Form 6-K Globant S.A. For: May 24

Article Stock Quotes (1)

FREE Breaking News Alerts from StreetInsider.com!

StreetInsider.com Top Tickers, 4/25/2024

1. META
2. CMG
3. LRCX
4. IBM
5. HCP

6. BSX
7. SPY
8. PI
9. NOW
10. CNMD

Top News Most Read Special Reports

May 24, 2021 4:35 PM EDT

E-mail

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2021

Commission file number: 001-36535

GLOBANT S.A.

(Exact name of registrant as specified in its charter)

Not applicable

(Translation of registrant’s name into English)

37A Avenue J.F. Kennedy

L-1855, Luxembourg

Grand Duchy of Luxembourg

Tel: + 352 20 30 15 96

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

x Form 20-F ¨ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

GLOBANT S.A.

FORM 6-K

Globant S.A. (“we,” “us,” “our” or the “registrant”) is filing under the cover of Form 6-K the following:

Exhibit 99.1	Condensed interim consolidated financial statements as of March 31, 2021 and for the three months ended March 31, 2021 and 2020.

Exhibit 99.2	Supplemental Disclosure.

Exhibit 99.3	Selected Investor Presentation Slides.

Exhibit 99.4	Amended Articles of Association dated May 17, 2021.

We have prepared this report to provide our investors with disclosure and financial information regarding recent developments in our business and results of operations as of and for the three months ended March 31, 2021.

The information in this report supplements information contained in our Annual Report on Form 20-F for the year ended December 31, 2020 (File No. 001-36535), filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2021 (our “2020 Form 20-F”).

This Report on Form 6-K shall be incorporated by reference into the registrant’s Registration Statement on Form F-3ASR (File No. 333-225731).

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GLOBANT S.A.


	By:	/s/ JUAN IGNACIO URTHIAGUE
		Name: Juan Ignacio Urthiague
		Title: Chief Financial Officer

Date: May 24, 2021

Date: May [19], 2021

Exhibit 99.1

	Globant S.A.

	Condensed interim consolidated financial statements as of March 31, 2021 and for the three months ended March 31, 2021 and 2020

PAGE 1

GLOBANT S.A.

CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands of U.S. dollars, except per share amounts)

			Three months ended
	Notes		March 31, 2021			March 31, 2020
Revenues		7		270,170			191,572
Cost of revenues		8.1		(166,973	)		(119,369	)
Gross profit				103,197			72,203

Selling, general and administrative expenses		8.2		(71,891	)		(51,872	)
Net impairment losses on financial assets				(1,099	)		(1,617	)
Other operating income				11			—
Profit from operations				30,218			18,714

Finance income		9		323			256
Finance expense		9		(2,612	)		(2,455	)
Other financial results, net		9		871			2,717
Financial results, net				(1,418	)		518

Other income and expenses, net				38			16
Profit before income tax				28,838			19,248

Income tax		6		(7,171	)		(6,078	)
Net income for the period				21,667			13,170

Other comprehensive income, net of income tax effects

Items that may be reclassified subsequently to profit and loss:
- Exchange differences on translating foreign operations				(1,724	)		(2,104	)
- Net change in fair value on financial assets measured at fair value through other comprehensive income ("FVOCI")				—			(114	)
- Gains and losses on cash flow hedges				170			(2,069	)
Total comprehensive income for the period				20,113			8,883

Net income attributable to:
Owners of the Company				21,667			13,170
Net income for the period				21,667			13,170

Total comprehensive income for the period attributable to:
Owners of the Company				20,113			8,883
Total comprehensive income for the period				20,113			8,883

Earnings per share ⁽¹⁾
Basic				0.54			0.36
Diluted				0.53			0.35

Weighted average of outstanding shares (in thousands)
Basic				39,899			37,008
Diluted				41,157			38,093

(1)

As of March 31, 2021 and 2020, respectively, 7 and 1 potential ordinary shares are anti-diluted and therefore excluded from the weighted average number of ordinary shares for the purpose of diluted earnings per share.

The accompanying notes 1 to 22 are an integral part of these condensed interim consolidated financial statements

PAGE 2

GLOBANT S.A.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF MARCH 31, 2021 (UNAUDITED) AND DECEMBER 31, 2020

(in thousands of U.S. dollars)

	Notes		March 31, 2021			December 31, 2020
ASSETS
Current assets
Cash and cash equivalents		4.3		148,832			278,939
Investments		4.3		46,801			19,284
Trade receivables		4.3		262,705			196,020
Other assets		4.3		2,259			8,146
Other receivables		4.3		40,476			31,633
Other financial assets		13		831			1,577
Total current assets				501,904			535,599

Non-current assets
Trade Receivables		4.3		4,240			5,644
Investments		4.3		823			615
Other assets		4.3		5,084			6,954
Other Receivables				11,451			9,629
Deferred tax assets				41,111			41,507
Investment in associates				3,154			3,154
Other financial assets		13		19,121			15,147
Property and equipment		10		100,914			101,027
Intangible assets		11		88,899			86,721
Right-of-use assets		12		98,224			90,010
Goodwill		21		430,959			392,760
Total non-current assets				803,980			753,168
TOTAL ASSETS				1,305,884			1,288,767

LIABILITIES
Current liabilities
Trade payables		4.3		28,409			35,266
Payroll and social security taxes payable		4.3		118,730			111,881
Borrowings		15		1,203			907
Other financial liabilities		13		43,008			19,822
Lease liabilities		12		15,690			15,358
Tax liabilities				11,320			11,804
Income tax payable		4.3		16,287			10,511
Other liabilities				449			81
Total current liabilities				235,096			205,630

Non-current liabilities
Trade payables		4.3		4,107			5,240
Borrowings		15		31			25,061
Other financial liabilities		13		50,685			74,376
Lease liabilities		12		77,556			72,240
Deferred tax liabilities				13,695			13,698
Provisions for contingencies		17		14,826			12,583
Total non-current liabilities				160,900			203,198
TOTAL LIABILITIES				395,996			408,828

Capital and reserves
Issued capital				47,906			47,861
Additional paid-in capital				550,948			541,157
Other reserves				(4,228	)		(2,674	)
Retained earnings				315,262			293,595
Total equity attributable to owners of the Company				909,888			879,939
TOTAL EQUITY AND LIABILITIES				1,305,884			1,288,767

The accompanying notes 1 to 22 are an integral part of these condensed interim consolidated financial statements

PAGE 3

GLOBANT S.A.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 (UNAUDITED)

(in thousands of U.S. dollars except number of shares issued)

	Number of Shares Issued ⁽¹⁾		Issued capital		Additional paid-in capital		Retained earnings		Foreign currency translation reserve			Investment revaluation and Cash flow hedge reserve			Attributable to owners of the Parent			Total
Balance at January 1, 2020		36,963,619		44,356		157,537		239,378		(2,497	)		(60	)		438,714			438,714
Issuance of shares under share-based compensation plan (note 14.1)		67,876		81		2,156		—		—			—			2,237			2,237
Issuance of shares under subscription agreement (note 14.2)		2,018		2		223		—		—			—			225			225
Share-based compensation plan		—		—		3,681		—		—			—			3,681			3,681
Other comprehensive income for the period, net of tax		—		—		—		—		(2,104	)		(2,183	)		(4,287	)		(4,287	)
Net income for the period		—		—		—		13,170		—			—			13,170			13,170
Balance at March 31, 2020		37,033,513		44,439		163,597		252,548		(4,601	)		(2,243	)		453,740			453,740

	Number of Shares Issued ⁽¹⁾		Issued capital		Additional paid-in capital		Retained earnings		Foreign currency translation reserve			Investment revaluation and Cash flow hedge reserve		Attributable to owners of the Parent			Total
Balance at January 1, 2021		39,884,788		47,861		541,157		293,595		(2,895	)		221		879,939			879,939
Issuance of shares under share-based compensation plan (note 14.1)		29,228		35		1,174		—		—			—		1,209			1,209
Issuance of shares under subscription agreement (note 14.2)		8,415		10		1,740		—		—			—		1,750			1,750
Share-based compensation plan		—		—		6,877		—		—			—		6,877			6,877
Other comprehensive income for the period, net of tax		—		—		—		—		(1,724	)		170		(1,554	)		(1,554	)
Net income for the period		—		—		—		21,667		—			—		21,667			21,667
Balance at March 31, 2021		39,922,431		47,906		550,948		315,262		(4,619	)		391		909,888			909,888

(1)

All shares are issued, authorized and fully paid. Each share is issued at a nominal value of $1.20 per share and is entitled to one vote.

The accompanying notes 1 to 22 are an integral part of these condensed interim consolidated financial statements.

PAGE 4

GLOBANT S.A.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 (UNAUDITED)

(in thousands of U.S. dollars)

	Three months ended
	March 31, 2021			March 31, 2020
Cash flows from operating activities
Net income for the period		21,667			13,170
Adjustments to reconcile net income for the period to net cash flows from operating activities:
Share-based compensation expense		8,592			5,790
Current income tax		11,082			6,644
Deferred income tax		(3,911	)		(566	)
Depreciation of property and equipment		4,169			3,978
Depreciation of right-of-use assets		4,576			4,622
Amortization of intangible assets		7,604			2,887
Net impairment losses on financial assets		1,099			1,617
Allowance for claims and lawsuits		2,283			804
Gain on transactions with bonds		(581	)		(2,331	)
Accrued interest		1,732			1,836
Interest received		309			229
Net loss (gain) arising on financial assets measured at fair value recognized in profit or loss ("FVPL")		3,412			5,642
Net loss (gain) arising on financial assets measured at FVOCI		665			1,723
Net (gain) loss arising on financial assets measured at amortised cost		—			3
Exchange differences		(4,474	)		(7,749	)
Payments related to forward and future contracts		(782	)		(1,832	)
Proceeds related to forward and future contracts		169			158
Gain arising from lease disposals		(17	)		—
Changes in working capital:
Net increase in trade receivables		(63,962	)		(15,207	)
Net increase in other receivables		(8,000	)		(13,169	)
Net decrease in other assets		7,757			1,981
Net (decrease) increase in trade payables		(7,797	)		1,178
Net increase (decrease) in payroll and social security taxes payable		8,657			(14,152	)
Net decrease in tax liabilities		(790	)		(309	)
Income tax paid		(8,100	)		(3,972	)
Net cash used in operating activities		(14,641	)		(7,025	)

PAGE 5

GLOBANT S.A.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 (UNAUDITED)

(in thousands of U.S. dollars)

	Three months ended
	March 31, 2021			March 31, 2020
Cash flows from investing activities
Acquisition of property and equipment ⁽¹⁾		(5,022	)		(6,927	)
Proceeds from disposals of property and equipment and intangibles		756			350
Acquisition of intangible assets ⁽²⁾		(8,114	)		(3,616	)
Acquisition of investment in sovereign bonds		(2,030	)		(6,500	)
Proceeds from investment in sovereign bonds		2,611			8,831
Payments related to forward and future contracts		(2,797	)		(2,650	)
Proceeds related to forward and future contracts		—			425
Acquisition from investments measured at FVPL		(83,295	)		(51,544	)
Proceeds from investments measured at FVPL		55,389			69,562
Acquisition of investments measured at FVOCI		—			(2,994	)
Proceeds from investments measured at FVOCI		—			3,000
Payments to acquire equity instruments		(2,700	)		—
Acquisition of investment in convertible notes		(800	)		(200	)
Acquisition of business, net of cash ⁽³⁾		(26,167	)		—
Payments of earn-outs related to acquisition of business		(12,475	)		(3,150	)
Net cash (used in) provided by investing activities		(84,644	)		4,587

Cash flows from financing activities
Proceeds from the issuance of shares under the share-based compensation plan		851			2,021
Cash paid from the settlements of the derivative financial instruments used to hedge interest rate risk		—			3
Proceeds from subscription agreements		—			909
Proceeds from borrowings		3,428			75,000
Repayment of borrowings		(28,135	)		(558	)
Payments of principal portion of lease liabilities		(5,290	)		(4,982	)
Payments of lease liabilities interest		(1,172	)		(317	)
Interest paid		(78	)		(581	)
Net cash (used in) provided by financing activities		(30,396	)		71,495

Increase (decrease) in cash and cash equivalents		(129,681	)		69,057

Cash and cash equivalents at beginning of the year		278,939			62,721
Effect of exchange rate changes on cash and cash equivalents		(426	)		863
Cash and cash equivalents at end of the period		148,832			132,641

(1)

For the three months ended March 31, 2021 and 2020, included 988 and 774 of acquisition of property and equipment financed with trade payables, respectively. During the three months ended March 31, 2021 and 2020, the Company paid 1,515 and 2,179 related to property and equipment acquired in 2020 and 2019, respectively.

(2)

For the three months ended March 31, 2021 and 2020, included 619 and 25 of acquisition of intangible assets financed with trade payables, respectively. During the three months ended March 31, 2021, the Company paid 285 related to property and equipment acquired in 2020.

(3)

Cash paid for assets acquired and liabilities assumed in the acquisition of subsidiaries, net of cash acquired:

PAGE 6

GLOBANT S.A.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 (UNAUDITED)

(in thousands of U.S. dollars)

	Three months ended
	March 31, 2021			March 31, 2020
Supplemental information
Cash paid		32,551			—
Less: cash and cash equivalents acquired		(6,384	)		—
Total consideration paid net of cash and cash equivalents acquired		26,167			—

The accompanying notes 1 to 22 are an integral part of these condensed interim consolidated financial statements

PAGE 7

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

NOTE 1 – COMPANY OVERVIEW

Globant S.A. is a company organized in the Grand Duchy of Luxembourg, primarily engaged in building digital journeys that matter to millions of users through its subsidiaries (hereinafter the “Company” or “Globant” or “Globant Group”). The Company specializes in providing innovative software solutions services by leveraging emerging technologies and trends.

The Company’s principal operating subsidiaries and countries of incorporation as of March 31, 2021 were the following: Sistemas UK Limited in the United Kingdom; Globant LLC and Globant IT Services Corp in the United States of America (the “U.S.”); Sistemas Globales S.A., IAFH Global S.A., Dynaflows S.A., BSF S.A and Decision Support S.A. in Argentina; Sistemas Colombia S.A.S., Avanxo Colombia and Belatrix Colombia SAS in Colombia; Global Systems Outsourcing S. de R.L. de C.V., Avanxo Servicios S.A. de C.V. and Grupo ASSA México Soluciones Informáticas S.A de C.V. in Mexico; Sistemas Globales Uruguay S.A. and Difier S.A. in Uruguay; Globant Brasil Consultoria Ltda., Orizonta Consutoria de Negocios e Tecnología Ltda., Global Digital Business Solutions em Tecnologia Ltda. and Serviços Digitais em Tecnologia da Informação Ltda. in Brazil; Sistemas Globales Chile Asesorías Limitada in Chile; Globant Peru S.A.C., Avanxo Peru and Belatrix Peru SAC in Peru; Globant India Private Limited in India; Globant Bel LLC in Belarus; Small Footprint S.R.L. in Romania; Software Product Creation S.L. and BlueCap Management Consulting SL in Spain; Globant France S.A.S in France; and Globant Canada Corp. in Canada.

The Company provides services from development and delivery centers located in United States (San Francisco, New York, Seattle, Raleigh and Dallas), Argentina (Buenos Aires, Tandil, Rosario, Tucumán, Córdoba, Resistencia, Bahía Blanca, Mendoza, Mar del Plata and La Plata), Uruguay (Montevideo), Colombia (Bogotá, Medellín and Cali), Brazil (São Paulo and São Jose Dos Campos), Peru (Lima), Chile (Santiago), México (Guadalajara, México City and Monterrey), India (Pune and Bangalore), Spain (Madrid), Belarus (Minsk), Romania (Cluj) and the United Kingdom (London). The Company also has client management centers in United States (San Francisco, New York and Miami), Brazil (São Paulo), Colombia (Bogotá), Uruguay (Montevideo), Argentina (Buenos Aires), France (Paris), Chile (Santiago), Mexico (México City), the United Kingdom (London), Germany (Berlin) and Spain (Barcelona). The Company also has centers of software engineering talent and educational excellence, primarily across Latin America.

Most of the revenues are generated through subsidiaries located in the U.S. The Company's workforce is mainly located in Latin America and to a lesser extent in India, Eastern Europe and the U.S.

The address of the Company's registered office is 37A, avenue J.F. Kennedy, L-1855, Luxembourg.

NOTE 2 - BASIS OF PREPARATION

The accompanying condensed interim consolidated statement of financial position as of March 31, 2021, the condensed interim consolidated statements of comprehensive income for the three months ended March 31, 2021 and 2020, the condensed interim consolidated statements of changes in equity and cash flows for the three months ended March 31, 2021 and 2020 and the explanatory notes to the condensed interim consolidated financial statements are unaudited. These condensed interim consolidated financial statements were prepared in accordance with International Accounting Standard (“IAS”) 34, "Interim Financial Reporting".

Consequently, all of the disclosures required in accordance with International Financial Reporting Standards ("IFRS") for annual financial statements are not included herein, hence, these condensed interim consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2020 included in the Company's 2020 Form 20-F filed within the U.S. Securities and Exchange Commission. In the opinion of management, these condensed interim consolidated financial statements reflect all normal recurring adjustments, which are necessary for a fair statement of financial results for the interim periods presented.

PAGE 8

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

The financial information as of December 31, 2020 presented in these condensed interim consolidated financial statements is derived from the Company's audited consolidated financial statements for the year ended December 31, 2020.

The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results for the full year. The Company believes that the disclosures are adequate to make the information presented not misleading.

These condensed interim consolidated financial statements were approved for issue by the Board of Directors on May 12, 2021, which is the date that the condensed interim financial statements were available for issuance.

NOTE 3 - BASIS OF CONSOLIDATION

These condensed interim consolidated financial statements include the unaudited condensed interim consolidated financial position, results of operations and cash flows of the Company and its consolidated subsidiaries.

NOTE 4 – ACCOUNTING POLICIES

These condensed interim consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Company's audited consolidated financial statements for the year ended December 31, 2020, except for the adoption of new standards and interpretations effective as of January 1, 2021, as described below.

4.1 – Application of new and revised International Financial Reporting Standards

•

Adoption of new and revised standards

The Company has adopted the following standards and interpretations that became applicable for annual periods commencing on or after January 1, 2021:

Amendments to IFRS 9, IAS 9, IFRS 7, IFRS 4 Interest Rate Benchmark Reform - Phase 2

and IFRS 16

As of March 31, 2021, the Company's interest rate swaps that bear interest based on LIBOR include a clause that provides alternative interest rates in the case of a discontinuity of LIBOR.

•

New accounting pronouncements

The Company has not applied the following new and revised IFRSs that have been issued but are not yet mandatorily effective:

Amendments to IAS 8	Definition of Accounting Estimates¹
Amendments to IAS 1 and IFRS Practice	Disclosure of Accounting Policies¹
Statement 2

Effective for annual reporting periods beginning on or after January 1, 2023. Earlier application is permitted.

Effective for annual reporting periods beginning on or after January 1, 2022. Earlier application is permitted.

PAGE 9

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

•	On February 12, 2021, the International Accounting Standards Board (the “IASB”) issued 'Definition of Accounting Estimates (Amendments to IAS 8)' providing a new definition of accounting estimates to help entities to distinguish between accounting policies and accounting estimates.

The management of the Company does not anticipate that the application of this amendment will have a material impact on the Company's consolidated financial statements. This amendment is effective for annual periods beginning on or after January 1, 2023. Earlier application is permitted. The Company has not opted for early application.

•	On February 12, 2021, the IASB issued 'Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)' to help preparers in deciding which accounting policies to disclose in their financial statements.

4.2 Intangible assets (update)

Intangible assets include licenses, customer relationships, customer contracts, non-compete agreements and cryptocurrencies.

Cryptocurrencies

The Company accounts for its crypto assets as indefinite-lived intangible assets in accordance with IAS 38 "Intangible Assets". Bitcoin is a cryptocurrency that is considered to be an indefinite lived intangible asset because bitcoin lacks physical form and there is no limit to its useful life, bitcoin is not subject to amortization but it is tested for impairment.

The Company's crypto assets are initially recorded at cost. Subsequently, they are measured at cost, net of any impairment losses incurred since acquisition. The Company performs monthly analysis to identify possible impairment. If the carrying value of the crypto asset exceeds the fair value based on the quoted price in the active exchange market, the Company will recognize an impairment loss equal to the difference between the fair value and the book value in the consolidated statement of comprehensive income. Gains, if any, will not be recognize until realized upon sale in the consolidated statement of comprehensive income. Further details are disclosed in note 11. As of March 31, 2021, the Company has not recognized any impairment.

4.3 Breakdown of principal items in the statement of financial position

•

Cash and cash equivalents

	March 31, 2021		December 31, 2020
Cash and bank balances		148,131		278,722
Time deposits		701		217
TOTAL		148,832		278,939

PAGE 10

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

•

Investments

Current	March 31, 2021		December 31, 2020
Mutual funds ⁽¹⁾		46,801		19,284
TOTAL		46,801		19,284

Non-current	March 31, 2021		December 31, 2020
Contribution to funds ⁽¹⁾		823		615
TOTAL		823		615

•

Trade receivables

	March 31, 2021			December 31, 2020
Accounts receivable ⁽²⁾		228,141			181,658
Unbilled revenue ⁽²⁾		41,656			20,117
Subtotal		269,797			201,775
Less: Allowance for doubtful accounts		(7,092	)		(5,755	)
TOTAL		262,705			196,020

	March 31, 2021		December 31, 2020
Non-current
Accounts receivable ⁽²⁾		4,240		5,644
TOTAL		4,240		5,644

•

Other assets

	March 31, 2021		December 31, 2020
Current
Unbilled Subscriptions		2,259		8,146
TOTAL ⁽³⁾		2,259		8,146

Non-current
Unbilled Subscriptions		5,084		6,954
TOTAL ⁽³⁾		5,084		6,954

PAGE 11

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

•

Other receivables

	March 31, 2021		December 31, 2020
Current
Tax credit - VAT		2,895		4,358
Tax credit - Software Promotion Regime		506		493
Income tax credits ⁽⁴⁾		10,054		7,053
Tax credit - Knowledge Law		9,666		7,230
Other tax credits		1,200		674
Advances to suppliers		4,308		2,142
Prepaid expenses		8,666		6,625
Loans granted to employees		32		77
Other		3,149		2,981
TOTAL		40,476		31,633

•

Trade payables

	March 31, 2021		December 31, 2020
Current
Suppliers		11,247		16,928
Expenses accrual		17,162		18,338
TOTAL ⁽⁵⁾		28,409		35,266

Non-current
Expenses accrual		4,107		5,240
TOTAL ⁽⁵⁾		4,107		5,240

•

Payroll and social security taxes payable

	March 31, 2021		December 31, 2020
Salaries		8,477		12,018
Social security tax		18,522		22,140
Provision for vacation, bonus and others ⁽⁶⁾		91,565		77,015
Directors fees		139		139
Other		27		569
TOTAL		118,730		111,881

PAGE 12

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

•

Income tax payable

	March 31, 2021		December 31, 2020
Income tax payable		16,287		10,511
TOTAL ⁽⁷⁾		16,287		10,511

(1)

Measured at fair value through profit or loss.

(2)

The increase is mainly due to the expansion of the scope and size of the Company’s engagements, the increase in its key client base primarily through its business development efforts and to the acquisition of Cloudshift on February 28, 2021.

(3)

The decrease is explained by the billing in the first quarter of Salesforce subscription resales and decrease in the subscription sales during the first quarter of the year.

(4)

The variation is explained mainly by the increase in the tax credits of some subsidiaries due to advance payments of income tax for the fiscal year 2020 that are due in the second quarter of 2021 and the consolidation of Spanish subsidiaries tax position represented an increase. Also, the increase is explained by the income tax credits from Cloudshift, which was acquired on February 28, 2021.

(5)

The decrease is mainly explained by the decrease of payables with suppliers of office conditioning services, legal and financial services. Also, the decrease in expenses accrual is mainly due to subscription suppliers billing in Avanxo.

(6)

The increase is mainly due to the increase on the provision of the performance bonus of the year and the provision of the thirteenth salary during the three months ended March 31, 2021.

(7)

The increase is explained by the income tax payable for the first quarter of 2021.

NOTE 5 – CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The Company is exposed to a variety of risks: market risk, including the effects of changes in foreign currency exchange rates, and interest rates and liquidity risk.

These condensed interim consolidated financial statements do not include all financial risk management information and disclosures required in the annual audited financial statements; they should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2020. There have been no significant changes in the risk management assessment or in any risk management policies since December 31, 2020.

PAGE 13

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

5.1 - Financial instruments that are not measured at fair value

Except as detailed in the following table, the carrying amounts of financial assets and financial liabilities, included in the unaudited condensed interim consolidated statement of financial position as of March 31, 2021 and the audited consolidated statement of financial position as of December 31, 2020, approximate to their fair values.

	March 31, 2021				December 31, 2020
	Carrying amount		Fair value		Carrying amount		Fair value
Financial Assets and Liabilities
Non-current assets
Other receivables
Guarantee deposits		2,933		2,703		3,091		3,039
Other assets		5,084		4,480		6,954		6,278
Non-current liabilities
Trade payables		4,107		3,661		5,240		4,735
Borrowings		31		28		25,061		25,382

5.2 - Fair value measurements recognized in the unaudited condensed consolidated statement of financial position

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into a three-level fair value hierarchy as mandated by IFRS 13, as follows:

•

Level 1 fair value measurements are those derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities.

•

Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

•

Level 3 fair value measurements are those derived from unobservable inputs for the assets or liabilities.

	As of March 31, 2021
	Level 1		Level 2		Level 3		Total
Financial assets
Mutual funds		—		46,801		—		46,801
Foreign exchange forward contracts		—		344		—		344
Convertible notes		—		—		1,846		1,846
Equity instrument		—		—		13,178		13,178

Financial liabilities
Contingent consideration		—		—		43,779		43,779
Foreign exchange forward contracts		—		1,182		—		1,182
Interest rate SWAP		—		241		—		241

PAGE 14

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial assets
Mutual funds		—		19,284		—		19,284
Foreign exchange forward contracts		—		492		—		492
Convertible notes		—		130		1,036		1,166
Equity instrument		—		—		10,478		10,478

Financial liabilities
Contingent consideration		—		—		43,714		43,714
Foreign exchange forward contracts		—		93		—		93
Interest rate SWAP		—		737		—		737

There were no transfers of financial assets between Level 1, Level 2 and Level 3 during the period.

