BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

COMUNICACIÓN "A" 506 04/07/84

TO THE FINANCIAL ENTITIES AUTHORIZED TO OPERATE EXCHANGE AND FOREIGN EXCHANGE BROKERS:

Ref.: CIRCULAR FOREIGN EXCHANGE OPERATIONS AND MOVEMENTS OF FUNDS AND SECURITIES WITH THE ABROAD - CAMEX - 1- 77

We address ourselves to you and through you to the interested sectors regarding the provisions of Communications "A" 251, "A" 272, "A" 404 and "A" 425 dated November 17, 1982; January 11, 1983; November 4, 1983 and December 9, 1983, respectively, through which the mechanism to which the intention of foreign exchange insurance contracts entered into under the regimes of Communications "A" 31 and "A" 137 and their respective complementary rules would be adjusted was made known.

On this matter and with respect to foreign exchange insurance contracts maturing until December 31, 1983, we inform you that it has been resolved to set July 31, 1984, as the final deadline for their holders to present themselves at this Bank requesting the delivery of the titles in foreign currency provided for by the aforementioned provisions (Bearer Bonds in United States Dollars or Obligations of the National Government in United States Dollars).

Once this deadline has passed, the exchange contract will be annulled and action will be taken to return the amount in pesos paid to this Bank, which shall be adjusted from the date of debit to the intervening entity until the day its credit is effected, according to the following methodology:

1. Regime of Communication "A" 31 Circular CAMEX-1-2 of June 5, 1981

For the adjustment of each of the payments made by the policyholders, the following indices shall be applied:

1.1 In those contracts covered by Communication "A" 36 Circular CAMEX-1-5 of June 17, 1981, the local wholesale price index - general level - prepared by INDEC, corresponding to the second preceding month.

1.2. In the contracts covered by the option established by Communication "A" 44 Circular CAMEX-1-8, the financial adjustment index (Circular OPRAC-1, Chap. II, point 3.1.2.3.).

2. Regime of Communication "A" 137 Circular CAMEX-1-26 of July 5, 1982

2.1 The different options exercised based on what is provided in point 3.3. of Communication "A" 229 Circular CAMEX-1-41 shall apply, namely:

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2.1.1 For those contracts whose policyholders opted for point 3.3.1. of the cited Circular, the same procedure explained in point 1.1. of this document shall be followed.

2.1.2. In cases where the monthly variation of the dollar quotation in the single market was applied, the adjustment shall follow the same procedure.

2.1.3. For the options of group 3.3.3. of Communication "A" 229, the indices of the internal interest rate determined by the Central Bank shall apply as provided by Communications "A" 229 point 3.3.3, "A" 378 point a) and "A" 491 point I.

For the purpose of requesting the return of the amounts in pesos, the respective indices and the form that must be used to formalize the requests will be made available to the authorized entities in due course.

We salute you very respectfully.

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

Elías Salama Evaristo H. Evangelista
Subgerente General Subgerente General