BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

COMUNICACIÓN "A" 13 02/03/81

TO: FINANCIAL ENTITIES, HOUSES, AGENCIES, AND OFFICES AUTHORIZED TO OPERATE IN EXCHANGE AND FOREIGN EXCHANGE BROKERS.

Ref.: Circular FOREIGN EXCHANGE OPERATIONS AND MOVEMENT OF FUNDS AND SECURITIES WITH THE ABROAD - CAMEX - 1

We address ourselves to you to accompany you with the text, ordered to date, of the provisions issued by this Institution, which are applicable to the subject matter referenced.

We greet you very attentively.

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

Antonio E. Conde
Gerente de Exterior y Cambios

Evaristo H. Evangelista
Subgerente General

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ANEXO

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

CONTENTS

Circular FOREIGN EXCHANGE OPERATIONS AND MOVEMENT OF FUNDS AND SECURITIES WITH THE ABROAD CAMEX - 1

I.- Foreign Exchange Market.
II.- Other Movements.
III.- Other Provisions.
IV.- Responsibility of Entities.
V.- Fees for the Intervention of Foreign Exchange Brokers in Operations.

02.03.81 1

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BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

CONTENTS

I – Foreign Exchange Market CAMEX - 1

1. Exchange Rate.
   1.1. Operations with countries with Reciprocal Credit Agreement.
   1.2. Exceptions.
2. Foreign Exchange Market Hours.
3. Operations with the Central Bank.
   3.1. Settlement.
   3.2. Regulatory Operations.
   3.3. Late Charges.
4. Spot Operations.
   4.1. Exchange Purchases from Clients.
   4.2. Exchange Sales to Clients.
5. Forward Operations.
   5.1. Forward Rate.
   5.2. Terms.
   5.3. Purchases by Entities from Clients.
   5.4. Sales by Entities to Clients.
   5.5. Operations with countries with Reciprocal Credit Agreement.
   5.6. Prohibition to the Public Sector.

02.03.81 1

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BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

CONTENTS

II.- Other Movements CAMEX - 1

1. Gold.
   1.1. Purchase and Sale.
   1.2. Entry and Exit from the Country.
   1.3. Gold in Other Forms.
2. Movement of Banknotes and Traveler's Checks.
3. Peso Accounts Opened in Financial Entities Authorized to Operate in Exchange, in the Name of Foreign Banking Correspondents.
4. Peso Holdings Abroad in the Possession of Branches or Head Offices of Financial Entities Authorized to Operate in Exchange.

02.03.81 1

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BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

CONTENTS

III.- Other Provisions CAMEX - 1

1. Currencies for Receipts and Payments with the Abroad.
2. Export and Import of Securities (Public and Private Bonds, Shares, Debentures).
3. Guarantees Constituting Obligations in Foreign Currency Intended to Facilitate the Realization of Argentine Exports.
4. Arbitrage with Residents.

02.03.81 1

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BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

CONTENTS

IV.- Responsibility of Entities. CAMEX - 1

1. Of the Responsibility of Entities in the Execution of Exchange Operations.
   1.1. Operations with Clients.
   1.2. Operations between Entities

02.03.81 1

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BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

CONTENTS

V.- Fees for the Intervention of Foreign Exchange Brokers in Operations. CAMEX - 1

Fees

02.03.81 1

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BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

ORDERED TEXT

Circular FOREIGN EXCHANGE OPERATIONS AND MOVEMENT OF FUNDS AND SECURITIES WITH THE ABROAD CAMEX - 1

I.- Foreign Exchange Market

1. Exchange Rate.
The Central Bank has fixed, from 3.2.81 until 31.8.81, the daily limit regulation types, buyer and seller spot, for the transfer of the US dollar, which appear in Annex I.

1.1. Operations with countries with Reciprocal Credit Agreement. For the purpose of enabling the application of the real exchange rate to such transactions, this Bank cedes or receives free dollars against "agreement dollars" depending on whether purchases or sales are made by entities to their clients, for which the provisions of Chapter III of Circular COPEX 1 must be taken into account.

