2015 - YEAR OF THE BICENTENNIAL OF THE CONGRESS OF THE FREE PEOPLES COMMUNICATION "A" 5740 15/04/2015 TO FINANCIAL ENTITIES, TO EXCHANGE HOUSES, AGENCIES AND OFFICES, TO CREDIT PORTFOLIO ADMINISTRATORS OF PREVIOUS FINANCIAL ENTITIES, TO TRUSTEES OF FINANCIAL TRUSTS INCLUDED IN THE FINANCIAL ENTITIES LAW, TO ELECTRONIC CLEARING HOUSES, TO COOPERATIVE CREDIT UNIONS (LAW 26.173):
Ref.: Circular
LISOL 1 - 630
OPASI 2 - 475
OPRAC 1 - 765
REMON 1 - 896
RUNOR 1 - 1126
Communications "A" 5671 and 5691. Update of provisions and consolidated texts.

We address you to deliver to you attached the sheets that, in replacement of those provided opportunistically, correspond to be incorporated into the consolidated texts of the norms on "Encumbrance of assets in guarantee", "Financial assistance for temporary illiquidity", "Cooperative credit unions (Law 26.173)", "Minimum capitals of financial entities", "Assignment of credit portfolios", "Classification of debtors", "Time deposits and investments", "Performance of custodian and register agent functions", "Minimum cash", "Financing of the non-financial public sector", "Fractionation of credit risk", "Guarantees", "Credit management", "Credit graduation", "Loan origination and administration manuals" and "Correspondence accounts", for the purpose of their update in accordance with what is provided by the resolutions made known through Communications "A" 5671 and 5691. Likewise, by virtue of what is provided in the norms on "Credit evaluations", various related provisions are adapted and the pertinent interpretive clarifications are included:

Replace section ii) of subsection c) of point 1. of Communication "A" 4742 with the following:
"ii. The coverage must be carried out in domestic markets that comply with what is provided in point 2.2.3. of the norms on "Credit evaluations" or, only when it is not possible to contract locally, agreed with the following counterparties, in accordance with what is established in the current exchange regulations:

institutionalized markets of countries members of the Organisation for Economic Co-operation and Development (O.E.C.D.) that comply with what is provided in point 3.2. of the norms on "Credit evaluations", requiring for this purpose an international risk rating of "AA" or higher; or
-2-
entities abroad that comply with what is provided in point 3.1. of the norms on "Credit evaluations", requiring for this purpose an international risk rating of "A" or higher."

Replace section IV of point 1. of Communication "A" 2435, modified by point 3. of Communication "A" 2461, with the following:
"IV. COUNTERPARTIES.
Financial entities may sell option contracts provided that they comply with what is provided in point 2.1.2. of the norms on "Credit evaluations". Financial entities may buy option contracts issued by banks abroad that comply with what is provided in point 3.1. of the norms on "Credit evaluations", requiring for this purpose an international risk rating of "investment grade". They may also buy option contracts issued by other counterparties, provided that they are transactions that are traded in domestic markets or institutionalized markets abroad, that comply with what is provided in points 2.2.3. or 3.2. of the norms on "Credit evaluations", respectively."
Incorporate, as the second paragraph of point 1.5.2.2. of Section 1. of Chapter XVI of Circular RUNOR - 1, the following:
"Said tax imposition certificate must be issued with the clause of "automatic renewal", by virtue of the fact that the original is deposited in custody." Finally, it is recalled that on the website of this Institution www.bcra.gob.ar, accessing "regulations" ("consolidated texts"), the modifications made with texts highlighted in special characters (strikethrough and bold) will be found. We salute you attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli Juan Carlos Isi Principal Manager of Issuance and Regulatory Applications General Manager of Norms
ANNEX

B.C.R.A.
CONSOLIDATED TEXT OF THE NORMS ON
"ENCUMBRANCE OF ASSETS IN GUARANTEE"
-IndexSection 1. Prohibitions.
1.1. Legal limitation.
1.2. Operations with credit portfolio guarantee.
1.3. Operations not covered.
Section 2. General authorizations.
2.1. For lines of credit from abroad.
2.2. For futures, options and other derivative products operations.
2.3. For passive repos.
2.4. For loan operations between financial entities.
2.5. For loan operations between financial entities that have guarantee or assignment of credit portfolio with liability for the assignor, not contemplated in point 2.4.
2.6. For obligations related to electronic clearing houses.
2.7. For operations with cancellation checks.
2.8. For obligations linked to operations instrumented through the Agreement on reciprocal payments and credits - ALADI.
2.9. Other operations expressly authorized by the Central Bank of the Argentine Republic.
2.10. For guarantees required in accordance with Law 26.831 on Capital Markets.
Section 3. Maximum limits.
3.1. For encumbrances for the concepts contemplated in points 2.1. to 2.10.
-except points 2.3. Passive repos, 2.4. and 2.5. Loan operations between financial entities-.
3.2. For encumbrances for passive repos and loan operations between financial entities -points 2.3., 2.4. and 2.5.-.
Correlation table.
Version: 9th COMMUNICATION "A" 5740
Validity:
09/01/2015

1.1. Legal limitation.
In accordance with what is established in the Financial Entities Law, such intermediaries may not encumber their assets in guarantee without prior authorization from the Central Bank of the Argentine Republic.
1.2. Operations with credit portfolio guarantee.
Financial entities may not carry out operations for the assignment of credit portfolios, as well as participation certificates and debt titles of financial trusts included in the Financial Entities Law without quotation, with or without liability on the part of the assignor, agreeing on the repurchase of the transferred assets, nor passive repos or any other type of operation whose correlative prestations are assimilated to them and imply that the return of the funds is guaranteed with that type of assets, except in the expressly authorized cases.
1.3. Operations not covered.
1.3.1. The encumbrance of assets in guarantee does not require prior authorization in the following cases:
1.3.1.1. Financing, whatever its modality, and/or the guarantees backing them, as guarantee for lines of credit assigned by second-degree commercial banks or international financial organisms, provided that the affected operations have been granted with imputation to the resources provided by them and that the amount of the encumbrances does not exceed that of the corresponding assistance received.
1.3.1.2. Own-use goods, as guarantee for the outstanding balance of their acquisition.
1.3.1.3. Assets affected in guarantee by operations of:
a) Rediscounts and advances, provided for in subsections b), c) and f) of article 17 of the Organic Charter of the Central Bank of the Argentine Republic. b) Passive repos with the Central Bank of the Argentine Republic. c) Liquidity window for operations with guarantee of Guaranteed Loans and/or Bogar 2020 carried out with the Central Bank of the Argentine Republic.
1.3.2. Nor are the operations of pass of securities covered by the legal limitation considered, which have volatility published by the Central Bank of the Argentine Republic and securities with daily quotation for significant amounts in exchanges or markets abroad provided that with respect to them no coverage margins or margins are constituted in favor of the counterparties.
ENCUMBRANCE OF ASSETS IN GUARANTEE
B.C.R.A.
Section 1. Prohibitions.
Version: 4th COMMUNICATION "A" 5740
Validity:
09/01/2015

2.1. For lines of credit from abroad.
2.1.1. Guaranteeable operations.
Lines of credit from abroad received for the fulfillment of the settlement of operations that are processed through the Euroclear and Clearstream securities clearing systems.
2.1.2. Authorized entities.
Financial entities that comply with what is provided in point 2.1.2. of the norms on "Credit evaluations".
2.1.3. Encumberable assets.
Cash and securities, except those computed to integrate the minimum cash.
2.2. For futures, options and other derivative products operations.
2.2.1. Guaranteeable operations.
Futures, options and other derivative products operations that are traded:
2.2.1.1. In domestic markets that verify what is provided in point 2.2.3. of the norms on "Credit evaluations" or in institutionalized markets of countries members of the Organisation for Economic Co-operation and Development (O.E.C.D.) -that comply with what is provided in point 3.2. of the norms on "Credit evaluations", requiring for this purpose an international risk rating of "AA" or higher- formally enabled for such purposes, in accordance with the guarantee margins established in them.
In the case that the transactions are carried out in domestic markets that do not provide guarantee of fulfillment of the operations, the guarantee margins that are agreed between the intervening entities must not exceed, at any time, 20% of the net bilateral positions per underlying asset for each settlement date.
2.2.1.2. Outside institutionalized markets abroad ("over-the-counter"), under the following conditions:
i) The counterparties must be banks abroad that comply with what is provided in point 3.1. of the norms on "Credit evaluations", requiring for this purpose an international risk rating of "A" or higher. ENCUMBRANCE OF ASSETS IN GUARANTEE B.C.R.A.
Section 2. General authorizations.
Version: 7th COMMUNICATION "A" 5740
Validity:
01/12/2014

ii) The guarantee margins, considered for each operation, must not exceed 20% of the traded value.
2.2.2. Authorized entities.
Financial entities that comply with what is provided in point 2.1.1. of the norms on "Credit evaluations".
2.2.3. Encumberable assets.
Cash and securities, except those computed to integrate the minimum cash.
2.3. For passive repos.
2.3.1. Guaranteeable operations.
Passive repo operations of the following assets:
2.3.1.1. Securities that have volatility published by this Institution, except participation certificates and debt titles of financial trusts.
2.3.1.2. Credit portfolio.
2.3.1.3. Participation certificates and debt titles of financial trusts.
2.3.1.4. Securities that do not have volatility published by this Institution and monetary regulation instruments of the Central Bank of the Argentine Republic, at the price that is informed in the Electronic Operations System (SIOPEL) for this type of operations with the mentioned instruments.
ENCUMBRANCE OF ASSETS IN GUARANTEE
B.C.R.A.
Section 2. General authorizations.
Version: 6th COMMUNICATION "A" 5740
Validity:
09/01/2015