The Company has applied the market approach technique in order to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable (i.e., similar) assets, liabilities or a group of assets and liabilities.

When the inputs required by the market approach are not available, the Company applies the income approach technique. The income approach technique estimates the fair value of an asset or a liability by converting future amounts (e.g. cash flows or income and expenses) to a single current (i.e., discounted) amount. When the income approach is used, the fair value measurement reflects current market expectations about those future amounts.

There were also no changes made to any of the valuation techniques applied as of December 31, 2020.

5.2.1 - Foreign exchange future and forward contracts

During the three months ended March 31, 2021, the Argentinian subsidiary Sistemas Globales, S.A., acquired foreign exchange futures contracts through SBS Sociedad de Bolsa S.A. (SBS) in U.S. dollars, with the purpose of hedging the possible decrease of assets' value held in Argentine pesos due to the risk of exposure to fluctuations in foreign currency. The foreign exchange futures contracts were recognized, according to IFRS 9, as financial assets at fair value through profit or loss. For the three months ended March 31, 2021, the Company has recognized a loss of 320, there were no future contracts transactions for the three months ended March 31, 2020.

These futures contracts have daily settlements, in which the futures value changes daily. Sistemas Globales S.A. recognizes daily variations in SBS primary accounts, and the gains or losses generated by each daily position through profit or loss. Thus, at the closing of each day, according to the future price of the exchange rate U.S. dollar – Argentine peso, the companies perceive a gain or loss for the difference. As of March 31, 2021, the accrued valuation of the last day of the month will be settled with the bank in the first day of the next month, so the value recognize in the financial statements is the amount pending to settle with the bank for the last day valuation. The Company maintains as of March 31, 2021 and December 31, 2020, one and three foreign exchange futures contract with a maturity date of April 1, 2021 and January 31, 2021, respectively, 22 and 7 recognized as Other financial liabilities in the balance sheet, respectively.

PAGE 15

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

Pursuant to these contracts, Sistemas Globales S.A. is required to maintain collateral in an amount equal to a percentage of the notional amounts purchased until settlement of the contracts. As of March 31, 2021 and 2020, Sistemas Globales, S.A. held 10% of the value of that collateral in Mutual funds, in SBS's primary account. This ensures minimal funding in case SBS has to transfer funds to "Mercado a Término de Rosario S.A" (ROFEX) if losses are generated by daily settlements. This amount must also remain restricted during the term of the contracts. As of March 31, 2021 and December 31, 2020, collateral regarding the transactions are restricted assets for an amount of 913 and 952, respectively, in Mutual funds included as investments.

During the three months ended March 31, 2020, the subsidiaries Sistemas Globales S.A., IAFH Global S.A., Sistemas Globales Uruguay S.A., Sistemas Globales Chile S.L, Sistemas Colombia S.AS., India Private Limited and Global Systems Outsourcing S. de R.L. de C.V. acquired foreign exchange forward contracts with certain banks in U.S. dollars, with the purpose of hedging the possible decrease of assets' value held in Argentine pesos, Uruguayan pesos, Chilean pesos, Colombian pesos, Indian rupee and Mexican pesos, due to the risk of exposure to fluctuations in foreign currency. During the three months ended March 31, 2021, the subsidiary Globant LLC has also acquired foreign exchange forward contracts with certain banks, with the purpose of hedging the exposure in currencies different than U.S. dollar. Those contracts were recognized, according to IFRS 9, as financial assets or liabilities at fair value through profit or loss. For the three months ended March 31, 2021 and 2020, the Company recognized a net loss of 3,711 and 5,917, respectively.

As of March 31, 2021 and December 31, 2020, the foreign exchange future and forward contracts that were recognized as financial assets and liabilities at fair value through profit or loss were as follows:

	Currency	Foreign currency		Notional foreign		Fair value assets /
Settlement date	from contracts	rate from contracts		currency rate		(liabilities)
April 30, 2021	Argentine Peso		96.52		94.19		(63	)
April 30, 2021	Argentine Peso		95.23		94.19		(34	)
May 10, 2021	European Union Euro		0.83		0.86		(292	)
May 28, 2021	Argentine Peso		99.08		96.77		(50	)
May 28, 2021	Pound Sterling		0.72		0.73		(135	)
May 28, 2021	European Union Euro		0.84		0.85		(356	)
May 28, 2021	Colombian Peso		3,643.45		3,682.19		(83	)
Fair value as of March 31, 2021							(1,013	)

	Currency	Foreign currency		Notional foreign		Fair value assets /
Settlement date	from contracts	rate from contracts		currency rate		(liabilities)
January 28, 2021	Colombian Peso		3,530.13		3,433.13		226
January 28, 2021	Colombian Peso		3,475.25		3,431.93		101
Fair value as of December 31, 2020							327

January 29, 2021	Argentine Peso		90.50		87.60		(86	)
Fair value as of December 31, 2020							(86	)

PAGE 16

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

Hedge accounting

During the three months ended March 31, 2021 and 2020, the subsidiaries Sistemas Globales S.A., IAFH Global S.A., Sistemas Colombia SAS, Sistemas Globales Uruguay S.A., Sistemas Globales Chile S.L., Globant India Private Limited and Global Systems Outsourcing S. de R.L. de C.V. entered into foreign exchange forward and future contracts to manage the foreign currency risk associated with the salaries payable in Argentine pesos, Colombian pesos, Uruguayan pesos, Chilean pesos, Indian rupee and Mexican pesos. The Company designated those derivatives as hedging instruments in respect of foreign currency risk in cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges.

The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in the "other financial results, net" line item. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized hedged item (i.e., Salaries, employee benefits and social security taxes).

During the three months ended March 31, 2021 and 2020, the Company recognized a net loss of 665 and 1,695, included in the line item "Salaries, employee benefits and social security taxes", respectively, and a net loss of 39 and 1,643, included in the line item "Other comprehensive income", respectively.

During the three months ended March 31, 2020, Globant LLC entered into three interest rate swap transactions with the purpose of hedging the exposure to variable interest rate related to the Amended and Restated Credit Agreement with certain financial institutions, the Company has recognized a loss of 426 included in other comprehensive income. The Company designated those derivatives as hedging instruments in respect of interest rate risk in cash flow hedges. Hedges of interest rate risk on recognized liabilities are accounted for as cash flow hedges. As of March 31, 2021, the Company has chosen to discontinue the remaining interest rate swap since the hedged future cash flows were no longer expected to occur. As of March 31, 2021, the Company has recognized a gain of 294 through the statement of comprehensive income.

Foreign currency forward contract and interest rate swap assets and liabilities are presented in the line items "Other financial assets" and "Other financial liabilities" within the statement of financial position.

Hedging instruments - Outstanding contracts

The following table detail the foreign currency forward contracts and interest rate swap contracts outstanding as of March 31, 2021 and December 31, 2020:

Interest rate swap

			Floating rate	Fixed rate			Fair value
Maturity Date	Notional		receivable	payable			liabilities
March 11, 2024		15,000	1month LIBOR		0.647	%		(114	)
March 31, 2023		15,000	1month LIBOR		0.511	%		(89	)
March 12, 2024		20,000	1month LIBOR		0.566	%		(101	)
April 30, 2024		25,000	1month LIBOR		0.355	%		63
Fair value as of March 31, 2021								(241	)

PAGE 17

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

			Floating rate	Fixed rate			Fair value
Maturity Date	Notional		receivable	payable			liabilities
Hedge instrument
April 30, 2024		25,000	1month LIBOR		0.355	%		(132	)
Fair value as of December 31, 2020								(132	)

Instrument for which hedge accounting has been discontinued
March 11, 2024		15,000	1month LIBOR		0.647	%		(230	)
March 31, 2023		15,000	1month LIBOR		0.511	%		(123	)
March 12, 2024		20,000	1month LIBOR		0.566	%		(252	)
Fair value as of December 31, 2020								(605	)

Foreign currency forwards

	Currency	Foreign currency		Notional foreign		Fair value assets/
Settlement date	from contracts	rate from contracts		currency rate		(liabilities)
April 15, 2021	Mexican Peso		21.48		20.47		172
April 27, 2021	Indian Rupee		73.53		73.37		1
April 30, 2021	Chilean Peso		729.00		718.84		35
May 27, 2021	Indian Rupee		74.06		73.66		2
May 27, 2021	Indian Rupee		74.06		73.66		3
May 27, 2021	Indian Rupee		74.08		73.66		3
May 27, 2021	Indian Rupee		74.06		73.66		3
May 28, 2021	Uruguayan Peso		44.58		44.50		3
May 28, 2021	Colombian Peso		3,738.50		3,681.64		122
Fair value as of March 31, 2021							344

April 30, 2021	Uruguayan Peso		44.13		44.32		(7	)
April 30, 2021	Colombian Peso		3,613.42		3,678.84		(140	)
Fair value as of March 31, 2021							(147	)

PAGE 18

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

	Currency	Foreign currency		Notional foreign		Fair value
Settlement date	from contracts	rate from contracts		currency rate		assets
January 15, 2021	Mexican Peso		20.15		19.93		22
January 27, 2021	Indian Rupee		73.72		73.31		2
January 27, 2021	Indian Rupee		73.72		73.31		3
January 27, 2021	Indian Rupee		73.72		73.31		3
January 27, 2021	Indian Rupee		73.71		73.31		1
January 28, 2021	Colombian Peso		3,490.10		3,433.08		133
January 29, 2021	Uruguayan Peso		42.51		42.47		1
Fair value as of December 31, 2020							165

5.3 Level 3

5.3.1 Convertible notes

During the three months ended March 31, 2021, the Company maintained several convertible notes that include the right to convert the outstanding principal amount into equity interests in the companies that issued the convertible notes. The fair value of such convertible notes was estimated using unobservable inputs.

The amounts of gains and losses for the three months ended March 31, 2021, related to changes in the fair value of the convertible notes which were not material.

5.3.1.1 Globant España

During the three months ended March 31, 2021, Globant España S.A. entered into 3 note purchase agreements with LookApp S.A.S, UALI Holding Limited and B2CHAT S.A.S, in addition to the note purchase agreement transferred from Globant Ventures on 2020 with Drixit Technologies Inc. (the "startups"), pursuant to which Globant España S.A. provided financing facility for a total amount of 800. Interest on the entire outstanding principal balance is computed at annual rates ranging from 2% to 4%. Globant España S.A. has the right to convert all or any portion of the outstanding principal into equity interests of the startups. As of March 31, 2021 and December 31, 2020, the fair value of these note purchase agreements amounted to 1,003 and 202 as other financial assets non-current, respectively; and 130 as other financial assets current as of December 31, 2020, related to the convertible note with Collokia LLC.

Collokia

On May 5, 2017, the Company and Collokia LLC, entered into a loan agreement whereby the Company provided a financing facility of 100. Interest on the entire outstanding principal balance is computed at an annual rate of 2.8%. Collokia shall repay the loan in full within 18 months from the date that this agreement was signed. The Company has the right to convert any portion of the outstanding principal into preferred units of Collokia. As of December 31, 2020, the fair value of the loan agreement amounted to 130, and is disclosed as other financial assets current. On February 11, 2021, the Company entered into a Software License Agreement with Collokia LLC in exchange for the cancellation of the convertible notes the grant of a perpetual, free, worldwide, non-exclusive, non-transferable and non-sublicensable license to use a software developed by Collokia LLC.

PAGE 19

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

5.3.1.2 Sistemas Globales

As of March 31, 2021, Sistemas Globales S.A. maintains, since its merger with Globant Ventures SAS, 5 note purchase agreements with Interactive Mobile Media S.A. (CamonApp), AvanCargo Corp., TheEye S.A.S., Robin and Woolabs S.A. (the "startups"), pursuant to which Sistemas Globales S.A. provided financing facility for a total amount of 800. Interest on the entire outstanding principal balance is computed at annual rates ranging from 5% to 12%. Sistemas Globales S.A. has the right to convert all or any portion of the outstanding principal into equity interests of the startups. As of March 31, 2021 and December 31, 2020, the fair value of these note purchase agreements amounted to 843 and 104 as other financial assets non-current, respectively; and 730 as other financial assets current as of December 31, 2020.

5.3.2. Contingent consideration

As described in note 25.8 to the Company's audited consolidated financial statements for the year ended December 31, 2020, the acquisition of Avanxo (Bermuda) Limited (“Avanxo”) included a contingent consideration agreement which is payable on a deferred basis and which will be subject to the occurrence of certain events relating to the acquired company's gross revenue and gross margin and operating margin.

As of December 31, 2020, the nominal value of contingent consideration related to Avanxo amounted to 1,159. Such amount was paid on March 29, 2021. The fair value of the contingent consideration arrangement of 1,145 as of December 31, 2020, was estimated by discounting to present value using a risk-adjusted discount rate.

As described in note 25.10 to the Company's audited consolidated financial statements for the year ended December 31, 2020, the acquisition of BI Live, included a contingent consideration agreement which is payable on a deferred basis and which will be subject to the occurrence of certain events relating to the acquired company's growth and operating margin.

As of December 31, 2020, the nominal value of contingent consideration related to BI Live amounted to 423. Such amount was paid on February 26, 2021. The fair value of the contingent consideration arrangement of 535 as of December 31, 2020, was estimated by discounting to present value using a risk-adjusted discount rate.

As of March 31, 2021, the Company signed an amendment of the agreement with the sellers of BI Live, pursuant to which the remaining payments were modified and agreed upon fixed payments in replacement of the previous contingent considerations.

As described in note 25.11 to the Company's audited consolidated financial statements for the year ended December 31, 2020, the acquisition of Grupo ASSA included a contingent consideration agreement which is payable on a deferred basis and which will be subject to the occurrence of certain events relating to the acquired company's revenue and gross margin.

As of December 31, 2020, the nominal value of contingent consideration related to Grupo ASSA amounted to 11,289. Such amount was paid on March 31, 2021. The fair value of the contingent consideration arrangement of 11,218 as of December 31, 2020, was estimated by discounting to present value using a risk-adjusted discount rate.

As described in note 25.12 to the Company's audited consolidated financial statements for the year ended December 31, 2020, the acquisition of Xappia included a contingent consideration agreement which is payable on a deferred basis and which will be subject to the occurrence of certain events relating to the acquired company's revenue and gross margin.

PAGE 20

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

As of March 31, 2021 and December 31, 2020, the nominal value of contingent consideration related to Xappia amounted to 3,999 and 3,980, respectively. Based on the Company's estimations as of those dates, the potential minimum amounts of all future payments that the Company could be required to make under this agreement were between 3,999 and 3,980, respectively. In addition, the actual amounts to be paid under the contingent consideration arrangement may be increased proportionally to the target's achievements and are not subject to any maximum amount. The fair value of the contingent consideration arrangement of 3,810 and 3,868 as of March 31, 2021 and December 31, 2020, respectively, was estimated by discounting to present value using a risk-adjusted discount rate.

As described in note 25.13 to the Company's audited consolidated financial statements for the year ended December 31, 2020, the acquisition of GMR included a contingent consideration agreement which is payable on a deferred basis and which will be subject to the occurrence of certain events relating to the acquired company's revenue.

As of March 31, 2021 and December 31, 2020, the nominal value of contingent consideration related to GMR amounted to 4,672 and 4,547, respectively. Based on the Company's estimations as of those dates, the potential minimum amounts of all future payments that the Company could be required to make under this agreement were between 4,672 and 4,547, respectively. In addition, the actual amounts to be paid under the contingent consideration arrangement may be increased proportionally to the target's achievements and are not subject to any maximum amount. The fair value of the contingent consideration arrangement of 4,378 and 4,391 as of March 31, 2021 and December 31, 2020, respectively, was estimated by discounting to present value using a risk-adjusted discount rate.

As described in note 25.14 to the Company's audited consolidated financial statements for the year ended December 31, 2020, the acquisition of Bluecap included a contingent consideration agreement which is payable on a deferred basis and which will be subject to the occurrence of certain events relating to the acquired company's revenue and operating margin.

As of March 31, 2021 and December 31, 2020, the nominal value of contingent consideration related to Bluecap amounted to 22,438 and 24,419, respectively. Based on the Company's estimations as of those dates, the potential minimum amounts of all future payments that the Company could be required to make under this agreement were between 19,140 and 24,419, respectively. In addition, the actual amounts to be paid under the contingent consideration arrangement may be increased proportionally to the target's achievements and are not subject to any maximum amount. The fair value of the contingent consideration arrangement of 21,710 and 22,557 as of March 31, 2021 and December 31, 2020, respectively, was estimated by discounting to present value using a risk-adjusted discount rate.

As described in note 21, the acquisition of Cloudshift included a contingent consideration agreement which is payable on a deferred basis and which will be subject to the occurrence of certain events relating to the acquired company's revenue and operating margin.

As of March 31, 2021, the nominal value of contingent consideration related to Cloudshift amounted to 14,634. Based on the Company's estimations as of those dates, the potential minimum amounts of all future payments that the Company could be required to make under this agreement was 14,634. In addition, the actual amounts to be paid under the contingent consideration arrangement may be increased proportionally to the target's achievements and are not subject to any maximum amount, except for those subject to revenue growth, in which the contingent consideration would be subject to a maximum amount of 2,875. The fair value of the contingent consideration arrangement of 13,881 as of March 31, 2021, was estimated by discounting to present value using a risk-adjusted discount rate.

PAGE 21

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

5.3.3. Reconciliation of recurring fair value measurements categorized within Level 3 of the fair value hierarchy:

	Financial Assets				Financial Liabilities
	Convertible notes		Equity instrument		Contingent consideration
December 31, 2020		1,036		10,478		43,714
Acquisition of business ⁽¹⁾		—		—		13,881
Acquisition of investment ⁽²⁾		500		2,700		—
Payments ⁽²⁾		300		—		(12,946	)
Interests ⁽¹⁾		10		—		281
Foreign exchange difference ⁽¹⁾		—		—		(954	)
Others ⁽¹⁾		—		—		(197	)
March 31, 2021		1,846		13,178		43,779

	Financial Assets					Financial Liabilities
	Convertible notes			Equity instrument		Contingent consideration
December 31, 2019		3,425			—		9,252
Fair value remeasurement ⁽¹⁾		—			—		2,431
Acquisition of business ⁽¹⁾		—			—		43,072
Acquisition of investment ⁽²⁾		—			9,167		—
Exercise of conversion option ⁽¹⁾		(1,311	)		1,311		—
Instrument sold ⁽²⁾		(1,800	)		—		—
Payments ⁽²⁾		701			—		(11,400	)
Interests ⁽¹⁾		21			—		359
December 31, 2020		1,036			10,478		43,714

⁽¹⁾ Non-cash transactions.

⁽²⁾ Cash transactions included in investing activities in the condensed interim consolidated statement of cash flows.

NOTE 6 – INCOME TAXES

6.1. Effective tax rate

Income tax expense is recognized based on management’s best estimate of the weighted average annual income tax rate expected for the full financial year. The effective tax rate calculated for the three months ended March 31, 2021 and 2020 was 25% and 32%, respectively.

NOTE 7 – REVENUE

The following tables present the Company’s revenues disaggregated by type of contracts, by revenue source regarding the industry vertical of the client and by currency. The Company provides technology services to enterprises in a range of industry verticals including media and entertainment, travel and hospitality, professional services, technology and telecommunications, banks, financial services and insurance and consumer, retail and manufacturing, among others. The Company understands that disaggregating revenues into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenues may be affected by economic factors. However, this information is not considered by the chief operating decision-maker to allocate resources and in assessing financial performance of the Company. As noted in the business segment reporting information in note 18, the Company operates in a single operating and reportable segment.

PAGE 22

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

	Three months ended
By Type of contract	March 31, 2021		March 31, 2020
Time and material contracts		221,570		159,278
Fixed-price contracts		46,606		28,203
Subscription resales		1,973		4,085
Others		21		6
TOTAL		270,170		191,572

	Three months ended
By Industry Vertical	March 31, 2021		March 31, 2020
Banks, Financial Services and Insurance		68,888		45,379
Media and Entertainment		57,266		46,354
Consumer, Retail & Manufacturing		38,728		25,792
Professional Services		32,062		21,819
Technology & Telecommunications		30,404		23,622
Travel & Hospitality		19,032		22,289
Health Care		21,279		4,537
Other Verticals		2,511		1,780
TOTAL		270,170		191,572

	Three months ended
By Currency(*)	March 31, 2021		March 31, 2020
USD		210,032		166,248
EUR		26,551		7,571
GBP		2,883		140
ARS		12,152		7,769
MXN		8,356		5,526
COP		2,115		1,970
BRL		4,781		2,058
PEN		1,841		4
CLP		1,231		198
Others		228		88
TOTAL		270,170		191,572

(*) Billing currency.

PAGE 23

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

NOTE 8 – COST OF REVENUES AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

8.1. Cost of revenues

	Three months ended
	March 31, 2021			March 31, 2020
Salaries, employee benefits and social security taxes ⁽¹⁾		(155,570	)		(109,410	)
Share-based compensation expense		(1,015	)		(1,121	)
Depreciation and amortization expense		(2,801	)		(2,290	)
Travel and housing ⁽²⁾		(731	)		(4,120	)
Office expenses		(1,527	)		(610	)
Professional services ⁽³⁾		(4,456	)		(1,090	)
Promotional and marketing expenses		(287	)		(93	)
Recruiting, training and other employee expenses		(586	)		(635	)
TOTAL		(166,973	)		(119,369	)

(1)

The increase is primarily attributable to a general increase in salaries and to the net addition of 4,529 IT professionals since March 31, 2020, an increase of 38.53%, to satisfy growing demand for our services, which translated into an increase in salaries, together with a lower attrition level. The increase is also explained by the addition of the employees of acquired companies during 2021 and 2020.

(2)

The variation is explained by an important decreased of travels and housing expenses as consequence of COVID-19 travel restrictions after the first quarter of 2020 that continue in 2021.

(3)

The increase is mainly attributable to the increase in contractor services related to the business growth and professional fees related to financial, legal and audit services; also intervenes subscriptions fees to software licenses and IT services.

8.2. Selling, general and administrative expenses

	Three months ended
	March 31, 2021			March 31, 2020
Salaries, employee benefits and social security taxes ⁽¹⁾		(29,589	)		(19,968	)
Share-based compensation expense ⁽²⁾		(8,337	)		(5,158	)
Rental expenses		(1,409	)		(1,834	)
Office expenses		(3,118	)		(3,328	)
Professional services		(7,184	)		(5,358	)
Travel and housing ⁽³⁾		(678	)		(2,184	)
Taxes		(4,325	)		(3,802	)
Depreciation and amortization expense		(8,972	)		(4,575	)
Depreciation expense of right-of-use assets		(4,576	)		(4,622	)
Recruiting, training and other employee expenses ⁽⁴⁾		(2,484	)		(434	)
Promotional and marketing expenses		(1,219	)		(609	)
TOTAL		(71,891	)		(51,872	)

(1)

The increase is primarily attributable to an increase in salaries, employee benefits and social security taxes related to a general increase in salaries and to the addition of 200 staff personnel since March 31, 2020. The increase is also explained by the addition of the employees of acquired companies during 2021 and 2020.

(2)

The increase is explained by the RSU granted during 2021 and the effect of the share price that also increased.

(3)

The variation is explained by an important decreased of travels and housing expenses as consequence of COVID-19 travel restrictions after the first quarter of 2020 that continue in 2021.

(4)

The increase mainly corresponds to the net additions of more than 1,000 professionals during the quarter, the launch of the scholarships with Digital House and the increase in training.

PAGE 24

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

NOTE 9 – FINANCE INCOME / EXPENSE AND OTHER FINANCIAL RESULTS

	Three months ended
	March 31, 2021			March 31, 2020
Finance income
Interest gain		323			256
Total		323			256

Finance expense
Interest expense on borrowings		(159	)		(462	)
Interest expense on lease liabilities		(1,262	)		(1,387	)
Other interest		(634	)		(243	)
Other		(557	)		(363	)
Total		(2,612	)		(2,455	)

Other financial results, net
Net (loss) gain arising from financial assets measured at fair value through PL		(3,412	)		(5,642	)
Net gain (loss) arising from financial assets measured at fair value through OCI		—			(28	)
Gain (loss) arising from financial assets measured at amortised cost		—			(3	)
Foreign exchange gain (loss), net ⁽¹⁾		3,702			6,059
Gain on transaction with bonds		581			2,331
Total		871			2,717

(1)

The variation is explained mainly by a smaller devaluation of local currencies as the Colombian, Uruguayan, Mexican and Argentinian peso, devalued against the U.S. dollar, for the three months ended March 31, 2021.

