stat(tor, provisions1 r(les1 re#(lations1 orders and dire!tions !on!ernin# L->1 in!l(din# the makin# on time of a!!(rate ret(rns and pa,ments and the maintenan!e of re!ords1 :hen appli!a+le. 37

C.1A.34. Stamp ta. . -ll stamp ta and similar ta es or d(ties have +een d(l, paid in respe!t of all transa!tions !arried o(t +, ea!h Relevant %ompan,. C.1A.31. +eor ani4ations and mer ers. "o Relevant %ompan, has !laimed or +een #ranted e emptions from >a ation in !onne!tion :ith reor#aniKations or mer#ers d(rin# the !(rrent finan!ial ,ear or the previo(s si finan!ial ,ears. Reor#aniKations or mer#ers :hi!h take effe!t on or +efore %losin# :ill not #ive rise to the assessment or pa,ment of >a ation after %losin#. S.1tion 52%52 Employees and employee !enefits. Nith the e !eptions !ontained in E hi+it C.1C hereto1 the $ellers represent and :arrant the follo:in# re#ardin# emplo,ees and emplo,ee +enefits. C.1C.1. Ea!h of the Relevant %ompanies has retained and paid f(ll, and in time all so!ial se!(rit, pa,ments re8(ired +, the la:s1 r(les and other appli!a+le so!ial se!(rit, re#(lations. C.1C.3. E hi+it C.1C hereto !ontains !opies of the emplo,ment !ontra!ts of the 3C emplo,ees :ith the hi#hest salaries for the Relevant %ompanies1 :hi!h states the terms and !onditions of emplo,ment of ea!h emplo,ee1 and spe!iall, the hirin# date1 va!ation ri#hts1 :ork da,s1 salar,1 :a#e1 !ommission1 #ratifi!ations1 #(aranteed severan!e pa,ments and other additional +enefits. C.1C.5. -ll the salaries1 :a#es1 !ommissions1 rem(nerations1 #ratifi!ations1 !ompensations1 severan!e pa,ments1 and so!ial se!(rit, pa,ments of the emplo,ees of the Relevant %ompanies are !(rrent in pa,ment and1 as of the *inan!ial $tatements Date1 the, have not in!(rred an, amo(nts for an, of these !on!epts1 other than the normal and ordinar, !o(rse of +(siness of the respe!tive Relevant %ompan,1 !onsistent :ith past pra!ti!es. C.1C.A. >here are no !olle!tive emplo,ment a#reements or !olle!tive emplo,ment !ontra!ts to :hi!h an, of the Relevant %ompanies are parties. C.1C.C. "one of the Relevant %ompanies are !(rrentl, in the pro!ess or a+o(t to initiate the pro!ess of !olle!tive ne#otiation :ith its :orkers1 and1 as of the Effe!tive Date1 there are no a!tivities on pro!ess +, the :orkers0 or#aniKation that have as their o+je!tive the !onstit(tion of a (nion or the initiation of !olle!tive ne#otiations. C.1C.@. "one of the Relevant %ompanies is s(+je!t to a la+or !omplaint1 a!tion or disp(te1 for :hi!h the, have re!eived :ritten noti!e1 other than the ones in!l(ded in E hi+it C.1C hereto. C.1C.7. &ther than their respe!tive emplo,ment !ontra!ts1 there are no !ontra!ts1 pled#es and a#reements of an, nat(re1 re#ardin# the hirin#1 rem(neration (in!l(din# +on(ses)1 termination1 renderin# of servi!e1 advisor,1 38

reim+(rsement of e penses1 ins(ran!e plans1 (se of assets1 +enefits1 or others of similar nat(re1 that re8(ire a total ann(al pa,ment of ;$?341444 or more1 entered into +, an, Relevant %ompan, and their respe!tive dire!tors1 mana#ers1 a#ents1 e e!(tives1 !ommissioners and representatives1 or affiliated to these individ(als1 e !ept for those in!l(ded in E hi+it C.1C hereto. C.1C.8. D(rin# the period of time +et:een the *inan!ial $tatements Date and the %losin# Date1 no Relevant %ompan, shall have entered into an, a#reement :ith an, emplo,ee in order to modif, the terms or !onditions of emplo,ment1 other than the a#reements in!l(ded in E hi+it C.1C hereto. S.1tion 52%32 Environmental. Ea!h of the Relevant %ompanies have f(lfilled in the past and presentl, !ompl, :ith all Environmental 2a:s. "one of the Relevant %ompanies have re!eived notifi!ation or noti!e re#ardin# a s(it1 !omplaint or le#al pro!eedin# of an, kind that has +een initiated or is a+o(t to +e initiated a#ainst them for an infra!tion to the Environmental 2a:s. Ea!h of the Relevant %ompanies have applied for and re!eived all the permits and a(thoriKations re8(ired for the !onstr(!tion1 installation1 and operation of its fa!ilities. S.1tion 52%92 $ntellectual property. E hi+it C.17 of this -#reement identifies all the re#istered !ommer!ial trademarks1 names1 patents1 !omp(ter = soft:are pro#rams1 data+ases1 ind(strial desi#ns and other ind(strial and intelle!t(al propert, :hi!h are o:ned +, the Relevant %ompanies. >he trademarks and names indi!ated do not have an, material restri!tions that make said trademarks and names inade8(ate for the !(rrent a!tivities of the Relevant %ompanies. Ea!h of the Relevant %ompanies have s(ffi!ient ri#hts to (se all the other names1 patents1 !omp(ter=soft:are pro#rams1 data+ases1 ind(strial desi#ns and intelle!t(al and ind(strial propert, in #eneral !(rrentl, (tiliKed in the a!tivities proper to their operations. >he e e!(tion of this -#reement does not affe!t said ri#hts. )n the development of their operations1 none of the Relevant %ompanies has infrin#ed or is !(rrentl, infrin#in#1 in a material manner1 li!ensin# !ontra!ts or la:s re#ardin# intelle!t(al or ind(strial propert,. S.1tion 52%!2 (o !ro*ers fees. >he Relevant %ompanies have not hired1 paid1 pled#ed1 or offered fees1 rem(neration1 or !ompensation of an, kind1 to +rokers1 +anks (!ommer!ial or investment)1 !ons(ltants1 advisors1 la:,ers1 a!!o(ntants1 a(ditors or other professionals for servi!es related to the ne#otiation or !ele+ration of this -#reement or the &ption -#reement1 and has not permitted their intervention s(!h that :o(ld ori#in a !har#e to an, of the Relevant %ompanies for said !on!ept. >he Relevant %ompanies have not paid or offered to pa, an, !ompensation to its dependents1 mana#ers1 e e!(tives or dire!tors for servi!es related to the !ele+ration of this -#reement or the &ption -#reement1 in addition to their normal and ordinar, !ompensation previo(sl, a#reed to :ith said dependents1 mana#ers1 e e!(tives and dire!tors. S.1tion 52%92 Compliance. >he Relevant %ompanies are not !(rrentl, in non!omplian!e or in defa(lt or simple dela, to !ompl, :ith an &+li#ation1 :hatever its ori#in1 3D