2.3.2. Authorized borrowing entities.
Local financial entities, subject to compliance with the limits provided in point 3.2.
2.3.3. Authorized counterparties.
The placing or investing entities must be:
2.3.3.1. Local financial entities.
2.3.3.2. Banks abroad that comply with what is provided in point 3.1. of the norms on "Credit evaluations", requiring for this purpose an international risk rating included in the "investment grade" category.
2.3.4. Margin and prior authorization.
The negotiation of securities pass operations that have volatility published by this Institution -except the assets mentioned in point 2.3.1.3.- with a margin higher than 30% of the financing and all credit portfolio pass operations, participation certificates and debt titles of financial trusts must have prior authorization from the Superintendence of Financial and Exchange Entities.
2.3.5. Exceptions.
The Superintendence of Financial and Exchange Entities may authorize financing operations that do not adjust to the provided modality or to the established requirements.
2.3.6. Information to be supplied.
Within 24 hours following the date of negotiation of each operation, the borrowing entity must supply to the Superintendence of Financial and Exchange Entities, at minimum, the following data:
2.3.6.1. Amounts of the spot sale and the forward purchase.
2.3.6.2. Margin.
2.3.6.3. Traded security and, when applicable, classifications assigned to debtors and average term of the portfolio.
2.3.6.4. Maturity date of the operation.
ENCUMBRANCE OF ASSETS IN GUARANTEE
B.C.R.A.
Section 2. General authorizations.
Version: 3rd COMMUNICATION "A" 5740
Validity:
09/01/2015

2.3.6.5. Counterparty and, when it concerns banks abroad, rating and rating agency.
2.4. For loan operations between financial entities.
Operations with the guarantees provided in point 4.1. of the norms on "Credit Management".
2.4.1. Authorized borrowing entities.
Local financial entities, subject to compliance with the limits provided in point 3.2.
2.4.2. Authorized lending entities.
The lending entities must be:
2.4.2.1. Local financial entities, or banks abroad -except those included in point 2.4.2.2.-that comply with what is provided in point 3.1. of the norms on "Credit evaluations", requiring for this purpose an international risk rating of "A" or higher-.
2.4.2.2. Banks abroad that comply with what is provided in point 3.1. of the norms on "Credit evaluations", requiring for this purpose an international risk rating included in the "investment grade" category, provided that they are controlling entities or parent houses of local financial entities.
2.4.3. Coverage margin.
The negotiation of loan operations with the guarantees provided in point 4.1. of the norms on "Credit Management", must be carried out observing a coverage margin that, for the cited securities, is not lower than that resulting from the publication that the Central Bank of the Argentine Republic carries out monthly, for the month to which the negotiation of the operation corresponds.
2.4.4. Special situations.
In exceptional cases, the Superintendence of Financial and Exchange Entities may dispense a specific and individual treatment to contemplate the operations that do not fit into the requirements established in points 2.4.1., 2.4.2. and 2.4.3.
2.4.5. Information to be supplied.
ENCUMBRANCE OF ASSETS IN GUARANTEE
B.C.R.A.
Section 2. General authorizations.
Version: 6th COMMUNICATION "A" 5740
Validity:
01/12/2014

Within 24 business hours following the date of negotiation of each operation, the borrowing entity must supply to the Superintendence of Financial and Exchange Entities, at minimum, the following data:
2.4.5.1. Type of operation carried out.
2.4.5.2. Amount of the operation.
2.4.5.3. Coverage Margin.
2.4.5.4. Conditions and maturity of the operation.
2.4.5.5. Lending entity and, when it concerns banks abroad, ratings and rating agencies.
2.5. For loan operations between financial entities that have guarantee or assignment of credit portfolio with liability for the assignor, not contemplated in point 2.4.
Provided that all the conditions provided for the use of the additional margins of tranches I and II referred to in subsection v) of point 5.3.1.3. of the norms on "Fractionation of credit risk" are met.
2.6. For obligations related to electronic clearing houses.
2.6.1. Guaranteeable obligations.
Net debtor balance in electronic clearing houses.
2.6.2. Authorized entities.
All financial entities.
2.6.3. Encumberable assets.
The assets must have sufficient liquidity conditions to allow their immediate use at the time of settlement of the electronic clearing houses, if necessary. The assets admitted for the integration of the minimum cash must be deposited in the name of the respective electronic clearing house, on account of each entity, in special accounts at the Central Bank of the Argentine Republic, in which case they may be computed for such purpose. The settlement of the assets not admitted for such integration must be secured through an agreement with a bank that complies with what is provided in point 2.1.2. of the norms on "Credit evaluations".
2.6.4. Amounts of the guarantees.
They will be agreed between the clearing houses and the financial entities.
ENCUMBRANCE OF ASSETS IN GUARANTEE
B.C.R.A.
Section 2. General authorizations.
Version: 9th COMMUNICATION "A" 5740
Validity:
01/12/2014

2.9. Other operations expressly authorized by the Central Bank of the Argentine Republic.
2.10. For guarantees required in accordance with Law 26.831 on Capital Markets.
For the guarantees that financial entities that are agents authorized by the National Securities Commission must provide in accordance with Law 26.831 on Capital Markets and its regulatory norms without prejudice, in their case, to what is provided in points 2.2.2. and 2.3.2. The encumberable assets may be cash in pesos and securities, except those computed to integrate the minimum cash. ENCUMBRANCE OF ASSETS IN GUARANTEE B.C.R.A.
Section 2. General authorizations.
Version: 4th COMMUNICATION "A" 5740
Validity:
09/01/2015

3.1. For encumbrances for the concepts contemplated in points 2.1. to 2.10. -except points
2.3. Passive repos, 2.4. and 2.5. Loan operations between financial entities-.
3.1.1. General limit.
The total value of the assets that are encumbered as guarantee for these operations, except those corresponding to operations not covered (point 1.3.), may not exceed 50% of the computable equity responsibility, of the second month prior to that in which the encumbrance is carried out.
3.1.2. Sublimit.
The total value of the assets included in the operations referred to in points 2.1., 2.2., 2.6., 2.7., 2.9. and 2.10., when it concerns encumbrances:
i) of assets in favor of counterparties other than the Central Bank of the Argentine Republic (except what is provided in the next subsection); ii) for other operations other than lines of credit instrumented by the National Government in the framework of loan contracts subscribed with international financial organisms of which the Argentine Republic is a party; and iii) in which the assets are not deposited in accounts opened at the Central Bank of the Argentine Republic. may not exceed 10% of the computable equity responsibility of the second month prior to that in which the encumbrance is carried out.
3.2. For encumbrances for passive repos and loan operations between financial entities
-points 2.3., 2.4. and 2.5.-.
The total of margins and coverage margins constituted by the set of current transactions must not exceed 50% of the net equity or of the computable equity responsibility, of both the lesser, of the second month prior. This limit will be extended to 100% when the financial entity complies with what is provided in point 2.1.1. of the norms on "Credit evaluations". ENCUMBRANCE OF ASSETS IN GUARANTEE B.C.R.A.
Section 3. Maximum limits.
Version: 7th COMMUNICATION "A" 5740
Validity:
09/01/2015

CONSOLIDATED TEXT OF THE STANDARD OF ORIGIN
Section Point Paragraph Com. Annex Point Paragraph
OBSERVATIONS
1.1. "A" 2802 1.1. According to art. 28, sub. b), of Law
21.526.
1.2. "A" 2774 I 6. Includes interpretive clarification.
1.
1.3. "A" 2802 1.3. Incorporates criteria not given to
known with general character previously. According to Com.
"A" 4817, 4888, 5691 and 5740.
Includes interpretive clarification.
2.1. "A" 2281 According to Com. "A" 2753.
2.1.1. "A" 2281 According to Com. "A" 2753, 2832,
5183.
2.1.2. "A" 2281 According to Com. "A" 2753, 5671 and
5740.
2.1.3. "A" 2281 According to Com. "A" 2753, 3274 and
3558. Includes interpretive clarification.
2.2. "A" 2774 II
2.2.1. "A" 2774 II According to Com. "A" 4132, 5671 and
5740. Includes interpretive clarification.
2.2.2. "A" 2774 II According to Com. "A" 5671.
2.2.3. "A" 2774 II According to Com. "A" 3274 and 3558.
Includes interpretive clarification.
2.3. "A" 2774 I 1., 2.,
3. and 5.
According to Com. "A" 3258.
2.3.1. "A" 2774 I 1. According to Com. "A" 3258, 4876 and
5691.
2.3.2. "A" 2774 I 1. and 2. According to Com. "A" 5671.
2.3.3. "A" 2774 I 2. According to Com. "A" 5671 and 5740.
2.3.4. "A" 2774 I 2. and 5. According to Com. "A" 3258 and 5691.
2.3.5. "A" 2774 I 3.
2.3.6. "A" 2774 I 5.
2.4. "A" 4817 7. According to Com. "A" 4888.
2.4.1. "A" 4817 7. According to Com. "A" 5671.
2.4.2. "A" 4817 7. According to Com. "A" 4831, 5671 and
5740. Includes interpretive clarification.
2.4.3. "A" 4817 7. According to Com. "A" 4831 and 4888.
2.4.4. "A" 4817 7.
2.4.5. "A" 4817 7.
2.
2.5. "A" 4972 7. According to Com. "A" 5520.
B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE NORMS ON "ENCUMBRANCE OF ASSETS IN GUARANTEE"

"ENCUMBRANCE OF ASSETS IN GUARANTEE"
CONSOLIDATED TEXT OF THE STANDARD OF ORIGIN
Section Point Paragraph Com. Annex Point Paragraph
OBSERVATIONS
2.6. "A" 2610 I
II
1.
1.
According to Com. "A" 3558.
2.6.1. "A" 2610 I
II
1.
1.
According to Com. "A" 3274.
2.6.2. "A" 2610 I
II
1.
1.
2.6.3. "A" 2610 I
II
1.
1.
According to Com. "A" 5671 and 5740.
2.6.4. "A" 2610 I
II
1.
1.
According to Com. "A" 2683 and 5194.
2.7. "A" 3216 According to Com. "A" 3274 and 3558.
2.8. "A" 4838 8. According to Com. "A" 4926, 4937 and "B"
9745.
2.9. "A" 4725 3.
2.
2.10. "A" 5691 5.
3.1. "A" 2774 II 2. last According to Com. "A" 2832, 4153, 4725,
4817, 4972, 5691 and "B" 9745.
3.
3.2. "A" 2774 I 2.a) 1º According to Com. "A" 4817, 4972 (point
8.) and 5671.