PAGE 25

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

NOTE 10 – PROPERTY AND EQUIPMENT

Property and equipment as of March 31, 2021 included the following:

	Computer equipment and software			Furniture and office supplies			Office fixtures			Vehicles			Buildings		Lands		Properties under construction			Total
Useful life (years)		3			5			3			5			50
Cost
Values at beginning of the period		50,332			10,084			51,568			79			13,907		2,354		49,803			178,127
Additions related to business combinations		79			—			—			259			—		—		—			338
Additions		1,669			94			27			—			45		—		2,660			4,495
Disposals		(391	)		(147	)		(22	)		(34	)		—		—		(318	)		(912	)
Transfers		—			—			15			—			—		—		(15	)		—
Translation		(219	)		(52	)		(54	)		—			—		—		—			(325	)
Values at end of period		51,470			9,979			51,534			304			13,952		2,354		52,130			181,723

Depreciation
Accumulated at beginning of the period		32,647			6,651			36,601			17			1,184		—		—			77,100
Additions		2,271			401			1,405			15			77		—		—			4,169
Disposals		(221	)		(93	)		(6	)		(32	)		—		—		—			(352	)
Translation		(27	)		(31	)		(50	)		—			—		—		—			(108	)
Accumulated at end of period		34,670			6,928			37,950			—			1,261		—		—			80,809
Carrying amount		16,800			3,051			13,584			304			12,691		2,354		52,130			100,914

PAGE 26

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

Property and equipment as of March 31, 2020 included the following:

	Computer equipment and software			Furniture and office supplies			Office fixtures			Vehicles		Buildings		Lands		Properties under construction			Total
Useful life (years)		3			5			3			5		50
Cost
Values at beginning of the period		38,939			9,599			50,357			108		13,821		2,354		34,171			149,349
Additions		1,912			207			438			—		—		—		2,965			5,522
Disposals		(1	)		(67	)		(2	)		—		—		—		—			(70	)
Transfers		—			89			240			—		—		—		(329	)		—
Translation		(196	)		(104	)		(110	)		—		—		—		—			(410	)
Values at end of period		40,654			9,724			50,923			108		13,821		2,354		36,807			154,391

Depreciation
Accumulated at beginning of the period		25,277			5,344			30,290			28		877		—		—			61,816
Additions		1,862			383			1,653			4		76		—		—			3,978
Disposals		—			(20	)		(1	)		—		—		—		—			(21	)
Translation		(119	)		(53	)		(110	)		—		—		—		—			(282	)
Accumulated at end of period		27,020			5,654			31,832			32		953		—		—			65,491
Carrying amount		13,634			4,070			19,091			76		12,868		2,354		36,807			88,900

PAGE 27

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

NOTE 11 – INTANGIBLE ASSETS

Intangible assets as of March 31, 2021 included the following:

	Licenses and internal developments			Customer contracts and relationships		Non-compete agreements		Cryptocurrencies(*)		Total
Useful life (years)		5			1-9		3
Cost
Values at beginning of the period		72,538			74,792		834		—		148,164
Additions related to business combinations		—			1,051		305		—		1,356
Additions from separate acquisitions		2,391			—		—		500		2,891
Additions from internal development		5,717			—		—		—		5,717
Disposals		(233	)		—		—		—		(233	)
Translation		(11	)		—		—		—		(11	)
Values at end of period		80,402			75,843		1,139		500		157,884

Amortization
Accumulated at beginning of the period		47,360			13,459		624		—		61,443
Additions		4,164			3,414		26		—		7,604
Disposals		(37	)		—		—		—		(37	)
Translation		(25	)		—		—		—		(25	)
Accumulated at end of period		51,462			16,873		650		—		68,985
Carrying amount		28,940			58,970		489		500		88,899

^(*)During the first quarter of 2021, the Company purchased an aggregate of 500 in crypto assets, comprised solely of bitcoin.

PAGE 28

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

Intangible assets as of March 31, 2020 included the following:

	Licenses and internal developments			Customer contracts and relationships		Total
Useful life (years)		5			1 - 4
Cost
Values at beginning of the period		48,318			25,285		73,603
Additions related to business combinations		—			267		267
Additions from separate acquisitions		1,616			—		1,616
Additions from internal development		2,025			—		2,025
Disposals		(301	)		—		(301	)
Translation		(21	)		—		(21	)
Values at end of period		51,637			25,552		77,189

Amortization
Accumulated at beginning of the period		35,473			11,020		46,493
Additions		2,483			404		2,887
Translation		(17	)		—		(17	)
Accumulated at end of period		37,939			11,424		49,363
Carrying amount		13,698			14,128		27,826

During the year, the Company considered the recoverability of its internally generated intangible assets which are included in the condensed interim consolidated financial statements as of March 31, 2021 and 2020 with a carrying amount of 20,874 and 9,970, respectively.

NOTE 12 – LEASES

Movements in right-of-use assets and lease liabilities as of March 31, 2021 were as follow:

Right-of-use assets	Office spaces			Office equipment			Computers			Total

January 1, 2021		76,374			9,486			4,150			90,010
Additions		5,658			6,078			1,172			12,908
Disposals		(47	)		—			—			(47	)
Depreciation		(3,710	)		(330	)		(536	)		(4,576	)
Foreign currency translation		(71	)		—			—			(71	)
March 31, 2021		78,204			15,234			4,786			98,224

PAGE 29

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

Lease liabilities

January 1, 2021	87,598
Additions ⁽¹⁾	12,908
Foreign exchange difference ⁽¹⁾	(2,007	)
Foreign currency translation ⁽²⁾	11
Interest expense ⁽¹⁾	1,262
Payments ⁽²⁾	(6,462	)
Disposals	(64	)
March 31, 2021	93,246

⁽¹⁾ Non-cash transactions.

⁽²⁾ Cash transactions.

Movements in right-of-use assets and lease liabilities as of March 31, 2020 were as follow:

Right-of-use assets	Office spaces			Office equipment			Total

January 1, 2020		51,625			7,156			58,781
Additions		18,760			379			19,139
Depreciation		(4,303	)		(319	)		(4,622	)
Foreign currency translation		(274	)		—			(274	)
March 31, 2020		65,808			7,216			73,024

Lease liabilities

January 1, 2020	61,363
Additions ⁽¹⁾	19,139
Foreign exchange difference ⁽¹⁾	(7,417	)
Foreign currency translation ⁽²⁾	(296	)
Interest expense ⁽¹⁾	1,387
Payments ⁽²⁾	(5,299	)
March 31, 2020	68,877

⁽¹⁾ Non-cash transactions.

⁽²⁾ Cash transactions.

PAGE 30

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

NOTE 13 – OTHER FINANCIAL ASSETS AND LIABILITIES

	As of
	March 31, 2021		December 31, 2020
Other financial assets
Current
Convertible notes (note 5.3.1)		—		860
Foreign exchange forward contracts (note 5.2.1)		344		492
Guarantee deposits		455		190
Others		32		35
Total		831		1,577

Non-current
Convertible notes (note 5.3.1)		1,846		306
Equity instrument ⁽¹⁾		13,178		10,478
Guarantee deposits		4,097		4,363
Total		19,121		15,147

Other financial liabilities
Current
Other financial liabilities related to business combinations ⁽²⁾ (note 21)		41,826		19,729
Foreign exchange forward contracts		1,182		93
Total		43,008		19,822

Non-current
Other financial liabilities related to business combinations ⁽²⁾ (note 21)		50,444		73,639
Interest rate SWAP		241		737
Total		50,685		74,376

(1)

On January 15, 2021, the Spanish subsidiary Globant España S.A. signed a stock purchase agreement and acquired 4% of ELSA, Corp. for 2,700.

(2)

The variation is due to the Cloudshift acquisition on February 28, 2021, which is offset by the payments made to the sellers of Avanxo, BI Live and Grupo ASSA (see note 5.3.3).

NOTE 14 - CAPITAL AND RESERVES

14.1. Issuance of common shares

During the three months ended March 31, 2021, 25,103 common shares were issued after vested options arising from the 2012 and 2014 share-based compensation plan were exercised by some employees. Options were exercised at an average price of 33.92 per share amounting to a total of 851.

During the three months ended March 31, 2021, 28,593 Restricted Stock Units ("RSUs") were granted to certain employees and directors of the Company and 4,125 RSUs were vested at an average price of 86.73 per share amounting to a total of 358 (non-cash transaction).

PAGE 31

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

During the three months ended March 31, 2020, 64,401 common shares were issued after vested options arising from the 2012 and 2014 share-based compensation plan were exercised by some employees. Options were exercised at an average price of 31.39 per share amounting to a total of 2,021.

During the three months ended March 31, 2020, 22,436 RSUs were granted to certain employees and directors of the Company and 3,475 RSUs were vested at an average price of 62.24 per share amounting to a total of 216 (non-cash transaction).

As of March 31, 2021, 38,523,904 common shares of the Company's share capital were registered and listed on the New York Stock Exchange.

14.2. Subscription agreement

On March 15, 2021, the Company issued 8,415 common shares for a total amount of 1,750 as part of the subscription agreement included in the stock purchase agreement signed with Xappia's sellers.

On March 10, 2020, the Company issued 2,018 common shares for a total amount of 225 as part of the subscription agreement included in the stock purchase agreement signed with Ratio's sellers.

NOTE 15 - BORROWINGS

	As of
	March 31, 2021		December 31, 2020

Current
Bank loans		129		907
Other loans		1,074		—
Non-current
Bank loans		31		25,061
TOTAL		1,234		25,968

Movements in bank loans were as follows:

	Three months ended
	March 31, 2021			March 31, 2020

Balance at the beginning of year		25,968			51,386
Proceeds from borrowings ⁽¹⁾⁽⁴⁾		3,428			75,000
Payment of borrowings ⁽²⁾⁽⁴⁾		(28,213	)		(1,139	)
Accrued interest ⁽³⁾		159			465
Translation ⁽³⁾		(108	)		(48	)
Balance at the end of the period		1,234			125,664

(1)

During the first quarter of 2021, the Company through its Argentinian subsidiaries (Sistemas Globales S.A. and IAFH Global S.A.) borrowed 1,116 through bank overdrafts with Banco Santander and also discounted checks through SBS Sociedad de Bolsa S.A. for 2,312 with maturity in April 2021. On March 23, 2020 and March 24, 2020, Globant LLC borrowed 64,000 and 11,000, respectively, under the Amended and Restated Credit Agreement, described in note 20 to the Company's audited consolidated financial statements for the year ended December 31, 2020. This loan will mature on February 5, 2025.

(2)

During the three months ended March 31, 2021, the main payments were 25,000 by Globant LLC related to the principal amount of the Amended and Restated Credit Agreement, Decision Support, S.A. paid 754 related to the principal amount and interest of the loam remaining with Banco ICBC, the Argentinian subsidiaries (Sistemas Globales S.A. and IAFH Global S.A.) paid 1,116 for the bank overdrafts with Banco Santander and 1,308 of the discounted checks with SBS Sociedad de Bolsa S.A. During the three months ended March 31, 2020, the main payments were 523 paid on March 26, 2020 by Avanxo Colombia related to the principal amount of the borrowing with Banco Santander and 537 paid by Globant LLC related to the principal amount and interest of the Amended and Restated Credit Agreement.

(3)

Non-cash transactions.

(4)

Cash transactions.

PAGE 32

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

NOTE 16 – SHARE-BASED COMPENSATION - EMPLOYEE BENEFITS

16.1. Movements in share options during the period

The following reconciles the share options outstanding at the end of the three months ended March 31, 2021 and 2020:

	March 31, 2021					March 31, 2020
	Number of options			Weighted average exercise price		Number of options			Weighted average exercise price

Balance at the beginning of year		857,643			31.57		1,051,602			32.00
Forfeited during the period		—			—		(17,125	)		41.32
Exercised during the period		(25,103	)		33.92		(64,401	)		31.39
Balance at end of period		832,540			31.48		970,076			31.88

16.2 Movements in restricted stock units during the period

The following reconciles the RSU outstanding at the end of the three months ended March 31, 2021 and 2020:

	March 31, 2021					March 31, 2020
	Number of RSU			Weighted average grant price		Number of RSU			Weighted average grant price

Balance at the beginning of year		664,345			101.25		624,896			64.05
RSU granted during the period		28,593			223.82		22,436			111.00
Forfeited during the period		(3,750	)		46.00		(15,438	)		60.76
Issued during the period		(4,125	)		86.73		(3,475	)		62.24
Balance at end of period		685,063			107.26		628,419			65.82

16.3 Employee Share Purchase Plan

In March 2021, the Company adopted the Globant S.A. 2021 Employee Share Purchase Plan (the "ESPP"), with effect as of March 1, 2021. This plan is additional to the 2012 long-term incentive plan and the 2014 Equity Incentive Plan. The ESPP provides eligible employees with an opportunity to acquire a proprietary interest in the Company through the purchase of the Company's common shares.

PAGE 33

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

The ESPP permits participants to purchase Common Shares through payroll deductions of generally 10.0% of their eligible compensation. The ESPP will typically be implemented through consecutive six-month offering periods. Amounts deducted and accumulated from participant compensation will be used to purchase Common Shares at the end of each offering period. Under the terms of the ESPP, the purchase price of the shares shall not be less than 90.0% of the lower of the fair market value of a Common Share on the first trading day of the offering period or on the purchase date. Subject to adjustment as provided by the ESPP and unless otherwise provided by the Compensation Committee, the purchase price for each offering period shall be 90% of the fair market value of a Common Share on the purchase date. As of March 31, 2021, there has not been any offering period.

NOTE 17 – CONTINGENCIES

As of the date of issuance of these condensed interim consolidated financial statements, no significant changes have occurred with respect to the contingencies included in note 22 to the consolidated financial statements for the year ended December 31, 2020, except for the ones herein mentioned.

On March 31, 2021, Globant S.A. and Globant LLC prevailed on motions to dismiss 8 out of the 11 claims including five counts of the counts sounding in fraud and/or conspiracy, professional negligence, and unjust enrichment as to Globant S.A., filed by Certified Collectibles Group, LLC (“CCG”). On April 16, 2021, CCG filed a Second Amended Complaint asserting three causes of action, including (1) breach of contract and express warranty by Globant LLC; (2) a declaratory judgment claim against Globant LLC; and (3) a violation of Florida’s Deceptive and Unfair Trade Practices Act against Globant S.A. and Globant LLC.

NOTE 18 – SEGMENT INFORMATION

Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding on how to allocate resources and in assessing performance. The Company’s CODM is considered to be the Company’s chief executive officer (“CEO”). The CEO reviews information presented on an entity level basis for purposes of making operating decisions and assessing financial performance. Therefore, as of March 31, 2021, the Company has determined that it operates in a single operating and reportable segment.

The Company provides services related to application development, testing, infrastructure management and application maintenance.

PAGE 34

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

The following table summarizes revenues by geography, based on the customers' location:

	Three months ended
	March 31, 2021		March 31, 2020
North America
United States of America		164,397		138,856
Canada		6,031		3,941
Subtotal North America		170,428		142,797
Europe
Spain		24,103		5,471
United Kingdom		2,952		4,531
Belgium		1,569		50
Switzerland		1,031		204
France		483		148
Luxembourg		360		409
Germany		440		196
Netherlands		907		319
Others		700		143
Subtotal Europe		32,545		11,471
Asia
India		1,448		537
Japan		1,750		1,391
Others		246		—
Subtotal Asia		3,444		1,928
Latin America and others
Argentina		18,875		10,783
Colombia		2,913		3,667
Chile		19,090		10,253
Mexico		13,621		5,533
Peru		3,031		2,772
Brazil		4,856		2,074
Panama		3		134
Uruguay		41		24
Dominican Republic		807		95
Others		516		41
Subtotal Latin America and others		63,753		35,376
TOTAL		270,170		191,572

The revenues by geography were determined based on the country where the sale took place.

One single customer accounted for 10.53% and 11.65% of revenues for the three months ended March 31, 2021 and 2020, respectively.

PAGE 35

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

As of March 31, 2021 and 2020, the measurement of profit from operations was 30,218 and 18,714, respectively, as presented in the condensed interim consolidated statements of comprehensive income.

The following table summarizes non-current assets other than financial instruments and deferred taxes as stated in IFRS 8, paragraph 33.b, by jurisdiction:

	March 31, 2021		December 31, 2019
Argentina		106,177		104,929
Spain		394,752		396,970
United States of America		70,425		68,767
Brazil		2,326		2,702
Uruguay		13,397		12,971
Luxembourg		4,226		4,226
Colombia		47,379		43,237
Mexico		24,942		20,761
India		11,242		11,350
Chile		5,221		4,877
Peru		4,705		3,986
United Kingdom		40,492		293
Other countries		3,994		3,692
TOTAL		729,278		678,761

NOTE 19 – SEASONALITY OF OPERATIONS

Due to seasonal nature of the countries in which we operate, higher revenues and operating profits are usually expected in the second half of the year than in the first six months. In the fiscal year ended December 31, 2020, 46% of revenues accumulated in the first half of the year, with 54% accumulating in the second half.

NOTE 20 – RELATED PARTIES BALANCES AND TRANSACTIONS

As of March 31, 2021 and December 31, 2020, there are no outstanding balances or transactions with related parties to report.

NOTE 21 – BUSINESS COMBINATIONS

Acquisition of Cloudshiftgroup Limited

On February 28 2021, Globant S.A., through certain of its wholly-owned subsidiaries, entered into an Equity Purchase Agreement (the “Purchase Agreement”) with the equity holders of Cloudshiftgroup Limited ("Cloudshift"), a British stock company, pursuant to which the Company agreed to purchase all of the outstanding equity interests in Cloudshift (the “Acquisition”). The transaction was simultaneously signed and closed. Cloudshift is a Salesforce platinum partner which provides Salesforce advisory and implementation services in the United Kingdom.

PAGE 36

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

As consideration for the equity interests of Cloudshift, the Company agreed to pay (amounts in thousands of pounds sterlings):

(i) 23,346 pounds sterling on the closing date (the “Closing Payment”);

(ii) 666 pounds sterling within 10 days of receipt, related to acquired invoices pending to collect from Edwardian London Management Services Limited, detailed as the Delayed Debtor Payment from Edwardian London Management Services Limited in the agreement;

(iii) 653 pounds sterling within 10 business days of written demand, related to the options tax relief, generated by the exercised options before the acquisition, to be utilized as soon as possible; detailed as the Option Tax Consideration in the Purchase Agreement; and

(iv) an additional amount of 11,500 pounds sterling is payable to the sellers by February 2022 and 2023, subject to upwards or downwards adjustment based on Cloudshift's achievement of specified revenue and gross margin targets, out of which 1,155 will be recognize as remuneration due to the terms of the Purchase Agreement.

As of the date of issuance of these condensed interim consolidated financial statements due to the recent nature of the Acquisition, the accounting for the Acquisition is incomplete; hence, pursuant the guidance in IFRS 3, the Company has included preliminary amounts in the below disclosures as required by such standard, as follows:

• Fair value of the total consideration transferred since the Company has not completed the fair value analysis of the contingent consideration as of the date of issuance of these financial statements.

• The amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed, the total amount of goodwill (including a qualitative description of the factors that make up the goodwill recognized and the amount of goodwill that will be deducted for tax purposes) and other intangibles, as applicable.

• The gross contractual amounts of the acquired receivables, and the best estimate at the acquisition date of the contractual cash flows not expected to be collected. For each contingent liability to be recognized, if any, an estimate of its financial effect, an indication of the uncertainties relating to the amount or timing of any outflow and the possibility of any reimbursement, and the reasons why the liability cannot be measured reliably, if applicable.

The preliminary fair value of the consideration transferred for the Acquisition at the acquisition date was calculated as follows:

Purchase price	Amount
Down payment		32,551
Contingent consideration		13,881	(a)
Fixed payments		1,743	(a)
Total consideration		48,175

(a)

As of March 31, 2021, included as 8,848 and 6,777 as Other financial liabilities current and non-current, respectively.

Acquisition related expenses were not material and were recognized directly as expense for each period.

PAGE 37

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

The preliminary fair values of the identifiable assets and liabilities of Cloudshift as at the date of acquisition were as follows:

	Cloudshift
Current Assets
Cash and cash equivalents		6,384
Trade receivables		3,555
Other receivables		90

Non-current assets
Property and equipment		338
Intangible assets		1,184
Goodwill ⁽¹⁾		38,740

Current liabilities
Trade and other payables		(846	)
Tax liabilities		(487	)
Payroll and social security		(236	)
Other liabilities		(416	)

Non-current liabilities
Deferred tax liabilities		(131	)

Total consideration		48,175

⁽¹⁾ Goodwill arising from the Acquisition is not deductible for tax purposes.

Goodwill has arisen because the consideration paid for the Acquisition included amounts in relation to the benefit of expected synergies, revenue growth, customer relationships, future market development and the assembled workforce of acquired companies.

PAGE 38

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

Outstanding balances of other financial liabilities as of March 31, 2021 and December 31, 2020 are as follows:

	March 31, 2021				December 31, 2020
	Other financial liabilities - current		Other financial liabilities - non current		Other financial liabilities - current		Other financial liabilities - non current
Related to Business Combinations
Avanxo		—		—		1,145		—
BI Live		—		36		138		397
Grupo ASSA		—		13,450		11,218		13,343
Xappia		2,875		2,398		4,761		2,382
Giant Monkey Robot		2,475		1,903		2,467		1,924
Bluecap		27,628		25,880		—		55,593
Cloudshift		8,848		6,777		—		—
Total		41,826		50,444		19,729		73,639

A reconciliation of the goodwill from opening to closing balances is as follows:

Goodwill at the beginning of the period	392,760
Additions related to new acquisitions	38,740
Translation	(132	)
Measurement period adjustment	(409	)
Goodwill at the end of the period	430,959

Impact of acquisitions on the results of the Company

The net income for the period ended March 31, 2021 includes a gain of 270 attributable to the business generated by Cloudshift. Revenue for the period ended March 31, 2021 includes 1,314 related to the business of that company. Had the business combination of Cloudshift been effected at January 1, 2021, the consolidated revenue of the Company would have been 272,360 and the net income for the period ended March 31, 2021 would have been 22,020.

PAGE 39

GLOBANT S.A.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands of U.S. dollars, except where otherwise indicated)

NOTE 22 – SUBSEQUENT EVENTS

The Company evaluated events occurring after March 31, 2021 in accordance with IAS 10, Events after the reporting period, through May 12, 2021, which is the date that these condensed interim consolidated financial statements were made available for issuance.

22.1 Acquisition of Hybrido Worldwide S.L.

On May 11, 2021, the Company through its subsidiary Software Product Creation, S.L., entered into an Equity Purchase Agreement (the "Purchase Agreement") with the equity holders of Hybrido Worldwide, S.L. ("Habitant"), a Spanish limited liability corporation, pursuant to which the Company purchased all of the outstanding equity interests in Hybrido Worldwide, S.L. and its subsidiary, Pixel Division, S.L., a Spanish limited liability corporation.

As consideration for the equity interests of Hybrido Worldwide, S.L., the Company agreed to pay (amounts in thousands of Euro): (i) 8,820 euros on the closing date subject to any adjustments or withholding detailed in the agreement (the "Closing Cash Payment"); (ii) 3,780 euros subject to any adjustments, set off, deductions or withholding detailed in the agreement were paid through the issuance of common shares of the Company to the sellers at the price per share equal to USD 214.69 (shares shall be determined at a subscription price per share based on the volume weighted average trading price of the Company’s common shares during the 60-days ending on the tenth trading day prior to closing). The common shares shall be issued by Globant S.A. and subscribed by the sellers within the following calendar: (a) 1,780 euros on the closing date; (b) 1,000 euros on March 31, 2024; and ( c) 1,000 euros on December 31, 2025; (iii) 2,700 euros subject to upwards or downwards adjustment based on Habitant's (on a consolidated basis with its subsidiary) achievement of both revenue and operating margin targets for the period from January 1, 2021 through December 31, 2021, no later than March 31, 2022; (iv) 2,700 euros subject to upwards or downwards adjustment based on Habitant’s (on a consolidated basis with its subsidiary) achievement of both revenue and operating margin targets for the period from January 1, 2022 through December 31,2022, no later than March 31, 2023.

As of the date of issuance of these condensed interim consolidated financial statements, due to the recent nature of this acquisition, the accounting for this acquisition is incomplete; hence, pursuant the guidance in paragraph B66 of IFRS 3, the Company has not included in this footnote the following disclosures as required by such standard, as follows:

• Fair value of the total consideration transferred since the Company has not completed the fair value analysis of the consideration transferred as of the date of issuance of these financial statements.

• The amount of revenues and profit or loss of the acquired subsidiary since the acquisition date, and the amount of revenues and profit or loss of the combined entity as if the acquisition has been made at the beginning of the reporting period, since the acquired subsidiary did not have available financial information prepared under IFRS at the acquisition date. The preparation of this information under IFRS has not been completed as of the date of issuance of these financial statements.

PAGE 40

Exhibit 99.2

SUPPLEMENTAL DISCLOSURE

Operating and Financial Review and Prospects

Except where the context requires otherwise, references to “Globant,” “we,” “us,” and “our” refer to Globant S.A., together with its consolidated subsidiaries.

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our condensed interim consolidated financial statements as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 attached as an exhibit to this report on Form 6-K and the information set forth under “Item 5. Operating and Financial Review and Prospects” and our annual consolidated financial statements and related notes, in each case included in our 2020 Form 20-F. Our annual consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) and our condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Item 3. Key Information—D. Risk Factors” and elsewhere in our 2020 Form 20-F.

Business Update Regarding COVID-19

The coronavirus ("COVID-19") global pandemic continued to cause substantial global public health, business, and economic challenges during the three months ended March 31, 2021 and has remained a significant source of disruption and uncertainty. Since the beginning of the pandemic, we quickly adapted to ensure both safety and business continuity by shifting the vast majority of our personnel to productive and secure remote working arrangements and by responding to the rapidly changing needs and environments of our clients. During the three months ended March 31, 2021, we continued to experience increased demand in our geographies, segments, and service offerings as a result of the COVID-19 pandemic, but we cannot accurately predict the extent to which the COVID-19 pandemic will continue to directly and indirectly impact our business, results of operations and financial condition.

For additional information on the impact of the COVID-19 pandemic on our results for the three months ended March 31, 2021, see “Risks Related to Our Business and Industry—The COVID-19 pandemic has had a significant and continuing adverse impact upon, and this or other pandemics may have a material adverse impact upon, our business, liquidity, results of operations and financial condition" below, and for further information on the various risks posed by the COVID-19 pandemic, see “Part I. Item 3D. Risk Factors—Risks Related to Our Business and Industry—The extent to which the coronavirus (‘COVID-19’) outbreak and measures taken in response thereto impact our business, results of operations and financial condition will depend on future developments, which are highly uncertain and are difficult to predict” in our 2020 Form 20-F.

Year-to-Date 2021 Developments and Trends

For the three months ended March 31, 2021, our revenues were $270.2 million, an increase of $78.6 million, or 41.0%, from $191.6 million reported for the same period of 2020. We have built an increasingly diversified portfolio across numerous verticals, geographies and service offerings which allowed us to continue to grow revenues despite challenges posed by the worldwide COVID-19 pandemic.

For more information, see “Item 5. Operating and Financial Review and Prospects—Operating Results—Factors Affecting Our Results of Operations” in our 2020 Form 20-F.

PAGE 1

Results of Operations

Three months ended March 31, 2021 compared to the three months ended March 31, 2020

Revenues

Revenues were $270.2 million for the three months ended March 31, 2021, representing an increase of $78.6 million, or 41.0%, from $191.6 million for the three months ended March 31, 2020.

Revenues are derived primarily from providing technology services to our clients, which are medium to large-sized companies based in the United States, Europe, Latin America and Asia. Revenues consist of technology services revenues and reimbursable expenses, which primarily include travel and out-of-pocket costs that are billable to clients. We discuss below the breakdown of our revenues by contract type, client location, industry vertical and client concentration.

Revenues by Contract Type

We perform our services primarily under time and material contracts and, to a lesser extent, fixed-price contracts. The remaining portion of our revenues in each period was derived from other types of contracts.