1.2. Exceptions.
1.2.1. Foreign exchange negotiations arising from exports, which are carried out in accordance with the provisions of Circular COPEX 1 - Cap. I (point 1.3.), which must be settled under the conditions established therein.

02.03.81 1

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B.C.R.A.
I - Foreign Exchange Market (Continuation). CAMEX - 1

2. Foreign Exchange Market Hours.
It carries out its activity from 10 to 13.
Authorized entities to operate in exchange, exchange houses and agencies in the interior of the country, must adopt as their public service hours those corresponding to the first three hours of operation of the banks established in the jurisdiction where they operate. Operations for the purchase and sale of foreign currency related to travel and tourism expenses and from/to the abroad, may be attended within the hours that in each place the needs advise, including on non-working days and national holidays. To make use of this privilege, the legal and regulatory provisions resulting from application must be observed.

02.03.81 1

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B.C.R.A.
I - Foreign Exchange Market (Continuation). CAMEX - 1

3. Operations with the Central Bank

3.1. The settlement of operations in freely convertible foreign currency must be carried out by using form 2600, adjusting its delivery to the following hours:

• operations to be settled on the day of agreement, until 14;
• normal value operations, until 15:30.

3.2. For the exchange operations that this Bank carries out directly, in fulfillment of its market regulation function, no brokerage commission is paid.

3.3. When delays occur, attributable to authorized entities, in the deposit with foreign correspondents of the foreign currency they sell to this Bank, interest is applied for each day of delay, at the rates corresponding to the rediscount regime for the attention of temporary illiquidity situations of financial entities, which are debited automatically and in arrears, in the current accounts of the respective entities.

02.03.81 1

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B.C.R.A.
I - Foreign Exchange Market (Continuation). CAMEX - 1

4. Spot Operations

4.1. Exchange Purchases from Clients.
They are processed directly without fulfilling any requirement.
The inflows of financial loans in foreign currency referred to in article 21, item 1 of the Foreign Investment Law, ordered text in 1980, Decree 1062/80, must be submitted to the prior consideration of this Bank in form 4008 F, accompanying:
Sworn Declaration in form 2852, with information on repatriable capital and amounts of internal and external debts, referred to a date prior to submission within the 60 days of presentation.

• General Balance Sheet and Statement of Results corresponding to the last economic year.

4.2. Exchange Sales to Clients.
4.2.1. They are free up to Dls. 20,000 or its equivalent in other currencies, which respond to real transactions with conceptual determination, must be processed in accordance with general standards and, when applicable, with the legal provisions resulting from application. In the operations subsequently indicated, they must adjust to what is indicated in each case:
a) amortization of loans in foreign currency, whose regime is fixed in point 4.2.4; b) hedging operations carried out in foreign commodity forward markets, which must adjust to the provisions in point 4.2.5; c) exchange sales intended to carry out loans abroad, hoarding, investments, placements or deposits in foreign currency, in the country or abroad, which must be submitted to the consideration of this Bank.

4.2.3. The privileges established in 4.2.1. and 4.2.2. do not apply to operations of the public sector, which in all cases must have prior authorization from this Bank.

4.2.4. Payments abroad for the amortization of financial loans must adjust to the following conditions:

4.2.4.1. They may be processed without requiring prior approval:
When the inflow of loans to the country had been concretized through foreign exchange negotiation in the exchange market. When it concerns the payment of obligations for loans whose direct creditors are international or national financing organizations from abroad, as well as their commissions and expenses.

4.2.4.2. The remittances made in accordance with the above can only be processed with an advance of up to ten business days to the definite maturity date of the obligation, such date must appear in a certification by a National Public Accountant, issued on the basis of updated accounting records and accrediting the existence of the obligations, which must be required by entities authorized to operate in exchange to process the operations.

4.2.4.3. For the purpose of transferring funds abroad for the repayment of loans, it is essential to have reliable bank vouchers of the exchange negotiation carried out timely for the loan to be cancelled. When that negotiation had been made through another authorized entity or exchange house, the intervening entity in the transfer abroad must verify directly with that entity that circumstance and keep in its possession all documentation that demonstrates the legitimacy of the operation. On its part, the consulted entity or house must affect, for the corresponding amount, the documentary proof of the exchange negotiation.

