Circular Active Operations - OPRAC 1 - 324. Transactions with Related Parties

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 1873 11/09/91
TO FINANCIAL ENTITIES:
Ref.: Circular ACTIVE OPERATIONS - OPRAC -
1 - 324. Transactions with related parties

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

" - Establish that, for the purposes contemplated in the relationships referred to in point 4.3.1. of Chapter I of Circular OPRAC - 1 (as per Communication "A" 615), excesses arising from increases in holdings in other companies whose object is linked to the provision of complementary services to the financial activity, resulting from the accumulation of their positive results, shall not be considered as such, provided that at the time the holdings were acquired the established margins were verified to be met and that the excesses do not respond to decreases in calculable equity or in total assets.

Notwithstanding, in the event that new capital contributions are made to these or other companies, compliance with the established maximum ratios shall be verified based on calculating the total holdings according to their book value, including the new acquisitions."

We salute you very attentively.

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Alfredo A. Besio José Agustín Uriarte
Departmental Manager
Monetary and Exchange Standards Area
Deputy General Manager