	Three months ended
	March 31, 2021				March 31, 2020

	(in thousands, except percentages)
By Contract
Time and material contracts	$	221,570	82.0	%	$	159,278	83.2	%
Fixed-price contracts		46,606	17.3	%		28,203	14.7	%
Subscription resales		1,973	0.7	%		4,085	2.1	%
Others		21	—	%		6	—	%
TOTAL	$	270,170	100.0	%	$	191,572	100.0	%

Revenues by Client Location

Our revenues are sourced from three main geographic markets: North America (primarily the United States), Europe (primarily Spain and the United Kingdom) and Latin America (primarily Argentina, Chile, Mexico, Peru, Brazil and Colombia). We present our revenues by client location based on the location of the specific client site that we serve, irrespective of the location of the headquarters of the client or the location of the delivery center where the work is performed. For the twelve months ended March 31, 2021, we had 860 active clients.

The following table sets forth revenues by client location by amount and as a percentage of our revenues, for the periods indicated:

	Three months ended
	March 31, 2021				March 31, 2020

	(in thousands, except percentages)
By Geography
North America	$	170,428	63.1	%	$	142,797	74.5	%
Europe		32,545	12.0	%		11,471	6.0	%
Asia		3,444	1.3	%		1,928	1.0	%
Latin America and other		63,753	23.6	%		35,376	18.5	%
Revenues	$	270,170	100.0	%	$	191,572	100.0	%

PAGE 2

Revenues by Industry Vertical

We are a provider of technology services to enterprises in a range of industry verticals including media and entertainment, professional services, technology and telecommunications, banks, financial services and insurance, consumer, retail and manufacturing, travel and hospitality, and health care, among others. The following table sets forth our revenues by amount and as a percentage of our revenues by industry vertical for the periods indicated:

	Three months ended
	March 31, 2021				March 31, 2020

	(in thousands, except percentages)
Banks, Financial Services and Insurance		68,888	25.5	%		45,379	23.7	%
Media and Entertainment		57,266	21.2	%		46,354	24.2	%
Consumer, Retail and Manufacturing		38,728	14.3	%		25,792	13.5	%
Professional Services		32,062	11.9	%		21,819	11.4	%
Technology and Telecommunications		30,404	11.3	%		23,622	12.3	%
Travel and Hospitality		19,032	7.0	%		22,289	11.6	%
Health Care		21,279	7.9	%		4,537	2.4	%
Other Verticals		2,511	0.9	%		1,780	0.9	%
TOTAL		270,170	100.0	%		191,572	100.0	%

The increase in revenues from clients in the banks, financial services and insurance industry vertical was primarily attributable to higher demand for services related to scalable platforms and consulting services.

The increase in revenues from clients in the media and entertainment industry vertical was primarily attributable to a higher demand for services related to digital content solutions, scalable platforms and gaming.

The increase in revenues from clients in the consumer, retail and manufacturing industry vertical was primarily attributable to higher demand for services related to scalable platforms and Salesforce industry solutions and enterprise applications.

The increase in revenues from clients in the professional services industry vertical was primarily attributable to higher demand for services related to Internet of Things (“IOT”) consultancy and scalable platforms.

The increase in revenues from clients in the technology and telecommunications industry vertical was primarily attributable to higher demand in scalable platforms services, enterprise applications and the cross-selling capabilities of our Studios.

The decrease in revenues from clients in the travel and hospitality industry vertical was primarily attributable to the decrease in demand for scalable platform services considering that these clients were adversely impacted by the ongoing disruption to those industries resulting from the COVID-19 pandemic.

The increase in revenues from clients in the health care vertical was mainly attributable to higher demand for services related to enterprise applications, Salesforce solutions and scalable platforms.

Revenues by Client Concentration

We have increased our revenues by expanding the scope and size of our engagements, and we have grown our key client base primarily through our business development efforts and referrals from our existing clients.

The following table sets forth revenues contributed by our largest client, top 5 clients, top 10 clients and top 20 clients, by the amount of revenues and as a percentage of our revenues for the periods indicated:

	Three months ended
	March 31, 2021				March 31, 2020

	(in thousands, except percentages)
Client concentration
Top client	$	28,453	10.5	%	$	22,326	11.7	%
Top 5 clients		76,712	28.4	%		55,799	29.1	%
Top 10 clients		110,781	41.0	%		78,467	41.0	%
Top 20 clients		147,403	54.6	%		105,050	54.8	%

Our top 10 clients for the three months ended March 31, 2021 have been working with us for, on average, seven years.

PAGE 3

The increase in revenues from our top 10 clients in the three months ended March 31, 2021 reflects our ability to increase the scope of our engagement with our main clients. Revenues from our largest client for the three months ended March 31, 2021, Walt Disney Parks and Resorts Online, increased by $6.1 million, or 27.4%, to $28.4 million for 2021 from $22.3 million for the same period in 2020.

As evidence of the increase in scope of engagement within our client base, the number of clients that each accounted for over $5.0 million of our annual revenues increased (30 for the 12 months ended March 31, 2021 as compared to 29 for the 12 months ended March 31, 2020) and the number of clients that each accounted for at least $1.0 million of our annual revenues increased to 139 for the 12 months ended March 31, 2021 as compared to 112 for the 12 months ended March 31, 2020. The following table shows the distribution of our clients by revenues for the periods indicated:

	12 months ended
	March 31, 2021		March 31, 2020
Over $5 million		30		29
$1 - $5 million		109		83
$0.5 - $1 million		75		58
$0.1 - $0.5 million		187		193
Less than $0.1 million		459		513
Total Clients		860		876

The volume of work we perform for specific clients is likely to vary from year to year, as we are typically not any client's exclusive external technology services provider, and a major client in one year may not contribute the same amount or percentage of our revenues in any subsequent year.

Operating Expenses

Cost of Revenues

The principal components of our cost of revenues are salaries and travel costs related to the provision of services. Due to government-imposed restrictions on travel during the COVID-19 pandemic, travel costs were not material during the three months ended March 31, 2021. Included in salaries are base salary, incentive-based compensation, employee benefits costs and social security taxes. Salaries of our IT professionals are allocated to cost of revenues regardless of whether they are actually performing services during a given period.

Also included in cost of revenues is the portion of depreciation and amortization expense attributable to the portion of our property and equipment and intangible assets utilized in the delivery of services to our clients.

Our cost of revenues has increased in recent years in line with the growth in our revenues and reflects the expansion of our operations in Argentina, Uruguay, Colombia, Peru, Mexico, India, Europe and the United States, primarily due to increases in salary costs, related to the growth in the number of our IT professionals and the opening of new delivery centers. We expect that as our revenues grow, our cost of revenues will increase. Our goal is to increase revenue per head and thereby increase our gross profit margin.

Cost of revenues was $167.0 million for the three months ended March 31, 2021, representing an increase of $47.6 million, or 39.9%, from $119.4 million for the three months ended March 31, 2020. The increase was primarily attributable to a general increase in salaries and to the net addition of 4,529 IT professionals since March 31, 2020, an increase of 38.5%, to satisfy growing demand for our services, which translated into an increase in salaries, together with a lower attrition level. The increase is also explained by the addition of IT professionals of acquired companies during 2021 and 2020. Cost of revenues as a percentage of revenues decreased to 61.8% for the three months ended March 31, 2021, from 62.3% for the three months ended March 31, 2020.

PAGE 4

	Three months ended
	March 31, 2021			March 31, 2020

	(in millions, except percentages)
	Amount			Amount			Variation
Primary Costs
Salaries, employee benefits and social security taxes	$	(155.6	)	$	(109.4	)		42.2	%
Depreciation and amortization expense		(2.8	)		(2.3	)		21.7	%
Travel and housing		(0.7	)		(4.1	)		(82.9	)%
Professional services		(4.5	)		(1.1	)		309.1	%

Selling, General and Administrative Expenses

Selling, general and administrative expenses represent expenses associated with promoting and selling our services and include such items as salary of our senior management, administrative personnel and sales and marketing personnel, infrastructure costs, legal and other professional services expenses, travel costs and other taxes. Included in salaries are base salary, incentive-based compensation, employee benefits costs and social security taxes.

Also included in selling, general, and administrative expenses is the portion of depreciation and amortization expense attributable to the portion of our property and equipment and intangible assets utilized in our sales and administration functions.

Selling, general and administrative expense was $71.9 million for the three months ended March 31, 2021, representing an increase of $20.0 million, or 38.6%, from $51.9 million for the three months ended March 31, 2020.

	Three months ended
	March 31, 2021			March 31, 2020

	(in millions, except percentages)
	Amount			Amount			Variation
Primary Costs
Salaries, employee benefits and social security taxes	$	(29.6	)	$	(20.0	)		48.0	%
Share-based compensation expense		(8.3	)		(5.2	)		59.6	%
Professional services		(7.2	)		(5.4	)		33.3	%
Depreciation and amortization expense		(9.0	)		(4.6	)		95.7	%
Depreciation expense of right-of-use assets		(4.6	)		(4.6	)		—	%
Travel and housing		(0.7	)		(2.2	)		(68.2	)%
Recruiting, training and other employee expenses		(2.5	)		(0.4	)		525.0	%

The increase in salaries, employee benefits, social security taxes was primarily attributable to a general increase in salaries and to the addition of 200 staff personnel since March 31, 2020. The increase is also explained by the addition of sales and administration employees of acquired companies during 2021 and 2020.

The increase in share-based compensation expense resulted from the RSUs granted, at a higher price and the cumulative effect of grants during the comparable period of 2020.

The increase in professional services is explained by the costs associated to IT related licenses with diverse providers and the increase of audit and legal fees for companies acquired during 2020.

The increase in depreciation and amortization expense was mainly related to the addition of intangible assets from the business combinations that occurred since March 31, 2020.

The decrease in travel and housing resulted from the sharp reduction in travel and housing expenses as consequence of the COVID-19-related travel restrictions after the first quarter of 2020, that continued into the first quarter of 2021.

The increase in recruiting, training and other employee expenses mainly resulted from hiring more than 1,000 IT professionals during the quarter, the launch of a scholarships with Digital House and an increase in training.

PAGE 5

Our selling, general and administrative expenses have increased primarily as a result of our expanding operations and the build-out of our senior and mid-level management teams to support our growth. We expect our selling, general and administrative expenses to continue to increase in absolute terms as our business expands. However, as a result of our management and infrastructure investments, we believe our platform is capable of supporting the expansion of our business without a proportionate increase in our selling, general and administrative expenses, which is expected to generate gains in operating leverage.

Depreciation and Amortization Expense (included in "Cost of Revenues" and "Selling, General and Administrative Expenses")

Depreciation and amortization expense consists primarily of depreciation of our property and equipment (primarily leasehold improvements, servers and other equipment), depreciation of right-of-use assets (primarily office spaces and office equipment) and amortization of our intangible assets (mainly software licenses, acquired intangible assets and internal developments). We expect that depreciation and amortization expense will continue to increase as we open more delivery centers and client management locations and continue to acquire companies.

Net Impairment Losses on Financial Assets

Net impairment losses on financial assets mainly include impairment of trade receivables, which represents an allowance for bad debts for expected credit losses. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition. During the three months ended March 31, 2021 and 2020, we recorded a loss of $1.1 million and $1.6 million, respectively, related to the recognition of an allowance for bad debts. The decrease is mainly explained by the impact of the COVID-19 pandemic during 2020.

Finance Income

Finance income consists of interest gains on time deposits, financed clients and savings accounts. During the three months ended March 31, 2021 and 2020, finance income amounted to $0.3 million and $0.3 million, respectively.

Finance Expense

Finance expense includes interests on borrowings, lease contracts, banking fees and other finance expenses. During the three months ended March 31, 2021 and 2020, finance expense amounted to $2.6 million and $2.5 million, respectively.

Other Financial Results, Net

Other financial results, net consists of foreign exchange gain or loss on monetary assets and liabilities denominated in currencies other than the relevant functional currencies (mainly the U.S. dollar), gain or loss on transactions with bonds, gain or loss on bills issued by the Treasury of the Argentine Republic (LETES), foreign exchange forward contracts and future contracts, and mutual funds.

Other financial results, net decreased to a $0.9 million gain for the three months ended March 31, 2021, from a $2.7 million gain for the three months ended March 31, 2020. The variation is explained mainly by a lower amount of devaluation of local currencies (including Colombian, Uruguayan, Mexican and Argentinian pesos) against the U.S. dollar, for the three months ended March 31, 2021 and lower gains on transactions with bonds.

Other Income and Expenses, Net

Other income and expenses, net for the three months ended March 31, 2021 was a gain of $38.0 thousand, as compared with a other income and expenses, net of $16.0 thousand for the three months ended March 31, 2020.

Income Tax Expense

Income tax expense amounted to $7.2 million for the three months ended March 31, 2021, an increase of $1.1 million from $6.1 million for the three months ended March 31, 2020. The increase in income tax expense was driven by a significant increase in profit before taxes. Our effective tax rate (calculated as income tax gain or expense divided by profit before income tax) decreased to 25% for the three months ended March 31, 2021 from 32% for the three months ended March 31, 2020, because of the lower amount of devaluation of Latin American currencies in the three months ended March 31, 2021.

PAGE 6

Net Income for the Period

As a result of the foregoing, net income was $21.7 million for the three months ended March 31, 2021, compared to net income of $13.2 million for the three months ended March 31, 2020.

Liquidity and Capital Resources

Capital Resources

Our primary sources of liquidity are cash flows from operating activities. For the three months ended March 31, 2021, we derived 86.7% of our revenues from clients in North America and Latin America pursuant to contracts that were entered into by our subsidiaries located in the United States, Argentina, Chile, Mexico, Peru, Brazil and Colombia.

Our primary cash needs are for capital expenditures (consisting of additions to property and equipment and to intangible assets) and working capital. Additionally, we also require cash to fund acquisitions of businesses.

Our primary working capital requirements are to finance our payroll-related liabilities during the period from delivery of our services through invoicing and collection of trade receivables from clients.

We incur capital expenditures to open new delivery centers, for improvements to existing delivery centers, for infrastructure-related investments and to acquire software licenses.

We will continue to invest in our subsidiaries. In the event of any repatriation of funds or declaration of dividends from our subsidiaries, there will be a tax effect because dividends from certain foreign subsidiaries are subject to taxes. For additional information, see "Item 4. Information on the Company—Business Overview—Regulatory Overview—Argentine Taxation—Tax on Dividends" and "Item 4. Information on the Company—Business Overview—Regulatory Overview—Argentine Taxation—Income Tax" in our 2020 Form 20-F.

The following table sets forth our historical capital expenditures for the three months ended March 31, 2021 and 2020:

	Three months ended March 31,

	2021		2020

	(in thousands)
Total fixed assets acquisition	$	4,495	$	5,522
Total intangible assets acquisition		8,608		3,641
Additions related to business combinations		1,694		267

Investments

During the three months ended March 31, 2021, we invested $4.5 million in capital expenditures primarily on the expansion of our delivery centers in Tandil and Buenos Aires in Argentina, and Guadalajara and Mexico City in Mexico, as well as on computer equipment for our delivery centers in Argentina and Chile. Additionally, we invested $8.1 million in internal developments and acquired licenses, and $0.5 million in cryptocurrencies. Capital expenditures vary depending on the timing of new delivery center openings and improvements of existing delivery centers and, in respect of the acquisition of hardware and software, on the specific requirements.

Acquisitions

On February 28, 2021, we entered into an equity purchase agreement with the equity holders of Cloudshiftgroup Limited, a British company (“Cloudshift”), for the purchase of all of the outstanding equity interests in Cloudshift. The transaction was simultaneously signed and closed on the same date. Cloudshift is a Salesforce platinum partner headquartered in the United Kingdom which provides Salesforce advisory and implementation services in the United Kingdom. The aggregate purchase price payable under the equity purchase agreement amounted to £36.2 million.

As of March 31, 2021, we had cash and cash equivalents and current investments of $195.6 million.

PAGE 7

Cash Flows

The following table summarizes our cash flows from operating, investing and financing activities for the periods indicated:

	Three months ended March 31,

	2021			2020

	(in thousands)
Net cash used in operating activities	$	(14,641	)	$	(7,025	)
Net cash (used in) provided by investing activities		(84,644	)		4,587
Net cash (used in) provided by financing activities		(30,396	)		71,495
	$	(129,681	)	$	69,057

Cash and cash equivalents at beginning of the period		278,939			62,721
Effect of exchange rate changes on cash and cash equivalents		(426	)		863
Cash and cash equivalents at end of the period		148,832			132,641
Net (decrease) increase in cash and cash equivalents at end of period	$	(129,681	)	$	69,057

Operating Activities

Net cash used in operating activities consists primarily of profit before taxes adjusted for non-cash items, including depreciation and amortization expense, and the effect of working capital changes.

Net cash used in operating activities was $14.6 million for the three months ended March 31, 2021, compared to net cash used in operating activities of $7.0 million for the three months ended March 31, 2020. The $7.6 million increase in net cash used in operating activities was primarily attributable to a $24.5 million increase in working capital, mainly due to an increase in trade receivables related to the expansion of our engagements and the consolidation of acquired companies, partially offset by the increase of payroll liabilities related to bonuses accrued in 2021 and the portion of the bonuses accrued in 2020 that has not been paid (as compared to the payment of 2019 bonuses in March 2020). The increase in net cash used in operating activities also reflected a $21.0 million increase in profit before income tax expense adjusted for non-cash-items, as well as a $4.1 million increase in income tax payments, net of reimbursements.

Investing Activities

Net cash of $84.6 million was used in investing activities for the three months ended March 31, 2021, compared to $4.6 million of net cash provided by investing activities during the three months ended March 31, 2020. During the three months ended March 31, 2021 and 2020, we invested $27.3 million and received proceeds of $20.4 million, respectively, in mutual funds and sovereign bonds, net. We invested $13.1 million and $10.5 million in fixed and intangible assets during the three months ended March 31, 2021 and 2020, respectively. We also invested $38.6 million in payments related to business acquisitions and $3.5 million in acquisition of equity instruments and convertible notes, during the three months ended March 31, 2021, and $0.2 million in acquisition of convertible notes, during the three months ended March 31, 2020.

Financing Activities

Net cash used in financing activities was $30.4 million for the three months ended March 31, 2021, compared to net cash provided by financing activities of $71.5 million for the three months ended March 31, 2020. During the three months ended March 31, 2021, we repaid $28.2 million of borrowings and $6.5 million of lease liabilities, partially offset by the proceeds of $3.4 million for borrowings and $0.9 million from the issuance of shares under our share-based compensation plan.

During the three months ended March 31, 2020, we received proceeds of $75.0 million from borrowings, $2.0 million from the issuance of shares under our share-based compensation plan and $0.9 million from issuance of shares under subscription agreements entered into with us by sellers of acquired companies. Additionally, during the three months ended March 31, 2020, we repaid $5.3 million of lease liabilities and $1.1 million of borrowings.

PAGE 8

Future Capital Requirements

We believe that our existing cash and cash equivalents and cash flows from operations will be sufficient to meet our anticipated cash needs resulting from the existing business for at least the next 12 months from the date of this report. The future impact of the COVID-19 pandemic and COVID-19 containment measures cannot be predicted with certainty and may increase our borrowing costs and other costs of capital and otherwise adversely affect our business, results of operations, financial condition and liquidity.

Our ability to generate cash is subject to our performance, general economic conditions, industry trends and other factors. If our cash and cash equivalents and operating cash flows are insufficient to fund our future activities and requirements, we may need to raise additional funds through public or private equity or debt financing. If we issue equity securities in order to raise additional funds, substantial dilution to existing shareholders may occur. If we raise cash through the issuance of indebtedness, we may be subject to additional contractual restrictions on our business. We cannot assure you that we would be able to raise additional funds on favorable terms or at all.

Summary of Significant Accounting Policies

Our unaudited condensed interim consolidated financial statements as of March 31, 2021 and 2020 and for the three months then ended have been prepared using the same accounting policies used in the preparation of our audited consolidated financial statements for the year ended December 31, 2020, except for the adoption of new standards and interpretations effective as of January 1, 2021, as described below.

Application of new and revised International Financial Reporting Standards

We have adopted all of the new and revised standards and interpretations issued by the International Accounting Standard Board ("IASB") that are relevant to our operations and that are mandatorily effective at March 31, 2021 as described in Note 2.1 to our audited consolidated financial statements for the year ended December 31, 2020. The impact of the new and revised standards and interpretations mentioned in our condensed interim consolidated financial statements as of March 31, 2021 and 2020 and for the three months then ended is as described below.

We adopted the following standards and interpretations that became applicable for annual periods commencing on or after January 1, 2021:

Amendments to IFRS 9, IAS 9, IFRS 7, IFRS 4 and IFRS 16

Interest Rate Benchmark Reform - Phase 2

These standards did not have any impact on our accounting policies and did not require retrospective adjustments.

As of March 31, 2021, our interest rate swap that bore interest based on LIBOR included a clause that provides for alternative interest rates in case of a discontinuity of LIBOR.

New accounting pronouncements

As of March 31, 2021, we had not applied the following new and revised IFRSs that have been issued but are not yet mandatorily effective:

Amendments to IAS 8	Definition of Accounting Estimates¹

Amendments to IAS 1 and IFRS Practice Statement 2	Disclosure of Accounting Policies¹

¹Effective for annual reporting periods beginning on or after January 1, 2023. Earlier application is permitted.

²Effective for annual reporting periods beginning on or after January 1, 2022. Earlier application is permitted.

Intangible assets (update)

Intangible assets include licenses, client relationships, client contracts, non-compete agreements and cryptocurrencies.

PAGE 9

Cryptocurrencies

We account for our crypto assets as indefinite-lived intangible assets in accordance with IAS 38 "Intangible Assets." Bitcoin is a cryptocurrency that is considered to be an indefinite lived intangible asset because bitcoin lacks physical form and there is no limit to its useful life. Bitcoin is not subject to amortization but it is tested for impairment.

Our crypto assets are initially recorded at cost. Subsequently, they are measured at cost, net of any impairment losses incurred since acquisition. We perform monthly analysis to identify possible impairment. If the carrying value of the crypto asset exceeds the fair value based on the quoted price in the active exchange market, we will recognize an impairment loss equal to the difference between the fair value and the book value in the consolidated statement of comprehensive income. Gains, if any, will not be recognize until realized upon sale in the consolidated statement of comprehensive income. As of March 31, 2021, we had not recognized any impairment.

Legal Proceedings

Certain of our non-U.S. subsidiaries are currently under examination by the U.S. Internal Revenue Service (“IRS”) regarding payroll and employment taxes primarily in connection with services performed by employees of certain of our subsidiaries in the United States from 2013 to 2015. On May 1, 2018, the IRS issued 30-day letters to those subsidiaries proposing total assessments of $1.4 million plus penalties and interest for employment taxes for those years. Our subsidiaries filed protests of these proposed assessments with the IRS on July 16, 2018 and, as of the date of this report, the IRS has still not issued a definitive determination or definite proposal to resolve the matter. At this stage, the management cannot make any predictions about the final outcome of this matter or the timing thereof.

On August 8, 2019, Certified Collectibles Group, LLC (“CCG”) and its affiliates filed a complaint in the U.S. District Court for the Middle District of Florida, Tampa Division (Civil Action No. 19-CV-1962), against Globant S.A. and Globant, LLC, arising from a dispute relating to a service contract. After Globant S.A. and Globant LLC filed motions to dismiss, CCG amended its complaint asserting eleven causes of action against Globant, LLC and/or Globant S.A., including claims sounding in fraud, negligent misrepresentation, conspiracy, professional negligence, violation of Florida’s Deceptive and Unfair Trade Practices Act, breach of contract against Globant, LLC only, unjust enrichment against Globant S.A. only and a claim for declaratory judgment against Globant, LLC only, and adding Jone Doe Defendants 1-5. Globant, LLC and Globant S.A. filed motions to dismiss the amended complaint on August 19, 2020 and December 23, 2020, respectively. On March 31, 2021, the court ruled on the motions to dismiss. The court dismissed with prejudice seven of the 11 claims, including the fraud and/ conspiracy claims and the unjust enrichment claim, and dismissed the professional neglicence claim without prejudice. On April 16, 2021, the plaintiffs filed a Second Amended Complaint asserting three causes of action, including (1) breach of contract and express warranty by Globant, LLC; (2) a declaratory judgment claim against Globant, LLC; and (3) a violation of Florida’s Deceptive and Unfair Trade Practices Act (“FDUTPA”) against Globant S.A., Globant, LLC and the John Doe defendants. On April 30, 2021, Globant, LLC and Globant S.A. moved to dismiss the FDUTPA claim. Globant, LLC and Globant S.A. have informed the court they will respond to the remaining causes of action in the Second Amended Complaint and plan to assert affirmative defenses and counterclaims on May 21, 2021. The parties are currently engaged in discovery, which is scheduled to be completed on August 30, 2021.

Between 2010 and 2014, certain Brazilian subsidiaries of Grupo ASSA Worldwide S.A. and its affiliates (collectively, "Grupo Assa") were subject to two examinations by the Ministry of Labor (“MTE”) and the Brazilian Internal Revenue Service (“RFB”) in relation to the potential hiring of employees as independent contractors. As a result of such examinations, the MTE and the RFB initiated different administrative proceedings against Grupo Assa’s Brazilian subsidiaries, seeking to collect payment of taxes and social security contributions allegedly owed by the companies, and imposing certain associated fines. As of the date of this report, some of these administrative proceedings are still ongoing while others have resulted in judicial proceedings. Under the equity purchase agreement entered into for the acquisition of Grupo Assa, certain of the above-mentioned proceedings are subject to indemnification provisions from the sellers.

In addition to the foregoing, as of the date of this report, we are a party to certain other legal proceedings, including tax and labor claims, where the risk of loss is considered possible. In the opinion of our management, the ultimate disposition of such threatened and/or pending matters, either individually or on a combined basis, is not likely to have a material effect on our financial condition, liquidity or results of operations.

Risk Factors

The following risk factors are intended to supplement and/or amend, as applicable, the risk factors set forth in our 2020 Form 20-F under "Item 3. Key Information—D. Risk Factors" and should be read together with such risk factors. To the extent there is a conflict between the risk factors set forth below and the risk factors included in our 2020 Form 20-F, you should rely on the risk factors set forth below, as such risk factors were prepared as of a more recent date.

PAGE 10

Risks Related to Our Business and Industry

The COVID-19 pandemic has had a significant and continuing adverse impact upon, and this or other pandemics may have a material adverse impact upon, our business, liquidity, results of operations and financial condition.