4.2.4.4. The amortization of financial loans not included in the preceding points and those that do not have a fixed maturity or this has occurred, requires the prior approval of this Bank.

4.2.4.5. The payment of interest can be made directly in the terms agreed upon.

4.2.5. Remittances linked to forward commodity operations in Foreign Exchanges.

4.2.5.1. Takers.
Transfers can be carried out by:

4.2.5.1.1. Private sector companies that operate habitually in the sale abroad and export of cereals and oilseeds.

4.2.5.1.2. Producers, collectors and any other type of private company that participates directly in the production, industrialization or sale of cereals and oilseeds.

4.2.5.1.3. In the case of the companies referred to in point 4.2.5.1.1., remittances can be made directly or through brokers enabled by the respective Foreign Exchanges or Markets, and registered for this purpose in the National Grain Board. The remittances referred to in point 4.2.5.1.2. must be processed in all cases through the aforementioned brokers.

4.2.5.2. Amounts.
The sums to be transferred must bear a relationship with the amounts of the forward contracts formalized in the respective Foreign Exchange, as well as with the amounts of exports, productions, commercializations - according to the activity - concretized by the local firm in the last two calendar years.

4.2.5.3. Authorized Entities.
Due to the objectives of this exchange regulation, the authorized entities intervening in the remittances must take precautions to verify that these are real operations and that they comply with these provisions. To this effect, they must require from the takers, in advance or subsequently and within the appropriate deadlines, the presentation of vouchers that support compliance with the aforementioned guidelines.

02.03.81 2

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B.C.R.A.
I - Foreign Exchange Market (Continuation). CAMEX - 1

5. Forward Operations.
Financial entities authorized to operate in exchange may carry out, in accordance with the general provisions regulating their operation, forward operations, according to the following rules.

5.1. Forward Rate.
Those freely agreed upon by buyers and sellers. The Central Bank, in its regulatory function, may intervene in the market buying or selling US dollars forward.

5.2. Terms.
They must not exceed 360 days, technical extensions being admitted as indicated in each case.

5.3. Purchases by Entities from Clients.
They must be agreed only for real transactions corresponding to the value of Argentine exports and, therefore, cancellable through effective inflow of foreign currency from abroad. Compensation of contracts at their maturity may be admitted only up to 10% of their amounts, through spot sale of foreign currency to the client. Contracts may be extended once for a single term of 30 days or for the time of shipment delay, caused by force majeure. Extensions must be agreed at the rates in effect at the time of their realization.

5.4. Sales by Entities to Clients.
They may be carried out only for the cancellation of obligations abroad for imports backed by documentary credits, bank collections or bank guarantees and for the coverage of maturities of loans negotiated in the market from 21.12.78. They may be carried out for terms shorter than those of the obligation with the abroad, admitting extensions until fulfilling the originally agreed maturities or those that, in accordance with pertinent provisions, had been subject to extensions. The extension of contracts must be agreed at the rates in effect at the time of their realization. In the case of debts for imported capital goods financed, foreign exchange insurance is admitted for the value of the next or next installments to mature within the 360 days subsequent to the date of the forward agreement.

5.5. Operations with countries with Reciprocal Credit Agreement. Forward operations must be agreed in US dollars, settling the contracts simultaneously with inflows or outflows through the respective accounts of the Agreement, by application of the arbitrage mechanism provided for in Chapter I, point 1.1. of this Circular.

5.6. Departments, agencies and entities of the Public Sector cannot agree forward operations.

02.03.81 1

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BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

ORDERED TEXT

Circular FOREIGN EXCHANGE OPERATIONS AND MOVEMENT OF FUNDS AND SECURITIES WITH THE ABROAD. CAMEX - 1

II.- Other Movements.

1. Gold
These provisions are applicable to transactions carried out in minted gold and "good delivery" bars, including bars of different weights, with a fineness not inferior to 995 thousandths of fine and which are recognized in the traditional gold markets.
Annex II supplies a list of gold refiners and assayers whose seals back the bars that are marketed and the respective markets in which they are accepted.