2.1. Advance in account for temporary illiquidity.
2.1.1. Guarantee.
It shall be constituted on the following assets to the satisfaction of the BCRA:
2.1.1.1. Securities with public offering or other assets and/or securities.
2.1.1.2. First-degree mortgages on the entity's own assets.
2.1.2. When the guarantee consists of Class "A" or "B" debt securities of financial trusts, the following conditions shall be observed:
2.1.2.1. Particulars.
i) The trustee of the financial trusts applies to the underlying asset the classification and provisioning standards established by the Central Bank and reports the credits to the Debtors Central Registry administered by this Institution (in accordance with Communication "A" 3145 and complementary provisions). ii) The constitution of the trust has a report from the review and control agent designated, when its intervention is provided for in the trust contract. iii) The registration agent is the trustee of the trust or Caja de Valores S.A. iv) The depositary of the debt securities or, if applicable, their provisional certificates representing them is Caja de Valores S.A. v) The quarterly and annual financial statements of the trust have an External Auditor's report. vi) The underlying assets of the financial trust are credits, rights arising from the assignment of cash flows, or instruments classified in normal situation on the date they were entrusted. In addition, financial trusts whose underlying assets are the right to collect cash flows from rents for financial leasing operations ("leasing") are admitted.

TEMPORARY ILLIQUIDITY FINANCIAL ASSISTANCE
B.C.R.A.
Section 2. Particular characteristics.
Version 3a. COMMUNICATION "A" 5740
Validity:
01/12/2014

TEMPORARY ILLIQUIDITY FINANCIAL ASSISTANCE
B.C.R.A.
Section 2. Particular characteristics.
The financial entity shall ensure that the trustee sends a report issued by the external auditor of the trust, verifying that its underlying assets meet the required conditions according to point iv) and are classified according to the BCRA standards applicable in that matter. The external auditor's report of the financial entity must attach the latest quarterly and annual financial statements of the trust that contemplate the applicable provisions in the matter and the corresponding reports from its external auditor, both usual and special. Likewise, it must verify that the external auditor of the trust has issued these reports in accordance with the standards applicable to them in each case. The book value and the respective valuation review indicated in this report must refer to the residual value current on the date established in the preceding point ii), and the external auditor must additionally verify and report that the conditions established in said point are met. Likewise, it must expressly indicate that the debt security or, if applicable, its provisional certificate representing it, is owned by the financial entity and is the one with the best priority existing in its portfolio, according to the terms and conditions of the trust contract. This Report must accompany a copy of the certificate issued by Caja de Valores S.A. or whoever corresponds, in order to verify that the debt security is registered in the name of the financial entity and that it does not recognize encumbrances or restrictions of any nature. The external auditor's report of the financial entity must expressly indicate, without limitations and/or qualifications, the scope of the work performed and that the evaluation practiced is independent of that performed by the audited financial entity. Reports from the external auditor of the financial entity that contain limitations in their scope or observations of any type will not be accepted. vi) Without prejudice to the work of the external auditor of the trust, the BCRA reserves the right to carry out a review of the instrumental quality of the underlying assets affected, for which it may require the financial entity to deliver the respective original instruments, accompanied by Formulas 3055 duly integrated, in which the balances as of a certain date and the corresponding magnetic supports are recorded. Version 4a. COMMUNICATION "A" 5740 Validity:
01/12/2014

TEMPORARY ILLIQUIDITY FINANCIAL ASSISTANCE
B.C.R.A.
Section 2. Particular characteristics.
vii) To this end, financial services that mature from the day following the date of the financial statement to which the valuation of the debt securities performed by the external auditor refers, up to the date of the request for financial assistance from the Central Bank, shall not be counted. viii) Financial entities may present directly to the Credit Management, with a notice of no less than 5 business days, the corresponding request for funds requesting the crediting of the respective resources, in which case the entities must comply with the remaining requirements provided for in this regime. ix) Once financial assistance is effected and if maturities of services of the debt securities affected by the guarantee occur during the validity of the financial assistance, the corresponding debit will be made, except if the remaining guarantees maintain the minimum coverage required.
2.2. Rediscount for temporary illiquidity.
2.2.1. Credits and/or securities to be rediscounted.
They must correspond to financings to debtors of the non-financial private sector, classified -by all financial entities with respect to which they maintain debt- in normal situation (points 6.5.1. and 7.2.1. of the standards on "Classification of debtors"), according to the latest information available in the Debtors Central Registry administered by this Institution on the date of the request for financial assistance and on the last day of the last five months prior to that base date, with the exception of financial leasing operations.
2.2.2. Endorsement.
Rediscounted credits must be endorsed, when applicable, by stamping a seal with the legend "Value endorsed in favor of the BCRA" and the signatures of the officials authorized for this purpose, with their respective clarification. Such endorsements must be made before a Public Notary, who shall record in the forms that the rediscounted credits listed therein were endorsed in their presence and that those who signed them have sufficient authority to do so. The aforementioned notarial act must be legalized, if applicable. When reasons of urgency advise it, endorsements may be signed in the presence of at least two officials from the Credit Management, who shall record this in the forms in which the credits are listed. Version 3a. COMMUNICATION "A" 5740 Validity:
01/12/2014

CONSOLIDATED TEXT ORIGIN STANDARD
Section Point Paragraph Com. Annex Point Paragraph
OBSERVATIONS
2.1.1. "A" 2673 unique 1.1.1.3. According to Com. "A" 2925 (Annex
unique, point 1.1.3.) and 5304.
2.1.2. 1st "A" 4868 II 1. According to Com. "A" 5304.
i "A" 4868 II 1.a. According to Com. "A" 4876 (point 19.). ii "A" 4868 II 1.b. According to Com. "A" 5671. iii "A" 4868 II 1.c. iv "A" 4868 II 1.d. v "A" 4868 II 1.e. 2.1.2.1. vi "A" 4868 II 1.f. According to Com. "A" 4876 (point 19.). i "A" 4868 II 2.a. ii "A" 4868 II 2.b. iii 1st "A" 4868 II 2.c. 1st iii 2nd "A" 4868 II 2.c. 2nd According to Com. "A" 4876 (point 22.). iv "A" 4868 II 2.d. According to Com. "A" 4876 (point 23.) and 5304. v 1st "A" 4868 II 2.e. 1st v 2nd "A" 4868 II 2.e. 2nd According to Com. "A" 5304. v 3rd "A" 4868 II 2.e. 3rd v 4th "A" 4868 II 2.e. 4th According to Com. "A" 5304. v 5th "A" 4868 II 2.e. 5th v 6th "A" 4868 II 2.e. 6th According to Com. "A" 4876 (point 24.). v 7th "A" 4868 II 2.e. 7th v 8th "A" 4868 II 2.e. 8th vi "A" 4868 II 2.f. vii "A" 4868 II 2.h. viii "A" 4868 II 2.i. According to Com. "A" 5304. 2.1.2.2. ix "A" 4868 II 2.j.
2.2.1. "A" 2673 unique 1.1.2.3. According to Com. "A" 2775 (Annex
unique, point 1.1.2.3.), "B" 9074,
"A" 4876 (point 14.) and 5304.
2.
2.2.2. "A" 2673 unique 2.1.3. According to Com. "A" 5304.
3.1.1. "A" 2673 unique 2.1.1. According to Com. "A" 2925 (Annex,
point 2.1.1.) and 5304.
3.1.2. "A" 2673 unique 2.1.2. According to Com. "A" 2925 (Annex,
point 2.1.2.) and 5304.
3.1.3. "A" 2673 unique 2.1.4. According to Com. "A" 2925 (Annex,
point 2.1.4.) and 5304.
3.1.4. "A" 2673 unique 2.1.5. According to Com. "A" 2925 (Annex,
point 2.1.5.).
3.1.4.1. "A" 2673 unique 2.1.5.1. According to Com. "A" 2925 (Annex,
point 2.1.5.1.), 4868 (Annex I., point 2.a.) and 5304.
3.1.4.2. "A" 2673 unique 2.1.5.2. According to Com. "A" 2925 (Annex,
point 2.1.5.2.) and 4868 (Annex I., point 2.a.).
3.1.4.3. "A" 2673 unique 2.1.5.3. According to Com. "A" 2925 (Annex,
point 2.1.5.3.) and 5304.
3.
3.1.4.4. "A" 2673 unique 2.1.5.4. According to Com. "A" 2925 (Annex,
point 2.1.5.4.) and 5304.

i) Maximum limit of the total nominal value of documents corresponding to the same obligor: 5% with respect to the computable equity responsibility of the entity of the month prior to the one corresponding. ii) Global limit of the portfolio in nominal value: 100% of the computable equity responsibility of the entity of the month prior to the one corresponding. When the obligors are borrowers of the credit union, the amount of assistance granted under this modality shall be imputed to their credit margins, not being counted for the purposes of the limits established above. Within each period, the limits must be observed daily.
5.1.5.4. In the portfolio discounted for a specific client, the unpaid amount by the client of unpaid documents and checks whose registration has been rejected, cannot exceed the equivalent to 100% of the remaining coverage margin. In case of exceeding this value, the transferor cannot access new discount operations of credit titles within this modality, except to the extent necessary to replace the amount of those unpaid documents. Once the entire portfolio of the client is cancelled, the entity may grant him financings adjusted to this regime.
In all cases where this point mentions "obligor/s", it refers to any of the signatory persons of the documents who hold that condition as drawer, endorser, acceptor, or guarantor.
5.1.6. Guarantees granted by reciprocal guarantee societies or by public guarantee funds registered in the Registries authorized at the Central Bank of the Argentine Republic, regardless of the term of the operation, provided they effectuate the unpaid credits within 30 calendar days of their maturity.
5.1.7. "Warrant" on fungible goods that have normal and usual quotation in local or international markets, widely disseminated and easily accessible to public knowledge.
5.1.8. Guarantees constituted by the assignment of collection rights of invoices to consumers for services already provided, issued by service provider companies (companies supplying electricity, gas, telephone, water, etc.), provided it is a set of invoices representing a quantity of no less than 1,000 clients.
5.1.9. Guarantees or sureties of securities (shares or bonds) privately issued by national or foreign companies, taking into account their market value permanently, which must respond to a normal and usual quotation in local or international markets, widely disseminated and easily accessible to public knowledge.
The local issuing companies must comply with what is provided in point 2.2.1. of the standards on "Credit Evaluations". COOPERATIVE CREDIT UNIONS (LAW 26.173) B.C.R.A.
Section 5. Guarantees.
Version: 3a. COMMUNICATION "A" 5740
Validity:
01/12/2014