The ongoing global COVID-19 pandemic has caused and continues to cause significant loss of life and interruption to the global economy and has resulted in the curtailment of activities by businesses and consumers in much of the world as governments and others seek to limit the spread of the disease, including through business and transportation shutdowns and restrictions on people’s movement and congregation. The overall result has been a dramatic reduction in activity in the global economy, a reduction in demand for many products and services and significant adverse impacts to the financial markets,

The extent to which the COVID-19 outbreak impacts our business, results of operations and financial condition in the longer term will depend on future developments, which are highly uncertain and are difficult to predict, including, but not limited to, the duration, spread and severity of the outbreak, the actions taken to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions broadly resume.

In particular, we may experience reduced revenues and/or financial losses as a result of a number of operational factors, including:

• Client pricing pressure, payment term extensions and insolvency risk - As our clients face reduced demand for their products and services, reduce their business activity and face increased financial pressure on their businesses, we may face downward pressure on our pricing and gross margins if we make pricing concessions to clients. In addition, in response to the requests of some of our clients, we have granted extended payment terms. We expect that some of our clients will continue to make such requests, which may have an adverse effect on our cash flows from operations. We may also face a significantly elevated risk of client insolvency, bankruptcy or liquidity challenges which may result in a failure to be paid for services we have performed and expenses we have incurred, which could in turn result in us having to take a charge in the period in which the related receivable was written down or written off.

• Reduced client demand for services – As a result of the pandemic’s impact on our clients, we may experience reduced demand for our services. Among other things, our clients may postpone, cancel or scale back existing and potential projects with us.

• Delivery challenges – Due to the closures of many of our and our clients’ facilities, including as a result of various orders from national, state or local governments, we have faced and may continue to face, in the near term or in future pandemics, challenges in delivering services to our clients and satisfying contractually agreed upon service levels. The pandemic, particularly in India, but also in Argentina and other countries where we have near-shore or offshore delivery operations for clients, has impacted and may continue to impact our ability to deliver services to clients. Our work-from-home arrangements for many of our employees may increase our exposure to security breaches or cyberattacks. A significant worsening of the pandemic, particularly in India, could materially impair our ability to deliver services to clients to an extent that may have a material adverse impact to our business, liquidity, results of operations and financial condition.

The COVID-19 pandemic continues to evolve. The ultimate extent to which the pandemic impacts our business, liquidity, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the delivery and effectiveness of vaccines, future mutations of the COVID-19 virus and any resulting impact on the effectiveness of vaccines, the duration and extent of the pandemic and waves of infection, travel restrictions and social distancing, the duration and extent of business closures and business disruptions and the effectiveness of actions taken to contain, treat and prevent the disease. If we or our clients experience prolonged shutdowns or other business disruptions, our business, liquidity, results of operations, financial condition and the trading price of our common stock may be materially adversely affected, and our ability to access the capital markets may be limited.

Risks Related to Operating in Latin America

Argentina

Argentina continues to face considerable economic uncertainty

The Argentine economy has experienced extreme volatility in the recent decades, with uneven periods of economic growth, periods of high inflation and devaluation of the Argentine peso.

PAGE 11

In 2020, the general macroeconomic conditions in Argentina worsened as a result of the COVID-19 pandemic. According to the Argentine National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos) ("INDEC"), during 2020, Argentine gross domestic product ("GDP") declined by 9.9% and poverty increased, affecting more than 42% of the population. As consequence of the second wave of COVID-19 infections that Argentina has been experiencing since March 2021, and as cases continue to rise, pursuant to Decrees No. 235, No. 241/2021 and No. 287/2021, the Argentine government re-established a limited number of restrictions on certain business operations and circulation of individuals in the most affected areas until May 21, 2021. On May 22, 2021, pursuant to Decree No. 334/2021 the Argentine government extended these restrictions until June 11, 2021 and re-imposed a strict lockdown (except for essential activities) in critical areas, such as the City of Buenos Aires and its surroundings, until May 30, 2021 and on June 5 and 6, 2021. If these restrictions are extended or expanded, the economic activity could continue to fall, poverty continue to rise and all other economic indicators continue to deteriorate, all of which has had and will continue to have an adverse impact in Argentina’s economy and may negatively materially impact our business.

Historically, the Argentine government has failed to address the structural causes for Argentina’s inflation, limiting its intervention to the implementation of programs to control and monitor prices, which have consistently failed to reduce inflation and have contributed to the decline of the economy. The current presidential administration has continued this approach, introducing similar measures to address inflation, including the enactment of the Products Display Law No. 27,545, which, among other things, regulates the offer and display of products in supermarkets, the renewal and extension of maximum prices on 670 basic products until July 31, 2021, the increase of price controls and the imposition of restriction on exports, among others. Despite all these measures, during the first quarter of 2021, the Consumer Price Index continued to increase, accumulating 4.8% in March, 13.0% during the quarter and 42.6% year-over-year; while the Argentine peso depreciated 9.3% during the same quarter and the unofficial U.S. dollar exchange rate continues to be substantially higher than the official rate in the FX Market.

At a recent summit of the Mercosur (Mercado Común del Sur), the South American trade bloc of which Argentina, Brasil, Paraguay and Uruguay are full members, held on April 26, 2021, Brazil and Uruguay argued forcefully with Argentina on the need to reduce customs duties, foster international trade and commerce, and commence negotiations to reach trade and commerce agreements with the European Economic Union, the European Free Trade Association, and certain countries like the United States of America, China, Japan and the United Kingdom, among others. Argentina objected and refused to adopt such measures. However, immediately after the summit, Uruguay made a formal filing of a proposed resolution of Mercosur’s Council for the implementation of its proposal and eventually allowing each country to negotiate bilateral agreements, with the support of Brazil. The presentation of the formal proposal was seen by the Argentine government as an expression of intent by Brazil and Uruguay to break the trade bloc, leading the Argentine government to call for an urgent meeting of each trade bloc member’s chancellors.

On May 5, 2021, the Argentine government failed to make a payment of $2.40 billion to the Paris Club. However, the Argentine government has an additional 60-day period from May 30, 2021 for making such payment before incurring a new sovereign debt default.

If the Argentine government defaults on its indebtedness to the Paris Club, or does not restructure its outstanding debt with the Paris Club and/or the International Monetary Fund, Argentina’s ability to obtain financing from the international markets may be limited, which may impair the Argentine government’s ability to foster economic reactivation and growth and adversely affect the ability of Argentine companies to access financing in the international markets. In addition, if the Argentine government fails to urgently address the necessary structural changes to improve the macroeconomic condition of the country, the current economic conditions, including inflation, unemployment, decline in GDP, depreciation of the Argentine peso, and/or other economic factors over which we do not have control may continue to worsen, eventually provoking a general economic collapse, which could have an adverse effect on our financial condition, results and costs of operations.

Business Overview

The following information is intended to supplement and/or amend, as applicable, the business overview set forth in our 2020 Form 20-F under “Item 4. Information on the Company—Business Overview” and should be read together with such section. To the extent there is a conflict between the information set forth below and that included in our 2020 Form 20-F, you should rely on the information set forth below, as such were prepared as of a more recent date.

PAGE 12

Government Support and Incentives

Argentina

Our subsidiaries Sistemas Globales S.A., IAFH Global S.A., BSF S.A. and Decision Support S.A., as beneficiaries of the Software Promotion Law, filed their applications for their registration under the Knowledge based Economy Law in 2019, which registration is provisional. See “Item 4. Information on the Company—B. Business overview—Government Support and Incentives—Argentina” and “Item 3. Key Information—D. Risk Factors—Risks Related to Operating in Latin America—Argentina—The imposition of duties on export services could adversely affect our results of operations if we do not obtain and/or maintain registration under the Knowledge Economy promotional regime,” in our 2020 Form 20-F.

Pursuant to Resolution 11/2021 and 58/2021 of the Subsecretary of Knowledge Economy, beneficiaries of the Software Promotion Law, such as our subsidiaries referred to above, have to ratify their application for registration within the 30 days following receipt of a formal notice of the Subsecretary of Knowledge Economy stating that they are in compliance with their obligations under the Software Promotional Law.

As of the date of this report our subsidiaries BSF S.A. and Decision Support S.A. have received the notice from the Subsecretary of Knowledge Economy and are in the process of filing the ratification of their application for registration.

Regulatory Overview

Argentine Taxation

Income Tax

Law No. 27,430 sets forth the progressive reduction of the corporate tax rate from 30% to 25% applicable to the fiscal periods starting on January 1, 2021. However, the Argentine Congress is expected to discuss a draft bill to extend the corporate tax rate of 30% for fiscal period commencing on January 1, 2021 and ending December 31, 2021. Thus, if such extension is approved, the effectiveness of the 25% tax rate will be delayed until tax years commencing from January 1, 2022. See “Item 4. Information on the Company—B. Business overview—Regulatory Overview—Argentine Taxation—Income Tax” in our 2020 Form 20-F.

Tax on Dividends

The Argentine Congress is expected to discuss a draft bill to extend the dividend tax rate of 7% for fiscal periods commencing as of January 1, 2021, until and ending on December 31, 2021. If such extension is approved, the effectiveness of the 13% tax rate will be delayed until tax years commencing as of January 1, 2022. See “Item 4. Information on the Company—B. Business overview—Regulatory Overview—Argentine Taxation—Tax on dividends” in our 2020 Form 20-F.

PAGE 13

Exhibit 99.3

Globant S.A.

Selected Investor Presentation Slides

Forward-Looking Statements

In addition to historical information, the following slides might contain “forward-looking statements” relating to Globant S.A. (the “Company”) that are based on the current beliefs of its management, expectations and projections of future events as well as assumptions made and information currently available to the Company. Such forward looking statements, as well as those included in any other material discussed at any management presentation, reflect the current views of the Company with respect to future events and are subject to risks, uncertainties and assumptions about the Company and its subsidiaries, including, among other things, its future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets in which the Company operates or is seeking to operate or anticipated regulatory changes in the markets in which it operates or intends to operate. In light of these risks, uncertainties and assumptions, the events or circumstances referred to in the forward-looking statements may not occur. None of the future projections, expectations, estimates or prospects in the following slides should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: the extent to which the COVID-19 outbreak and measures taken in response thereto impact our business, results of operations and financial condition will depend on future developments, which are highly uncertain and are difficult to predict; if we are unable to maintain the current resource utilization rates and productivity levels, our revenues, profit margins and results of operations may be adversely affected; if we are unable to manage attrition and attract and retain highly-skilled IT professionals, our operating efficiency and productivity may decrease, and we may not have the necessary resources to maintain client relationships and expand our business; if the pricing structures we use for our client contracts are based on inaccurate expectations and assumptions regarding the cost and complexity of performing our work, our contracts could be unprofitable, which could adversely affect our results of operations, financial condition and cash flows from operation; if we are unable to achieve anticipated growth, our revenues, results of operations, business and prospects may be adversely affected; if we are unable to effectively manage the rapid growth of our business, our management personnel, systems and resources could face significant strains, which could adversely affect our operations; if we were to lose the services of our senior management team or other key employees, our business operations, competitive position, client relationships, revenues and results of operation may be adversely affected; if we do not continue to innovate and remain at the forefront of emerging technologies and related market trends, we may lose clients and not remain competitive, which could cause our results of operations to suffer; if any of our largest clients terminates, decreases the scope of, or fails to renew its business relationship or short-term contract with us, our revenues, business and results of operations may be adversely affected; global economic and political conditions could have a material adverse effect on our revenues, margins, results of operations and financial condition; and; uncertainty concerning the current economic, political and social environment in Latin America may have an adverse impact on capital flows or other relevant variables and could adversely affect our business, financial condition and results of operations and various other factors described under “Item 3. Key Information—D. Risk Factors” in our 2020 Form 20-F.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted. No one intends, or assumes any obligations, to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise.

Non-IFRS Financial Measures

The following slides include certain financial measures that are not calculated in accordance with International Financial Reporting Standards (“non-IRFS financial measures”), which have not been subject to audit. These non-IFRS financial measures are provided as additional information to enhance an overall understanding of the historical and current financial performance of our operations. We believe these measures help illustrate underlying trends in our business and use such measures to establish budgets and operational goals, communicated internally and externally, for managing our business and evaluating our performance. These non-IFRS financial measures should not be considered as substitutes for or superior to IFRS results. In addition, our calculation of these non-IFRS financial measures may be different from the calculation used by other companies, and therefore comparability is limited.

The information and opinions contained in this presentation are provided as of the date of this report and are subject to verification, completion and change without notice.

The following slides should not be considered as a recommendation by the Company or any of its advisers and/or agents that any person should subscribe for or purchase any securities of the Company.

Note: Adjusted Gross Profit Margin Percentage excludes depreciation and amortization and share - based compensation expense. Adjusted Profit from Operations Margin Percentage excludes share - based compensation expense, impairment of assets and acquisition - related charges. Revs per IT Prof: Sum of annual Revs / average (IT Prof for Q1’20; IT Prof Q1’21) Total Active Customers Served: Clients generating > $0 Revenues between 01 - 01 - 2020 and 12 - 31 - 2020 Customers with over $1M in Annual Revenue: Clients generating > $1M Revenues between 01 - 01 - 2020 and 12 - 31 - 2020 Key Statistics Global Delivery Model Multiple offices in 36 cities throughout 18 countries 26.4% 2014 – 2020 Revenue CAGR 90% of 2020 Revenue from Existing Customers in 2019 $814M 2020 total Revenue 129 2020 Customers with over $1M in Annual Revenue 798 2020 Total Active Customers Served $64k LTM Q1’21 annual Revenue per IT Professional At a Glance Headcount Distribution (as of Mar’21) Argentina Other LatAm USA & Europe India Colombia Revenue by Geography (Q1’21) North America LatAm and Others Europe Asia 39.6% Q1’21 Adj. Gross Profit Margin Percentage 17,267 Total Employees as of Mar 31, 2021 16.6% Q1’21 Adj. Profit from Operations Margin Percentage 1%

2014 2015 2016 2017 2018 2019 2020 200 254 323 413 522 6 5 9 659 Q1’21 814 Significant Revenue Growth Clients with Revenues >$1M Client Revenue Contribution (%) Revenue ($M) Average Revenue by Client ($M) Top 10 Top 20 CAGR (‘14 - ’20): 26.4% CAGR: 25.6% CAGR: 24.0% YoY: 41.0% Clients 2014 2015 2016 2017 2018 2019 2020 Q1’21 Top 1 9 12 10 10 11 11 11 11 Top 5 27 33 34 29 32 26 31 28 Top 10 44 47 47 42 44 39 42 41 201 4 201 5 201 6 201 7 201 8 201 9 202 0 46 51 60 82 90 107 129 LTM Q1’21 139 192 270 2014 2015 2016 2017 2018 2019 2020 8.8 6.1 11.9 7.7 15.0 9.7 17.3 11.4 23.0 15.1 26.0 17.5 34.3 22.1 Q1’20

Increasing # of multi million $ accounts Annual revenues of select top 20 customers, part of our 100 2 strategy 2015 2014 ● Studio cross - selling ● POD model penetration ● Increasing number of projects 100 squared strategy: ● Dedicated onsite teams ● Strategic partner ● Increased visibility 2016 $20M+ 0 1 2 3 5 7 7 $10M+ 2 5 6 9 9 14 13 $5M+ 10 10 11 18 21 26 32 $1M+ 46 51 60 82 90 107 129 Customer A 31 42 59 74 89 Customer B 12 13 15 23 39 Customer C 0 1 10 18 21 Customer D 9 11 12 14 18 Customer E 1 1 3 5 9 2017 2018 2017 2016 2018 2019 2019 2020 2020 Strong ability to develop accounts (In $M)

Reconciliation of adjusted gross profit Three months ended March 31 Year ended December 31 2021 2020 2020 2019 2018 Gross Profit 103,197 72,203 304,327 254,161 203,756 Depreciation and amortization expense 2,801 2,290 9,759 7,350 4,022 Share - based compensation expense 1,015 1,121 4,109 4,976 4,248 Adjusted gross profit 107,013 75,614 318,195 266,487 212,026 Adjusted gross profit margin 39.6% 39.5% 39.1% 40.4% 40.6% Reconciliation of IFRS to Non IFRS

Reconciliation of adjusted selling, general and Three months ended March 31 Year ended December 31 administrative expenses 2021 2020 2020 2019 2018 Selling, general and administrative expenses - 71,891 - 51,872 - 217,222 - 172,478 - 133,187 Depreciation and amortization expenses 9,838 4,894 22,691 16,905 16,521 Share - based compensation expenses 7,682 5,158 20,519 14,912 8,665 Acquisition - related expenses (a) 2,634 2,758 10,096 9,571 3,516 COVID - 19 - related expenses (b) - - - 613 - - Adjusted selling, general and administrative expenses - 51,737 - 39,062 - 164,529 - 131,090 - 104,485 Adjusted selling, general and administrative expenses as % of revenues - 19.1% - 20.4% - 20.2% - 19.9% - 20.0%

Reconciliation of Adjusted Three months ended March 31 Year ended December 31 Profit from Operations 2021 2020 2020 2019 2018 Profit from Operations 30,218 18,714 83,942 80,735 66,794 Share - based compensation expense 8,697 6,279 24,628 19,888 12,913 Impairment of tax credits - - - 8 - - Acquisition - related expenses (a) 6,074 3,162 12,754 10,695 4,273 COVID - 19 related expenses (b) - 1,716 2,582 - - Impairment of assets (c) - 11 - 83 673 354 Adjusted Profit from operations 44,978 29,871 123,981 111,991 84,334 Adjusted Profit from operations margin 16.6% 15.6% 15.2% 17.0% 16.1%

Reconciliation of adjusted net income Three months ended March 31 Year ended December 31 2021 2020 2020 2019 2018 Net Income for the period 21,667 13,170 54,217 54,015 51,596 Share - based compensation expense 8,697 6,279 24,628 19,888 12,913 Acquisition related expenses (a) 6,653 3,217 15,796 11,518 - 2,177 COVID - 19 - related expenses (b) - 1,716 2,582 - - Impairment of assets (c) - 11 - 83 673 1,154 Impairment of tax credits - - - 8 - - Expenses related to secondary share offering (d) - - - - 251 Tax effect on non - IFRS adjustments (e) - 2,759 - 1,933 - 6,712 - 5,443 - 3,388 Adjusted net income 34,247 22,449 90,586 80,651 60,349 Adjusted net income margin 12.7% 11.7% 11.1% 12.2% 11.6% Calculation of Adjusted Diluted EPS Adjusted Net Income 34,247 22,449 90,586 80,651 60,349 Diluted shares 41,157 38,093 39,717 37,674 36,685 Adjusted Diluted EPS 0.83 0.59 2.28 2.14 1.65

Reconciliation of IFRS to Non IFRS

Financial Measures

Notes:

(a) Acquisition-related expenses include, when applicable, amortization of purchased intangible assets included in depreciation and amortization expense line on our consolidated statements of comprehensive income, external deal costs, acquisition-related retention bonuses, integration costs, changes in the fair value of contingent consideration liabilities, expenses for impairment of acquired intangible assets and other acquisition-related costs.

(b) COVID-19 related expenses include, when applicable, bad debt provision related to the effect of the COVID-19 pandemic on our clients' businesses, donations and other expenses directly attributable to the pandemic that are both incremental to expenses incurred prior to the outbreak and not expected to recur once the crisis has subsided and operations return to normal and clearly separable from normal operations. Moreover, these expenses also include rent concessions that we were granted due to the pandemic environment.

(c) Impairment of assets, net of recoveries includes, when applicable, expenses for impairment of intangible assets, expenses for impairment of investments in associates and expenses for impairment of tax credits, net of recoveries.

(d) Expenses related to secondary share offering include expenses related to the secondary offering in the United States of our common shares held WPP Luxembourg Gamma Three S.à.r.l. in 2018.

(e) Non-IFRS Adjusted net income and adjusted Diluted EPS for 2021, 2020, 2019 and 2018 reflect the tax impact of non-IFRS adjustments. Non-IFRS Adjusted net income and adjusted Diluted EPS for 2020, 2019 and 2018 previously presented were recast to conform to the current presentation.

Reconciliation of IFRS to Non IFRS

Financial Measures

Overview

To supplement our financial measures prepared in accordance with IFRS, we use certain non-IFRS financial measures including (i) adjusted diluted earnings per share ("EPS"), (ii) adjusted net income, (iii) adjusted gross profit, (iv) adjusted selling, general and administrative ("SG&A") expenses, and (v) adjusted profit from operations. These measures do not have any standardized meaning under IFRS, and other companies may use similarly titled non-IFRS financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-IFRS financial measures may not be comparable to similar non-IFRS measures presented by other companies. We caution investors not to place undue reliance on such non-IFRS measures, but instead to consider them with the most directly comparable IFRS measures. Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with IFRS.

The reconciliations of these non-IFRS measures to the most directly comparable financial measures calculated and presented in accordance with IFRS are shown in the tables above. We use these non-IFRS measures in the evaluation of our performance and our consolidated financial results. We believe these non-IFRS measures may be useful to investors in their assessment of our operating performance and the valuation of our company. In addition, these non-IFRS measures address questions we routinely receive from analysts and investors and, in order to assure that all investors have access to similar data, we have determined that it is appropriate to make this data available to all investors.

Adjusted Gross Profit and Adjusted SG&A Expenses

We utilize non-IFRS measures of adjusted gross profit and adjusted SG&A expenses as supplemental measures for period-to-period comparisons. Adjusted gross profit and adjusted SG&A expenses are most directly comparable to the IFRS measures of gross profit and selling, general and administrative expenses, respectively. Our non-IFRS measures of adjusted gross profit and adjusted SG&A expenses exclude the impact of certain items, such as depreciation and amortization expense, share-based compensation expense and, only with respect to adjusted SG&A expenses, acquisition-related expenses and COVID-19 related expenses.

Adjusted Profit from Operations

We utilize the non-IFRS measure of adjusted profit from operations as a supplemental measure for period-to-period comparisons. Adjusted profit from operations is most directly comparable to the IFRS measure of profit from operations. Adjusted profit from operations excludes the impact of certain items, such as share-based compensation expense, impairment of non-financial assets, net of recoveries, acquisition-related expenses and COVID-19 related expenses.

Adjusted Diluted EPS and Adjusted Net Income

We utilize non-IFRS measures of adjusted diluted EPS and adjusted net income for strategic decision making, forecasting future results and evaluating current performance. Adjusted diluted EPS and adjusted net income are most directly comparable to the IFRS measures of EPS and net income, respectively. Our non-IFRS measures of adjusted diluted EPS and adjusted net income exclude the impact of certain items, such as acquisition-related expenses, impairment of non-financial assets, net of recoveries, share-based compensation expense, COVID-19 related expenses, and the related effect on income taxes of the pre-tax adjustments.

Exhibit 99.4

« GLOBANT S.A. »

société anonyme

L-1855 Luxembourg, 37A, avenue J.F. Kennedy

R.C.S. Luxembourg, section B numéro 173.727

**********************************************************************************

STATUTS COORDONNES à la date du 17 mai 2021

**********************************************************************************

PAGE 1

A. NAME - DURATION - PURPOSE - REGISTERED OFFICE

Article 1 Name

There exists a company in the form of a joint stock company (société anonyme) under the name of “GLOBANT S.A.” (the "Company") which shall be governed by the law of 10 August 1915 concerning commercial companies, as amended (the “Law”), as well as by the present articles of association.

Article 2 Duration

The Company is incorporated for an unlimited duration. It may be dissolved at any time and without cause by a resolution of the general meeting of shareholders, adopted in the manner required for an amendment of these articles of association.

Article 3 Object

3.1. The Company's primary purpose is the creation, holding, development and realization of a portfolio, consisting of interests and rights of any kind and of any other form of investment in entities in the Grand Duchy of Luxembourg and in foreign entities, whether such entities exist or are to be created, especially by way of subscription, acquisition by purchase, sale or exchange of securities or rights of any kind whatsoever, such as equity instruments, debt instruments, patents and licenses, as well as the administration and control of such portfolio.

3.2. The Company may further grant any form of security for the performance of any obligations of the Company or of any entity in which it holds a direct or indirect interest or right of any kind or in which the Company has invested in any other manner or which forms part of the same group of entities as the Company and lend funds or otherwise assist any entity in which it holds a direct or indirect interest or right of any kind or in which the Company has invested in any other manner or which forms part of the same group of companies as the Company.

3.3. The Company may borrow in any form and may issue any kind of notes, bonds and debentures and generally issue any debt, equity and/or hybrid or other securities of any kind in accordance with Luxembourg law.

3.4. The Company may carry out any commercial, industrial, financial, real estate, technical, intellectual property or other activities which it may deem useful in accomplishment of these purposes.

Article 4 Registered office

4.1 The Company's registered office is established in the city of Luxembourg, Grand Duchy of Luxembourg. The Company's registered office may be transferred by a resolution of the board of directors within the same municipality.

4.2 It may be transferred to any other municipality in the Grand Duchy of Luxembourg by means of a resolution of the general meeting of shareholders.

4.3 Branches or other offices may be established either in the Grand Duchy of Luxembourg or abroad by a resolution of the board of directors.

PAGE 2

B. SHARE CAPITAL - COMMON SHARES - REGISTER OF COMMON SHARES - OWNERSHIP AND TRANSFER OF COMMON SHARES

Article 5 Share capital

5.1. The Company has a share capital of forty-eight million one hundred fifty-eight thousand four hundred eighty-six US dollars and forty cents (USD 48,158,486.40) represented by forty million one hundred thirty-two thousand seventy-two (40,132,072) common shares having a nominal value of one US dollar and twenty cents (USD 1.20) per common share.

5.2. The Company's issued share capital may be (i) increased by a resolution of the board of directors (or delegate thereof) in accordance with articles 6.1 and 6.2 of these articles of association or (ii) increased or reduced by a resolution of the general meeting of shareholders, adopted in the manner required for an amendment of these articles of association.

Article 6 Authorized capital

6.1 The Company’s authorized capital, excluding the Company's share capital, is set at five million one hundred fifty thousand eight US dollars and eighty cents (USD 5,150,008.80) consisting in four million two hundred ninety-one thousand six hundred seventy-four (4,291,674) common shares having a nominal value of one US dollar and twenty cents (USD 1.20) per common share.

