| Bye-Laws

The General Shareholders' Meeting of Corporación Dermoestética, S.A., with the intention of adapting the Bye-Laws of the Society to the new structure of the share capital and the inner operating conditions of the quoted societies, with the requirements and exigencies that the stock market legislation establishes, approved on the 10th of June 2005, a new complete statutory text that took effect in the Date of Quotation Admission.