nor of a resol(tion +, a !o(rt or administrative a(thorit,. Ea!h of the Relevant %ompanies have !omplied and is !(rrentl, !ompl,in# :ith all its !ontra!ts1 !ovenants or a#reements of an, t,pe1 and has no kno:led#e that their !o(nterparts in those !ontra!ts1 !ovenants1 and a#reements are not f(lfillin# them in time and form. >here is no reason to think that ea!h of the Relevant %ompanies ma, not e er!ise the ri#hts that !orresponds to ea!h of them (nder said !ontra!ts1 !ovenants1 and a#reements. Ea!h of the Relevant %ompanies develop their a!tivities and +(siness f(lfillin# :ith all la:s1 r(les1 instr(!tions1 !ir!(lars1 ordinan!es1 and other appli!a+le provisions. S.1tion 52202 $nsurance policies. E hi+it A.4@ hereof !ontains a list of all ins(ran!e poli!ies of ea!h of the Relevant %ompanies1 :hi!h !over the risks that affe!t all those assets of the Relevant %ompanies :hi!h are essential to the development of their +(sinessesO said poli!ies are valid an !(rrentl, in effe!t. "o Relevant %ompan, has re!eived a !omm(ni!ation or noti!e of an, kind indi!atin# the !an!ellation or termination of an, of the ins(ran!e poli!ies. >he Relevant %ompanies have no pendin# ins(ran!e !laims. S.1tion 522%2 Ban* accounts. E hi+it C.31 hereof !ontains an a!!(rate and !omplete list of all !(rrent !he!kin# or similar a!!o(nts held at +anks or other finan!ial instit(tions1 lo!al or forei#n1 +e it in %h?1 ;$ Dollars1 or an, other !(rren!,1 of the Relevant %ompanies1 indi!atin# all the individ(als a(thoriKed to mana#e1 si#n or a!t in an, other form :ith respe!t to an, of the stip(lated a!!o(nts. S.1tion 52222 "o'ers of attorney. E hi+it C.33 hereof !ontains an e a!t and !omplete list of ea!h and ever, po:er of attorne, and a(thoriKations #ranted +, ea!h of the Relevant %ompanies. S.1tion 522&2 $nstituto + and Unigroup. )nstit(to 3 and ;ni#ro(p are investments !ompanies that1 as of toda,1 (i) do not perform an, a!tivit, other than holdin# the shares and ri#hts des!ri+ed in $e!tion 3.41 herein1 and (ii) do not have dependent emplo,ees and are not part, to an, a#reement. ;ni#ro(p does not have an, &+li#ation (finan!ial or other:ise) :hatsoever1 other than those arisin# from this -#reement. S.1tion 52242 Enrollment. >he total st(dent enrollment of the Relevant %ompanies for ,ear 3445 is not lo:er than the fi#(res in!l(ded in E hi+it C.3A hereto. S.1tion 52252 Tuitions. "o amendments1 o(tside the ordinar, !o(rse of +(siness1 :ith respe!t to t(itions1 dis!o(nts1 s!holarships and st(dent finan!in# have +een made in ;"-< or the -)E. Entities. S.1tion 52232 EB$TDA. >he %onsolidated Re!(rrin# E<)>D- of )nstit(to and ;"-<1 and their s(+sidiaries1 d(rin# 3443 is not lo:er than %h?81@4414441444. S.1tion 52292 (o Related "arty O!ligations. >here are no pendin# &+li#ations from the Relevant %ompanies to the $ellers or an, -ffiliate to the $ellers. 54

ARTIC-E 32 EXC-UDED COM$ANIES@ RE$RESENTATIONS AND WARRANTIES2 S.1tion 320%2 %iscellaneous. (a) Ea!h of the representations and :arranties set o(t in the several se!tions of this -rti!le is separate and independent and e !ept as e pressl, provided to the !ontrar, in this -#reement is not limited +, referen!e to an, other para#raph of this -rti!le. (+) -n, referen!e made in this -rti!le to an 6 E.cluded Company7 or to 6E.cluded Companies71 shall +e deemed to +e made to an, and all1 :hen appli!a+le1 of the !ompanies referred to in $e!tion 3.4C. a+ove jointl, :ith the $ellers. S.1tion 32022 Representations and &arranties. >he E !l(ded %ompanies represent and :arrant to the <(,er that e !ept as f(ll, dis!losed to the <(,er thro(#h the E hi+its to this -rti!le1 ea!h of the statements set o(t in the follo:in# se!tions of this -rti!le is tr(e and a!!(rate. S.1tion 320&2 "rior statements. >he statements made in -rti!le 3 herein are tr(e1 !orre!t and a!!(rate. S.1tion 32042 Capacity. >he e e!(tion of this -#reement :as approved and the re8(ired po:ers of attorne, :ere #ranted +, the relevant !orporate +odies of the E !l(ded %ompanies. >he individ(als :ho appear on +ehalf of the E !l(ded %ompanies shall have1 as of the %losin# Date1 all the ne!essar, po:ers and a(thorit, to e e!(te and perform the &+li#ations arisin# (nder this -#reement. S.1tion 32052 (o contravention. >he e e!(tion and performan!e of this -#reement (i) does not !ontravene an, provision !ontained in the +,-la:s1 stat(tes or other analo#o(s provisions of the E !l(ded %ompanies1 nor an, shareholder a#reement or other !ontra!ts and !ovenants :ith respe!t to the E !l(ded %ompanies or the Real Estate (in!l(din# the 2eases)O (ii) does not #rant the ri#ht to terminate or resolve an, material !ontra!t in :hi!h the E !l(ded %ompanies are parties pertainin# to the Real EstateO does not mean1 dire!tl, or indire!tl,1 the non-!omplian!e :ith an, material !ontra!t in :hi!h the E !l(ded %ompanies are parties pertainin# to the Real Estate (in!l(din# the 2eases)O (iii) does not re8(ire the a(thoriKation or !onsent of an, individ(al or entit,1 (nder an, kind of material !ontra!t1 in!l(din# an, material !redit1 !on!ession1 li!ensin# and fran!hise !ontra!tsO and (iv) does not !ontravene an, le#al provision1 %hilean or of an, other !ompetent j(risdi!tion. S.1tion 32032 Real Estate and )eases. (a) E hi+it @.4@ hereof !ontains details of all the Real Estate and !ontains details of all the 2eases. (+) >he des!ription of ea!h of the the Real Estate in s(!h E hi+it is1 in ea!h !ase1 tr(e1 a!!(rate and !omplete and in!l(des all the information :hi!h is needed f(ll, and e a!tl, to identif, the Real Estate and the 2eases. S.1tion 32092 Title. (a) )nmo+iliaria is the sole le#al and +enefi!ial o:ner of those of the Real Estate listed in E hi+it @.4@1 is in e !l(sive o!!(pation of it and has a 51

