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25.07.2016 BP Acta Asamblea EN

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25.07.2016 BP Acta Asamblea EN BANCO PATAGONIA S.A. MINUTES OF THE REGULAR AND SPECIAL SHAREHOLDERS' MEETING HELD ON 07/25/16 The Regular and Special Shareholders' Meeting of Banco Patagonia S.A. (the "Company") was held at the Bank's main office located at Avenida de Mayo 701, 28 floor, City of Buenos Aires, on July 25, 2016, with the presence of the shareholders that appear on pages 30 to 31 of the Stock Ledger and Attendance Book No. 5, certified under No. 6704-06 on January 26, 2006. The chairperson was Mr. João Carlos de Nobrega Pecego, in his capacity as President of the Board of Directors, who at 05.10 p.m. called the meeting to order and thanked the attendance of the Shareholders, Directors Carlos Alberto Aurajo Netto, Claudemir Andreo Alledo, Claudio de Oliveira Borsa, Rubén Iparraguirre and Osvaldo Tasat, members of the Statutory Audit Committee, Bank officers, the external auditors' representative, and of representatives from the Argentine Securities Commission (CNV) and from the the Buenos Aires Stock Exchange. The President informed that Directors Antonio Carlos Bizzo Lima and Admilson Monteiro García advised in writing that they could not attend the Meeting for personal reasons. It was informed that the Board of Directors, in its meeting held on June 22, 2016, had approved the Call to Shareholders' Meeting, and that said Call was published in the Official Gazette and in La Nación newspaper on June 27, 28, 29, and 30 and July 1, 2016. Seven shareholders were present, 1 per se and 6 by proxy, representing 688,278,292 book-entry shares, which are Class "B" shares. Those shares entitle their holders to 1 vote per share, and have a face value of ARS 1 each, i.e., representing a total of 98.83% of the Company's outstanding capital and votes as of the date of closing of the ledger, i.e., July 19, 2016. It was also informed that the representative of Banco Itaú S.A., custodian of the underlying shares of Brazilian Deposit Certificates (BDRs) handed the instructions received for the casting of the relevant votes and requested that said instructions be taken into account at the time of counting the votes. It was also informed that the above-mentioned representative submitted a certificate issued by Caja de Valores S.A. entitling it to cast a dissenting vote, pursuant to section 9, Chapter II, Title II, of the rules of the Argentine Securities Commission (2013). Next, the Shareholders were informed that for the purposes of vote counting, abstentions would be excluded from the calculation, as well as shares the holder of which was prohibited from voting by virtue of legal provisions, in accordance with section 7, chapter II, title II of the rules of the Argentine Securities Commission (2013). Therefore, the publications required by legal provisions and the Bylaws having been made, and there being a quorum present, the President declared the Regular and Special Shareholders' Meeting in first call opened at 05.15 p.m., and appointed Mr. Marcelo Iadarola, a Bank officer, as Secretary, for the purposes of the development of the Meeting. The Secretary then presented the items in the Agenda to be considered by the Shareholders: 1) Appointment of two shareholders to sign the Minutes. 2) Partial reversion of the optional reserve for future profit distribution and application thereof to the payment of a cash dividend in the amount of Ar$ 1.662.533 thousand subject to the Argentine Central Bank’s authorization be approved. 3) Authorizations to carry out the resolutions adopted by the Meeting. As regards the procedure to be applied at the Meeting, it was explained that the shareholders who would like to speak, abstain from voting or vote, should request to do so and identify themselves in order to be registered in the Minutes of the Shareholders’ Meeting. 1st ) ITEM ONE IN THE AGENDA: APPOINTMENT OF TWO SHAREHOLDERS TO SIGN THE MINUTES. The representative of Shareholder Mr. Emilio Gonzalez Moreno, proposed that the representatives of shareholders Banco do Brasil and Mr. Jorge G. Stuart Milne to sign the Minutes. Upon motion made and unanimously seconded, the proposal was approved as presented. 