Circular Creation, Operation and Expansion of Financial Entities - CREFI 1 - 15. Expansion of financial operations that financial companies may carry out under Resolution issued by Communication A 1234

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA COMUNICACIÓN "A" 1289 01/12/88 TO FINANCIAL ENTITIES:
Ref.: Circular CREATION, OPERATION AND EXPANSION OF FINANCIAL ENTITIES - CREFI - 1 - 15. Expansion of operations in foreign currency that financial companies may carry out pursuant to the Resolution made known by Communication “A” 1234. We address you to inform you that this Institution has resolved to replace point 2 of the resolution disseminated by Communication “A” 1234 with the following “ - Financial companies that possess 50% of the net worth required for them as a commercial bank, may carry out the following operations in foreign currency:

• purchase and sale of foreign currencies and banknotes;
• purchases, sales, and issuance of foreign exchange drafts and transfers to abroad;
• purchase and sale of checks and traveler's checks, in foreign currency;
• arbitrage.”
  We salute you very attentively.
  BANCO CENTRAL DE LA REPÚBLICA ARGENTINA Miguel I. Crego Manager of Authorization of Financial Entities Germán R. Pampillo Deputy General Manager