#ood title to it1 :hi!h is in perfe!t order p(rs(ant to the appli!a+le la:. (+) )nmo+iliaria is f(ll, and solel, entitled to the 2eases listed (nder its name in the E hi+it @.4@1 is in e !l(sive o!!(pation of the land the s(+je!t of the 2eases and has a #ood title to s(!h 2eases1 :hi!h is in perfe!t order p(rs(ant to the appli!a+le la:. (!) "o Real Estate or 2ease is s(+je!t to an, en!(m+ran!e or 2ien other than those set o(t in the E hi+it @.47. S.1tion 320!2 )eases. (a) Ea!h 2ease !omplies :ith all appli!a+le la:s and re#(lations and :henever !apa+le of re#istration has +een re#istered1 is in f(ll for!e and effe!t and )nmo+iliaria has f(ll, !omplied :ith its &+li#ations (nder it. (+) &n termination of an, 2ease1 )nmo+iliaria :ill +e (nder no o+li#ation to restore the land held (nder that 2ease to the state of the land at the start of the 2ease. S.1tion 32092 Roads and services. )nmo+iliaria has a permanent le#al ri#ht free from onero(s and (n(s(al !onditions to (se all roads and !ond(!tin# media servin# ea!h Real Estate in the manner in :hi!h the, are presentl, (sed and )nmo+iliaria does not have an, kno:led#e of an, imminent or likel, interr(ption of its ri#ht to (se these roads or !ond(!tin# media. S.1tion 32%02 Covenants. (a) >here is no !ovenant1 restri!tion1 +(rden or stip(lation affe!tin# an, Real Estate :hi!h is of an onero(s or (n(s(al nat(re or :hi!h !onfli!ts :ith its present (se or materiall, affe!ts its val(e. (+) "o material +rea!h of an, !ovenant affe!tin# the title to an, Real Estate is o(tstandin# and the rent pa,a+le (nder ea!h 2ease has +een paid (p to date. S.1tion 32%%2 "lanning and ,oning. &ther than those e !eptions !ontained in E hi+it @.11 hereto (a) >he present (se of ea!h Real Estate is ed(!ational1 that (se is a(thoriKed (nder appli!a+le plannin# and Konin# la:s and re#(lations and the permits a(thoriKin# that (se are (n!onditional and permanent. (+) "o +rea!h of appli!a+le plannin# and Konin# la:s and re#(lations or +(ildin# re#(lations or other le#islation or an, permit iss(ed (nder an, s(!h la: or re#(lation has +een !ommitted in relation to an, Real Estate. S.1tion 32%22 (otices and orders. "either the $ellers nor )nmo+iliaria have re!eived an, noti!e or order affe!tin# an, Real Estate from an, #overnment department1 an, a(thorit, or an, third part,. S.1tion 32%&2 Repair. )nmo+iliaria is (nder no &+li#ation to !arr, o(t improvements or repairs to the :hole or an, part of an, Real Estate1 nor has re!eived an, order or instr(!tion :ith respe!t to an, s(!h improvements or repairs. ARTIC-E 92 4U<ER@S RE$RESENTATIONS AND WARRANTIES2 S.1tion 920%2 >he <(,er is a !orporation d(l, or#aniKed and e istin# (nder the la:s of "etherlands. 53

S.1tion 92022 >he e e!(tion of this -#reement :as kno:n and approved +, all relevant !orporate +od,. >he individ(als :ho e e!(te this -#reement on +ehalf of the <(,er have all the re8(ired po:ers and a(thoriKations to e e!(te this -#reement and to e e!(te and perform all other a#reements !ontemplated in this -#reement. S.1tion 920&2 >he e e!(tion of this -#reement does not (i) !ontravene or infrin#e an, provision set forth in the +,- la:s or other analo#o(s provisions of the <(,erO (ii) mean1 dire!tl, or indire!tl,1 the +rea!h of an, a#reement in :hi!h the <(,er is part, toO and (iii) !ontravene an, le#al1 re#(lator, or administrative provision1 nor an, j(di!ial or administrative resol(tion of an, kind. S.1tion 92042 -s of the %losin# Date (a) this -#reement and all related do!(mentation shall have +een approved +, all relevant !orporate +od, of Des(p1 and (+) the e e!(tion and performan!e of all other a#reements !ontemplated in this -#reement shall not (i) !ontravene or infrin#e an, provision set forth in the +,-la:s or other analo#o(s provisions of Des(pO (ii) mean1 dire!tl, or indire!tl,1 the +rea!h of an, a#reement in :hi!h Des(p is part, toO and (iii) !ontravene an, le#al1 re#(lator, or administrative provision1 nor an, j(di!ial or administrative resol(tion of an, kind. ARTIC-E !2 NON"COM$-IANCE AND INDEMNI ICATION2 S.1tion !20%2 ellers- Breach of &arranties. )n the event that as of the Effe!tive Date or after the e e!(tion of this -#reement1 one or more of the representations and :arranties #iven herein +, the $ellers or the E !l(ded %ompanies t(rn o(t to +e in!orre!t1 false or ina!!(rate1 a!!ordin# to the terms a#reed1 said falsit, or ina!!(ra!, :ill +e !onsidered to +e a +rea!h +, the $ellers or the E !l(ded %ompanies (a 6 Sellers5 Breach of 6arranties7)1 and :ill #ive the <(,er the ri#ht to demand indemnifi!ation for dama#es from the $ellers or the E !l(ded %ompanies1 :hen appli!a+le. )n an, !ase1 the $ellers shall indemnif, the <(,er for all dama#es that ma, arise from the $ellers0 <rea!h of Narranties. >he $ellers0 <rea!h of Narranties :ill not #ive the <(,er the ri#ht to seek termination of this !ontra!t or to seek n(llit, or res!ission1 e !ept if there is :illf(l mis!ond(!t1 #ross ne#li#en!e or fra(d. S.1tion !2022 Buyer-s Breach of &arranties. )n the event that as of toda, or after the e e!(tion of this -#reement1 one or more of the representations and :arranties #iven herein +, the <(,er t(rn o(t to +e false or ina!!(rate1 a!!ordin# to the terms a#reed in this -#reement1 said falsit, or ina!!(ra!, :ill +e !onsidered to +e a +rea!h +, the <(,er (a 6Buyer5s Breach of 6arranties7)1 and :ill #ive the $ellers the ri#ht to demand indemnifi!ation for dama#es from the <(,er. )n an, !ase1 the <(,er shall indemnif, the $ellers for all dama#es derived from the <(,er0s <rea!h of Narranties. >he <(,er0s <rea!h of Narranties :ill not #ive the $ellers the ri#ht to seek termination of this !ontra!t or to seek n(llit, or res!ission1 e !ept if there is #ross ne#li#en!e or fra(d. 55