5.1.10. Credit titles (deferred payment checks, promissory notes, bills of exchange, and credit invoices), discounted with liability for the transferor, in which any of the subjects legally obligated to pay, holding that condition as drawer, endorser, acceptor, or guarantor, meets at least one of the following conditions:
5.1.10.1. Register a level of indebtedness with the system equal to or greater than $ 2,000,000, according to the latest information available in the "Central Debtors of the financial system" and being informed by at least two financial entities in which the indebtedness -in each of them- is at least $ 1,000,000.
It must be classified, in said central, "in normal situation" by all financial entities and, in the case of maintaining outstanding debentures or other debt securities, these must verify what is provided in point 5.1.10.2. The total financing granted to different transferors and assigned by the entity in this modality to the same legally obligated party cannot exceed 10% of the latter's debts with the financial system, reported in the "Central Debtors of the financial system", nor 5% of the computable equity responsibility of the entity of the month prior to the one corresponding, whichever is lower. This last limit will not be observed in case the entity has a credit file of said obligor, so the operations will be counted within the assistance margins provided by the standards applicable in the matter.
5.1.10.2. Maintain outstanding debentures or other debt securities in the local market and comply with what is provided in point 2.2.1. of the standards on "Credit Evaluations".
The total financing granted to different transferors and assigned by the entity in this modality to the same legally obligated party cannot exceed 5% of the computable equity responsibility of the entity of the month prior to the one corresponding. This limit will not be observed in case the entity has a credit file of said obligor, so the operations will be counted within the assistance margins provided by the standards applicable in the matter.
5.2. Preferred "B".
They are constituted by real rights on goods or third-party commitments, effectively instrumented, ensuring that the entity can dispose of the funds as cancellation of the obligation contracted by the client, having previously complied with the procedures established for the execution of the guarantees, and by the guarantees defined in point 5.1. with the exception of those included in point 5.1.1., as long as the residual term of the operations exceeds the term of 6 months. COOPERATIVE CREDIT UNIONS (LAW 26.173) B.C.R.A.
Section 5. Guarantees.
Version: 2a. COMMUNICATION "A" 5740
Validity:
01/12/2014

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE STANDARDS ON "COOPERATIVE CREDIT UNIONS (LAW 26.173)" CONSOLIDATED TEXT ORIGIN STANDARD Sec. Point Par. Com. Annex Cap. Sec. Point Par. OBSERVATIONS
1.1. "A" 4712 Unique 1. 1.1.
1.2. "A" 4712 Unique 1. 1.2.
1.3. "A" 4712 Unique 1. 1.3. S/Com. "A" 5168, 5248, 5408
and 5485.
1.4. "A" 4712 Unique 1. 1.4.
1.5. "A" 4712 Unique 1. 1.5. S/Com. "A" 5248 and 5485.
1.6. "A" 4712 Unique 1. 1.6.
1.
1.7. "A" 4712 Unique 1. 1.7.
2.1. "A" 4712 Unique 2. 2.1. S/Com. "A" 5272, 5369 and
5580.
2.2. "A" 4712 Unique 2. 2.2.
2.3. "A" 4712 Unique 2. 2.3.
2.4. "A" 4712 Unique 2. 2.4. S/Com. "A" 5168.
2.5. "A" 4712 Unique 2. 2.5. S/Com. "B" 9186 and "A" 5067
and 5275.
2.6. "A" 4712 Unique 2. 2.6. S/Com. "A" 5272, 5369 and
5580.
2.7. "A" 4712 Unique 2. 2.7. S/Com. "A" 4972 (pt. 9.).
2.8. "A" 4712 Unique 2. 2.8.
2.
2.9. "A" 4712 Unique 2. 2.9.
3.1. "A" 4712 Unique 3. 3.1.
3.2. "A" 4712 Unique 3. 3.2.
3.3. "A" 4712 Unique 3. 3.3. S/Com. "A" 4809, 5091 and
5164.
3.4. "A" 4712 Unique 3. 3.4.
3.5. "A" 4712 Unique 3. 3.5.
3.6. "A" 4712 Unique 3. 3.6.
3.
3.7. "A" 4712 Unique 3. 3.7.
4.1. "A" 4712 Unique 4. 4.1.
4.2. "A" 4712 Unique 4. 4.2.
4.3. "A" 4712 Unique 4. 4.3. S/Com. "A" 4891 (pts 9 to
12.).
4.4. "A" 4712 Unique 4. 4.4.
4.5. "A" 4712 Unique 4. 4.5.
4.6. "A" 4712 Unique 4. 4.6.
4.7. "A" 4712 Unique 4. 4.7. S/Com. "A" 5520.
4.
4.8. "A" 4712 Unique 4. 4.8. S/Com. "B" 9186 and "A" 4972
(pt. 6.).
5.1. "A" 4712 Unique 5. 5.1. S/Com. "A" 5275, 5671 and
5740. Includes interpretative clarification.
5.2. "A" 4712 Unique 5. 5.2. S/Com. "A" 5067 and 5275.
5.3. "A" 4712 Unique 5. 5.3.
5.4. "A" 4712 Unique 5. 5.4.
5.5. "A" 4712 Unique 5. 5.5. S/Com. "A" 5067 and 5275.
5.6. "A" 4712 Unique 5. 5.6.
5.
5.7. "A" 4712 Unique 5. 5.7.

COOPERATIVE CREDIT UNIONS (LAW 26.173)
CONSOLIDATED TEXT ORIGIN STANDARD
Sec. Point Par. Com. Annex Cap. Sec. Point Par.
OBSERVATIONS
6.1. "A" 4712 Unique 6. 6.1.
6.2. "A" 4712 Unique 6. 6.2. S/Com. "A" 5299 and
5534.
6.
6.3. "A" 4712 Unique 6. 6.3.
7.1. "A" 4712 Unique 7. 7.1.
7.2. "A" 4712 Unique 7. 7.2.
7.3. "A" 4712 Unique 7. 7.3.
7.4. "A" 4712 Unique 7. 7.4.
7.5. "A" 4712 Unique 7. 7.5.
7.
7.6. "A" 4712 Unique 7. 7.6.
8. 8.1. "A" 4712 Unique 8. 8.1.
8.2. "A" 4712 Unique 8. 8.2.
9.1. "A" 4712 Unique 9. 9.1.
9.2. "A" 4712 Unique 9. 9.2.
9.3. "A" 4712 Unique 9. 9.3.
9.4. "A" 4712 Unique 9. 9.4.
9.5. "A" 4712 Unique 9. 9.5.
9.6. "A" 4712 Unique 9. 9.6.
9.7. "A" 4712 Unique 9. 9.7.
9.8. "A" 4712 Unique 9. 9.8.
9.9. "A" 4712 Unique 9. 9.9.
9.10. "A" 4712 Unique 9. 9.10.
9.11. "A" 4712 Unique 9. 9.11.
9.12. "A" 4712 Unique 9. 9.12.
9.
9.13. "A" 4712 Unique 9. 9.13.
10.1. "A" 4712 Unique 10. 10.1.
10.1.1.2. "A" 4712 Unique 10. 10.1.1.2. S/Com. "A" 5520.
10.2. "A" 4712 Unique 10. 10.2. S/Com. "A" 5520.
10.3. "A" 4712 Unique 10. 10.3.
10.4. "A" 4712 Unique 10. 10.4.
10.
10.5. "A" 4712 Unique 10. 10.5.
11.1. "A" 4712 Unique 11. 11.1. S/Com. "A" 5164.
11.2. "A" 4712 Unique 11. 11.2.
11.3. "A" 4712 Unique 11. 11.3.
11.4. "A" 4712 Unique 11. 11.4.
11.
11.5. "A" 4712 Unique 11. 11.5.

Computation as "INC" of the use of the expanded quota -in % of said utilizationFrom the 25th First month 50 Seventh month 100 Thirteenth month IP: increase due to the expansion of the general limit of the global net negative foreign currency position, in accordance with the provisions contained in point 2.1. of the standards on "Global net foreign currency position". The non-financial public sector cited in these standards is that defined in Section 1. of the standards on "Financing of the non-financial public sector".
3.2. Exclusions.
3.2.1. Guarantees granted in favor of the Central Bank of the Argentine Republic and for direct obligations.
3.2.2. Concepts that must be deducted for the purposes of calculating the computable equity responsibility.
3.2.3. Financings and guarantees, sureties, and other responsibilities granted by local branches and subsidiaries of foreign financial entities, on behalf and order of their head office or their branches in other countries or of the controlling entity, provided the following requirements are observed:
3.2.3.1. The standards of the country where the head office or controlling entity is located, defined as the latter according to the provisions in force in that jurisdiction, must cover consolidated supervision of the local branches or subsidiaries.
3.2.3.2. The entity must comply with what is provided in point 3.1. of the standards on "Credit Evaluations", requiring for this purpose an international risk rating included in the "investment grade" category.
3.2.3.3. In the case of financings, they must be attended by the local branches or subsidiaries only with funds coming from lines assigned to them by the aforementioned foreign intermediaries.
If assistance is granted in a currency different from that of the foreign resources, the local entity cannot assume the exchange rate risk.
3.2.3.4. In the case of guarantees granted locally, there must be counter-guarantees extended by the head office or its branches in other countries or by the foreign controlling entity, whose effectuation operates in an unrestricted manner upon simple request of the local branch or subsidiary and in no immediate manner to its eventual execution by the beneficiary.
MINIMUM CAPITALS OF FINANCIAL ENTITIES
B.C.R.A.
Section 3. Minimum capital for credit risk.
Version: 13a. COMMUNICATION "A" 5740
Validity:
01/12/2014