6.2 The board of directors is authorized to issue common shares, to grant options to subscribe for common shares and to issue any other instruments convertible into, or giving rights to, common shares within the limit of the authorized share capital, to such persons and on such terms as it shall see fit, and specifically to carry out such issue or issues without reserving a pre-emptive subscription right for the existing shareholders during a period of time from the date of the extraordinary general meeting of shareholders held on 3 April 2020 and ending on the fifth (5th) anniversary of the date of the extraordinary general meeting of shareholders held on 3 April 2020. Such common shares may be issued above, at or below market value, above or at nominal value, or by way of incorporation of available reserves (including premium). The general meeting has authorized the board of directors to waive, suppress or limit any pre-emptive subscription rights of shareholders to the extent the board deems such waiver, suppression or limitation advisable for any issue or issues of common shares within the scope of the Company’s authorized (un-issued) share capital. This authorization may be renewed, amended or extended by resolution of the general meeting of shareholders adopted in the manner required for an amendment of these articles of association. Upon an issue of shares within the authorized share capital, the board shall have the present articles of association amended accordingly.

6.3 The authorized capital of the Company may be increased or reduced by a resolution of the general meeting of shareholders adopted in the manner required for amendments of these articles of association.

Article 7 Common shares

7.1 The Company’s share capital is divided into common shares, each of them having the same nominal value. The common shares of the Company are shall remain in registered form only.

7.2 The Company may have one or several shareholders.

7.3 No fractional common shares shall be issued or exist.

7.4 Within the limits and conditions laid down by the Law, the Company may repurchase its own common shares and may hold them in treasury.

7.5 A register of common shares will be kept by the Company and will be available for inspection by any shareholder. Ownership of registered common shares will be established by inscription in the said register or in the event separate registrars have been appointed pursuant to article 7.6, in such separate register(s). Without prejudice to the conditions for transfer by book entries provided for in article 7.8 of these articles of association, a transfer of registered common shares shall be carried out by means of a declaration of transfer entered in the relevant register, dated and signed by the transferor and the transferee or by their duly authorized representatives or by the Company upon notification of the transfer or acceptance of the transfer by the Company. The Company may accept and enter in the relevant register a transfer on the basis of correspondence or other documents recording the agreement between the transferor and the transferee.

PAGE 3

7.6 The Company may appoint registrars in different jurisdictions who will each maintain a separate register for the registered common shares entered therein and the holders of common shares may elect to be entered in one of the registers and to be transferred from time to time from one register to another register. The board of directors may however impose transfer restrictions for common shares that are registered, listed, quoted, dealt in or have been placed in certain jurisdictions in compliance with the requirements applicable therein. A transfer to the register kept at the Company's registered office may always be requested.

7.7 Subject to the provisions of article 7.8 and article 7.10, the Company may consider the person in whose name the registered common shares are registered in the register of shareholders as the full owner of such registered common shares. In the event that a holder of registered common shares does not provide an address in writing to which all notices or announcements from the Company may be sent, the Company may permit a notice to this effect to be entered into the register of shareholders and such holder’s address will be deemed to be at the registered office of the Company or such other address as may be so entered by the Company from time to time, until a different address shall be provided to the Company by such holder in writing. The holder may, at any time, change his address as entered in the register of shareholders by means of written notification to the Company.

7.8 The common shares may be held by a holder (the “Holder”) through a securities settlement system or a Depository (as this term is defined below). The Holder of common shares held in such fungible securities accounts has the same rights and obligations as if such Holder held the common shares directly. The common shares held through a securities settlement system or a Depository shall be recorded in an account opened in the name of the Holder and may be transferred from one account to another in accordance with customary procedures for the transfer of securities in book-entry form. However, the Company will make dividend payments, if any, and any other payments in cash, common shares or other securities, if any, only to the securities settlement system or Depository recorded in the register of shareholders or in accordance with the instructions of such securities settlement system or Depository. Such payment will grant full discharge of the Company’s obligations in this respect.

7.9 In connection with a general meeting, the board of directors may decide that no entry shall be made in the register of shareholders and no notice of a transfer shall be recognized by the Company and the registrar(s) during the period starting on the Record Date (as hereinafter defined) and ending on the closing of such general meeting.

7.10 All communications and notices to be given to a registered shareholder shall be deemed validly made if made to the latest address communicated by the shareholder to the Company in accordance with article 7.7 or, if no address has been communicated by the shareholder, the registered office of the Company or such other address as may be so entered by the Company in the register from time to time according to article 7.8.

PAGE 4

7.11 Where common shares are recorded in the register of shareholders in the name of or on behalf of a securities settlement system or the operator of such system and recorded as book-entry interests in the accounts of a professional depositary or any sub-depositary (any depositary and any sub-depositary being referred to hereinafter as a “Depositary”), the Company - subject to having received from the Depositary a certificate in proper form - will permit the Depository of such book-entry interests to exercise the rights attaching to the common shares corresponding to the book-entry interests of the relevant Holder, including receiving notices of general meetings, admission to and voting at general meetings, and shall consider the Depository to be the holder of the common shares corresponding to the book-entry interests for purposes of this article 7 of the present articles of association. The board of directors may determine the formal requirements with which such certificates must comply.

Article 8 Ownership of common shares

8.1 The Company will recognize only one (1) holder per common share. If a common share is owned by several persons, they must designate a single person to be considered as the sole owner of such common share in relation to the Company. The Company is entitled to suspend the exercise of all rights attached to a common share held by several owners until one (1) owner has been designated.

8.2 The common shares are freely transferable, subject to the provisions of these articles of association. All rights and obligations attached to any common share are passed to any transferee thereof, except as otherwise provided for herein.

8.2.1 As long as the common shares of the Company are admitted to trading on a regulated market (within the meaning of Directive 2014/65/EU) within the territory of the European Economic Area (the “Regulated Market”) the provisions of Directive 2004/25/EC on takeover bids shall apply in the context of any takeover in respect of the Company’s common shares.

If the common shares are no longer admitted to trading on any Regulated Market the following rules shall apply in the context of any takeover in respect of the Company’s common shares.

Any person (such person hereinafter called, the “Bidder”) wishing to acquire by any means (including, but not limited to, the conversion of any financial instrument convertible into common shares), directly or indirectly, common shares (the “Intended Acquisition”) which, when aggregated with his/her/its existing common share holdings, together with any shares held by a person controlling the Bidder, controlled by the Bidder and/or under common control with the Bidder, represent at least thirty-three point thirty-three percent (33.33%) of the share capital of the Company (the “Threshold”), shall have the obligation to propose an unconditional takeover bid to acquire the entirety of the then-outstanding common shares together with any financial instrument convertible into common shares (the “Takeover Bid”). Each Takeover Bid shall be conducted in accordance with the procedure stipulated under clauses (i) through (vii) hereof (the “Takeover Bid Procedure”) and shall also be conducted in conformity and compliance with the laws and regulations in the jurisdictions in which the Company´s common shares or other securities are listed and/or where the Takeover Bid takes place and the rules of the stock exchanges where the Company’s common shares are listed (for the avoidance of doubt excluding any Regulated Market), in each case, applicable to public offers (collectively, the “Applicable Rules”), it being understood that, to the extent any such requirements impose stricter rules or regulations upon the Bidder, such stricter rules and regulations shall be complied with by Bidder.

PAGE 5

(i) The Bidder shall notify the Company in writing about the Intended Acquisition and the Takeover Bid (the “Takeover Notice”), at least fifteen (15) Luxembourg business days (or such shorter period as is required under Applicable Rules) in advance of the commencement date thereof (such notification date, the “Takeover Notice Date”). A Takeover Notice shall also be required regarding any agreement or memorandum of understanding that the Bidder intends to enter into with a holder of common shares and/or financial instrument convertible into common shares whereby, under certain circumstances, due to such agreement or memorandum of understanding, the Bidder would become the holder of common shares resulting the Threshold being attained or exceeded (hereinafter called “Prior Agreement”). In addition to complying with the Applicable Rules, such Takeover Notice shall include the following minimum information, subject to the inclusion of any additional information as may be required under the Applicable Rules: (A) The Bidder’s identification, nationality and domicile. If the Bidder is made up of a group of individuals or entities, the identification and domicile of each member of the group and of the managing officer of each entity forming part of the group; (B) The consideration offered for the common shares and the financial instruments convertible into common shares and the source of funds to pay such consideration. (C) The scheduled expiration date of the Takeover Bid period, whether it can be extended, and if so, how long the extension may be and according to which procedure the extension shall be made; (D) A statement by the Bidder indicating the exact dates before and after which the holders of common shares and financial instruments convertible into common shares, who have validly tendered their common shares and/or financial instruments convertible into common shares subject to the Takeover Bid regime, shall be entitled to withdraw them, how the common shares and the financial instruments convertible into common shares thus tendered shall be accepted, and how the withdrawal of the common shares and the financial instruments convertible into common shares from sale under the Takeover Bid regime shall be carried out; (E) Any additional information, including the Bidder’s financial or accounting statements, as the Company may reasonably request or which may be necessary so as to avoid the above Takeover Notice from leading to erroneous conclusions or when the information submitted is incomplete or insufficient.

(ii) On the Takeover Notice Date, the Company shall mail to each holder of common shares and financial instruments convertible into common shares, at the Bidder’s cost and expense, a copy of the Takeover Notice. In the case of registered holders of common shares and/or financial instrument convertible into common shares, the Takeover Notice will be sent by registered mail and in case of common shares and financial instrument convertible into common shares held through a brokerage account, the Takeover Notice will be mailed to the relevant brokers through the Depository agent.

(iii) On the Takeover Notice Date, the Bidder shall publish a notice containing the information stated in paragraph (i). Subject to applicable legal provisions, the Takeover Notice shall be published in two (2) major newspapers of the Grand Duchy of Luxembourg and in the City of New York, U.S.A. or such longer period as required under Applicable Laws.

PAGE 6

(iv) The consideration for each common share and financial instrument convertible into common shares payable to each holder thereof shall be the same, shall be payable in cash only, and shall not be lower than the highest of the following prices:

(A) the highest price per common shares and financial instrument convertible into common shares paid by the Bidder, or on behalf thereof, in relation to any acquisition of common shares and the financial instruments convertible into common shares within the twelve months period immediately preceding the Takeover Notice, adjusted as a consequence of any division of shares, stock dividend, subdivision or reclassification affecting or related to common shares and/or the financial instruments convertible into common shares; or

(B) the highest closing sale price, during the sixty-day period immediately preceding the Takeover Notice, of a common share of the Company as quoted by the New York Stock Exchange, in each case as adjusted as a consequence of any division of shares, stock dividend, subdivision or reclassification affecting or related to common shares and financial instrument convertible into common shares.

(v) The Takeover Bid shall be open for a minimum period of at least twenty (20) Luxembourg business days as from the date the Takeover Bid was commenced.

(vi) The Bidder shall acquire all common shares and financial instruments convertible into common shares that are validly tendered (and not withdrawn) before the expiration date of the Takeover Bid in accordance with the provisions of these articles of association governing Takeover Bids.

(vii) Once the Takeover Bid Procedure has been completed, the Bidder may execute the Prior Agreement, if any, regardless of the number of common shares and financial instrument convertible into common shares purchased. The Prior Agreement, if any, shall be executed within thirty (30) days following the closing of the Takeover Bid; otherwise, it shall be necessary to repeat the Takeover Bid Procedure provided for in this article in order to execute the Prior Agreement.

8.2.2 If the terms of article 8.2.1 hereof are not complied with, the Bidder shall be forbidden to acquire common shares, whether directly or indirectly, by any means (including, but not limited to, the conversion of any financial instrument convertible into common shares) or instrument if, as a result of such acquisition, the Bidder (when aggregated with any shares held by a person controlling the Bidder, controlled by the Bidder and/or under common control with the Bidder) becomes the holder of common shares which, in addition to its prior holdings represent, in the aggregate, at least thirty-three point thirty-three percent (33.33%) of the share capital of the Company. The Board of Directors shall suspend any right to vote or to receive dividends or any other kind of distributions attached to common shares acquired in breach of the provisions of article 8.2.1 and none of these common shares shall be counted in determining the presence of a quorum at any meeting of shareholders of the Company, until such common shares are sold. In addition, if the terms of article 8.2.1 hereof are not complied with, the Company may consider any transfer of common shares acquired in breach of the provisions of article 8.2.1 to be invalid in which case none of the Company, any registrar or Depository shall enter such transfer into the relevant registers and books of the Company.

PAGE 7

8.2.3 If a holder of any financial instrument convertible into common shares contemplating an Intended Acquisition fails to comply with the terms of article 8.2.1 hereof, the Board of Directors may refuse the conversion into common shares of the portion of any such convertible instruments which, if converted, would result in that person becoming the holder of common shares in the reach or in excess of the Threshold.

8.2.4 For the purposes of this article 8.2, the term “indirectly” shall include the Bidder’s parent companies, the companies controlled by the Bidder or that would end up under its control as a consequence of any Takeover, Takeover Bid or Prior Agreement, as the case may be, that would grant at the same time the control of the Company, the companies submitted to the common control of the Bidder and other persons acting jointly with the Bidder; likewise, the holdings any person has through trusts or other similar mechanisms shall be included.

C. GENERAL MEETING OF SHAREHOLDERS

Article 9 Powers of the general meeting of shareholders

The shareholders exercise their collective rights in the general meeting of shareholders. Any regularly constituted general meeting of shareholders of the Company represents the entire body of shareholders of the Company. It shall have the broadest powers to authorize, order, carry out or ratify acts relating to the Company.

Article 10 Convening general meetings of shareholders

10.1 The general meeting of shareholders of the Company may at any time be convened by the board of directors, to be held at such place and on such date as specified in the convening notice of such meeting.

10.2 The general meeting of shareholders must be convened by the board of directors, upon request in written indicating the agenda, addressed to the board of directors by one or several shareholders representing at least ten percent (10%) of the Company´s issued share capital. In such case, a general meeting of shareholders must be convened and shall be held within a period of one (1) month from receipt of such request. Shareholder(s) holding at least five percent (5%) of the Company´s issued share capital may request the addition of one or several items to the agenda of any general meeting of shareholders and propose resolutions. Such requests must be received at the Company´s registered office by registered mails at least twenty-two (22) days before the date of such meeting.

10.3 The annual general meeting of shareholders shall be held within six (6) months of the end of each financial year in Luxembourg, at the registered office of the Company or at such other place as may be specified in the convening notice of such meeting.

10.4 Other general meetings of shareholders may be held at such place and time as may be specified in the respective notice of meeting.

10.5 General meetings of shareholders shall be convened in accordance with the provisions of the Law and if the common shares of the Company are listed on a foreign stock exchange, in accordance with the requirements of such foreign stock exchange applicable to the Company.

10.6 If the common shares of the Company are not listed on any foreign stock exchange, all shareholders recorded in the register of shareholders on the date of the general meeting of the shareholders are entitled to be admitted to the general meeting of shareholders.

10.7 If the common shares of the Company are listed on a stock exchange, all shareholders recorded in any register of shareholders of the Company are entitled to be admitted and vote at the general meeting of shareholders based on the number of shares they hold on a date and time preceding the general meeting of shareholders as the record date for admission to the general meeting of shareholders (the “Record Date”), which the board of directors may determine as specified in the convening notice.

PAGE 8

10.8 Any shareholder, Holder or Depositary, as the case may be, who wishes to attend the general meeting must inform the Company thereof no later than on the third business day preceding the date of such general meeting, or by any other date which the board of directors may determine and as specified in the convening notice, in a manner to be determined by the board of directors in the convening notice. In case of common shares held through the operator of a securities settlement system or with a Depositary designated by such Depositary, a holder of common shares wishing to attend a general meeting of shareholders should receive from such operator or Depositary a certificate certifying the number of common shares recorded in the relevant account on the Record Date. The certificate should be submitted to the Company no later than three (3) business days prior to the date of such general meeting. If the shareholder votes by means of a proxy, the proxy shall be deposited at the registered office of the Company or with any agent of the Company, duly authorized to receive such proxies, at the same time. The board of directors may set a shorter period for the submission of the certificate or the proxy in which case this will be specified in the convening notice.

10.9 If all shareholders are present or represented at a general meeting of shareholders and state that they have been informed of the agenda of the meeting, the general meeting of shareholders may be held without prior notice.

Article 11 Conduct of general meetings of shareholders

11.1 A board of the meeting shall be formed at any general meeting of shareholders, composed of a chairman, a secretary and a scrutineer, each of whom shall be appointed by the general meeting of shareholders and who do not need to be shareholders. The board of the meeting shall ensure that the meeting is held in accordance with applicable rules and, in particular, in compliance with the rules in relation to convening the meeting, quorum, if any, and majority requirements, vote tallying and representation of shareholders.

11.2 An attendance list must be kept for any general meeting of shareholders.

11.3 Each common share entitles the holder thereof to one vote, subject to the provisions of the Law. Unless otherwise required by applicable law or by these articles of association, resolutions at a general meeting of shareholders duly convened are adopted by a simple majority of the votes validly cast, regardless of the proportion of the issued share capital of the Company present or represented at such meeting. Abstention and nil votes will not be taken into account.

11.4 A shareholder may act at any general meeting of shareholders by appointing another person, shareholder or not, as his proxy in writing by a signed document transmitted by mail or facsimile or by any other means of communication authorized by the board of directors. One person may represent several or even all shareholders.

11.5 Shareholders who participate in a general meeting of shareholders by conference call, video-conference or by any other means of communication authorized by the board of directors, which allows such shareholder’s identification and which allows that all the persons taking part in the meeting hear one another on a continuous basis and may effectively participate in the meeting, are deemed to be present for the computation of quorum and majority, subject to such means of communication being made available at the place of the meeting.

PAGE 9

11.6 Each shareholder may vote at a general meeting of shareholders through a signed voting form sent by mail or facsimile or by any other means of communication authorized by the board of directors and delivered to the Company’s registered office or to the address specified in the convening notice. The shareholders may only use voting forms provided by the Company which contain at least the place, date and time of the meeting, the agenda of the meeting, the proposals submitted to the resolution of the meeting, as well as for each proposal three boxes allowing the shareholder to vote in favor of or against the proposed resolution or to abstain from voting thereon by ticking the appropriate boxes. The Company will only take into account voting forms received no later than three (3) business days prior to the date of the general meeting of shareholders to which they relate. The board of directors may set a shorter period for the submission of the voting forms.

11.7 The board of directors may determine further conditions that must be fulfilled by the shareholders for them to take part in any general meeting of shareholders.

Article 12 Amendments of the articles of association

Subject to the provisions of the Law and of these articles of association, any amendment of the articles of association requires a majority of at least two-thirds (2/3) of the votes validly cast at a general meeting at which at least half (1/2) of the issued share capital is represented. In case the second condition is not satisfied, a second meeting may be convened in accordance with the Law, which may validly deliberate regardless of the proportion of the issued share capital of the Company represented at such meeting and at which resolutions are taken at a majority of at least two-thirds (2/3) of the votes validly cast. Abstention and nil votes will not be taken into account for the calculation of the majority.

Article 13 Adjourning general meetings of shareholders

The board of directors may adjourn any general meeting of shareholders already commenced, including any general meeting convened in order to resolve on an amendment of the articles of association, for a period of four (4) weeks. The board of directors must adjourn any general meeting of shareholders already commenced if so required by one or several shareholders representing in the aggregate at least twenty per cent (20%) of the Company’s issued share capital. By such an adjournment of a general meeting of shareholders already commenced, any resolution already adopted in such meeting will be cancelled. For the avoidance of doubt, once a meeting has been adjourned pursuant to the second sentence of this article 13, the board of directors shall not be required to adjourn such meeting a second time.

Article 14 Minutes of general meetings of shareholders

The board of any general meeting of shareholders shall draw up minutes of the meeting which shall be signed by the members of the board of the meeting as well as by any shareholder who requests to do so. Any copy and excerpt of such original minutes to be produced in judicial proceedings or to be delivered to any third party shall be signed by the chairman or the co-chairman of the board of directors or by any two of its members.

PAGE 10

D. MANAGEMENT

Article 15 Board of directors

15.1 The Company shall be managed by a board of directors, whose members may but do not need to be shareholders of the Company. The board of directors is vested with the broadest powers to take any actions necessary or useful to fulfill the Company’s corporate purpose, with the exception of the actions reserved by law or these articles of association to the general meeting of shareholders.

15.2 In accordance with article 60 of the Law, the Company’s daily management and the Company’s representation in connection with such daily management may be delegated to one or several members of the board of directors or to any other person(s) appointed by the board of directors, who may but are not required to be shareholders or not, acting alone or jointly. Their appointment, revocation and powers shall be determined by a resolution of the board of directors.

15.3 The board of directors may also grant special powers by notarized proxy or private instrument to any person(s) acting alone or jointly with others as agent of the Company.

15.4 The board of directors is composed of a minimum of seven (7) directors and a maximum of fifteen (15) directors. The board of directors must choose from among its members a chairman of the board of directors. It may also choose a co-chairman and it may choose a secretary, who does not need to be a shareholder or a member of the board of directors.

Article 16 Election and removal of directors and term of the office

16.1 Directors shall be elected by the general meeting of shareholders, and shall be appointed for a period up to four (4) years; provided however that directors shall be elected on a staggered basis, with one third (1/3) of the directors being elected each year and; provided, further that such term may be exceeded by a period up to the annual general meeting held following the fourth anniversary of the appointment. Each elected director shall hold office until his or her successor is elected. If a legal entity is elected director of the Company, such legal entity must designate an individual as permanent representative who shall execute this role in the name and for the account of the legal entity. The relevant legal entity may only remove its permanent representative if it appoints a successor at the same time. An individual may only be a permanent representative of one director and may not be a director at the same time.

16.2 Any director may be removed at any time without cause or prior notice by the general meeting of shareholders.

16.3 Directors shall be eligible for re-election indefinitely.

16.4 If a vacancy in the office of a member of the board of directors because of death, legal incapacity, bankruptcy, retirement or otherwise occurs, such vacancy may be filled on a temporary basis by a person designated by the remaining board members until the next general meeting of shareholders, which shall resolve on a permanent appointment.

Article 17 Convening meetings of the board of directors

17.1 The board of directors shall meet following notice validly given by the chairman or by any two (2) of its members at the place indicated in the notice of the meeting as described in the next paragraph.

PAGE 11

17.2 Written notice of any meeting of the board of directors must be given to the directors at least five (5) days in advance of the date scheduled for the meeting by mail, facsimile, electronic mail or any other means of communication, except in case of emergency, in which case the nature and the reasons of such emergency must be indicated in the notice. Such convening notice is not necessary in case of assent to waive such requirement of each director in writing by mail, facsimile, electronic mail or by any other means of communication, a copy of such document being sufficient proof thereof. Also, a convening notice is not required for a board meeting to be held at a time and location determined in a prior resolution adopted by the board of directors. No convening notice shall furthermore be required in case all members of the board of directors are present or represented at a meeting of the board of directors or in the case of resolutions in writing pursuant to these articles of association.

Article 18 Conduct of meetings of the board of directors

18.1 The chairman of the board of directors shall preside at all meetings of the board of directors. In the absence of the chairman, the board of directors may appoint another director as chairman pro tempore.

18.2 The board of directors can act and deliberate validly only if at least the majority of its members are present or represented at a meeting of the board of directors.

18.3 Resolutions are adopted with the approval of a majority of the members present or represented at a meeting of the board of directors. In case of a tie, the chairman of the board of directors shall have a casting (deciding) vote. In the absence of the chairman of the board of directors, the director who has been appointed as chairman pro tempore of the meeting shall not have a casting (deciding) vote.

18.4 Any director may act at any meeting of the board of directors by appointing any other director as proxy in writing by mail, facsimile, electronic mail or by any other means of communication. Any director may represent one or several other directors.

18.5 Any director who participates in a meeting of the board of directors by conference-call, videoconference or by any other means of communication which allows such director’s identification and which allows that all the persons taking part in the meeting hear one another on a continuous basis and may effectively participate in the meeting, is deemed to be present for the computation of quorum and majority. A meeting of the board of directors held through such means of communication is deemed to be held at the Company’s registered office.

18.6 The board of directors may unanimously pass resolutions in writing which shall have the same effect as resolutions passed at a meeting of the board duly convened and held. Such resolutions in writing are passed when dated and signed by all directors on a single document or on multiple counterparts, a copy of a signature sent by mail, facsimile or a similar means of communication being sufficient proof thereof. The single document showing all signatures or the entirety of the signed counterparts, as the case may be, will form the instrument giving evidence of the passing of the resolutions and the date of the resolutions shall be the date of the last signature.

18.7 The secretary or, if no secretary has been appointed, the chairman which was present at a meeting, shall draw up minutes of the meeting of the board of directors, which shall be signed by the chairman or by the secretary, as the case may be, or by any two directors.

PAGE 12

Article 19 Committees of the board of directors

The board of directors may establish one or more committees, including without limitation, an audit committee, a nominating and corporate governance committee and a compensation committee, and for which it shall, if one or more of such committees are set up, appoint the members who may be but do not need to be members of the board of directors (subject always, if the common shares of the Company are listed on a foreign stock exchange, to the requirements of such foreign stock exchange applicable to the Company and/or of such regulatory authority competent in relation to such listing), determine the purpose, powers and authorities as well as the procedures and such other rules as may be applicable thereto.

Article 20 Dealings with third parties

The Company will be bound towards third parties in all circumstances by (i) the sole signature of the chairman of the board of directors, (ii) joint signatures of any two directors or (iii) by the joint signatures or the sole signature of any person(s) to whom such signatory power has been granted by the board of directors, within the limits of such authorization.

With respect to matters that constitute daily management of the Company, the Company will be bound towards third parties by the sole signature of (i) the administrateur délégué or délégué à la gestion journalière (“Chief Executive Officer” or “CEO”), (ii) the directeur financier (“Chief Financial Officer” or “CFO”) or (iii) any other person(s) to whom such power in relation to the daily management of the Company has been delegated in accordance with article 15 hereof, acting alone or jointly in accordance with the rules of such delegation, if any has(ve) been appointed.

Article 21 Indemnification

21.1 The members of the board of directors are not held personally liable for the indebtedness or other obligations of the Company. As agents of the Company, they are responsible for the performance of their duties. Subject to the exceptions and limitations listed in article 21.2 and mandatory provisions of law, every person who is, or has been, a member of the board of directors or officer of the Company shall be indemnified by the Company to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding which he becomes involved as a party or otherwise by virtue of his being or having been such a director or officer and against amounts paid or incurred by him in the settlement thereof. The words “claim”, “action”, “suit” or “proceeding” shall apply to all claims, actions, suits or proceedings (civil, criminal or otherwise including appeals) actual or threatened and the words “liability” and “expenses” shall include without limitation attorneys’ fees, costs, judgments, amounts paid in settlement and other liabilities.