S.1tion !20&2 urvival of Representations. >he representations and :arranties in this -#reement and in an, other do!(ments delivered in !onne!tion here:ith shall s(rvive the %losin# solel, for the p(rposes of $e!tions 8.41 and 8.43 and shall terminate at the !lose of +(siness fo(r ,ears follo:in# the %losin# Date. ARTIC-E 92 -IMITATION O -IA4I-IT<2 S.1tion 920%2 >he <(,er !annot !laim dama#es a#ainst the $ellers for $ellers0 <rea!h of Narranties1 (nless the <(,er has presented s(!h !laim in :ritin# to the $ellers1 spe!if,in# (in reasona+le detail) the s(+je!t matter to :hi!h the !laim is referrin#1 the nat(re of the infra!tion of the :arranties and the amo(nt of dama#es !laimed (detailin# the !al!(lation made +, the <(,er :ith respe!t to the loss s(ffered +, the <(,er or an, of the Relevant %ompanies or ;"-<). >he <(,er !an !laim dama#es a#ainst the $ellers for $ellers0 <rea!h of Narranties at an, time (ntil the date of the fo(rth anniversar, of this -#reement. S.1tion 92022 Nhen the <(,er +e!omes a:are of fa!ts !onstit(tin# a $ellers0 <rea!h of Narranties or +e!omes a:are of the e isten!e of a s(it1 !laim1 a!tion or s(mmons a#ainst the <(,er or one of the Relevant %ompanies or ;"-< relatin# to s(+je!t matter that !an serve as a +asis for !laimin# dama#es a#ainst the $ellers for a $ellers0 <rea!h of Narranties1 the <(,er (jointl, :ith the respe!tive Relevant %ompan, or ;"-<1 :hi!hever is appli!a+le)1 shall follo: the pro!ed(re set forth in the fore#oin# s(+-se!tions. D.43.1. >he <(,er shall notif, the $ellers in :ritin#1 :ithin 34 +(siness da,s1 of the fa!t that the $ellers !an +e responsi+le for a $ellers0 <rea!h of Narranties1 it +ein# (nderstood1 in an, !ase1 that fail(re to #ive s(!h notifi!ation to the $ellers :ill not li+erate the $ellers from its o+li#ation to indemnif, the <(,er. D.43.3. >he <(,er shall !ooperate :ith the $ellers1 !arr, o(t all a!tions1 deliver all information and #rant a!!ess to the $ellers (and entities (nder its !ontrol) to all personnel1 spa!es1 propert,1 do!(ments and re!ords that are relevant and that the $ellers reasona+l, re8(ests in :ritin#1 :ith the o+je!tive of avoidin#1 disposin#1 opposin#1 miti#atin#1 !ompromisin#1 a#reein#1 defendin# or appealin# an, of said !laimsO s(+je!t1 ho:ever1 in all the mentioned !ases1 to the !ondition that those a!ts1 information and a!!ess1 or their possi+le effe!ts1 shall not +e prej(di!ial to the <(,er or the respe!tive Relevant %ompan, or ;"-<. D.43.5. )n the event that a !laim1 administrative !omplaint or other le#al a!tion (the 6 Le al Action7) in relation to an, s(+je!t matter !overed +, the :arranties is formall, initiated a#ainst the <(,er or one or more of the Relevant %ompanies or ;"-< (the 6 Affected Company7)1 the <(,er shall #ive immediate noti!e to the $ellers of the e isten!e of said 2e#al -!tion and shall deliver a !op, of all the :ritten do!(mentation re!eived in relation to the same1 provided1 ho:ever1 that 5A

fail(re to #ive s(!h noti!e shall not affe!t the indemnifi!ation provided here(nder1 e !ept to the e tent $ellers shall have +een a!t(all, and materiall, prej(di!ed as a res(lt of s(!h fail(re. >he $ellers shall ass(me the defense of the 2e#al -!tion and notif, the <(,er in :ritin# that $ellers has taken (p s(!h defense :ithin 54 da,s of the re!eipt of noti!e from the <(,er of the e isten!e of the 2e#al -!tion. )f the $ellers ass(mes the defense of a 2e#al -!tion1 the $ellers shall +e the onl, one responsi+le for the !osts of said defense and for the res(lts of the 2e#al -!tion1 reim+(rsin# the <(,er for all s(ms that <(,er m(st pa, in relation to the 2e#al -!tion and as a res(lt of same. )f the $ellers do not take an, effe!tive or likel, to +e effe!tive !o(rse of a!tion :ithin the term referred to a+ove1 and if the $ellers in their !omm(ni!ation do not ass(me f(ll responsi+ilit, for the defense of the 2e#al -!tion e pressl,1 then the <(,er or the -ffe!ted %ompan, ma, freel, de!ide in :hi!h form to defend the 2e#al -!tion1 +ein# a+le to present the o+je!tions1 alle#ations and defenses that the <(,er or the -ffe!ted %ompan, deems appropriate. )f the <(,er or the -ffe!ted %ompan, ass(me the defense of the 2e#al -!tion and the res(lt of same is adverse to the <(,er or to the -ffe!ted %ompan,1 the $ellers shall not +e entitled to !laim as a !omplete defense or as limitation of its o:n lia+ilit,1 the fa!t that the <(,er or the -ffe!ted %ompan, did not properl, defend the 2e#al -!tion. D.43.A. )f the $ellers ass(mes1 at its o:n !ost1 e !l(sive responsi+ilit, for the defense of a 2e#al -!tion1 the <(,er shall (i) permit the $ellers to ass(me the !omplete defense in said -!tionO (ii) !arr, o(t1 in representation of the <(,er and of the -ffe!ted %ompan,1 all those a!ts that the $ellers in #ood faith +elieve appropriate1 and #rant (or the -ffe!ted %ompan, shall #rant) the $ellers assistan!e reasona+l, re8(ired to avoid1 disp(te1 oppose1 defend or appeal an, of said !laims1 and (iii) instr(!t la:,ers and other professional advisors that the $ellers shall a!t on +ehalf of the <(,er and=or the -ffe!ted %ompan,1 :hatever the !ase ma, +eO s(+je!t1 ho:ever1 in all the en(merated !ases to the follo:in#: (1) that the $ellers shall keep the <(,er informed of the pro#ress of the defense and the proje!ted a!tionsO (3) that the defense and the a!ts proje!ted +, the $ellers and the effe!ts of s(!h defense and a!tions are not prej(di!ial to the <(,er or to the -ffe!ted %ompan,1 allo:in# the <(,er or the -ffe!ted %ompan, to de!ide in :hat manner the defense or proje!ted a!tion :ill +e prej(di!ial to themO and (5) that the la:,ers and other professionals desi#nated +, the $ellers are approved +, the <(,er (approval that !annot +e (nreasona+l, :ithheld). D.43.C. >he $ellers shall not +e entitled to ass(me the defense of a 2e#al -!tion (i) (nless the $ellers admit irrevo!a+l, and (n!onditionall, to the <(,er and the -ffe!ted %ompan, in :ritin# and in a le#all, +indin# manner their lia+ilit, in respe!t of the 2e#al -!tion and o+li#ate to the .(r!haser that the, :ill indemnif, the .(r!haser and the -ffe!ted %ompan, a#ainst all lia+ilities1 !osts1 dama#es or e penses in!(rred +, them in respe!t of s(!h 2e#al -!tion or the e er!ise of an, ri#hts there(nderO or (ii) if the e er!ise of the ri#ht to defend the 2e#al -!tion1 in the opinion of the <(,er or the -ffe!ted %ompan,1 +e reasona+l, 5C