1.1. Purchase and Sale.
Financial entities authorized to operate in exchange, exchange houses and agencies, may carry out among themselves and with their clients purchases and sales of minted gold and "good delivery" bars.

1.2. Entry and Exit from the Country.
Both the entry into the country and the exit of the gold referred to in these provisions, may be carried out freely. Movements with the abroad carried out by entities authorized to operate in exchange and exchange houses, must be registered in the respective exchange positions, against outflows or inflows - according to the case - of the countervalue in freely convertible foreign currency. Exchange agencies, to attend their purchase and sale operations, must apply, exclusively, the holdings resulting from what is indicated in point 1.1.

1.3. Gold in Other Forms
Operations with the abroad in gold in other forms than those provided for in these provisions, must adjust to the general regime for payment of imports or exports of goods.

02.03.81 1

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B.C.R.A.
II.- Other Movements. CAMEX - 1

2. Movement of Banknotes and Traveler's Checks. The entry and exit from the country of national and foreign banknotes and traveler's checks is free of any exchange order deposit. In the case of entry of foreign banknotes, carried out by financial entities authorized to operate in exchange and exchange houses, they must be incorporated into their exchange positions. The sending abroad of foreign banknotes by financial entities authorized to operate in exchange and exchange houses, must be registered in the exchange position simultaneously, with an inflow of their countervalue in freely convertible foreign currency.

02.03.81 1

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B.C.R.A.
II.- Other Movements. CAMEX - 1

3. Peso Accounts Opened in Financial Entities Authorized to Operate in Exchange, in the Name of Foreign Banking Correspondents. They are freed from all restriction the peso accounts opened in authorized financial entities, in the name of foreign banking correspondents, except with respect to operations linked to the receipt or payment of Argentine exports and imports. Nor can they be used for local entities, firms or persons to directly or indirectly use external credits, avoiding the fulfillment of norms that apply to such effect, expressly provided for in this circular.

02.03.81 1

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B.C.R.A.
II.- Other Movements. CAMEX - 1

4. Peso Holdings Abroad in the Possession of Branches or Head Offices of Financial Entities Authorized to Operate in Exchange. Financial entities authorized to operate in exchange are empowered to acquire those availabilities and those that arise in the future. In the case of countries with Reciprocal Credit Agreement, the payment must be made through the respective account.

02.03.81 1

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BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

ORDERED TEXT

Circular FOREIGN EXCHANGE OPERATIONS AND MOVEMENT OF FUNDS AND SECURITIES WITH THE ABROAD. CAMEX - 1

III.- Other Provisions.

1. Currencies for Receipts and Payments with the Abroad. Receipts and payments can be processed in any freely convertible currency except those corresponding to operations with passes with which there are Reciprocal Credit Agreements, which must adjust to what determined by Circular COPEX - 1 Chapter III.

02.03.81 1

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B.C.R.A.
III.- Other Provisions. CAMEX - 1

2. Export and Import of Securities (Public and Private Bonds, Shares, Debentures). They may be carried out without any exchange order restriction.

02.03.81 1

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B.C.R.A.
III.- Other Provisions. CAMEX - 1

3. Guarantees Constituting Obligations in Foreign Currency Intended to Facilitate the Realization of Argentine Exports. Without prejudice to complying with all provisions applicable to them, they may be granted by entities authorized to operate in exchange, at the request of authorized exporters, in favor of foreign companies or public departments.

02.03.81 1

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B.C.R.A.
III.- Other Provisions. CAMEX - 1

4. Arbitrage with Residents.
It is authorized, in the exchange order, to financial entities authorized to operate in exchange and exchange houses, to carry out swaps or arbitrage in foreign currency (foreign exchange, banknotes) with residents in the country.

02.03.81 1

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BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

ORDERED TEXT

Circular FOREIGN EXCHANGE OPERATIONS AND MOVEMENT OF FUNDS AND SECURITIES WITH THE ABROAD. CAMEX - 1

IV.- Responsibility of Entities.