3.9.2. Coverage of counterparty credit risk.
Financial entities may reduce exposure to counterparty credit risk as a result of the recognition of assets received as collateral, for which they must use the comprehensive method (point 5.2.3.). Under this method, the adjusted counterparty credit risk exposure (EAD*) is determined according to the following expression:
EAD* = [EAD - C x (1 - Hc - Hfx)] where:
EAD*: value of the credit risk exposure, adjusted by the value of the asset received as collateral.
C: market value of the asset received as collateral.
Hc: coverage corresponding to the asset received as collateral.
Hfx: coverage corresponding to the currency mismatch between the collateral and the guaranteed operation.
3.9.3. Credit valuation adjustment (CVA).
In addition to the default risk exposure determined in point 3.9.2., financial entities must observe a capital requirement for the risk of losses derived from valuing at market prices the expected counterparty risk -losses known as "credit valuation adjustments", CVA-. Entities will not observe this capital requirement when it comes to financing operations with securities -such as repo operations- and in operations carried out with a central counterparty entity (CCP). The capital requirement for CVA corresponding to all counterparties is determined according to the following expression for a one-year risk horizon:
( )
( )
2 i coverage i
Total i i
2 i
2 ind i ind coverage i
Total i
0,75 w M EAD M B
0,5 w M EAD M B w M B
K(CVA) 2,33 x i i
−
− − +
=

where:

wi
: weight applicable to counterparty i, which is established at 0% for the non-financial public sector and Central Bank, and at 3% for the rest of the counterparties -except that it concerns foreign entities that do not comply with what is provided in point 3.1. or 3.2., as applicable, of the standards on "Credit Evaluations", in which case a weight of 10% will be applied to them-. For the purposes of compliance with the aforementioned points of the standards on "Credit Evaluations", an international risk rating of "investment grade" must be available. CAPITALES MÍNIMOS DE LAS ENTIDADES FINANCIERAS B.C.R.A. Sección 3. Capital mínimo por riesgo de crédito. Versión: 2a. COMUNICACIÓN "A" 5740 Vigencia:
01/12/2014
EADi
Total: exposure to default of counterparty i -including the effect of collateral-, to whose value the discount factor (1-exp(-0.05 x Mi))/(0.05 x Mi) is applied.
Bi: notional value of the credit default "swaps" contracted -aggregated, if there is more than one exposure- that reference counterparty i, used to cover CVA risk, to whose amount the discount factor (1-exp(-0.05 x Mi
Cobertura
)) / (0.05 x Mi
Cobertura
) is applied.
Bind: full notional value of one or more "index CDS" credit default swaps contracted, used to cover CVA risk, to whose amount the discount factor (1-exp(-0.05 x Mind)) /
(0.05 x Mind) is applied.
wind: weight applicable to coverages provided by "index" credit default swaps, which is established at 0% for the non-financial public sector and Central Bank, and at 3% for the rest of the counterparties -except if they are foreign entities that do not comply with what is provided in point 3.1. or 3.2., as applicable, of the "Credit Assessments" rules, in which case the weight will be 10%-. For the purposes of compliance with the aforementioned points of the "Credit Assessments" rules, an international risk rating of "investment grade" must be held.
Mi
: average residual term (measured in years) weighted by the notional values in transactions with counterparty i. -Mi cobertura : residual term (measured in years) of the coverage instrument with notional Bi (if it were several exposures, the amounts Mi cobertura x Bi must be added). -Mind: residual term (measured in years) of the index ("index CDS") used as coverage. If there were more than one coverage position, it will be the weighted average residual term of the notional values.
3.9.4. Current EAD for a counterparty.
It is the greater value between zero and the EAD* with the counterparty, net of the credit valuation adjustments corresponding to that counterparty (CVA) that the entity had already charged to results -that is, CVA charges-. This CVA loss is calculated without offsetting with the debit valuation adjustments -DVA- that had been charged to results. If the DVA had not been charged to results separately from the CVA, when determining the current EAD*, the loss incurred by CVA net of DVA will be computed. This reduction of the EAD* by the incurred CVA losses is not applied for the determination of the capital requirement for CVA risk.
3.9.5. Calculation of the capital requirement.
The capital requirement for counterparty credit risk in OTC derivatives transactions (RCD) will be equivalent to the sum of (i) the requirement corresponding to the current EAD -adjusted for collateral assets (current EAD*)- of all counterparties and (ii) the capital requirement for the credit valuation adjustment -K(CVA)- which is determined in accordance with what is established in point 3.9.3.:
MINIMUM CAPITALS OF FINANCIAL ENTITIES B.C.R.A.
Section 3. Minimum capital for credit risk.
Version: 2nd. COMMUNICATION "A" 5740
Validity:
01/12/2014

8.3.5.3. Admissible capital in the COn1 issued by subsidiaries subject to consolidated supervision.
Instruments held by third parties that make up the COn1 of a subsidiary subject to consolidated supervision may be recognized in the COn1 of the financial entity if they meet all requirements for their classification as PNb or PNc. The amount that will be recognized in the COn1 of the financial entity will be the amount of the minority interest in the COn1 of the subsidiary net of the excess COn1 of the subsidiary that corresponds to minority investors. The excess COn1 of the subsidiary is calculated as the COn1 of the subsidiary net of the lesser of the following amounts:
i) its minimum COn1 requirement plus its capital conservation buffer; ii) the portion corresponding to the subsidiary of the minimum COn1 requirement plus the capital conservation buffer, both computed on a consolidated basis. The excess COn1 attributable to minority investors will result from multiplying the excess COn1 of the subsidiary -determined as indicated above- by the percentage of COn1 held by minority investors. The amount of this COn1 that will be admissible as PNc excludes the amounts recognized in the COn1 in accordance with what is established in point 8.3.5.1. and the amounts recognized in the CAn1 in accordance with what is established in point 8.3.5.2.
8.4. Deductible items.
8.4.1. Deductible items from ordinary Tier 1 capital (CDCOn1).
8.4.1.1. Balances in favor from the application of the minimum presumptive profit tax -net of provisions for devaluation risk- that exceed 10% of the PNb corresponding to the previous month.
8.4.1.2. Balances in correspondent accounts with respect to foreign banks that do not comply with what is provided in point 3.1. of the "Credit Assessments" rules. For the purposes of compliance with the aforementioned point, an international risk rating included in the "investment grade" category must be held.
This deduction will be made for the highest balance in each bank that is registered during the month to which the determination of the COn1 corresponds. To this end, balances in correspondent accounts registered with respect to the following will not be deducted:
i) The head office of the local branches of foreign banks or their branches and subsidiaries in other countries. MINIMUM CAPITALS OF FINANCIAL ENTITIES B.C.R.A.
Section 8. Computable equity.
Version: 3rd. COMMUNICATION "A" 5740
Validity:
01/12/2014

ii) Foreign banks or other financial institutions that exercise control of local financial entities constituted as joint-stock companies. iii) Other foreign banks authorized to participate in the regimes of reciprocal payment and credit agreements to which the Central Bank of the Argentine Republic has adhered, as well as their branches and subsidiaries, even if they are not included in those agreements. iv) Branches and subsidiaries of local financial entities. v) Balances that, on a temporary and circumstantial basis, originate from client operations, such as those related to foreign trade operations or other types of accreditation ordered by third parties that do not imply equity responsibility for the entity. MINIMUM CAPITALS OF FINANCIAL ENTITIES B.C.R.A.
Section 8. Computable equity.
Version: 3rd. COMMUNICATION "A" 5740
Validity:
01/12/2014

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE "MINIMUM CAPITALS OF FINANCIAL ENTITIES" RULES CONSOLIDATED TEXT ORIGIN NORM
Section Point Paragraph Com.
Cap./
Annex Point Paragraph
OBSERVATIONS
1.1. "A" 2136 1. 1st According to Com. "A" 2859, 3558, 5272,
5369 and 5580.
1.2.1. "A" 2237 b) According to Com. "A" 2923 (point
3.1.2.3. of Section 3.), 4631,
5183, 5418 and "B" 9186.
1.2.2. "A" 2923 3. 3.2.2.
1.2.3. "A" 2923 3. 3.3.
1.3. "A" 2136 2. 1st According to Com. "A" 2223.
1.4.1. "A" 2136 3.1.
"A" 3171 According to Com. "A" 3959. i) "A" 2136 3.2. 2nd According to Com. "A" 3959. ii) "A" 2136 3.2.4. According to Com. "A" 2241 and 4771. 1.4.2.1. iii) "A" 414 LISOL-1 VI 6.1. 1.
1.4.2.2. "A" 3171 According to Com. "A" 3959.
2.1. "A" 2241
CREFI-2
I 1.3.1. According to Com. "A" 4368, 4771, 5168, 5351 and 5355.
2.2.1. "A" 2237 a) According to Com. "A" 2923 (point
3.1.1.2. of Section 3.) and 5183.
2.2.2. "A" 2923 3. 3.2.1. According to Com. "A" 5183.
2.
2.2.3. "A" 2923 3. 3.3.
3.1. "A" 2136 1. According to Com. "A" 2541, 2736, 2938,
3039, 3307, 3959, 4598, 4702 (incorporates clarification), 4741, 4742, 4961, 4996, 5180, 5369 (Annex I), 5580 and "B" 9745.
3.2.1. "A" 2136 I According to Com. "A" 2541 (annex, criteria, d, 2nd paragraph).
3.2.2. "A" 2287 5. According to Com. "A" 5369 (Annex I).
3.2.3. "A" 2412 In the second paragraph of point
3.2.3.3. incorporates criterion not given to
know in general character with anteriority. According to Com. "A" 3959, 5369 (Annex I), 5671 and 5740.
3.3. "A" 2740 I 3.4. According to Com. "A" 5369 (Annex I).
1° "A" 2768 2. According to Com. "A" 2948, 3911, 3925, 3959, 4180, 5369 (Annex I) and "B" 9074.
3.3.1.
2° "A" 5369 I According to Com. "A" 5580. Includes interpretative clarification.
3.3.2. "A" 2227 unique 5.2.2. 3°
3.4. "A" 5369 I
last "A" 5580 Includes interpretative clarification.
3.4.1. "A" 5369 I
3.
3.4.2. "A" 5369 I