+e likel, to have an adverse effe!t on the #ood:ill1 +(siness or affairs of the -ffe!ted %ompan,O or (iii) if the e er!ise of an, !ond(!t ri#hts :o(ld render an, poli!, of ins(ran!e maintained +, the -ffe!ted %ompan, or availa+le to it1 void or voida+le or entitle the relevant ins(rer to rep(diate or res!ind an, s(!h poli!,O or (iv) :hi!h is a !riminal a!tion or pro!eedin#. D.43.@. >he <(,er shall not admit responsi+ilit, nor settle :ith a third part, for an,thin# that #ave rise to the 2e#al -!tion1 :itho(t the previo(s :ritten !onsent of the $ellers (!onsent :hi!h !annot +e (nreasona+l, :ithheld)1 e !ept in the !ase that the 2e#al -!tion has +een a!kno:led#ed. D.43.7. >he <(,er shall e e!(te all reasona+le a!tions to miti#ate an, loss s(ffered +, the <(,er and=or the -ffe!ted %ompan, for :hom a !laim a#ainst the $ellers ma, +e form(lated for $ellers0 <rea!h of Narranties. D.43.8. >he $ellers shall have in ever, moment the ri#ht to settle a 2e#al -!tion1 s(+je!t1 ho:ever1 that the settlement or their possi+le effe!ts does not !a(se an, dama#es to the <(,er or an, -ffe!ted %ompan,1 (nderstandin# that the !ost and e penses of s(!h settlement :ill +e +orne e !l(sivel, +, the $ellers. ARTIC-E %02 TERMINATION2 S.1tion %020%2 Termination. 14.41.1. >his -#reement ma, +e terminated: (i) at an, time1 +, m(t(al !onsent of <(,er and $ellersO (ii) +, either part,1 if the %losin# shall not have o!!(rred +, '(ne 341 3445 or s(!h later date as ma, s(+se8(entl, +e a#reed (pon in :ritin# +, the parties hereto (the 6 End Date7)O or (iii) prior to the %losin# Date1 +, either <(,er or $ellers if there shall +e an, la: or re#(lation that makes !ons(mmation of the transa!tions !ontemplated here+, ille#al or other:ise prohi+ited or if !ons(mmation of the transa!tions !ontemplated here+, :o(ld violate an, nonappeala+le final order1 de!ree or j(d#ment of an, !o(rt or #overnmental +od, havin# !ompetent j(risdi!tionO provided1 ho:ever1 that the part, seekin# termination p(rs(ant to !la(se (ii) or (iii) is not in +rea!h of an, of its representations1 :arranties1 !ovenants or a#reements !ontained in this -#reement. 5@

14.41.3. >ermination +, an, part, in a!!ordan!e :ith this $e!tion shall +e effe!tive immediatel, (pon the #ivin# of :ritten noti!e thereof. "othin# in this $e!tion shall impair the ri#ht of either part, to !ompel spe!ifi! performan!e +, the other part, of its &+li#ations here(nder. ARTIC-E %%2 CA-- O$TION2 $UT O$TION S.1tion %%20%2 Call and "ut Option Agreement. &n the %losin# Date1 Des(p and %hilean $ellers shall enter into a %all and .(t &ption -#reement (the 6$ption Contract7) p(rs(ant to :hi!h %hilean $ellers shall #rant Des(p a !all option (the 6Call $ption7)1 and Des(p shall #rant %hilean $ellers a p(t option (the 6 !ut $ption7)1 :ith respe!t to the n(de o:nership (6nuda propiedad7) of 5C1D7D )nstit(to 3 $hares (the 6"ude Shares7). S.1tion %%2022 Exercise of Option. >o e er!ise the .(t &ption1 $ellers shall deliver :ritten noti!e thereof to Des(p at an, time d(rin# the si (@) month period !ommen!in# on the date :hi!h is ei#hteen months (18) months after the %losin# Date. >o e er!ise the %all &ption1 Des(p shall deliver :ritten noti!e thereof to $ellers at an, time after the %losin# Date. S.1tion %%20&2 Closing of Transactions. $ho(ld $ellers e er!ise the .(t &ption or sho(ld Des(p e er!ise the %all &ption1 the !losin# of the sale and p(r!hase of the "(de $hares shall take pla!e on the date(s) set forth in the &ption %ontra!t. S.1tion %%2042 "urchase "rice. $ho(ld Des(p e er!ise the %all &ption1 or sho(ld %hilean $ellers e er!ise the .(t &ption1 the p(r!hase pri!e of all the "(de $hares (the 6 $ption !rice7) :ill +e an amo(nt e8(ivalent in ;nidades de *omento as of the %losin# Date to (i) %h?1C11731C441444 if the *inan!in# %ondition has +een satisfied1 and (ii) %h?18134714441444 if the *inan!in# %ondition has not +een satisfied. S.1tion %%2052 "ayment of Option "rice. 11.4C.1. $ho(ld (i) Des(p e er!ise the %all &ption1 or sho(ld %hilean $ellers e er!ise the .(t &ption1 and (ii) the *inan!ial %ondition has +een satisfied1 the &ption .ri!e shall +e paid in the follo:in# three installments: (i) 349 (t:ent, per!ent) of the &ption .ri!e shall +e pa,a+le on the date set forth in the &ption %ontra!t1 :hi!h is not later than the se!ond anniversar, of the %losin# DateO (ii) 549 (thirt, per!ent) of the &ption .ri!e shall +e pa,a+le on the third anniversar, of the %losin# DateO and 57

(iii) C49 (fift, per!ent) of the &ption .ri!e shall +e pa,a+le on the fo(rth anniversar, of the %losin# Date. 11.4C.3. $ho(ld (i) Des(p e er!ise the %all &ption1 or sho(ld %hilean $ellers e er!ise the .(t &ption1 and (ii) the *inan!in# %ondition has not +een satisfied1 the &ption .ri!e shall +e paid in the follo:in# fo(r installments: (i) 349 (t:ent, per!ent) of the &ption .ri!e shall +e pa,a+le on the date set forth in the &ption %ontra!t1 :hi!h is not later than the se!ond anniversar, of the %losin# DateO (ii) 349 (t:ent, per!ent) of the &ption .ri!e shall +e pa,a+le on the third anniversar, of the %losin# DateO (iii) 549 (thirt, per!ent) of the &ption .ri!e shall +e pa,a+le on the fo(rth anniversar, of the %losin# DateO and (iv) 549 (thirt, per!ent) of the &ption .ri!e shall +e pa,a+le on the fifth anniversar, of the %losin# Date. 11.4C.5. Des(p shall +e entitled to prepa, at an, time an, o(tstandin# amo(nt on the &ption .ri!e. S.1tion %%2032 $nterest. >he o(tstandin# amo(nt of the &ption .ri!e shall a!!r(e interest at a rate of @.C9 per ann(m1 !al!(lated over the prin!ipal amo(nt in ;*s. >he pa,ment of interest on the &ption .ri!e shall +e made 8(arterl,1 on the last <(siness Da, of months $eptem+er1 'an(ar,1 -pril and '(ne of ea!h ,ear. )nterest paid here(nder shall +e !onsidered as the pri!e paid +, <(,er for the %all &ption. S.1tion %%2092 u!ordination2 >he pa,ment of the &ption .ri!e and interest there(nder1 shall +e s(+ordinated to the pa,ment of the $enior De+t +, ;"-<1 in s(!h terms that Des(p shall +e a+le to !ommit to the holder of the $enior De+t that it shall not pa, an, installment of the &ption .ri!e and=or interest there(nder if there is and on#oin# defa(lt of the $enior De+t. >his s(+ordination shall +e formaliKed as re8(ired +, the holder of the $enior De+t. S.1tion %%20!2 ellers- "rohi!ition and "ledge. >he &ption %ontra!t shall !ontain provisions (i) prohi+itin# $ellers from sellin#1 transferrin# or p(ttin# an, 2ien on the "(de $haresO and (ii) pled#in# the "(de $hares in favor of Des(p to se!(re $ellers0 &+li#ations (nder the %all &ption. S.1tion %%2092 econd "ledge of Desup hares. -fter the a!!omplishment of the .ost-%losin# Restr(!t(rin#1 and s(+je!t to the $enior De+t !reditors0 !onsent and approval1 <(,er shall !a(se that all of the shares iss(ed +, Des(p +e pled#ed in favor of $ellers to #(arantee Des(p0s &+li#ations (nder the .(t &ption. $(!h pled#e shall +e #ranted in terms 58