1. Of the Responsibility of Entities in the Execution of Exchange Operations. Entities and houses authorized to operate in exchange must take precautions to strictly comply with the following provisions:

1.1. Operations with Clients.
Especially in exchange sales to clients, they must adopt all necessary means to prove that these are real operations, requiring, when applicable, that the identity and domicile of the applicants, the regularity of the corporate documents, the client's habituality in carrying out business in the branch in question and the relationship of the operation with their patrimonial capacity are credibly accredited. They must also request, taking as guidelines the background required for credit operations, any other information and documentation used in general banking practices, for the purpose of determining that the transaction is real and adjusts to the exchange norms that enable its realization. If from the analysis of the requests it could be presumed the attempt or existence of transgressions to the provisions, this circumstance must be immediately brought to the knowledge of this Bank for the adoption of the corresponding measures. The determination of irregularities in exchange operations gives rise to the application of the provisions of the Criminal Exchange Law. Without prejudice to this, this Bank considers it appropriate to point out that the authorization to operate in exchange is granted on the basis that entities have suitable personnel and an organization that allows ensuring the realization of legitimate operations. Such aspects are considered fundamental for the activity of entities to develop in conditions of seriousness and responsibility. Consequently, the verification of deficiencies in this regard affects the attributes necessary to maintain the authorization. In the sworn declarations of exchange operations processed by their clients and in the consultations and requests that intervene for the realization of exchange operations, in addition to the record of compliance with the provisions in the previous paragraphs - it must be expressly stated that the holder of the operation is not disqualified to operate in exchange. Only requests for the realization of exchange operations required by persons or firms disqualified may be processed, when in the resolution of this Bank on those requests it is expressly established that such authorization includes the exception to the provision by which the disqualification was communicated. Without prejudice to strict adjustment to these provisions, entities authorized to operate in exchange must affect and retain in their possession, at the disposal of the Central Bank, all documentation that justifies the operation being carried out. When the originals intervened are required by the interested parties, they must supply in their replacement and for the purpose of serving as background for the operation, copies duly authenticated by the applicants and by the intervening entities. When it concerns documentation in a foreign language, it must be accompanied by its corresponding translation.

02.03.81 1

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B.C.R.A.
IV.- Responsibility of Entities CAMEX - 1

1.2. Operations between Entities.
Those carried out between themselves, spot or forward, in no case can have as purpose or consequence the simple realization of exchange purchases-sales and therefore must respond to transactions with clients or, eventually, to technical needs emerging from their exchange positions. Likewise, exchange operations, including those carried out with clients, cannot constitute a means to dispose of lendable resources in Argentine currency.

02.03.81 1

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
ORDERED TEXT
Circular FOREIGN EXCHANGE OPERATIONS AND MOVEMENT OF FUNDS AND SECURITIES WITH THE ABROAD. CAMEX - 1 V.- Fees for the intervention of Foreign Exchange Brokers in operations. In spot or forward foreign exchange purchase-sale operations, which are concluded with the intervention of a foreign exchange broker, the fees agreed upon by the parties may be applied.
02.03.81 1

