Circular LISOL 1-1123: Net Foreign Currency Position. Adjustments.

"Year of the Reconstruction of the Argentine Nation" COMMUNICATION "A" 8360 09/12/2025 TO FINANCIAL ENTITIES:
Ref.: Circular LISOL 1-1123: Net Foreign Currency Position. Adjustments.
___________________________________________________________________________ We address you to inform you that this Institution has adopted the resolution which, in its relevant part, establishes:
“1- Provide that when a financial entity has acquired securities of the National Treasury in foreign currency through primary subscription as of 10/12/25, the sales it makes in the secondary market that imply a decrease in its Net Foreign Currency Position (NFCP), may only be offset until the original term of their maturity with the net increase in holdings of other securities of the National Treasury in foreign currency, unless the sale is made after 90 (ninety) calendar days have elapsed from the date of primary subscription. 2- Reduce from 300 (three hundred) days to 90 (ninety) calendar days the term provided in the second-to-last paragraph of point 1.1. of the consolidated text on Net Foreign Currency Position.” Regarding this, we forward to you the pages that, in replacement of those duly provided, should be incorporated into the consolidated text referenced. In this regard, it is recalled that on this Institution's website www.bcra.gob.ar, by accessing “Financial System - LEGAL AND REGULATORY FRAMEWORK - Consolidations and summaries - Consolidated texts of general regulation”, the modifications made with specially highlighted text (strikethrough and bold) will be found. Sincerely, BANK OF THE ARGENTINE REPUBLIC (BCRA) Darío C. Stefanelli Marina Ongaro Principal Manager of Issuance and Regulatory Applications Deputy General Manager of Financial Regulation

1.1. Concepts included.
In the net foreign currency position (NFCP), all assets, liabilities, commitments and other instruments and operations by financial intermediation in foreign currency or linked to the evolution of the exchange rate will be considered, including spot, forward and other derivative contracts, foreign currency deposits in accounts opened at the Bank of the Argentine Republic (BCRA), gold position, BCRA monetary regulation instruments in foreign currency, subordinated debt in foreign currency and debt instruments represented in foreign currency. Forward transactions concluded within a framework agreement in markets authorized by the National Securities Commission (CNV) with cash-settlement (difference settlement) modality, without delivery of the underlying asset, will also be computed. Similarly, participation certificates or debt instruments issued by financial trusts and credit rights regarding ordinary trusts will be considered, in the corresponding proportion, when their underlying assets consist of foreign currency assets. The net amount of operations with commodities provided for in points 3.6. and 6.1.3. of the CT on Spot-to-Settle and Forward Transactions, Repos, Guarantees, Other Derivatives and Common Investment Funds will be computed within the NFCP. To this effect, all positions with opposite signs must be netted regardless of whether they concern different products, maturities, or lack legal possibility of contractual offset between them. The value of the position in currencies other than the US dollar will be expressed in that currency, applying the respective swap rate published by the BCRA. The decrease in foreign currency assets due to prepayments of local financing to private sector clients, as of 05/09/19, may only be offset in the NFCP until the original term of their maturity with the net increase in holdings of securities of the National Treasury in foreign currency. Sales in the secondary market of foreign currency bonds acquired as of 09/06/23 through primary subscription will not be subject to the offset established in the preceding paragraph, when sales are made after 90 calendar days have elapsed from the date of primary subscription. When a financial entity has acquired securities of the National Treasury in foreign currency through primary subscription as of 10/12/25, the sales it makes in the secondary market that imply a decrease in its NFCP may only be offset until the original term of their maturity with the net increase in holdings of other securities of the National Treasury in foreign currency, unless the sale is made after 90 calendar days have elapsed from the date of primary subscription. At the original maturity of local foreign currency financing, it may be offset by purchasing any asset in foreign currency computable in the NFCP. B.C.R.A. NET FOREIGN CURRENCY POSITION
Section 1. Determination.
Version: 12th. COMMUNICATION "A" 8360 Effective: 10/12/2025 Page 1

1.2. Exclusions.
1.2.1. Assets deductible to determine the computable equity responsibility (CER).
1.2.2. Concepts included that the financial entity registers in its foreign branches.
1.2.3. National public bonds in pesos with dual-currency yield.
1.2.4. Balances corresponding to the "Special accounts for holders with agricultural activity" and to the "Special accounts for exporters".
1.2.5. Non-transferable internal letters of the Bank of the Argentine Republic in pesos liquidated by the Reference Exchange Rate Communication A 3500 (LEDIV) at zero rate.
1.2.6. Public and private bonds in pesos adjustable by the exchange rate –without exceeding the net between deposits of point 1.2.4. and LEDIV–.
B.C.R.A. NET FOREIGN CURRENCY POSITION
Section 1. Determination.
Version: 4th. COMMUNICATION "A" 8360 Effective: 10/12/2025 Page 2

CONSOLIDATED TEXT	ORIGIN OF THE PROVISIONS	OBSERVATIONS
Sec. Punto Párr. Com. Anexo	Sec. Punto Párr.
1. 1.1. “A” 3889 1.	According to Ref. "A" 4135, 4140, 4150, 4577, 6396, 6663, 6776, 7786 and 8360.
1.2. “A” 4350 2.	According to Ref. "A" 5834, 5847, 5851 and 7029.
1.2.1. “A” 4350 2.
1.2.2. “A” 5847 1.	According to Ref. "A" 5851.
1.2.3. “A” 7545 1.
1.2.4. “A” 7556 5.	According to Ref. "A" 7571.
1.2.5. “A” 7556 5.
1.2.6. “A” 7556 5.
2. 2.1. “A” 3889 1.	According to Ref. "A" 4577, 4598, 5834, 5851, 6128, 6233, 6507 and 8311.
2.2. “A” 3889 1.	According to Ref. "A" 4350, 4598, 5536, 5611, 5627, 5834, 5851, 5891, 5917, 5935, 5997, 6128, 6233, 6501, 6507, 6526, 6735, 6754, 6759, 7003 and 7022. Includes regulatory clarification.
2.3. “A” 6754 1.	According to Ref. "A" 6759, 6763, 6770, 6774, 6775, 7071, 7101, 7405, 7416, 7417, 8025, 8093, 8154, 8311 and 8325. Includes regulatory clarification.
3. 3.1. “A” 3889 1.	According to Ref. "A" 4350, 5356, 5550, 6091, 6638, 6754, 6759, 7939, 8264, 8302 and 8357.
3.2. “A” 5550 2.
4. 4.1. “A” 6526 7.	According to Ref. "A" 6699, 6735, 7093 and 8276.
4.2. “A” 6846 4.	According to Ref. "A" 7029 and 7036.
4.3. “A” 8235

B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE CONSOLIDATED TEXT ON NET FOREIGN CURRENCY POSITION