21.2 No indemnification shall be provided to any director or officer (i) against any liability to the Company or its shareholders by reason of willful misconduct, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office (ii) with respect to any matter as to which he shall have been finally adjudicated to have acted in bad faith and not in the interest of the Company or (iii) in the event of a settlement, unless the settlement has been approved by a court of competent jurisdiction or by the board of directors.

21.3 The right of indemnification herein provided shall be severable, shall not affect any other rights to which any director or officer may now or hereafter be entitled, shall continue as to a person who has ceased to be such director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person. Nothing contained herein shall affect or limit any rights to indemnification to which corporate personnel, including directors and officers, may be entitled by contract or otherwise under law. The Company shall specifically be entitled to provide contractual indemnification to and may purchase and maintain insurance for any corporate personnel, including directors and officers of the Company, as the Company may decide upon from time to time.

PAGE 13

21.4 Expenses in connection with the preparation and representation of a defense of any claim, action, suit or proceeding of the character described in this article 21 shall be advanced by the Company prior to final disposition thereof upon receipt of any undertaking by or on behalf of the officer or director, to repay such amount if it is ultimately determined that he is not entitled to indemnification under this article.

Article 22 Conflicts of interest

22.1 Any director who has, directly or indirectly, a conflicting interest in a transaction submitted to the approval of the board of directors which conflicts with the Company’s interest, must inform the board of directors of such conflict of interest and must have his declaration recorded in the minutes of the board meeting. The relevant director may not take part in the discussions on and may not vote on the relevant transaction. A special report shall be made on any transactions in which any of the directors may have had an interest conflicting with that of the Company, at the next general meeting, before any resolution is put in vote.

22.2 No contract or other transaction between the Company and any other company or firm shall be affected or invalidated by the fact that any one or more of the directors or officers of the Company is interested in, or is a director, associate, officer, agent, adviser or employee of such other company or firm. Any director or officer who serves as a director, officer or employee or otherwise of any company or firm with which the Company shall contract or otherwise engage in business shall not, by reason of such affiliation with such other company or firm only, be prevented from considering and voting or acting upon any matters with respect to such contract or other business.

E. AUDITORS

Article 23 Auditor(s)

23.1 The Company’s annual accounts shall be audited by one or more approved independent auditors (réviseurs d’entreprises agréés), appointed by the general meeting of shareholders at the board of directors’ recommendation (acting on the recommendation of the audit committee, if any). The general meeting of shareholders shall determine the number of auditor(s) and the term of their office which shall not exceed one (1) year and may be renewed for successive one (1) year periods.

23.2 An auditor may be dismissed at any time with cause (or with his approval) by the general meeting of shareholders. An auditor may be reappointed.

F. FINANCIAL YEAR – PROFITS – INTERIM DIVIDENDS

Article 24 Financial year

The Company’s financial year shall begin on the first (1) January of each year and shall terminate on the thirty-first (31^st) December of the same year.

Article 25 Profits

25.1 At the end of each financial year, the accounts are closed and the board of directors shall draw up or shall cause to be drawn up an inventory of assets and liabilities, the balance sheet and the profit and loss accounts in accordance with the Law.

PAGE 14

25.2 From the Company’s annual net profits five per cent (5%) at least shall be allocated to the Company’s legal reserve. This allocation ceases to be mandatory as soon and as long as the aggregate amount of the Company’s legal reserve amounts to ten per cent (10%) of the Company’s issued share capital. Sums contributed to the Company by shareholders may also be allocated to the legal reserve. In the case of a share capital reduction, the Company’s legal reserve may be reduced in proportion so that it does not exceed ten per cent (10%) of the issued share capital.

25.3 The annual general meeting of shareholders determines upon proposal of the board of directors how the remainder of the annual net profits will be allocated.

25.4 Dividends which have not been claimed within five (5) years after the date on which they became due and payable revert back to the Company.

Article 26 Interim dividends – Share premium and additional premiums

26.1 The board of directors may declare and pay interim dividends in accordance with the provisions of the Law.

26.2 Any share premium, additional premiums or other distributable reserve may be freely distributed to the shareholders (including by interim dividends) subject to the provisions of the Law.

G. LIQUIDATION

Article 27 Liquidation

27.1 In the event of the Company’s dissolution, the liquidation shall be carried out by one or several liquidators, individuals or legal entities, appointed by the general meeting of shareholders resolving on the Company’s dissolution which shall determine the liquidator’s/liquidators’ powers and remuneration. Unless otherwise provided, the liquidator or liquidators shall have the most extensive powers for the realization of the assets and payment of the liabilities of the Company.

27.2 The surplus resulting from the realization of the assets and the payment of all liabilities shall be distributed among the shareholders in proportion to the number of common shares of the Company held by them.

H. GOVERNING LAW

Article 28 Governing law

All matters not governed by these articles of association shall be determined in accordance with the Law.

SUIT LA TRADUCTION FRANÇAISE DE CE QUI PRECEDE

A. DENOMINATION - OBJET - DURÉE - SIÈGE SOCIAL

Article 1. Dénomination

Il existe une société anonyme sous la dénomination « GLOBANT S.A. » (ci-après la « Société ») qui sera régie par la loi du 10 août 1915 sur les sociétés commerciales, telle que modifiée (la « Loi »), ainsi que par les présents statuts.

Article 2. Durée

La Société est constituée pour une durée illimitée. Elle pourra être dissoute à tout moment et sans cause par une décision de l’assemblée générale des actionnaires, prise aux conditions requises pour une modification des présents statuts.

PAGE 15

Article 3.

Objet

3.1 La Société a pour objet principal la création, la détention, le développement et la réalisation d'un portefeuille, constitué de participations et de droits de toute nature et de toute autre forme d'investissement dans des entités dans le Grand-Duché de Luxembourg et dans des entités étrangères, que ces entités soient préexistantes ou qui seront constituées, notamment par voie de souscription, d’acquisition par achat, de cession ou d’échange de titres ou de droits de quelque nature que ce soit, tels que des titres de participation, des titres de créance, des brevets et des licences, ainsi que la gestion et le contrôle de ce portefeuille.

3.2 La Société peut également accorder toute forme de garantie pour l'exécution de toute obligation de la Société ou de toute entité dans laquelle elle détient une participation ou droit direct ou indirect de toute nature, ou dans laquelle la Société a investi sous quelque forme que ce soit, ou qui fait partie du même groupe d'entités que la Société et prêter des fonds ou assister autrement toute entité dans laquelle elle détient une participation ou droit direct ou indirect de toute nature ou dans laquelle la Société a investi sous quelque forme que ce soit, ou qui fait partie du même groupe d'entités que la Société.

3.3 La Société peut emprunter sous toute forme et émettre toute sorte d’obligations ainsi que, de manière générale émettre toute sorte de titres de créance, de titres de participation et/ou de titres hybrides ou autres conformément au droit luxembourgeois.

3.4 La Société pourra exercer toute activité commerciale, industrielle, financière, immobilière, technique, de propriété intellectuelle ou d’autres activités qu’elle estimera utiles pour l’accomplissement de ces objets.

Article 4.

Siège social

4.1 Le siège social de la Société est établi dans la ville de Luxembourg, Grand-Duché de Luxembourg. Le siège social pourra être transféré au sein de la même commune par décision du conseil d’administration.

4.2 Il pourra être transféré dans toute autre commune du Grand-Duché de Luxembourg par décision de l'assemblée générale des actionnaires.

4.3 Des succursales ou bureaux peuvent être créés, tant au Grand-Duché de Luxembourg qu'à l'étranger, par décision du conseil d’administration.

B. CAPITAL SOCIAL – ACTIONS – REGISTRE DES ACTIONS – PROPRIETE ET TRANSFERT DES ACTIONS

Article 5

Capital social

5.1. Le capital social est fixé à quarante-huit millions cent cinquante-huit mille quatre cent quatre-vingt-six US dollars et quarante cents (USD 48.158.486,40) représentés par quarante millions cent trente-deux mille soixante-douze (40.132.072) actions ordinaires d’une valeur nominale d’un US dollar et vingt cents (USD 1,20) chacune.

5.2 Le capital social émis de la Société peut être (i) augmenté par une décision du conseil d’administration (ou d’un délégué de celui-ci) conformément aux articles 6.1 et 6.2 des présents statuts ou (ii) augmenté ou réduit par une décision de l’assemblée générale des actionnaires, adoptée selon les conditions requises pour une modification des présents statuts.

PAGE 16

Article 6.

Capital autorisé

6.1 Le capital autorisé de la Société, excluant le capital social émis, est fixé à un montant de cinq millions cent cinquante mille huit US dollars et quatre-vingts cents (5.150.008,80 USD), soit quatre millions deux cent quatre-vingt-onze mille six cent soixante-quatorze (4.291.674) actions ordinaires ayant une valeur nominale d’un US dollar et vingt cents (USD 1,20) chacune.

6.2 Le conseil d'administration est autorisé à émettre des actions ordinaires, à accorder des options de souscription d'actions ordinaires et à émettre tous autres instruments convertibles en, ou donnant droit à des, actions ordinaires dans la limite du capital social autorisé au profit de personnes et dans les conditions qu'il jugera opportunes, et plus précisément de procéder à une telle émission ou de telles émissions sans qu’un droit préférentiel de souscription aux actions nouvelles ne soit réservé aux actionnaires existants pour une période commençant à la date de l'assemblée générale extraordinaire des actionnaires du 3 avril 2020 et se terminant au cinquième (5e) anniversaire de la date de l'assemblée générale extraordinaire des actionnaires du 3 avril 2020. Ces actions peuvent être émises à une valeur excédant ou en-deçà de la valeur du marché, au-dessus de ou à la valeur nominale ou par incorporation de réserves disponibles (y compris la prime d’émission). L'assemblée générale a expressément autorisé le conseil d'administration à renoncer, supprimer ou limiter tous droits préférentiels de souscription d’actionnaires dans la mesure où ce dernier jugera cette renonciation, suppression ou limitation opportune pour toute émission ou émissions d'actions ordinaires dans la limite du capital social autorisé (non-émis) de la Société. Cette autorisation peut être renouvelée, modifiée ou prolongée par une décision de l'assemblée générale des actionnaires adoptée aux conditions requises pour la modification des statuts. Après une émission d'actions dans le cadre du capital social autorisé, le conseil d'administration veillera à ce que les présents statuts soient modifiés en conséquence.

6.3 Le capital autorisé (non-émis) de la Société peut être augmenté ou réduit par une décision de l’assemblée générale des actionnaires, adoptée aux conditions requises pour la modification des statuts.

Article 7.

Actions

7.1 Le capital social de la Société est divisé en actions ordinaires ayant chacune la même valeur nominale. Les actions ordinaires de la Société sont et devront être uniquement sous forme nominative.

7.2 La Société peut avoir un ou plusieurs actionnaires.

7.3 Aucune fraction d’actions ordinaires ne peut exister ou être émise.

7.4 Dans les limites et dans les conditions définies par la Loi, la Société peut racheter ses propres actions et les conserver.

7.5 Un registre des actions ordinaires sera tenu par la Société et mis à disposition aux fins de vérification par tout actionnaire. La propriété des actions nominatives sera établie par l’inscription sur ledit registre ou dans le cas où des teneurs de registres séparés ont été nommés conformément à l'article 7.6, dans ce(s) registre(s) séparé(s). Sans préjudice des conditions de transfert par inscriptions prévues à l'article 7.8 de ces statuts, un transfert d'actions nominatives devra être effectué au moyen d'une déclaration de transfert inscrite dans le registre concerné, datée et signée par le cédant et le cessionnaire ou par leurs représentants dûment autorisés ou par la Société suite à la notification de la cession ou de l'acceptation de la cession par la Société. La Société peut accepter et inscrire un transfert dans le registre approprié sur la base d’une correspondance ou de tout autre document actant un accord entre le cédant et le cessionnaire.

PAGE 17

7.6 La Société peut nommer des teneurs de registre dans différentes juridictions qui tiendront chacun un registre séparé pour les actions nominatives y inscrites et les détenteurs d'actions ordinaires pourront choisir d'être inscrits dans l'un des registres et d'être transférés au fil du temps d'un registre à un autre registre. Le conseil d'administration peut toutefois imposer des restrictions au transfert pour les actions ordinaires inscrites, cotées, traitées ou placées dans certaines juridictions conformément aux exigences applicables dans ces juridictions. Un transfert vers le registre tenu au siège social de la Société peut toujours être demandé.

7.7 Sous réserve des dispositions de l'article 7.8 et l'article 7.10, la Société peut considérer la personne au nom de laquelle les actions nominatives sont inscrites dans le registre des actionnaires comme étant le propriétaire unique desdites actions nominatives. Dans le cas où un détenteur d'actions nominatives ne fournit pas d'adresse à laquelle toutes les notifications et avis de la Société pourront être envoyés, la Société pourra inscrire ce fait dans le registre des actionnaire et l'adresse de ce détenteur sera considérée comme étant au siège social de la Société ou à tout autre adresse que la Société pourra inscrire au fil du temps jusqu'à ce que ce détenteur ait fourni par écrit une adresse différente à la Société. Le détenteur peut, à tout moment, changer son adresse telle qu'elle figure dans le registre des actionnaires au moyen d'une notification écrite à envoyer à la Société.

7.8 Les actions ordinaires peuvent être tenues par un porteur (le «Porteur») à travers un système de compensation ou d'un Dépositaire (tel que ce terme est défini ci-dessous). Le Porteur d'actions ordinaires détenues dans ces comptes de titres fongibles a les mêmes droits et obligations que si ce Porteur détenait directement les actions ordinaires. Les actions ordinaires détenues au travers d’un système de compensation ou d'un Dépositaire doivent être consignées dans un compte ouvert au nom du Porteur et peuvent être transférées d'un compte à un autre, conformément aux procédures habituelles pour le transfert de titres sous forme d'inscription en compte. Toutefois, la Société versera les dividendes, s’il y en a, ainsi que tout autre paiement en espèces, actions ou autres titres, s’il y en a, uniquement au profit du système de compensation ou du Dépositaire inscrits dans le registre des actionnaires ou conformément aux instructions de ce système de compensation ou Dépositaire. Ce paiement déchargera complètement la Société de ses obligations à cet égard.

7.9 Dans le cadre d'une assemblée générale, le conseil d'administration peut décider qu’aucune entrée ne soit faite dans le registre des actionnaires et aucun avis de transfert ne soit reconnu par la Société et le(s) teneur(s) de registre durant la période commençant à la Date d’Inscription (telle que définie ci-après) et se terminant à la clôture de cette assemblée générale.

7.10 Toutes les communications et avis à donner à un actionnaire inscrit sont réputés valablement faits s’ils sont faits à la dernière adresse communiquée par l'actionnaire à la Société conformément à l'article 7.7 ou, si aucune adresse n'a été communiquée par l'actionnaire, le siège social de la Société ou à une autre adresse qui pourra être inscrite par la Société dans le registre au fil du temps conformément à l'article 7.8.

7.11 Lorsque les actions ordinaires sont enregistrées dans le registre des actionnaires au nom et pour le compte d’un système de compensation ou de l’opérateur d’un tel système et enregistré comme entrée dans les comptes d’un dépositaire professionnel ou d’un sous-dépositaire (tout dépositaire et sous-dépositaire désigné ci-après comme un «Dépositaire»), la Société – sous réserve d'avoir reçu du Dépositaire un certificat en bonne et due forme – permettra au Dépositaire de telles entrées en compte d'exercer les droits attachés aux actions ordinaires correspondant aux entrées en compte du Porteur concerné, y compris de recevoir les convocations aux assemblées générales, l'admission et le vote aux assemblées générales et doit considérer le Dépositaire comme étant le Porteur des actions ordinaires correspondant aux entrées compte aux fins du présent article 7 des présents statuts. Le conseil d'administration peut déterminer les conditions de forme auxquelles devront répondre ces certificats.

PAGE 18

Article 8

Propriété des actions

8.1 La Société ne reconnaît qu'un seul (1) titulaire par action ordinaire. Si une action ordinaire est détenue par plusieurs personnes, elles devront désigner une personne qui sera considérée comme seule propriétaire de cette action ordinaire vis-à-vis de la Société. La Société aura le droit de suspendre l'exercice de tous les droits attachés à une action ordinaire détenue par plusieurs personnes, jusqu'à ce qu'un (1) propriétaire ait été désigné.

8.2 Les actions ordinaires sont librement cessibles, sauf disposition contraire des présents statuts. Tous les droits et obligations attachés à une action ordinaire seront transférés à tout cessionnaire sous réserve d’une disposition contraire des présents statuts.

8.2.1 Tant que les actions ordinaires de la Société sont admises à la négociation sur un marché réglementé (au sens de la directive 2014/65/UE) sur le territoire de l'Espace Economique Européen (le "Marché Réglementé"), les dispositions de la directive 2004/25/CE sur les offres publiques d'acquisition s'appliquent dans le cadre de toute prise de contrôle portant sur les actions ordinaires de la Société.

Si les actions ordinaires ne sont plus admises à la négociation sur un Marché Réglementé, les règles suivantes s'appliqueront dans le cadre de toute prise de contrôle portant sur les actions ordinaires de la Société.

Toute personne (cette personne étant ci-après appelée l’ "Offrant") qui désire acquérir par quelque moyen que ce soit (y compris, mais sans s'y limiter, la conversion de tout instrument financier convertible en actions ordinaires), directement ou indirectement, des actions ordinaires (l'"Acquisition Envisagée") qui, une fois ses actions ordinaires existantes regroupées avec les actions détenues par une personne contrôlant l'Offrant, contrôlée par l’Offrant et/ou sous contrôle commun avec l’Offrant, représentent au moins trente-trois virgule trente-trois pour cent (33,33%) du capital social de la Société (le "Seuil"), aura l'obligation de proposer une offre inconditionnelle d'acquisition pour acquérir la totalité des actions ordinaires alors en circulation ainsi que tout instrument financier convertible en actions ordinaires (l'"Offre Publique d’Acquisition"). Chaque Offre Publique d’Acquisition sera menée conformément à la procédure stipulée aux points (i) à (vii) du présent article (la "Procédure d'Offre Publique d’Acquisition") et sera également menée dans le respect de et en conformité avec les lois et règlements des juridictions dans lesquelles les actions ordinaires ou autres titres de la Société sont cotés et/ou dans lesquelles l'Offre Publique d’Acquisition a lieu et les règles des bourses où sont cotées les actions ordinaires de la Société (afin d’éviter tout doute, hors tout Marché Réglementé), dans chaque cas, applicables aux offres publiques (collectivement, les "Règles Applicables"), étant entendu que, dans la mesure où de telles exigences imposeraient à l’Offrant des règles ou réglementations plus strictes, ces règles et réglementations plus strictes devront être respectées par l’Offrant.

PAGE 19

(i) L'Offrant notifiera par écrit à la Société l'Acquisition Envisagée et l'Offre Publique d’Acquisition (la "Notification d'Offre"), au moins quinze (15) jours ouvrables luxembourgeois (ou tout autre délai plus court requis par les Règles Applicables) avant la date de son commencement (cette date de notification, la "Date de la Notification d'Offre"). Une Notification d’Offre sera également requise pour tout accord ou tout protocole d'entente que l'Offrant a l'intention de conclure avec un détenteur d'actions ordinaires et/ou d'instruments financiers convertibles en actions ordinaires aux termes duquel, dans certaines circonstances, en raison de cet accord ou protocole d’entente, l'Offrant deviendrait le détenteur d'actions ordinaires résultant dans l’atteinte du Seuil ou son dépassement (ci-après appelé "Accord Préalable"). En plus de se conformer aux Règles Applicables, la Notification d’Offre devra comprendre les renseignements minimaux suivants, sous réserve de l’insertion de tout renseignement supplémentaire qui pourrait être exigé en vertu des Règles Applicables : (A) L'identification, la nationalité et le domicile de l’Offrant. Si l’Offrant est composé d'un groupe de personnes physiques ou morales, l'identification et le domicile de chaque membre du groupe et du directeur général de chaque entité faisant partie du groupe ; (B) la contrepartie offerte pour les actions ordinaires et les instruments financiers convertibles en actions ordinaires et la source des fonds pour payer cette contrepartie. (C) La date d'expiration prévue de la période de l'Offre Publique d’Acquisition, si elle peut être prolongée et, dans l'affirmative, quelle peut être la durée de la prolongation et selon quelle procédure cette prolongation doit être effectuée ; (D) Une déclaration de l'Offrant indiquant les dates exactes avant et après lesquelles les détenteurs d'actions ordinaires et d'instruments financiers convertibles en actions ordinaires, qui ont valablement offert leurs actions ordinaires et/ou leurs instruments financiers convertibles en actions ordinaires dans le cadre du régime de l'Offre d'Achat, auront le droit de les retirer, la manière selon laquelle les actions ordinaires et les instruments financiers convertis en actions ordinaires ainsi offerts seront acceptés ainsi que la manière dont le retrait des actions ordinaires et des instruments financiers convertis en actions ordinaires des ventes effectuées dans le cadre de l'Offre doit être effectué ; (E) Toute information supplémentaire, y compris les états financiers ou comptables de l'Offrant, que la Société pourrait raisonnablement demander ou qui pourrait être nécessaire afin d'éviter que la Notification d’Offre ci-dessus ne mène à des conclusions erronées ou lorsque l'information soumise est incomplète ou insuffisante.

(ii) À la Date de Notification d’Offre, la Société enverra par courrier à chaque détenteur d'actions ordinaires et d'instruments financiers convertibles en actions ordinaires, aux frais de l’Offrant, un exemplaire de la Notification d’Offre. Dans le cas des détenteurs nominatifs d'actions ordinaires et/ou d'instruments financiers convertibles en actions ordinaires, la Notification d’Offre sera envoyée par courrier recommandé et, dans le cas des actions ordinaires et des instruments financiers convertibles en actions ordinaires détenus dans un compte de courtage, la Notification d’Offre sera envoyée aux courtiers concernés par l'entremise de l'agent dépositaire.

(iii) À la Date de la Notification d’Offre, l'Offrant devra publier un avis contenant les informations mentionnées au paragraphe (i). Sous réserve des dispositions légales applicables, la Notification d’Offre sera publiée dans deux (2) grands journaux du Grand-Duché de Luxembourg et dans la ville de New York, États-Unis, ou dans un délai plus long si les lois applicables le requièrent.

PAGE 20

iv) La contrepartie pour chaque action ordinaire et chaque instrument financier convertible en actions ordinaires payable à chaque détenteur devra être la même, devra être payable en espèces seulement et ne devra pas être inférieure au plus élevé des prix suivants :

(A) le prix le plus élevé par action ordinaire et instrument financier convertible en actions ordinaires payé par l'Offrant, ou pour son compte, relativement à toute acquisition d'actions ordinaires et aux instruments financiers convertibles en actions ordinaires au cours de la période de douze mois précédant immédiatement la Notification d’Offre, ajusté par suite d'une division des actions, d'un dividende en actions, d’un fractionnement ou d'un reclassement touchant les actions ordinaires et/ou les instruments financiers convertibles en actions ordinaires ; ou

(B) le cours de clôture le plus élevé, au cours de la période de soixante jours précédant immédiatement la Notification l’Offre, d'une action ordinaire de la Société cotée à la Bourse de New York, dans chaque cas ajusté par suite d'une division d'actions, d'un dividende en actions, d'un fractionnement ou d'une reclassification touchant ou lié aux actions ordinaires et à un instrument financier convertible en actions ordinaires.

(v) L'Offre Publique d’Acquisition sera ouverte pendant une période minimale d'au moins vingt (20) jours ouvrables luxembourgeois à compter de la date à laquelle l'Offre Publique d’Acquisition aura été introduite.

(vi) L'Offrant devra acquérir toutes les actions ordinaires et tous les instruments financiers convertibles en actions ordinaires qui seront valablement offerts (et non retirés) avant la date d'expiration de l'Offre Publique d’Acquisition conformément aux dispositions des présents statuts régissant les Offres Publiques d'Acquisition.

(vii) Une fois la procédure d’Offre Publique d’Acquisition terminée, l'Offrant pourra signer l’Accord Préalable, s’il y en a un, quel que soit le nombre d'actions ordinaires et d'instruments financiers convertibles en actions ordinaires acquises. L’Accord Préalable, le cas échéant, sera signé dans les trente (30) jours suivant la clôture de l'Offre Publique d'Acquisition ; dans le cas contraire, il sera nécessaire de répéter la procédure d'Offre Publique d'Acquisition prévue au présent article afin de signer l’Accord Préalable.

8.2.2 Si les termes de l'article 8.2.1 ne sont pas respectés, il sera interdit à l’Offrant d'acquérir des actions ordinaires, directement ou indirectement, par quelque moyen que ce soit (y compris, mais sans s'y limiter, la conversion de tout instrument financier convertible en actions ordinaires) ou instrument si, en conséquence de cette acquisition, l'Offrant (lorsqu'il est regroupé avec les actions détenues par une personne qui contrôle l’Offrant, contrôlée par l'Offrant et/ou sous le contrôle commun de l'Offrant) deviendrait le détenteur d'actions ordinaires qui, en plus de ses détentions préexistantes, représenteraient au total au moins trente-trois virgule trente-trois pour cent (33,33%) du capital social de la Société. Le conseil d'administration suspendra tout droit de vote ou de recevoir des dividendes ou autres distributions de quelque nature que ce soit attachés aux actions ordinaires acquises en violation des dispositions de l'article 8.2.1 et aucune de ces actions ordinaires ne pourra être prise en compte pour déterminer si le quorum est atteint à une assemblée des actionnaires de la Société, tant que ces actions ordinaires ne seront pas vendues. En outre, si les conditions de l'article 8.2.1 des présents statuts ne sont pas respectées, la Société pourra considérer tout transfert d'actions ordinaires acquises en violation des dispositions de l'article 8.2.1 comme non valide, auquel cas aucun administrateur ou dépositaire de la Société, quel qu'il soit, ne pourra inscrire ce transfert dans les registres et livres pertinents de la Société

PAGE 21

8.2.3 Si le détenteur d'un instrument financier convertible en actions ordinaires qui envisage une Acquisition Envisagée ne se conforme pas aux modalités de l'article 8.2.1 des présents statuts, le conseil d'administration pourra refuser la conversion en actions ordinaires de la partie de ces instruments convertibles qui, en cas de conversion, résulterait en ce que cette personne devienne la détentrice d'actions ordinaires atteignant ou dépassant le Seuil.