MINIMUM CAPITALS OF FINANCIAL ENTITIES
CONSOLIDATED TEXT ORIGIN NORM
Section Point Paragraph Com.
Cap./
Annex Point Paragraph
OBSERVATIONS
3.4.3. 1° "A" 5369 I
2° "A" 5580 Includes interpretative clarification.
3.4.4. "A" 5369 I
3.5.1. "A" 2136 1.1. According to Com. "A" 5369 (Annex I).
1° "A" 5369 I
2° "A" 5580 Includes interpretative clarification.
3.5.2.1.
3° "A" 5580 Includes interpretative clarification.
3.5.2.2. "A" 5369 I
3.5.2.3. "A" 5369 I According to Com. "A" 5580.
3.5.2.4. "A" 2136 I According to Com. "A" 2541, annex, criteria, g), 5369 (Annex I) and 5580. Includes interpretative clarification.
3.5.2.5. "A" 2136 I According to Com. "A" 2541, annex, criteria, k) and 5369 (Annex I).
3.5.2.6. "A" 5369 I
3.5.2.7. "A" 5580 Includes interpretative clarification.
3.5.2.8. "A" 5580 Includes interpretative clarification.
3.5.2.9. "A" 5580 Includes interpretative clarification.
3.5.2.10. "A" 5580 Includes interpretative clarification.
3.6. "A" 5369 I
3.6.1. "A" 5369 I
3.6.2. "A" 5369 I
3.6.2.1. "A" 5369 I According to Com. "A" 5580.
3.6.3. "A" 5369 I
last "A" 5369 I According to Com. "A" 5580.
3.6.4. "A" 5369 I
3.6.5. "A" 5369 I
3.6.6. "A" 5369 I
3.6.7. "A" 5369 I
3.6.8. "A" 5369 I
3.6.9. "A" 5369 I
3.6.9.2. "A" 5369 I According to Com. "A" 5580.
3.6.10. "A" 5369 I
3.7. "A" 5369 I
3.7.1. "A" 5369 I
3.7.2. "A" 5369 I
3.7.2.1. "A" 5369 I According to Com. "A" 5580.
3.8. "A" 5369 I According to Com. "A" 5580.
3.8.1. "A" 5369 I
3.8.2. "A" 5369 I
3.9. "A" 5369 I
3.9.1. 1st and 2nd "A" 5369 I According to Com. "A" 5580.
3° "A" 5369 I
3.9.2. "A" 5369 I According to Com. "A" 5580.
3.9.3. 1st and 2nd "A" 5369 I
3° "A" 5369 I According to Com. "A" 5580, 5671 and 5740.
3.9.4. "A" 5369 I
3.
3.9.5. "A" 5369 I According to Com. "A" 5580.

MINIMUM CAPITALS OF FINANCIAL ENTITIES
CONSOLIDATED TEXT ORIGIN NORM
Section Point Paragraph Com.
Cap./
Annex Point Paragraph
OBSERVATIONS
8.3.3. "A" 414
LISOL-1
VI 3.1.2.2. According to Com. "A" 2264, 4172, 4576 (points 4., 5., 6. and 8.), 4665, 4782 and 5369 (Annex I).
8.3.4. "A" 5369 I
8.3.5. "A" 5369 I
8.4.1. "A" 5369 I
8.4.1.1. "A" 4296 2. According to Com. "A" 4576, 4665 and 5369
(Annex I).
8.4.1.2. "A" 2287 3.
3.1. and
3.3. last According to Com. "A" 2890, 4172, 5093,
5671 and 5740.
8.4.1.3. 1st "A" 2497 1. According to Com. "A" 3621, 4172 and 5183.
last "A" 2263 2. According to Com. "A" 4172.
1st and last
8.4.1.4. "A" 2287 3.2. According to Com. "A" 4172 and 5671.
2° "A" 2474 Procedure rules on minimum capital requirement and integration (point 3.2.7.). Modified by Com. "A" 4172.
8.4.1.5. "A" 2264 1. According to Com. "A" 4172, 4576 (point
7.) and 5369 (Annex I).
8.4.1.6. "A" 2863 3. According to Com. "A" 4172.
8.4.1.7. "A" 414
LISOL-1
VI 3.2. According to Com. "A" 4172.
8.4.1.8. "A" 2730 Includes interpretative clarification. According to Com. "A" 4172.
8.4.1.9. "A" 2545 According to Com. "A" 4172 and 5369 (Annex
I).
8.4.1.10. "A" 414
LISOL-1
VI 3.2. Modified by Com. "A" 986,
4172 and 5369 (Annex I).
8.4.1.11. "A" 414
LISOL-1
VI 3.2. According to Com. "A" 4172.
8.4.1.12. "A" 2287 4.
"A" 2607 1.
According to Com. "A" 4172.
8.4.1.13. "A" 2893 1. According to Com. "A" 4172.
8.4.1.14. "A" 3087 According to Com. "A" 4172, 5369 (Annex I)
and 5700.
8.4.1.15. "A" 4725 6.
8.4.1.16. "A" 5069 2.
8.4.1.17. "A" 5369 I
8.4.1.18. "A" 5369 I
"A" 414
LISOL-1
VI 3.2. According to Com. "A" 4172, 4539, 4665 and 5369 (Annex I).
8.
8.4.1.19.
"A" 1215 Specifications of the items of participations in non-deductible financial entities for determining computable equity. According to Com. "A" 4172.

Prior authorization will not be required when the related persons are financial entities or foreign banks, for which the latter must comply with what is provided in point 3.1. of the "Credit Assessments" rules, requiring in this effect an international risk rating no lower than "A". In addition, in these cases, assignment with recourse will be admitted, applying the general criterion contained in point 1.3.
2.2. Assigning entities.
Transactions may be formalized observing the precautions indicated below, according to the rating granted to the assigning entity by the Superintendence of Financial and Exchange Entities.
2.2.1. Ratings 1 and 2.
The general conditions provided in point 2.1.
2.2.2. Rating 3.
The general conditions provided in point 2.1.
In addition, in the case of acquirers other than financial entities, financial trusts or foreign banks -that comply with what is provided in point 3.1. of the "Credit Assessments" rules, requiring in this effect an international risk rating of "A" or higher-, and always if it refers to client portfolios classified 1 or 2 in the last six months, within the 48 business hours following the date of the assignment, a note must be sent to the Superintendence of Financial and Exchange Entities informing about the execution of each transaction along with a copy of the contract containing, at minimum, the following elements:
2.2.2.1. Name or denomination and domicile of the acquirer.
If it is a foreign bank, the international risk rating it holds and the rating agency that issued it must be indicated.
2.2.2.2. Amount of the operation.
2.2.2.3. Detail of the portfolio included:
i) Identification of the debtor and the last classification reported to the "Central of debtors of the financial system". ii) Nominal value of the credit and provisioning level assigned. iii) Nature of the assignment (with or without recourse). ASSIGNMENT OF CREDIT PORTFOLIO B.C.R.A.
Section 2. Requirements.
Version: 2nd. COMMUNICATION "A" 5740
Validity:
01/12/2014

2.2.2.4. Clause in which it is specifically stated that for the execution of the operation there is no financing -direct or indirect- to the buyer by the assigning entity.
2.2.2.5. Form of fund entry into the assigning entity.
Likewise, the assigning entity must declare under oath the non-existence of linkage -under the terms established in point 2.2. of the "Credit Risk Fractionation" rules- with the acquirers, accompanied by a report with the opinion of its external auditor. When it is about the assignment, solely without recourse and to acquirers other than financial entities, financial trusts or foreign banks -that comply with what is provided in point 3.1. of the "Credit Assessments" rules, requiring in this effect an international risk rating of "A" or higher-, of portfolios formed with clients classified in categories 3, 4, 5 or 6 in any of the last six months, according to the "Debtor Classification" rules, prior authorization from the Superintendence of Financial and Exchange Entities must be requested, for which entities must supply as minimum the elements mentioned above. Once conformity is obtained, a copy of the pertinent contract must be sent within 10 calendar days from the date of execution.
2.2.3. Ratings 4 and 5.
The general conditions provided in point 2.1.
In addition, in the case of acquirers other than financial entities, financial trusts or foreign banks -that comply with what is provided in point 3.1. of the "Credit Assessments" rules, requiring in this effect an international risk rating of "A" or higher-, prior authorization from the Superintendence of Financial and Exchange Entities must be obtained, for which entities must supply as minimum the elements mentioned in point 2.2.2. Once conformity is obtained, a copy of the pertinent contract must be sent within 10 calendar days from the date of execution. When it is about an operation that will be developed in a habitual manner, prior authorization may be requested in a general character, subject concurrently to the compliance with the following requirements:
i) Inform the mentioned elements of each transaction within the 48 business hours of execution. ii) Minimum amount of each transaction: $ 1,000,000, in cash value. iii) Other specific conditions established by that Superintendence. ASSIGNMENT OF CREDIT PORTFOLIO B.C.R.A.
Section 2. Requirements.
Version: 3rd. COMMUNICATION "A" 5740
Validity:
01/12/2014

CONSOLIDATED TEXT ORIGIN NORM
Section Point Paragraph Com. Annex Point Paragraph
OBSERVATIONS
1.1. "A" 3337
1.2. "A" 3337
1.3. 1° "B" 6234 3rd According to Com. "A" 3337 and "B" 9074.
2° "A" 3337
1.
1.4. "A" 3337
2.1.1. "A" 2156 1st According to Com. "A" 3337.
2.1.2. "A" 2634 a) According to Com. "A" 3337.
2.1.3.1. 1° "A" 2634 d) According to Com. "A" 3337.
2° "A" 3337
1° "A" 2634 d) According to Com. "A" 3274, 3337, 3558 and 4259.
2.1.3.2.
2° "A" 3337
2.1.4. "A" 3337
2.1.5.1. "A" 2156 4. According to Com. "A" 3337.
2.1.5.2. "A" 2703
"B" 6330
3.
1. a)
According to Com. "A" 3145 and 3337.
2.1.6. "A" 3337 According to Com. "A" 5671 and 5740.
2.2. "A" 3337
2.2.1. "A" 3337
2.2.2. 1st "A" 3337
2nd "A" 2634
"A" 3145 a) and b) last
According to Com. "A" 3337, 5671 and
5740.
2.2.2.1. "A" 2634 c.1) According to Com. "A" 3337.
2.2.2.2. "A" 3337
2.2.2.3. "A" 3337
2.2.2.4. "B" 6330 2.2. According to Com. "A" 3337.
2.2.2.5. "A" 3337
3° "A" 2634 c.5) According to Com. "B" 6330, "A" 3337 and 5520.
4° "A" 3337 According to Com. "A" 5671 and 5740.
2.2.2.
5° "B" 6330 2°
1° "A" 3337
2° "A" 2634
"A" 3145 a) and b) last
According to Com. "A" 3337, 5671 and
5740. Includes interpretative clarification.
3° "B" 6330 2°
2.2.3.
4th and 5th "A" 3337
2.2. Penultimate and
last
"A" 3337
2.
2.3. "A" 2634 f) According to Com. "A" 3337.
B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON "ASSIGNMENT OF CREDIT PORTFOLIO"

2.2.4.1. The rules of the country where the head office or controlling entity is located, the latter defined according to the provisions in force in that jurisdiction, must cover consolidated supervision of local affiliates or subsidiaries.
2.2.4.2. The entity must comply with what is provided in point 3.1. of the "Credit Assessments" rules, requiring in this effect an international risk rating included in the "investment grade" category.
2.2.4.3. In the case of financings, these must be attended by the local affiliates or subsidiaries only with funds coming from lines assigned to them by the aforementioned foreign intermediaries.
If assistance is granted in a currency different from that of the foreign resources, the local entity cannot assume the exchange risk between pesos or US dollars and currencies different from them or between the latter when they are not equal.
2.2.4.4. In the case of guarantees granted locally, there must exist counter-guarantees extended by the head office or its branches in other countries or by the foreign controlling entity, whose enforcement operates in an unrestricted manner upon simple request of the local affiliate or subsidiary and in an immediate manner to its eventual execution by the beneficiary.
DEBTOR CLASSIFICATION B.C.R.A.
Section 2. Financings included.
Version: 4th. COMMUNICATION "A" 5740
Validity:
01/12/2014

6.3.2. During each calendar semester, with respect to individually considered clients whose combined financings reach at some point between 1% (or the equivalent to $4,000,000, whichever is lower) and less than 5% of the computable equity or the asset of the financial trust of the month prior to the end of said period, depending on whether they are entities or financial trusts, respectively. For these purposes, the economic group or set shall be treated as a single client.