s(+stantiall, identi!al to those in!l(ded in the form atta!hed as E hi+it 11.4D and it shall rank se!ond in priorit, to the pled#e to +e #ranted as se!(rit, for the $enior De+t. S.1tion %%2%02 Desup-s "rohi!ition. .endin# f(ll pa,ment of the &ption .ri!e1 Des(p shall +e prohi+ited from transferrin# (or !a(sin# the transfer) (i) the <rands or (ii) an, Real Estate a!8(ired from )nmo+iliaria to a third part, :hi!h is not an -ffiliate of Des(p or ;"-<. S.1tion %%2%%2 Desup-s Default. )n the event Des(p has failed to p(r!hase the "(de $hares and=or has failed to deliver to $ellers the &ption .ri!e as it +e!omes d(e and1 after all !(re periods !ontemplated in the &ption %ontra!t have elapsed1 $ellers shall +e entitled to seek spe!ifi! performan!e of the o+li#ation or the resol(tion of this -#reement1 a!!ordin# to the la:. >he parties f(rther a#ree that1 (i) sho(ld an event of defa(lt of the $enior De+t o!!(r and +e !ontin(in#1 or (ii) sho(ld Des(p fail to p(r!hase the "(de $hares and=or fail to deliver to $ellers the &ption .ri!e as it +e!omes d(e <(,er shall +e entitled1 :ithin a non-rene:a+le term of three months follo:in# the date in :hi!h the defa(lt has o!!(rred1 to seek potential p(r!hasers for the <(siness1 the pro!eeds of the sale +ein# (sed to pa, the $enior De+t and the &ption .ri!e. $hall the <(,er fail to find s(!h +(,er or an, other s(ita+le sol(tion1 $ellers shall +e entitled to repossess the <(siness +, pa,in# off the $enior De+t and :ith no f(rther indemnifi!ation or !ompensation to <(,er or $ellers. $ho(ld $ellers e er!ise this ri#ht1 all ri#hts and o+li#ations of the parties (nder the &ption %ontra!t1 in!l(din# +(t not limited to the %all &ption and the .(t &ption1 shall +e e tin#(ished. S.1tion %%2%22 ellers- Default. )n the event $ellers have failed to sell the "(de $hares and=or have failed to deliver to Des(p the "(de $hares on the d(e date (pon Des(p e er!ise of the %all &ption1 Des(p shall +e entitled to a dela, penalt, (multa moratoria) e8(ivalent to 11444 ;*s for ea!h da, in :hi!h said defa(lt is !ontin(in#. &nl, after D4 da,s of $ellers0 failin# to sell the "(de $hares and=or $ellers0 fail(re to deliver to Des(p the "(de $hares1 Des(p shall +e entitled to terminate the &ption %ontra!t. S.1tion %%2%&2 Deductions. et.off rights. >he parties a#ree that the <(,er shall +e a(thoriKed to ded(!t from1 and offset a#ainst1 an, installment of the &ption .ri!e or interest there(nder1 an, amo(nt that the $ellers are o+li#ated to pa, <(,er p(rs(ant to $e!tion 8.41. hereof. S.1tion %%2%42 Right of #irst Offer. .endin# the pa,ment of the &ption .ri!e1 sho(ld Des(p or its shareholders intend to sell the <(siness to a non-related third part,1 the, shall #ive $ellers a ri#ht of first offer to a!8(ire the <(siness. *or this p(rpose1 Des(p shall inform $ellers of its intention to sell the <(siness in :hi!h !ase the parties !ommit to ne#otiate in #ood faith for a term of not less than 54 da,s. $ho(ld the parties not rea!h a#reement d(rin# s(!h term1 Des(p shall +e entitled to ne#otiate :ith other potential p(r!hasers. 5D

ARTIC-E %22 -A CASONA O$TION2 S.1tion %220%2 Term. "ot later than De!em+er 511 34451 <(,er shall make a de!ision as to the (se of 62a %asona7 and the +(siness !(rrentl, r(n +, -+asa in 2a %asona. S.1tion %22022 Option. <(,er ma, !hoose (a) that the Relevant %ompanies shall have the e !l(sive (se of 2a %asona1 in :hi!h !ase the ann(al rent of 2a %asona shall +e in!reased +, an amo(nt e8(ivalent to C1D73 ;*s1 or (+) that the Relevant %ompanies shall share the (se of 2a %asona (+oth for !ontin(in# the +(siness of -+asa +, $ellers and for a!ademi! a!tivities of ;"-<)1 in :hi!h !ase the rent shall +e remain as provided in the respe!tive rental a#reement. ARTIC-E %&2 RE-ATED DOCUMENTATION2 S.1tion %&20%2 Related Documentation. &n or +efore the %losin# Date1 the do!(ments listed in the follo:in# se!tion (the 6+elated Documentation7) shall +e validl, e e!(ted. S.1tion %&2022 Real Estate Rental. Rental a#reements +et:een Des(p and )nmo+iliaria :ith respe!t to the Real Estate listed in E hi+it 15.43 hereto. >he ann(al rent to +e paid +, Des(p is that !ontemplated in E hi+it 15.43. $(!h rental a#reements shall +e entered into in terms s(+stantiall, identi!al to the draft in!l(ded in E hi+it 15.43 hereto. S.1tion %&20&2 u!lease Agreements. $(+leases a#reements +et:een Des(p and )nmo+iliaria :ith respe!t to the 2eases listed in E hi+it 15.45 hereto. >he ann(al rent to +e paid +, Des(p is that !ontemplated in E hi+it 15.45. $(!h s(+lease a#reements shall +e entered into in terms s(+stantiall, identi!al to the draft in!l(ded in E hi+it 15.45 hereto. S.1tion %&2042 Cl/nica $ndisa Commercial Agreement. -#reement +et:een %lUni!a )ndisa $.-. and ;"-< providin# for a!!ess to the !lini!0s fa!ilities to the ;niversit, (ntil at least De!em+er 51 st1 3445. S.1tion %&2052 (on.Competition Agreement. "on-%ompetition -#reement +et:een Eessrs. '(an -ntonio M(KmPn Eolinari1 -ndrQs "avarro He(ssler1 2(is %ordero <arrera1 )#na!io *ernPndeK Doren1 Ear!elo R(iK .QreK1 -lvaro $aieh <ende!k1 'or#e $el(me /aror and Er. Ei#(el -n#el .od(je $apiain and <(,er. S.1tion %&2032 U(AB Ta*eover. >he follo:in# do!(ments ne!essar, for the <(,er takin# f(ll and a+sol(te !ontrol of ;"-<: A4