8.2.4 Aux fins du présent article 8.2, le terme "indirectement" comprendra les sociétés mères de l'Offrant, les sociétés contrôlées par l'Offrant ou qui se retrouveraient sous son contrôle à la suite de toute Acquisition, Offre Publique d’Acquisition ou Accord Préalable, selon le cas, qui accorderait en même temps le contrôle de la Société, les sociétés soumises au contrôle commun de l'Offrant et les autres personnes agissant conjointement avec l’Offrant ; seront également incluses les détentions que pourrait avoir une personne par l'entremise de trusts ou autres mécanismes similaires.

C. ASSEMBLEES GENERALES DES ACTIONNAIRES

Article 9.

Pouvoirs de l’assemblée générale des actionnaires

Les actionnaires exercent leurs droits collectifs en assemblée générale d’actionnaires. Toute assemblée générale d’actionnaires de la Société régulièrement constituée représente l’ensemble des actionnaires de la Société. L’assemblée générale des actionnaires a les pouvoirs les plus étendus pour autoriser, ordonner, réaliser ou ratifier des actes relatifs à la Société.

Article 10.

Convocation des assemblées générales d’actionnaires

10.1 L'assemblée générale des actionnaires de la Société peut, à tout moment, être convoquée par le conseil d'administration, au lieu et date fixés dans la convocation à une telle assemblée.

10.2 L'assemblée générale des actionnaires doit obligatoirement être convoquée par le conseil d'administration sur demande écrite, comportant l'ordre du jour, d'un ou plusieurs actionnaires représentant au moins dix pour cent (10%) du capital social de la Société. Dans ce cas, l'assemblée générale des actionnaires doit être convoquée et tenue dans un délai d'un (1) mois à compter de la réception de cette demande. L'(es) actionnaire(s) représentant au moins cinq pour cent (5%) du capital social émis de la Société peuvent demander l'ajout d'un ou plusieurs points à l'ordre du jour de toute assemblée générale des actionnaires. Une telle demande doit être reçue au siège social de la Société par lettre recommandée au moins vingt-deux (22) jours avant la date de l'assemblée.

10.3 L'assemblée générale annuelle des actionnaires doit être tenue dans les six (6) mois suivant la fin de chaque exercice social au Luxembourg, au siège social de la Société ou à tout autre endroit tel qu'indiqué dans la convocation à cette assemblée.

10.4 D’autres assemblées générales d’actionnaires pourront se tenir au lieu et à l’heure indiquée dans les convocations correspondantes à l’assemblée générale.

PAGE 22

10.5 Les assemblées générales des actionnaires sont convoquées conformément aux dispositions de la Loi et si les actions ordinaires de la Société sont cotées sur une bourse étrangère, conformément aux exigences de cette bourse étrangère applicables à la Société.

10.6 Si les actions de la Société ne sont pas cotées sur une bourse étrangère, tous les actionnaires inscrits dans le registre des actionnaires à la date de l'assemblée générale des actionnaires ont le droit d'être admis à l'assemblée générale des actionnaires.

10.7 Si les actions ordinaires de la Société sont cotées sur une bourse, tous les actionnaires inscrits dans un registre des actionnaires de la Société ont le droit d'être admis et de voter à l'assemblée générale des actionnaires sur base du nombre d’actions ordinaires qu’ils détiennent à une date et une heure avant l'assemblée générale des actionnaires que le conseil d'administration peut déterminer comme la date d’inscription (la «Date d'Inscription») et telle que précisée dans la convocation.

10.8 Tout actionnaire, Porteur ou Dépositaire, selon le cas, qui souhaite assister à l'assemblée générale doit en informer la Société au plus tard le troisième jour ouvrable précédant la date de cette assemblée générale, ou jusqu’à toute autre date que le conseil d'administration peut déterminer et telle que précisée dans la convocation, d’une manière devant être déterminée par le conseil d'administration dans l’avis de convocation. Dans le cas d'actions ordinaires détenues par l'opérateur d'un système de compensation ou par un Dépositaire désigné par un tel Dépositaire, un Porteur d'actions ordinaires qui souhaite assister à une assemblée générale des actionnaires doit recevoir de ces opérateurs ou Dépositaires un certificat attestant le nombre d'actions ordinaires inscrites dans le compte correspondant à la Date d’Inscription. Le certificat doit être présenté à la Société au plus tard trois (3) jours ouvrables avant la date de cette assemblée générale. Si l'actionnaire vote au moyen d’une procuration, la procuration doit être déposée au siège social de la Société ou chez tout autre agent de la Société, dûment autorisé à recevoir ces procurations, dans le même temps. Le conseil d'administration peut fixer un délai plus court pour le la présentation du certificat ou de la procuration auquel cas cela sera précisé dans la convocation.

10.9 Si tous les actionnaires sont présents ou représentés à une assemblée générale des actionnaires et déclarent qu'ils ont été informés de l'ordre du jour de la réunion, l'assemblée générale des actionnaires peut être tenue sans convocation préalable.

Article 11

Conduite des assemblées générales d’actionnaires

11.1 Un bureau de l'assemblée doit être constitué à chaque assemblée générale d’actionnaires, composé d'un président, d'un secrétaire et d'un scrutateur, chacun devant être nommés par l’assemblée générale des actionnaires, sans qu'ils soient nécessairement des actionnaires. Le bureau doit s’assurer que l’assemblée est tenue en conformité avec les règles applicables et, en particulier, en conformité avec les règles relatives à la convocation, au quorum, s’il en existe, au partage des voix et à la représentation des actionnaires.

11.2 Une liste de présence doit être tenue à toute assemblée générale d’actionnaires.

PAGE 23

11.3 Chaque action ordinaire donne droit à une voix en assemblée générale d’actionnaires, sous réserve des dispositions de la Loi. Sauf disposition contraire de la Loi ou des statuts, les décisions prises en assemblée générale d’actionnaires dûment convoquées sont adoptées à la majorité simple des voix valablement exprimées quelle que soit la part du capital social émis de la Société présente ou représentée à l’assemblée générale. Les abstentions et les votes blancs ou nuls ne sont pas pris en compte.

11.4 Un actionnaire peut participer à toute assemblée générale des actionnaires en désignant une autre personne, actionnaire ou non, comme son mandataire par écrit au moyen d’un document signé, transmis par courrier, par télécopie, ou par tout autre moyen de communication autorisé par le conseil d’administration. Une personne peut représenter plusieurs voire même tous les actionnaires.

11.5 Les actionnaires qui prennent part à une assemblée générale par conférence téléphonique, vidéoconférence ou par tout autre moyen de communication autorisé par le conseil d’administration, permettant leur identification et permettant à toutes les personnes participant à l'assemblée de s'entendre mutuellement sans discontinuité, garantissant une participation effective à l'assemblée, sont réputés être présents pour le calcul du quorum et de la majorité, à condition que de tels moyens de communication soient disponibles sur les lieux de tenue de l'assemblée.

11.6 Chaque actionnaire peut voter à une assemblée générale des actionnaires au moyen d'un bulletin de vote signé, envoyé par courrier, télécopie ou tout autre moyen de communication autorisé par le conseil d’administration et délivré au siège social de la Société ou à l'adresse indiquée dans la convocation. Les actionnaires ne peuvent utiliser que les bulletins de vote fournis par la Société qui indiquent au moins le lieu, la date et l'heure de l'assemblée, l'ordre du jour de l'assemblée, les résolutions soumises au vote de l'assemblée, ainsi que pour chaque résolution, trois cases à cocher permettant à l'actionnaire de voter en faveur ou contre la résolution proposée, ou d'exprimer une abstention par rapport à chacune des résolutions proposées, en cochant la case appropriée. La Société ne prendra en compte que des bulletins de vote reçus au plus tard trois (3) jours avant la tenue de l'assemblée générale des actionnaires à laquelle ils se rapportent. Le conseil d’administration peut fixer une durée plus courte pour la présentation des bulletins de vote.

11.7 Le conseil d’administration peut définir des conditions supplémentaires qui devront être remplies par les actionnaires afin qu’ils puissent participer à une assemblée générale des actionnaires.

Article 12.

Modification des statuts

Sous réserve des dispositions de la Loi et des présents statuts, toute modification des statuts nécessite une majorité d’au moins deux-tiers (2/3) des voix valablement exprimées lors d’une assemblée générale à laquelle au moins la moitié (1/2) du capital social émis de la Société est représentée. Si le quorum n’est pas atteint à une assemblée, une seconde assemblée pourra être convoquée dans les conditions prévues par la Loi, qui pourra alors délibérer quel que soit le capital social émis de la Société représentée à l’assemblé et lors de laquelle les décisions seront adoptées à la majorité d’au moins deux-tiers (2/3) des voix valablement exprimées. Les abstentions et les votes blancs ou nuls ne sont pas pris en compte pour le calcul de la majorité.

PAGE 24

Article 13.

Prorogation des assemblées générales des actionnaires

Le conseil d’administration peut proroger toute assemblée générale d’actionnaires déjà commencée, y compris toute assemblée générale en vue de statuer sur une modification des statuts, pour une période de quatre (4) semaines. Le conseil d’administration doit proroger toute assemblée générale des actionnaires déjà commencée à la demande d’un ou plusieurs actionnaires représentant au moins vingt pour cent (20%) du capital social de la Société. Lors d’une telle prorogation d’une assemblée générale déjà commencée, toute décision déjà adoptée par l’assemblée générale des actionnaires sera annulée. Pour éviter toute confusion, une fois qu’une assemblée a été prorogée conformément à la deuxième phrase de cet article 13, le conseil d'administration ne sera pas tenu de proroger une telle assemblée une deuxième fois.

Article 14.

Procès-verbal des assemblées générales d’actionnaires

Le bureau de toute assemblée générale des actionnaires doit dresser un procès-verbal de l’assemblée qui doit être signé par les membres du bureau de l’assemblée ainsi que par tout actionnaire qui en fait la demande. Toute copie ou extrait de ces procès-verbaux originaux devant être produit(e) dans le cadre de procédures judiciaires ou devant être communiqu(é) à tout tiers devra être signé(e) par le président ou le co-président du conseil d’administration ou par deux membres du conseil d’administration.

D. ADMINISTRATION

Article 15.

Conseil d’administration

15.1 La Société est gérée par un conseil d’administration dont les membres peuvent mais ne doivent pas être des actionnaires de la Société. Le conseil d’administration est investi des pouvoirs les plus étendus pour prendre toute mesure nécessaire ou utile afin de réaliser l’objet social de la Société, à l’exception des pouvoirs réservés par la loi ou par les présents statuts à l’assemblée générale des actionnaires.

15.2 La gestion journalière de la Société ainsi que la représentation de la Société en rapport avec cette gestion journalière peut, en conformité avec l’article 60 de la Loi, être déléguée à un ou plusieurs membres du conseil d’administration ou à toute(s) autre(s) personne(s) nommée(s) par le conseil d’administration, qui peuvent mais ne doivent pas être actionnaire, agissant individuellement ou conjointement. Leur nomination, révocation et pouvoirs seront déterminés par une décision du conseil d’administration.

15.3 Le conseil d’administration peut également conférer des pouvoirs spéciaux au moyen d’une procuration authentique ou d’un acte sous seing privé, à toute personne agissant seule ou conjointement avec d’autres en qualité de mandataires de la Société.

15.4 Le conseil d’administration est composé au minimum de sept (7) administrateurs et au maximum quinze (15) administrateurs. Le conseil d’administration doit choisir parmi ces membres un président du conseil d’administration. Il peut aussi choisir un co-président et il peut choisir un secrétaire qui n’a pas besoin d’être un actionnaire ou un membre du conseil d’administration.

PAGE 25

Article 16.

Nomination, révocation et durée des mandats des administrateurs

16.1 Les administrateurs sont nommés par l’assemblée générale des actionnaires pour un mandat allant jusqu’à quatre (4) ans ; étant entendu toutefois que les administrateurs doivent être élus sur une base échelonnée, avec un tiers (1/3) des administrateurs étant élus chaque année et; étant encore entendu que cette période peut être dépassée d’une période allant jusqu'à l'assemblée générale annuelle se tenant après le quatrième anniversaire de la nomination. Chaque administrateur élu doit rester en fonction jusqu'à ce que son successeur soit élu. Si une personne morale est nommée en tant qu’administrateur de la Société, cette personne morale doit désigner une personne physique en qualité de représentant permanent qui doit assurer cette fonction au nom et pour le compte de la personne morale. La personne morale peut révoquer son représentant permanent uniquement si elle nomme simultanément son successeur. Une personne physique peut uniquement être le représentant permanent d’un seul administrateur de la Société et ne peut être simultanément administrateur de la Société.

16.2 Chaque administrateur peut être révoqué de ses fonctions à tout moment et sans motif par l’assemblée générale des actionnaires.

16.3 Les administrateurs sont rééligibles indéfiniment.

16.4 Dans l’hypothèse où un poste d’administrateur deviendrait vacant suite au décès, à l’incapacité juridique, à la faillite, à la retraite ou autre, cette vacance pourra être comblée à titre temporaire par les administrateurs restants jusqu’à la prochaine assemblée générale d’actionnaires, appelée à statuer sur la nomination permanente.

Article 17.

Convocation aux conseils d’administration

17.1 Le conseil d’administration se réunit sur convocation valablement donnée par le président ou par deux (2) administrateurs au lieu défini dans la convocation décrite dans le paragraphe ci-dessous.

17.2 Une convocation écrite à toute réunion du conseil d’administration doit être adressée aux administrateurs cinq (5) jours au moins avant la date prévue pour la réunion par écrit, par télécopie, courrier électronique ou tout autre moyen de communication, sauf en cas d’urgence, auquel cas la nature et les motifs de cette urgence devront être exposés dans la convocation. L'avis de convocation n'est pas nécessaire dans le cas d’une renonciation à cette exigence de chaque administrateur par écrit par courrier, télécopie, courrier électronique ou par tout autre moyen de communication, une copie de ce document étant une preuve suffisante. De la même manière, aucune convocation préalable ne sera exigée pour toute réunion du conseil d’administration dont l’heure et l’endroit auront été déterminés dans une décision précédente adoptée par le conseil d’administration. Aucune convocation préalable n’est également requise dans l’hypothèse où tous les membres du conseil d’administration sont présents ou représentés à une réunion du conseil d’administration où dans le cas où des décisions écrites auraient été approuvées et signées par tous les membres du conseil d’administration.

Article 18.

Conduite des réunions du conseil d’administration

18.1 Le président du conseil d’administration doit présider toute réunion du conseil d’administration. En cas d’absence du président, le conseil d’administration peut nommer un autre administrateur en qualité de président temporaire.

18.2 Le conseil d’administration ne peut valablement délibérer ou statuer que si la majorité au moins des administrateurs est présente ou représentée à une réunion du conseil d’administration.

PAGE 26

18.3 Les décisions sont prises à la majorité des voix des administrateurs présents ou représentés lors de la réunion du conseil d’administration. En cas d’égalité des voix, le président du conseil d’administration a une voix prépondérante. En cas d’absence du président du conseil d’administration, l’administrateur qui aura été nommé président temporaire de la réunion ne dispose pas de voix prépondérante.

18.4 Tout administrateur peut participer à toute réunion du conseil d’administration en désignant comme mandataire un autre membre du conseil d’administration par écrit, télécopie, courrier électronique ou tout autre moyen similaire de communication. Tout administrateur peut représenter un ou plusieurs autres administrateurs.

18.5 Un administrateur qui participe à une réunion du conseil d’administration, par conférence téléphonique, vidéoconférence ou par tout autre moyen de communication autorisant les membres participant à de telles réunions de s’entendre les uns les autres de manière continue et permettant une participation effective à ces réunions, est considéré être présent et est pris en compte en matière de quorum et de majorité. La participation à une réunion par ces moyens équivaudra à une participation en personne et la réunion devra être considérée comme ayant été tenue au siège social de la Société.

18.6 Le conseil d’administration peut à l’unanimité passer des décisions écrites qui auront la même valeur que les décisions prises lors d’une réunion du conseil d’administration dûment convoquée et tenue. De telles décisions écrites sont prises quand datées et signées par les administrateurs sur un document ou sur plusieurs copies, une copie d'une signature envoyée par la poste, par télécopieur ou par un moyen de communication similaire étant une preuve suffisante. Le document unique montrant toutes les signatures ou la totalité des documents signés, le cas échéant, formeront l’instrument qui sera la preuve de l'adoption des résolutions et la date des décisions sera la date de la dernière signature.

18.7 Le secrétaire ou, si aucun secrétaire n'a été nommé, le président qui était présent lors d'une réunion, dresse un procès-verbal de la réunion du conseil d'administration, qui doit être signé par le président ou par le secrétaire, selon le cas, ou par deux administrateurs.

Article 19

Comité du conseil d’administration

Le conseil d’administration peut créer un ou plusieurs comités, incluant sans limitation, un comité d’audit, un comité de nomination et de gouvernance d'entreprise et un comité de rémunération, et pour lesquels il doit, si un ou plusieurs de ces comités sont mis en place, nommer les membres qui peuvent, mais ne doivent pas nécessairement, être des membres du conseil d'administration (toujours sous réserve, si les actions ordinaires de la Société sont inscrites à une bourse étrangère, des exigences de cette bourse étrangère applicables à la Société et / ou de l’autorité de régulation compétente en relation avec cette cotation), déterminer le but, les pouvoirs et autorités ainsi que les procédures et les autres règles qui leur seront applicables.

Article 20.

Relations avec les tiers

La Société est engagée à l’égard des tiers en toutes circonstances par (i) la signature du président du conseil d’administration, (ii) la signature conjointe de deux (2) administrateurs ou (iii) par la signature conjointe ou la signature unique de toute(s) personne(s) à laquelle (auxquelles) un tel pouvoir aura été délégué par le conseil d’administration dans les limites d’une telle délégation.

Concernant les matières relevant de la gestion journalière de la Société, la Société est engagée à l’égard des tiers par la seule signature de (i) l’administrateur délégué ou du délégué à la gestion journalière (le « Délégué à la gestion journalière » ou « CEO »), (ii) le directeur financier (le « Directeur Financier » ou « CFO ») ou (iii) toute(s) personne(s) à quelle (auxquelles) un tel pouvoir en relation avec la gestion journalière de la Société aura été délégué par le conseil d’administration, en accord avec l’article 15 ci-dessus, agissant individuellement ou conjointement en accord avec les termes d’une telle délégation, si tant est qu’une telle personne ait été nommée.

PAGE 27

Article 21.

Indemnisation

21.1 Les membres du conseil d'administration ne sont pas tenus personnellement responsables des dettes ou d'autres obligations de la Société. Comme mandataires de la Société, ils sont responsables de l’exercice de leurs fonctions. Sous réserve des exceptions et limitations prévues à l'article 21.2 et des dispositions impératives de la loi, toute personne qui est, ou a été, membre du conseil d' administration ou dirigeant de la Société sera indemnisé par la Société, dans toute la mesure permise par la loi, contre toute responsabilité et toutes les dépenses raisonnablement engagées ou payées par lui en rapport avec toute réclamation, action, poursuite ou procédure dans lesquelles il est impliqué en tant que partie ou autre, pour être être ou avoir été administrateur ou dirigeant, et les sommes payées ou engagées par lui dans le règlement de celles-ci . Les mots «demande» , «action », «poursuite» ou «procédure» s'appliqueront à toutes les demandes, actions, poursuites ou procédures (civiles, pénales ou autres, y compris les appels) actuelles ou menacées et les mots « responsabilité » et «dépenses» comprennent, sans limitation les frais d'avocat, les coûts, les jugements, les montants payés en transaction et autres passifs.

21.2 Aucune indemnisation ne sera due à tout administrateur ou dirigeant (i) contre toute responsabilité envers la Société ou ses actionnaires en raison de fautes intentionnelles, de mauvaise foi, de négligence grave ou téméraire dans l’exercice de sa fonction ( ii ) à l'égard de toute affaire dans laquelle il aura été finalement condamné pour avoir agi de mauvaise foi et non dans l'intérêt de la Société ou ( iii ) dans le cas d' une transaction, à moins que la transaction ait été approuvée par un tribunal compétent, ou par le conseil d'administration.

21.3 Le droit à la présente d'indemnisation ici prévue est séparable, ne doit pas porter atteinte aux droits dont tout administrateur ou dirigeant peut présentement ou plus tard avoir droit et doit continuer pour une personne qui a cessé d'être administrateur ou dirigeant et bénéficiera aux héritiers, exécuteurs testamentaires et administrateurs de cette personne. Aucune disposition des présents statuts ne peut affecter ou limiter les droits à indemnisation dont le personnel, y compris les administrateurs et dirigeants, peuvent avoir droit par contrat ou autrement en vertu de la loi. La Société est expressément habilitée à fournir une indemnisation contractuelle et peut souscrire et maintenir une assurance pour tout le personnel, y compris les administrateurs et dirigeants de la Société, comme elle peut le décider au fil du temps.

21.4 Les dépenses liées à la préparation et la représentation d'une défense contre toute réclamation, action, poursuite ou procédure ayant le caractère décrit dans cet article 21 seront avancées par la Société avant toute décision finale sur réception de l’engagement par ou pour le compte d’un/de dirigeant(s) ou d’(un)administrateur(s), de rembourser ce montant s'il est finalement déterminé qu'il n'a pas droit à une indemnisation en vertu du présent article.

PAGE 28

Article 22.

Conflit d’intérêts

22.1 Tout administrateur qui a, directement ou indirectement, lors d’une transaction soumise à l'approbation du conseil d'administration, un intérêt qui est en conflit avec celui de la Société, doit informer le conseil d'administration de ce conflit d'intérêts et doit faire enregistrer sa déclaration dans le procès-verbal de la réunion du conseil d’administration. L’administrateur en question ne peut pas prendre part aux discussions et ne peut pas voter sur la transaction concernée. Un rapport spécial sur les opérations dans lesquelles un des administrateurs aurait eu un intérêt opposé à celui de la Société, doit être présenté lors de la prochaine assemblée générale avant que toute résolution soit mise au vote.

22.2 Aucun contrat ou autre transaction entre la Société et toute autre société ne sera affecté ou invalidé par le fait qu'un ou plusieurs administrateurs ou dirigeants de la Société sont intéressés, ou sont administrateurs, associés, dirigeants, agents, conseillers ou employés de cette autre société. Tout administrateur ou dirigeant qui est administrateur, dirigeant ou employé ou autre de toute société avec laquelle la Société contractera ou s’engage, ne doit pas, en raison de son appartenance à cette société, être empêché de voter ou d’agir dans les matières à l'égard de tel contrat ou autre affaire.

E. AUDIT ET SURVEILLANCE DE LA SOCIETE

Article 23.

Auditeurs

23.1 Les comptes annuels de la Société doivent être audités par un ou plusieurs réviseurs d'entreprises agréés, nommés par l'assemblée générale des actionnaires après recommandation du conseil d'administration (agissant sur recommandation du comité d’audit, s’il existe). L'assemblée générale des actionnaires fixe le nombre de réviseur(s) et la durée de leur mandat qui ne peut excéder un (1) an et peut être renouvelé pour des périodes successives d'un (1) an.

23.2 Le réviseur peut être révoqué à tout moment avec motif (ou avec son approbation) par l'assemblée générale des actionnaires. Un auditeur peut être reconduit.

F. EXERCICE SOCIAL – AFFECTATION DES BENEFICES –

ACOMPTES SUR DIVIDENDES

Article 24.

Exercice social

L’exercice social de la Société commence le premier (1) janvier de chaque année et se termine le trente-et-un (31) décembre de la même année.

Article 25.

Comptes annuels - Affectation des bénéfices

25.1 Au terme de chaque exercice social, les comptes sont clôturés et le conseil d'administration dresse ou fait dresser un inventaire des actifs et passifs de la Société, le bilan et le compte de profits et pertes conformément à la Loi.

25.2 Sur les bénéfices annuels nets de la Société, cinq pour cent (5%) au moins seront affectés à la réserve légale. Cette affectation cessera d'être obligatoire dès que le montant total de la réserve légale de la Société atteindra dix pour cent (10%) du capital social de la Société. Les sommes apportées à la Société par les actionnaires peuvent également être affectées à la réserve légale. En cas de réduction du capital social, la réserve légale de la Société pourra être réduite en proportion afin qu'elle n'excède pas dix pour cent (10%) du capital social.

25.3 Sur proposition du conseil d’administration, l'assemblée générale des actionnaires décidera de l’affectation du solde du bénéfice net annuel.

PAGE 29

25.4 Les dividendes qui n'ont pas été réclamés dans les cinq (5) ans après la date à laquelle ils sont devenus exigibles et payables reviennent à la Société.

Article 26.

Acomptes sur dividendes - Prime d'émission et primes assimilées

26.1 Le conseil d’administration peut décider de distribuer des acomptes sur dividendes dans le respect des conditions prévues par la Loi.

26.2 Toute prime d'émission, prime assimilée ou autre réserve distribuable peuvent être librement distribuées aux actionnaires (y compris par acomptes surdividendes) sous réserve des dispositions de la Loi et des présents statuts.

G. LIQUIDATION

Article 27.

Liquidation

27.1 En cas de dissolution de la Société, la liquidation sera effectuée par un ou plusieurs liquidateurs, personnes physiques ou morales, nommés par l'assemblée générale des actionnaires ayant décidé la dissolution de la Société et qui fixera les pouvoirs et émoluments de chacun des liquidateurs. Sauf dispositions contraires, le liquidateur ou les liquidateurs disposeront des pouvoirs les plus étendus pour la réalisation de l’actif et le paiement du passif de la Société.

27.2 Le surplus résultant de la réalisation de l’actif et du paiement de l’ensemble des dettes sera réparti entre les actionnaires en proportion du nombre des actions ordinaires qu'ils détiennent dans la Société.

H. LOI APPLICABLE

Article 28.

Loi applicable

Tout ce qui n’est pas régi par les présents statuts sera déterminé en conformité avec la Loi.

STATUTS COORDONNES, délivrés à la société sur sa demande.

Belvaux, le 17 mai 2021.

PAGE 30

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

Create E-mail Alert Related Categories

SEC Filings

Sign up for StreetInsider Free!

Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!

Form 6-K Globant S.A. For: May 24

You May Also Be Interested In

Create E-mail Alert Related Categories

Sign up for StreetInsider Free!

Free News Feed