At the close of the first calendar semester, the review must have reached no less than 50% of the total amount of the commercial portfolio included, counting the clients referred to in point 6.3.1., so that, if necessary to reach that value, it will be completed with the review of clients whose combined financings are less than 1% of the aforementioned computable equity or the asset of the financial trust, or the equivalent to $4,000,000, following a decreasing order based on their magnitude.

6.3.3. During the fiscal year, in other cases, so that by its end the review must have reached the entirety of the commercial portfolio included.

6.4. Mandatory reconsideration of classification.

In addition to the minimum periodicity exposed previously, the classification must be analyzed (leaving a reasoned record of the decision adopted in the client's file) and, if necessary, modified whenever any of the following circumstances occur:

6.4.1. Modification of any of the objective classification criteria arising from these rules (delinquency term, legal status of the client or their debts, compliance with refinancing and requests for refinancing of obligations).

6.4.2. Negative modification of the client's classification in the "Central Credit Registry of the Financial System", lowering it to a grade inferior to that of the entity, by at least one other financial entity or financial trust whose credits represent at least 10% of the total reported by all creditors.

6.4.3. Notification of the final determination by the Superintendence of Financial and Exchange Entities of the adjustment of provisions, as provided in this matter as a consequence of inspection tasks.

6.4.4. When there is a discrepancy of more than one level between the classification given by the financial entity and those given by at least two other entities or financial trusts in categories inferior to that assigned by the latter, whose credits together represent at least 20% and are less than 40% of the total reported by all creditors, according to the last information available in the "Central Credit Registry of the Financial System".

DEBTOR CLASSIFICATION
B.C.R.A.
Section 6. Classification of debtors of the commercial portfolio.
Version: 6a. COMMUNICATION "A" 5740
Validity:
01/12/2014

6.5.1.1. present a liquid financial situation, with a low level and adequate debt structure in relation to its earning capacity, and show a high capacity to pay debts (principal and interest) under the agreed conditions generating funds (measured through cash flow analysis) to an acceptable degree. The cash flow is not susceptible to significant variations in the face of important modifications in the behavior of variables both own and linked to its activity sector.

In the analysis to be carried out, the eventual incidence that the situation of the other members of the economic group or set to which it belongs may have on its payment capacity must be taken into account, if applicable.

6.5.1.2. regularly comply with the payment of its obligations, even if it incurs delays of up to 31 days, understood to occur when the client settles obligations without resorting to new direct or indirect financing from the entity.

6.5.1.3. have qualified, honest, very professional and technical management, with adequate internal control systems.

6.5.1.4. have an adequate information system that allows permanent knowledge of the financial and economic situation of the company. The information is consistent and up to date. When financings have preferred guarantees "B", according to the rules applicable in this matter, the entity may require this information with the frequency that allows it to carry out the evaluation of the debtor observing the minimum periodicity established in point 6.3.

6.5.1.5. belong to a sector of economic activity or business branch that registers an acceptable future trend, considering, among other aspects, demand and an adequate relationship between profit and income.

6.5.1.6. be competitive in its activity.

6.5.2. With special follow-up.

6.5.2.1. In observation.

The client's cash flow analysis demonstrates that, at the time of being performed, it can meet all its financial commitments.

DEBTOR CLASSIFICATION
B.C.R.A.
Section 6. Classification of debtors of the commercial portfolio.
Version: 6a. COMMUNICATION "A" 5740
Validity:
01/12/2014

vii) maintain private arrangements with the financial entity that have the opinion of the entity's external auditor on the feasibility of compliance with the refinancing, when at least 15% of the amount involved in the cited agreement has been cancelled, and always provided that such agreement was reached when the debtor was categorized at the levels "with high risk of insolvency" or "uncollectible".

To determine the amount of cancellation, 50% of the additional guarantees offered originally, constituted on goods not linked to the debtor's exploitation (with the exception of mortgages on rural real estate, which therefore will be computable), observing the coverage margins established in the rules on "Guarantees". It will be an indispensable requirement, in addition, to have the favorable opinion on the quality of the guarantees, formulated by the external auditor.

In cases of agreements exceeding $10,000,000, the initial reclassification of the client to this category may be carried out provided there is no objection from the Superintendence of Financial and Exchange Entities, to which each situation must previously be presented individually.

viii) have refinanced its debt with the granting of capital write-downs and, according to the methodology established in point 2.2.7. of the rules on "Minimum provisions for uncollectible risk", this classification level corresponds, always provided that the other conditions provided in the present category are also observed.

When at least the payment has been fulfilled, without incurring delays superior to 31 days of the entirety of the accrued interest, it may be reclassified into the higher level ("in normal situation") always provided that the other conditions provided in the corresponding category are also observed.

When the situations referred to in paragraphs vi) and vii) are observed, the debtor may be reclassified into normal situation if the other conditions provided for that category are also observed.

6.5.2.2. In negotiation or with refinancing agreements.

Includes those clients who, due to the impossibility of meeting the payment of their obligations under the agreed conditions, manifest unequivocally before the 60 days counted from the date on which the delay in the payment of obligations was verified, the intention to refinance their debts, observing the other pertinent indicators of point 6.5.2.1.

Debtors whose obligations have been refinanced by the entity, under this modality, in the last 24 months may not be included.

DEBTOR CLASSIFICATION
B.C.R.A.
Section 6. Classification of debtors of the commercial portfolio.
Version: 7a. COMMUNICATION "A" 5740
Validity:
01/12/2014

6.5.3.7. incur in recurrent delays, non-compliance of up to 180 days regarding contractual conditions or null movement in accounts with the entity.

6.5.3.8. belong to a sector of economic activity or business branch whose future trend is not firm, and have a perspective of decrease in income and profits, or there is the possibility that the demand for products will be reduced.

6.5.3.9. be located below the sector average with difficulties to face competition and with minor problems in terms of technology adaptation.

Present problems in its relationship with suppliers and clients.

6.5.3.10. maintain private arrangements with the financial entity that have the opinion of the entity's external auditor on the feasibility of compliance with the refinancing, when the 15% of the amount involved in the cited agreement has not yet been cancelled, and always provided that such agreement was reached when the debtor was categorized at the levels "with high risk of insolvency" or "uncollectible".

6.5.3.11. have been judicially sued by the entity for the collection of its credit, when this is linked to the lack of payment and registers a delay in the payment of obligations not superior to 180 days. Cases where the actions refer to the discussion of other contractual aspects are excluded.

6.5.3.12. have refinanced its debt with the granting of capital write-downs and, according to the methodology established in point 2.2.7. of the rules on "Minimum provisions for uncollectible risk", this classification level corresponds, always provided that the other conditions provided in the present category are also observed.

The debtor may access higher classification levels as established in the second and third paragraphs of point 6.5.3.5.

DEBTOR CLASSIFICATION
B.C.R.A.
Section 6. Classification of debtors of the commercial portfolio.
Version: 8a. COMMUNICATION "A" 5740
Validity:
01/12/2014

In addition, it will correspond to classify in this category the clients who, regardless of the reason (among them for not having a file or for not having provided reliable and/or updated information), have not been evaluated with the corresponding periodicity, with the exception of debtors in bankruptcy or with an extrajudicial preventive agreement requested or in judicial management that, for a period of up to 540 days counted from the opening of the bankruptcy, request of the preventive agreement or start of the judicial collection proceedings, as applicable, had not presented the documentation that allows it to be performed, always provided that there is a lawyer's report from the creditor financial entity on the reasonableness of the recovery of the credits included.

This, without prejudice to the fact that they are debts that meet all the conditions provided by point 2.2.3.2. of the rules on "Minimum provisions for uncollectible risk".

6.5.6. Uncollectible by technical provision.

The following will be included:

6.5.6.1. Clients who are also debtors in irregular situation (considering as such those who register delays superior to 180 days in the compliance of their obligations), according to the list that, for this purpose and based on the information that administrators of credit portfolios must supply, the Central Bank of the Argentine Republic elaborates and provides:

i) Entities liquidated by the Central Bank.

ii) Residual entities of public financial entities privatized or in the process of privatization or dissolution.

iii) Financial entities whose authorization to function has been revoked by the Central Bank and are in a state of judicial liquidation or bankruptcy.

iv) Trusts in which SEDESA is the beneficiary.

Debtors are excepted from being classified in this category when the financings granted to them are destined to cancel the loans that originated their inclusion in the list of delinquent debtors and always provided that the funds are credited directly in the accounts of the former creditor entities.

6.5.6.2. Banks, other financial institutions from abroad and other borrowers not domiciled in the country that do not comply with what is provided in points 3.1. and 3.2., as applicable, of the rules on "Credit Evaluations". For the purposes of compliance with the cited points, an international risk rating included in the "investment grade" category must be available.