(i) Ein(tes of an E traordinar, -ssem+l, of -!tive Eem+ers 7Asamblea E.traordinaria de Socios Activos) that takes pla!e on or +efore the %losin# Date1 in :hi!h (a) Des(p and )nstit(to 3 are appointed as !tive mem+ers 7socios activos) of ;"-<1 (+) the !(rrent Dire!tive <oard is revoked and a ne: Dire!tive <oard is appointed +, Des(p and )nstit(to 3. (ii) Resi#nation letters from the follo:in# a!tive mem+ers 7socios activos) of ;"-<: '(an -ntonio M(KmPn Eolinari1 Ei#(el -n#el .od(je $apiain1 -lvaro $aieh <ende!k1 'or#e $el(me /aror1 -ndrQs "avarro Hae(ssler1 Ear!elo R(iK .QreK1 )#na!io *ernPndeK Doren and 2(is %ordero <arrera. S.1tion %&2092 Relevant Companies- Ta*eover. 15.47.1. )nstit(to 3 >akeover. Ein(tes of <oard of Dire!tors Eeetin# of )nstit(to 3 s(+stantiall, identi!al to the draft atta!hed hereto as E hi+it 15.47.1. 15.47.3. ). -)E. >akeover. Ein(tes of <oard of Dire!tors Eeetin# of ). -)E. s(+stantiall, identi!al to the draft atta!hed hereto as E hi+it 15.47.1. 15.47.5. %*> -)E. >akeover. Ein(tes of <oard of Dire!tors Eeetin# of %*> -)E. s(+stantiall, identi!al to the draft atta!hed hereto as E hi+it 15.47.1. 15.47.A. -)E. Re#ional >akeolver. Ein(tes of <oard of Dire!tors Eeetin# of -)E. Re#ional s(+stantiall, identi!al to the draft atta!hed hereto as E hi+it 15.47.1. ARTIC-E %42 AOINT AND SE>ERA- -IA4I-IT<2 S.1tion %420%2 Ea!h of the $ellers and the E !l(ded %ompanies shall +e joint and severall, lia+le in favor of <(,er for all &+li#ations arisin# to ea!h of them from this -#reement1 as :ell as from an, other do!(ment e e!(ted here(nder (in!l(din# +(t not limited to the Related Do!(mentation. ARTIC-E %52 EX$ENSES2 S.1tion %520%2 Ea!h part, shall pa, the e penses it has in!(rred as a res(lt of the e e!(tion of this -#reement. A1

S.1tion %52022 >he <(,er :ill not +e responsi+le for the e penses or !osts in!(rred +, $ellers1 the Relevant %ompanies1 ;"-< or the E !l(ded %ompanies in relation :ith the e e!(tion of this -#reement. $ellers shall +ear the !ost of the Relevant %ompanies and ;"-< for servi!es provided +, la:,ers1 a(ditors1 !ons(ltants1 finan!ial advisors and others in relation to the e e!(tion of this -#reement. ARTIC-E %32 TAXES2 S.1tion %320%2 -ll possi+le ta es ma, arise o(t from the e e!(tion or performan!e of this -#reement shall +e at the !ost of the part, that sho(ld +ear them a!!ordin# to the la:. )n parti!(lar1 the $ellers :ill +e responsi+le for all possi+le in!ome ta es and !apital #ains that res(lt from the sale or transfer of -ssets1 in :hatever j(risdi!tion. ARTIC-E %92 MISCE--ANEOUS2 S.1tion %920%2 Announcements. >he $ellers and the <(,er :ill m(t(all, a#ree on the form and !ontents of an, p(+li! anno(n!ement +ein# made in !onne!tion :ith this -#reement. "either part, shall make an, p(+li! anno(n!ement :itho(t the !onsent of the other. Ho:ever1 the latter does not prohi+it an, noti!e that has to +e #iven p(rs(ant to the la:1 re#(lation or sto!k e !han#e re#(lations in :hi!h the shares of an, of the parties or related Relevant %ompanies are traded. S.1tion %92022 (ame of $nmo!iliaria. "ot later than the se!ond anniversar, of the %losin# Date1 the $ellers shall !han#e the name of )nmo+iliaria takin# o(t the e pression 6 Andr8s Bello7 from it. S.1tion %920&2 Exhi!its. -ll the e hi+its referred to in an, se!tion of this -#reement (the 6 E.hibits7 and an, of :hi!h an 6E.hibit7) are (nderstood to +e part of this -#reement1 for all le#al p(rposes. S.1tion %92042 Amendment. >his -#reement ma, not +e amended or modified e !ept +, an instr(ment in :ritin# si#ned +, the part, affe!ted +, s(!h amendment1 and e pressl, statin# that it is intended to amend this -#reement. S.1tion %92052 &aiver. -t an, time prior to the %losin#1 either part, hereto ma, (i) e tend the time for the performan!e of an, of the &+li#ations or other a!ts of the other part, hereto1 (ii) :aive an, ina!!(ra!ies in the representations and :arranties made +, the other part, and !ontained herein or in an, do!(ment delivered +, the other part, p(rs(ant hereto or (iii) :aive !omplian!e +, the other part, hereto :ith an, of the a#reements or A3

!onditions !ontained hereinO provided1 ho:ever1 an, s(!h e tension or :aiver shall +e valid onl, if set forth in an instr(ment in :ritin# si#ned +, the part, to +e +o(nd there+,. S.1tion %92032 $nterpretation. >he headin#s !ontained in this -#reement are for referen!e p(rposes onl, and shall not affe!t in an, :a, the meanin# or interpretation of this -#reement. S.1tion %92092 evera!ility. )f an, term or other provision of this -#reement is invalid1 ille#al or in!apa+le of +ein# enfor!ed +, an, r(le of la: or p(+li! poli!,1 all other !onditions and provisions of this -#reement shall nevertheless remain in f(ll for!e and effe!t so lon# as the e!onomi! or le#al s(+stan!e of the transa!tions !ontemplated here+, is not affe!ted in an, manner materiall, adverse to an, part,. ;pon s(!h determination that an, term or other provision is invalid1 ille#al or in!apa+le of +ein# enfor!ed1 the parties hereto shall ne#otiate in #ood faith to modif, this -#reement so as to effe!t the ori#inal intent of the parties as !losel, as possi+le in an a!!epta+le manner to the end that transa!tions !ontemplated here+, are f(lfilled to the #reatest e tent possi+le. S.1tion %920!2 Entire Agreement. >his -#reement and related do!(mentation !onstit(te the entire a#reement +et:een $ellers and <(,er relatin# to the transa!tions !ontemplated here+, and s(persedes all prior a#reements and (ndertakin#s1 +oth :ritten and oral :ith respe!t to the s(+je!t matter hereof. S.1tion %92092 Assignment2 "either this -#reement nor an, ri#ht1 remed,1 &+li#ation or lia+ilit, arisin# (nder or +, reason of this -#reement shall +e assi#na+le +, an, part, to this -#reement :itho(t the prior :ritten !onsent of the other part,. S.1tion %92%02 Binding Effect. (o Third."arty Beneficiaries. >his -#reement is for the sole +enefit of the parties hereto and their permitted assi#ns1 and nothin# herein1 e pressed or implied shall #ive or +e !onstr(ed to #ive to an, .erson1 other than the parties hereto and s(!h assi#ns1 an, le#al or e8(ita+le ri#hts here(nder. ARTIC-E %!2 A$$-ICA4-E -AW2 >his -#reement is #overned +,1 and !onstr(ed in a!!ordan!e :ith1 the la:s of %hile. ARTIC-E %92 AR4ITRATION2 -ll disa#reements1 !onfli!ts1 8(estions or diffi!(lties that arise +et:een the parties related to the validit,1 n(llit,1 interpretation1 e tension1 appli!ation1 !omplian!e or nonA5

