Circular Creation, Operation and Expansion of Financial Entities - CREFI 1 - 7

CENTRAL BANK OF THE REPUBLIC OF ARGENTINA
COMMUNICATION "A" 470 30/03/84
TO FINANCIAL ENTITIES:
Ref.: Circular CREATION OPERATION AND EXPANSION OF FINANCIAL ENTITIES - CREFI - 1 - 7

We address you to inform you that in its meeting on this date, the Board of Directors of this Institution adopted the following resolution:

1º - Replace the text of point 3.2 of Chapter I of Circular CREFI - 1 with the following:

“3.2. Conditions that entities must meet.
3.2.1. Have integrated, as a minimum, 50% of the minimum net worth in force for the new class or 100% of the minimum required for their current class, whichever amount is greater.
3.2.2. Those contained in points 1.2 to 1.9 of Chapter II.”

2º - Incorporate the following point into Chapter II of Circular CREFI - 1:

“1.14. The Central Bank resolves on the opportunity and convenience of granting authorization requests, weighing the characteristics of each project, the service needs presented by the market for the class and legal nature of the requesting entity, and the situation of the latter regarding the regulatory requirements in force.”

We greet you very respectfully.

CENTRAL BANK OF THE REPUBLIC OF ARGENTINA
Alfredo Daparte
Manager of Authorization of Financial Entities Carlos Fagioli General Deputy Manager