2nd ) ITEM TWO IN THE AGENDA: PARTIAL REVERSION OF THE OPTIONAL RESERVE FOR FUTURE PROFIT DISTRIBUTION AND APPLICATION THEREOF TO THE PAYMENT OF A CASH DIVIDEND IN THE AMOUNT OF AR$ 1.662.533 THOUSAND SUBJECT TO THE ARGENTINE CENTRAL BANK’S AUTHORIZATION BE APPROVED. The Secretary informed that on June 9, 2016 the BCRA issued Communication “A” 5985, which amended the rules on the general conditions, requirements for verification of liquidity and financial standing and authorizations regarding “profit distribution”, previously governed by BCRA Communications “A” 5272 and 5273. The Secretary explained that the amendment repealed the increase of 75% in the recalculated capital requirement as a condition for profit distribution, as well as temporary provisions regarding capital conservation margins and additional capital are also eliminated. He went on to state that, although the policy on dividends adopted by the Company establishes distribution of 50% of the FY income, most distributions made since 2011 were considerably reduced by virtue of the above provisions, which set limits to the payment of dividends and have now been repealed. The Secretary manifests therefore, since such limitations that prevented application of the Company’s policy on dividends, the proposal of the Board of Directors would be to partially reverse the optional reserve “for future profit distribution”, which was constituted –among other concepts- with the income that could not be distributed due to such regulatory limitation, and application thereof to the payment of a cash dividend in the amount of ARS 1.662.533 thousand. It was also informed that: a) for the purposes of the above-mentioned proposal the relevant analysis about the impact of the future distribution of cash dividends on the limits of risk tolerance and credit risk in force was carried out, there being no objection to proceed with such distribution; b) the above-mentioned proposal is fully in accordance with internal rules, such as those issued by the BCRA; c) the distribution does not affect the budget or the business plan duly approved by the Board of Directors; and d) in order to draft the proposal, the recommendations issued by the Basel Committee, adopted by the BCRA in its Communication "A" 5827 regarding capital requirements, were taken into account, and the recommended levels were reached. It was clarified that the total amount of the proposed dividend results from adding unpaid dividends corresponding to fiscal years 2011-2014 and parcially to fiscal year 2015, as per the following breakdown: AR$ 306.123 thousand to fiscal year 2011; AR$ 442.322 thousand to fiscal year 2012; AR$ 162.991 thousand to fiscal year 2013; AR$ 43.381 thousand to fiscal year 2014; and AR$ 707.716 thousand to fiscal year 2015. It is informed that the above-mentioned amount represents, as of the date of closing of the Stock Ledger, a cash dividend of ARS 2.3118181342 per outstanding share, or ARS 46.236362684 per BDR and ADS. Finally, the Secretary reminded the attendees that the Regular and Special Shareholders' Meeting held on April 27, 2016 unanimously approved payment of a cash dividend in the amount of ARS 52.728 thousand, subject to the BCRA’s approval, that the authorization of said payment is still pending, and that, upon being authorized, the amount will be added to this proposal resulting in a total dividend of ARS 1.715.261 thousand. The representative of shareholder Banco do Brasil S.A., moved to approve the Board's proposal regarding: i) the partial reversion of the optional reserve for future profit distribution and application thereof to the payment of a cash dividend in the amount of Ar$ 1.662.533 thousand subject to the Argentine Central Bank’s authorization be approved and ii) to declare a cash dividend of Ar$ 2,3118181342 per share, subject to authorization by the BCRA, and be made available to the shareholders within thirty (30) days of being notified Society BCRA authorization, were approved. Upon motion duly made, the proposal was approved by unanimous vote, 109,976,022 shares held by FGS - ANSES, which abstained from voting, having been subtracted from vote counting. 3rd ) ITEM THREE IN THE AGENDA: AUTHORIZATIONS TO COMPLY WITH THE RESOLUTIONS ADOPTED BY THE SHAREHOLDERS' MEETING. The Secretary informed that the Board of Directors proposed to authorize certain individuals to carry out the resolutions adopted by the Meeting. The representative of shareholder Banco do Brasil S.A. moved that the Company's legal representatives and Messrs. Emilio Merovich, Raúl Luis Arcondo, Melisa Rocco, Guillermo Fabio Pedró, Mariana Beatriz Moldes, Laura Eugenia Varela, Federico Daniel Musi and/or Laura Mercedes Cristina be further authorized so that any one of them may take any necessary steps to approve and file the resolutions adopted by this Meeting. Upon motion made and unanimously seconded, the proposal was approved as presented. Next, the Secretary stated that all the items in the agenda had been considered and, therefore, the Meeting was adjourned at 05.25 p.m. Pursuant to the provisions of Title II, Chapter VIII, Section IV, article 23 d) of the Argentine Securities Commission regulations (2013), the votes cast by Banco Itaú Argentina S.A., as custodian of BDRs underlying shares, on each item are detailed below: Item Abstentions In favor Against 1 - 15,460,400 - 2 - 15,460,400 - 3 - 15,460,400 - ________________________________ __________________________________ Matías Grinberg Omar de Vasconcelos By Class “B”, on behalf of shareholder Jorge By Class “B”, on behalf of shareholder Banco do Guillermo Stuart Milne Brasil S.A.
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