!omplian!e :ith this -#reement or to an, other matter dire!tl, or indire!tl, related :ith this -#reement1 and :ith respe!t to :hi!h other s(+je!t matter that the parties ma, esta+lish in this re#ard1 shall +e attempted to +e resolved +, m(t(al a#reement. $ho(ld the parties not rea!h a m(t(al a#reement1 the s(+je!t in 8(estion :ill +e s(+mitted to an ar+itrator1 in a!!ordan!e :ith the Re#(lations of the -r+itration %enter of the $antia#o %ham+er of %ommer!e -.M. (Re#lamento del %entro de -r+itrajes de la %Pmara de %omer!io de $antia#o -.M.) :hi!h appear in the p(+li! re!ord dated De!em+er 141 1DD31 #ranted in the $antia#o "otar,0s &ffi!e of Er. $er#io RodrU#(eK Mar!Qs1 and :hi!h the parties a!kno:led#e and a!!ept. >he ar+itrator ma, a!t as often as ma, +e ne!essar,1 :itho(t formal trial1 makin# a definitive de!ision that !annot +e !hallen#ed1 and the parties e pressl, a#ree to seek no other remed,1 e !ept for reinstatement1 !larifi!ation or interpretation1 re!tifi!ation or amendment of the !omplaint. >he ar+itrator shall +e fl(ent in En#lish and it shall +e appointed +, m(t(al a#reement of the parties and1 a+sent that a#reement1 +, the -r+itration %enter of the $antia#o %ham+er of %ommer!e1 from the mem+ers of the ar+itration +od, of said instit(tion1 for :hi!h p(rpose the parties #rant an irrevo!a+le po:er of attorne,. ARTIC-E 202 NOTICES2 S.1tion 2020%2 -ll !omm(ni!ations1 noti!es1 re8(ests1 or re8(irements p(rs(ant to this -#reement shall +e made in :ritin# and +e!ome effe!tive onl, if the, have +een delivered personall, or via fa!simile (:ith !onfirmation)1 !o(rier servi!e (:ith !onfirmation of deliver,) to: 34.41.1. )n the !ase of the $ellers and the E !l(ded %ompanies: 'or#e $el(me /aror -venida Kenned, CACA1 &ffi!e 1741 2as %ondes $antia#o1 %hile :ith a !op, to: Ei#(el -n#el .od(je $apiain H(Qrfanos 7741 &fi!ina 3545 $antia#o1 %hile 34.41.3. )n the !ase of the <(,er1 ;"-< and the Relevant %ompanies: Ro+ert N. /entK 1441 *leet $treet1 <altimore1 ED 31343 AA

;nited $tates of -meri!a :ith a !op, to: .a+lo M(errero LalenK(ela <arros R ErrPK(riK -+o#ados -venida )sidora Mo,ene!hea 3D5D1 .iso 11 $antia#o1 %hile ARTIC-E 2%2 COUNTER$ARTS2 >his -#reement is e e!(ted in t:o !o(nterparts of even :ordin# and date1 and ea!h part, shall retain one of them. 7si nature pa e to follo)) AC

DE$-RR&22& DE 2- ED;%-%)V" $;.ER)&R $.-. =s= Ro+ert N. /entK Ro+ert N. /entK )"LER$)&"E$ 2- %-2E>- $.-. =s= '(an -ntonio M(KmPn Eolinari '(an -ntonio M(KmPn Eolinari %&.R- $.-. =s= )#na!io *ernPndeK Doren )#na!io *ernPndeK Doren )"E&<)2)-R)- -"DRW$ <E22& $.-. =s= )#na!io *ernPndeK Doren )#na!io *ernPndeK Doren -<-$>E%)E)E">&$ ME"ER-2E$ $.=s= Ear!elo R(iK .QreK Ear!elo R(iK .QreK ED)" DELE2&.EE"> 2>D. =s= $oledad -senjo >artani $oledad -senjo >artani A@ -R>)%2E 1. -R>)%2E 3. -R>)%2E 5. -R>)%2E A. -R>)%2E C. -R>)%2E @. -R>)%2E 7. -R>)%2E 8. -R>)%2E D. -R>)%2E 14. -R>)%2E 11. -R>)%2E 13. -R>)%2E 15. -R>)%2E 1A. -R>)%2E 1C. -R>)%2E 1@. -R>)%2E 17. -R>)%2E 18. -R>)%2E 1D. -R>)%2E 34. -R>)%2E 31. TA4-E O CONTENTS DE*)")>)&"$ <-%KMR&;"D .;R%H-$E -"D $-2E %2&$)"M $E22ER$0 RE.RE$E">->)&"$ -"D N-RR-">)E$ EX%2;DED %&E.-")E$0 RE.RE$E">->)&"$ -"D N-RR-">)E$ <;GER0$ RE.RE$E">->)&"$ -"D N-RR-">)E$ "&"-%&E.2)-"%E -"D )"DEE")*)%->)&" 2)E)>->)&" &* 2)-<)2)>G >ERE)"->)&" %-22 &.>)&". .;> &.>)&" 2- %-$&"- &.>)&" RE2->ED D&%;EE">->)&" '&)"> -"D $ELER-2 2)-<)2)>G EX.E"$E$ >-XE$ E)$%E22-"E&;$ -..2)%-<2E 2-N -R<)>R->)&" "&>)%E$ %&;">ER.-R>$

)"LER$)&"E$ G;$>E $.-. =s= -ndrQs "avarro Hae(ssler -ndrQs "avarro Hae(ssler )"LER$)&"E$ H;E.)2 2)E)>-D=s= Ei#(el -n#el .od(je $apiain Ei#(el -n#el .od(je $apiain )"E&<)2)-R)- -"DRW$ <E22& $.-. =s= Ear!elo R(iK .QreK Ear!elo R(iK .QreK -<-$>E%)E)E">&$ ME"ER-2E$ $.=s= )#na!io *ernPndeK Doren )#na!io *ernPndeK Doren