February March April May June July August Day B. S. B. S. B. S. B. S. B. S. B. S. B. S.
2.3.81
QUOTATION IN PESOS PER ONE UNITED STATES DOLLAR DAILY REGULATION LIMITS. BUYER (B) SELLER (S) 123456789 -- 2.211 2.214 2.216 2.219 2.221 2.224 2.226 2.229 2.231 2.234 2.236 2.239 2.241 2.243 2.245 2.247 2.250 2.253 2.255
2.255 ---
--
2.242
2.246
2.249
2.253
2.257
2.260
2.264
2.268
2.271
2.275
2.279
2.283
2.287
2.290
2.294
2.298
2.301
2.305
2.309
2.309 ---
2.255
2.257
2.259
2.261
2.263
2.265
2.267
2.269
2.272
2.274
2.276
2.278
2.280
2.282
2.284
2.286
2.288
2.290
2.292
2.294
2.296
2.298
2.300
2.309
2.312
2.316
2.319
2.322
2.325
2.328
2.331
2.334
2.338
2.341
2.344
2.348
2.351
2.354
2.357
2.360
2.363
2.366
2.369
2.373
2.376
2.379
2.304
2.308
2.311
2.314
2.318
2.321
2.324
2.327
2.331
2.335
2.338
2.341
2.345
2.348
2.352
2.355
2.358
2.362
2.365
2.369 -
2.382
2.386
2.390
2.393
2.397
2.400
2.404
2.407
2.411
2.414
2.418
2.421
2.425
2.429
2.432
2.436
2.439
2.443
2.446
2.450 -
2.369
2.373
2.377
2.381
2.384
2.388
2.391
2.395
2.399
2.403
2.407
2.411
2.415
2.418
2.422
2.426
2.429
2.433
2.436
2.440
2.382
2.386
2.390
2.393
2.397
2.400
2.404
2.407
2.411
2.414
2.418
2.421
2.425
2.429
2.432
2.436
2.439
2.443
2.446
2.450 -
2.444
2.447
2.450
2.454
2.457
2.461
2.465
2.468
2.471
2.474
2.477
2.480
2.484
2.488
2.491
2.495
2.498
2.501
2.504
2.507
2.510
2.214 -
2.526
2.530
2.533
2.537
2.540
2.544
2.547
2.550
2.554
2.557
2.561
2.565
2.569
2.572
2.575
2.578
2.582
2.585
2.588
2.592
2.595
2.599 -
2.517
2.521
2.524
2.527
2.531
2.534
2.534
2.538
2.541
2.545
2.549
2.552
2.555
2.559
2.562
2.565
2.569
2.572
2.575
2.579
2.582
2.585
2.589
2.603
2.606
2.610
2.614
2.617
2.621
2.621
2.625
2.629
2.632
2.636
2.639
2.643
2.647
2.650
2.653
2.657
2.661
2.664
2.668
2.671
2.674
2.677
2.589
2.589
2.593
2.597
2.600
2.604
2.608
2.612
2.616
2.619
2.623
2.627
2.631
2.635
2.639
2.643
2.647
2.651
2.655
2.659
2.663
2.667
2.450
2.454
2.458
2.462
2.466
2.469
2.473
2.477
2.481
2.485
2.488
2.492
2.496
2.500
2.504
2.507
2.511
2.515
2.519
2.523
CAMEX - 1
Annex I
B.C.R.A.

B.C.R.A.
LIST OF GOLD REFINERS
AND ASSAYERS
CAMEX – 1
Annex II
LONDON MARKET
AUSTRALIA
BELGIUM
CANADA
SPAIN
UNITED STATES OF AMERICA
PHILIPPINES
FRANCE
GREAT BRITAIN
NETHERLANDS
ITALY
JAPAN

• Engelhard Industries Pty.Ltd. - Matthey Garret Pty.
  Limited ex Garret, Davidson & Matthey Pty. Limited. - The Perth Mint ex Casa de Perth de The Royal Mint, London.
• Johnson Matthey & Pauwets S.A - N.V. Metallurgie
  Hoboken Overpelt S.A. ex Metallurgie Hoboken S.A. and Societe Generale Metallurgique de Hoboken.
• Canadian Copper Refiners Ltd. - Engelhard Industries of Canada Ltd. - Johnson Matthey Limited ex
  Johnson Matthey & Mallory Ltd. - Royal Canadian Mint.
• Industrias Reunidas Minero-Metalurgicas S.A. (Indumetal)
• ASARCO Inc. ex American Smelting & Refining
  Company Engelhard Minerals and Chemicals - Corporation Engelhard Industries Division - Handy & Harman - Homestake Mining Company - United States Assy Offices & Mints - United States Metals Refining Company subsidiary of AMAX Inc.
• Central Bank of the Philippines
• Caplain Saint-Andre S.A. - Compagnie de Metaux
  Precieux - Comptoir Lyon-Alemand-Louyot - Laboratories Boudet & Dussaix - Les Anciens Etablissements Leon Martin ex Etablissements Leon Martin
• Engelhard Industries Ltd. (assayer only) - Daniel
  C. Griffith & Co. Ltd. (assayer only) - Johnson
  Matthey Chemicals Ltda. - The Sheffield Smelting Co. Ltd.
• H. Drijfhout & Zoons Edelmetaalbedrijven B.V. ex H. Drijfhout & Zoons Edelmetaalbedrijen N.V. - Schone Edelmetaal B.V. ex Shones Essaieer Inriehting en Handel in Edele Metalen N.V.
• Metalli Preziosi S.p.A.
• Tanaka Kikinsoku Kogyo K.K.
  02.03.81 1

