Circular CONAU 1 - 1167: Distribution of Results. Adjustments

"2016 - Year of the Bicentennial of the Declaration of National Independence" COMMUNICATION "A" 5985 09/06/2016 TO FINANCIAL ENTITIES:
Ref.: Circular
CONAU 1 - 1167
Distribution of Results. Adjustments
.

---

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

"1. Repeal the second subsection of the second paragraph of Section 3. of the rules on "Distribution of results", which refers to an increase of 75% in the recalculated capital requirement -solvency verification-.

2. Nullify points 7.3., 7.4. and 7.5., and the second paragraph of Section 5., of the rules on "Distribution of results".

3. Replace the first paragraph of point 1.5. of the rules on "Distribution of results" with the following:

"Register sanctions of fine -higher than 25% (twenty-five percent) of the last computable net worth reported-, or of disqualification, suspension, prohibition or revocation imposed in the last five (5) years by the Central Bank of the Republic Argentina, the Financial Information Unit (UIF), the National Securities Commission (CNV) and/or the Superintendence of Insurance of the Nation (SSN) that are weighted as significant, except when corrective measures have been implemented to the satisfaction of the Superintendence of Financial and Currency Entities, after consultation, if applicable, with the body that imposed the sanction that is subject to weighting."

Finally, we point out that the sheets to be replaced in the ordering of the reference will be disseminated subsequently.

We greet you attentively.
CENTRAL BANK OF THE REPUBLIC ARGENTINA
Darío C. Stefanelli Agustín Torcassi
Chief Manager of Issuance and Regulatory Applications General Manager of Rules"