Circular CAMEX 1-1054: Foreign Exchange and Currency Adjustments

. “Año de la Reconstrucción de la Nación Argentina” “Año de la Reconstrucción de la Nación Argentina” . COMMUNICATION “A” 8331 18/09/2025 TO FINANCIAL ENTITIES, TO EXCHANGE HOUSES: Ref.: Circular CAMEX 1-1054: Foreign Exchange and Currency. Adjustments.

We address you to inform you that this Institution has adopted the following resolution:

1. Establish that the provisions set forth in point 3.13.1.10. of the consolidated text on Foreign Exchange and Currency regarding direct repatriations by non-residents shall be applicable, when the remaining stipulated requirements are met, to the acquisition of resident companies from all economic sectors insofar as they are not financial entities or controlling companies thereof.
2. Establish that, within the framework of point 3.13.1.10. of the consolidated text on Foreign Exchange and Currency, financial entities may also grant access to the foreign exchange market to resident clients when the executed transaction involves the purchase of 100% (one hundred percent) of the share capital of a non-resident company, whose sole asset is its stake in the local target company. In this case, in addition to complying with the provisions set forth in subsections i), ii) and iii) of the aforementioned point, the resident client must commit via a sworn statement signed by the company's legal representative or an authorized agent with sufficient powers to assume this commitment on behalf of the company, to: i. finalize, within a maximum period of 12 (twelve) months from the date of access to the foreign exchange market for this transaction, the change of residence of the acquired company, establishing it as a resident company in Argentina. ii. that the local company, whose stake is acquired indirectly, will not distribute profits and dividends to the acquired foreign company until the matter set forth in point 2.i is finalized. iii. that in the event of selling the stake of the acquired foreign company acting as controlling entity of the local company to a non-resident, the received payment must be deposited and settled in the local foreign exchange market within 15 (fifteen) business days.

-2- 3. Establish that, within the framework of point 3.13. of the consolidated text on Foreign Exchange and Currency, financial entities may grant access to the foreign exchange market to resident clients so that the repatriation of investments by a non-resident associated with the acquisition by the resident of the non-resident's stake in a concession for the exploitation of natural resources granted in the country may be executed, provided that: i. the access is executed simultaneously with the settlement of funds deposited from abroad through financial indebtedness covered under point 3.5. or funds originating from a foreign currency financial loan granted by a local financial entity based on a credit line of an external financial entity, which have an average life not less than 4 (four) years and that contemplate at least 3 (three) years of grace for capital payment; ii. the transaction involves the transfer of, as a minimum, 10% (ten percent) of the stake in the concession contract. iii. in the event that, at the time of executing access, the client does not possess the documentation demonstrating that it has taken possession of the stake being paid for, it must execute a sworn statement in which it commits to present said documentation within 60 (sixty) calendar days following the execution of access to the foreign exchange market. Furthermore, we inform you that we will subsequently send you the forms which, in replacement of those duly provided, shall be incorporated into the reference regulations. We extend our cordial regards. CENTRAL BANK OF THE ARGENTINE REPUBLIC Romina C. Bianchimano Marina Ongaro Deputy Manager of Foreign Exchange and Currency Rules Deputy General Manager of Financial Regulation