B.C.R.A.
LIST OF GOLD REFINERS
AND ASSAYERS
CAMEX – 1
Annex II
REPUBLIC OF SOUTH AFRICA
FEDERAL REPUBLIC OF GERMANY
PEOPLE'S REPUBLIC OF CHINA
PEOPLE'S DEMOCRATIC REPUBLIC OF
KOREA
SOCIALIST REPUBLIC OF ROMANIA
SINGAPORE
SWITZERLAND
UNION OF SOVIET SOCIALIST
REPUBLICS

• Rand Refinery Limited
• Deutsche Gold-un Silber- Scheideanstalt (seals
  from the year 1953 onwards) Vormals Roessler - W.C. Heraeus GmbH - Norddeutsche Affinerie (seals from the year 1953 onwards)
• China Refinery
• Central Bank of the People's Democratic Republic of Korea
• National Bank of the Socialist Republic of
  Romania (assayer only) - Uzinele metalurgice de metale neforoase (refiner only)
• Chartered Industries of Singapore (assayer only)
• Argor S.A. - Metaux Precieux S.A. - Usine Genevoise de Degrossissage d`Or - Valcambi S.A.
• State Refineries
• Ex-refiners and assayers
  Ex-refiners and assayers
  These entities no longer refine or assay "good delivery" gold bars, but market members continue to accept the ingots they refined and/or assayed in the past. AUSTRALIA CANADA FRANCE GREAT BRITAIN
• Ex Australian houses of The Royal Mint, London
• Johnson Matthety & Mallory Ltd.
  -Comptoir Lyon-Alemand, Louyot S.A. ex Comptoir Lyon Alemand Louyot & Cie. - Comptoir LyonAlemand et Marret, Bonnin, Lebel et Guieu reunis
• Comptoir Lyon-Alemand (refiner only - Marret,
  Bonnin, Lebel et Guieu (refiner only)
• Bank of England - Johnson & Sons, Assayers
  Ltd. (assayer only) - Johnson & Sons, Smelting Works Ltd. - Johnson, Matthey & Co, Limited - N.M. Rothschild & Sons - The Royal Mint
  02.03.81 2

B.C.R.A.
LIST OF GOLD REFINERS
AND ASSAYERS
CAMEX – 1
Annex II
SWITZERLAND
PARIS MARKET
REFINERS AND ASSAYERS:
REFINERS:
ASSAYERS:
-BureauCentral Suisse, Controle Metaux Precieux (assayer only) - Monnaie Federale Suisse (refiner only) - Societe de Banque Suisse

• Compagnie des Metaux Precieux - Comptoir
  Lyon-Alemand Louyot et Cie - Comptoir LyonAlemand et Marret, Bonnin, Lebel et Guieu reunis
• Caplain Saint-Andre S.A. - Les Anciens Etablissements Leon Martin - Laboratories Pourquery
• Comptoir Lyon-Alemand - Marret,Bonnin, Lebel et
  Guieu - La Monnaie de Paris
• Jean Boudet - Les Laboratories Boudet et
  Dussaix - Les Laboratories P. Dubois et
  Fils
  ZURICH MARKET
  All bars refined and assayed by the firms indicated in the list of the London gold market are accepted. Likewise, bars sealed "SWISS BANK CORPORATION" with seal "S.B.S. Essayeurs-Fondeurs" and "M.P." and the legend on the left side "Essayeur" and on the right side "Fondeur" and "CREDIT SUISSE", in all sizes produced, with seal "CHI-Essayeur Fondeur" are accepted, in their various sizes.
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