The following will be excluded:

DEBTOR CLASSIFICATION B.C.R.A.
Section 6. Classification of debtors of the commercial portfolio.
Version: 8a. COMMUNICATION "A" 5740
Validity:
01/12/2014

a) The following debtors:

Head office of local branches of foreign banks or their affiliates and subsidiaries in other countries, insofar as the former is subject to consolidated basis supervision.

Banks or other financial institutions from abroad subject to consolidated basis supervision that exercise control of local financial entities constituted as anonymous societies.

Other foreign banks authorized to intervene in the regimes of reciprocal payment and credit agreements to which the Central Bank of the Argentine Republic has adhered, as well as their branches and subsidiaries, even if they are not included in those agreements, always provided that the head office or controlling banking entity is subject to regimes of consolidated basis supervision, to the satisfaction of the Superintendence of Financial and Exchange Entities.

Branches and subsidiaries of local financial entities subject to the consolidated supervision regime.

b) Debtors that only register the following operations:

Financings that have the guarantee of a foreign bank that complies with what is provided in point 3.1. of the rules on "Credit Evaluations", requiring for this purpose an international risk rating included in the "investment grade" category.
Financings linked to securities purchase and sale operations contracted with residents abroad, that are channeled through Caja de Valores S.A., Clearstream, Euroclear or Depositary Trust Company (DTC), and that originate in the fulfillment, by the intervening financial entity, of the obligation incumbent on it (deliver the traded asset or make the agreed payment) without the counterparty canceling its commitment on the same day, due to usual settlement modalities in those markets.
Financings linked to foreign trade operations.
Active dollar purchases of US dollars and national public securities, always provided that:
- the traded assets have a market of habitual and relevant operations,
- the agreed prices respond to market conditions and
- the coverage margins are sufficient and are deposited in the following custody or registration agents:
  - Central Bank of the Argentine Republic, for operations channeled through the Central Registry and Settlement of Public Liabilities and Financial Trusts ("CRYL"),
  - Caja de Valores S.A.,

DEBTOR CLASSIFICATION B.C.R.A.
Section 6. Classification of debtors of the commercial portfolio.
Version: 10a. COMMUNICATION "A" 5740
Validity:
01/12/2014

Clearstream, Euroclear, Depositary Trust Company (DTC) and
Deutsche Bank, New York.

Credit assistance granted through the branches or subsidiaries abroad of local financial entities subject to the consolidated basis supervision regime, always provided that it has been granted with resources that do not come from funds provided, directly or indirectly, by the local financial entities.

The previously excluded debtors must be classified and their debts provided for in accordance with the general provisions.

6.5.6.3. Non-financial private sector clients, whose debt (for any concept) plus the amount of the financing requested, at the time of granting this, exceeds 2.5% of the computable equity of the entity of the last day of the month prior to that corresponding or the equivalent to $4,000,000, whichever is lower, and who have not presented a sworn statement on whether they have or do not have the character of linked to the respective financial intermediary or if their relationship with it implies the existence of controlling influence, or have not updated the previously presented, with the exception of debtors in bankruptcy or with an extrajudicial preventive agreement requested or in judicial management that, for a period of up to 540 days counted from the opening of the bankruptcy, request of the preventive agreement or start of the judicial collection proceedings, as applicable, had not presented the documentation that allows it to be performed, always provided that there is a lawyer's report from the creditor financial entity on the reasonableness of the recovery of the credits included.

This, without prejudice to the fact that they are debts that meet all the conditions provided by point 2.2.3.2. of the rules on "Minimum provisions for uncollectible risk".

This treatment will be applied from the date of granting the assistance, when it is the first declaration, or from 12/01, in the cases of subsequent updates, and until the month prior to the date on which the client makes the pertinent presentation.

6.6. Mandatory recategorization.

The debtor must be recategorized when there is a discrepancy of more than one level between the classification given by the financial entity and those given by at least two other entities or financial trusts in categories inferior to that assigned by the latter, whose credits (together) represent 40% or more of the total reported by all creditors, according to the last information available in the "Central Credit Registry of the Financial System".

The debtor's recategorization will be carried out from the month following the making available of the pertinent information of said central, at least in the immediate superior category to that in which it registers the highest level of indebtedness considering, for this purpose, that set of entities and financial trusts that represent 40% or more of the total reported by all creditors, according to the last information available in the "Central Credit Registry of the Financial System".

DEBTOR CLASSIFICATION B.C.R.A.
Section 6. Classification of debtors of the commercial portfolio.
Version: 7a. COMMUNICATION "A" 5740
Validity:
01/12/2014

CONSOLIDATED TEXT ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON "DEBTOR CLASSIFICATION"

Sec. Point Para. Com. Annex Point Para.
OBSERVATIONS
1.1. "A" 2216 I 1st Includes interpretative clarification.

1.2.1. "A" 2216 I 6. 2nd
1.2.2. "A" 2216 I I.d. 2nd and 3rd
2.1.1. a "A" 2216 I 1st According to Com. "A" 5067.
2.1.3. y "A" 2216 I I.d. 1st
2.1.5. "A" 2448 Debtor status statement
(point 6.1.).
"A" 2587 Correspondence table between the
Debtor status statement and the Balance of balances (modified by Com. "A" 2514).
2.1.4. "A" 2736 3.
2.2.1.1. a
2.2.1.4.
"A" 2448 Debtor status statement
(point 6.1., modified by Com.
"A" 2421).
2.2.1.5. "A" 2448 Debtor status statement
(point 6.1., modified by the
Com. "A" 2421 and 3064).
2.2.1.6. a
2.2.1.7.
"A" 2448 Debtor status statement
(point. 6.1., modified by Com.
"A" 2421).
2.2.2. "A" 2448 Debtor status statement
(point 6.2.).
2.2.3. "A" 2287 5.
2.
2.2.4. "A" 2412 In the 2nd paragraph of point 2.2.4.3.
incorporates a criterion not previously made known in general terms. According to Com. "A" 5671 and 5740.
3.1. "A" 2216 I 2. 1st
3.2. "A" 2216 I 4.
3.3. 1st "A" 2216 I 2. 2nd
3.3.1. "A" 2216 I 2. 2nd
3.3.2. "A" 2216 I 2. 2nd Includes interpretative clarification.
3.3.3. "A" 2216 I 6. last According to Com. "A" 2358 (point 1.),
4310 (point 1.), 4975, 5311 and 5637.
3.3.4. "A" 2216 I 7. last
3.3.5. "B" 5644 2.
3.3.6. Incorporates a criterion not previously
made known in general terms.
3.3.7. "A" 4325 2. According to Com. "A" 4559 (point 6.).
3.3.8. "A" 4683 2.
3.
3.3.9. "A" 4683 3.
B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON "DEBTOR CLASSIFICATION"

DEBTOR CLASSIFICATION
CONSOLIDATED TEXT ORIGIN OF THE PROVISIONS
Sec. Point Para. Com. Annex Point Para.
OBSERVATIONS
"A" 2216 I I. 1st
"A" 2216 I I. 2nd
5.1.1.1.
"A" 2216 I II. 4th
According to Com. "A" 2410, 4310 (point 1.),
4975, 5311 and 5637.
1st "A" 2216 I 6. last According to Com. "A" 2358, 4310 (point 1.), 4975, 5311 and 5637.
2nd "A" 2216 I I. 1st According to Com. "A" 2410.
5.1.1.2. last "A" 2216 I 6. last According to Com. "A" 2358.
5.1.2.1. "A" 2216 I 6. 1st
5.1.2.2. "A" 2216 I 6. 1st
5.1.2.3. "A" 4891 6. According to Com. "A" 4975 and 5637.
5.1.2.4. "A" 2216 I II. 3rd According to Com. "A" 2358, 4310 (point 1.),
4975, 5311 and 5637.
6.1. "A" 2216 I I. last
1st "A" 2216 I I.a. 1st
2nd "A" 3918 According to Com. "A" 3987.
3rd "A" 4453 According to Com. "A" 4577 and 5398.
4th "A" 5398
6.2.
5th Incorporates a criterion not previously made known in general terms.
6.3. "A" 2216 I I.a. 2nd
6.3.1. "A" 2216 I I.a. 2nd, i) According to Com. "A" 2223 (point 1.) and 3339.
6.3.2. "A" 2216 I I.a. 2nd, ii) According to Com. "A" 2223 (point 1.), 3339,
4972 (point 10.) and 5311.
6.3.3. "A" 2216 I I.a. 2nd, iii)
6.4. 1st "A" 2216 I I.b. 1st According to Com. "A" 3339.
6.4.1. "A" 2216 I I.b. 1st, i) According to Com. "A" 3339.
6.4.2. "A" 2216 I I.b. 1st, ii) According to Com. "A" 3339.
6.4.3. "A" 2893 4.
6.4.4. "A" 3339 unique
6.4. last "A" 2216 I I.b. last According to Com. "A" 2223 (point 1.), 3339,
4972 (point 10.) and 5311.
1st "A" 2216 I I.d. 1st According to Com. "A" 2440.
2nd "A" 4060 10.
3rd "A" 2216 I I.d. last According to Com. "A" 3339 and 4972 (point 10.).
6.5. last "A" 2216 I I.d. last Includes interpretative clarification.
6.5.1. "A" 2216 I I.d.1. According to Com. "A" 2932 (point 16.), 3339 and
5671.
6.5.1.1. "A" 2216 I I.d.1.a) According to Com. "A" 3955.
6.5.1.2. "A" 2216 I I.d.1.b) According to Com. "A" 3339.
6.5.1.3. "A" 2216 I I.d.1.c)
6.5.1.4. "A" 2216 I I.d.1.d) According to Com. "A" 2932 (point 5.).
6.5.1.5. "A" 2216 I I.d.1.e)
6.5.1.6. "A" 2216 I I.d.1.f) According to Com. "A" 3339.
6.5.2. "A" 2216 I I.d.2. According to Com. "A" 3339.
"A" 2216 I I.d.2. 1st, 2nd and 3rd
According to Com. "A" 3339. i) "A" 2216 I I.d.2.a) According to Com. "A" 3339 and 3955. ii) "A" 2216 I.d.2.b) According to Com. "A" 3339. 6. 6.5.2.1. iii) "A" 2216 I I.d.2.c) According to Com. "A" 3339.

DEBTOR CLASSIFICATION
CONSOLIDATED TEXT ORIGIN STANDARD
Sec. Point Para. Comm. Annex Point Para.
OBSERVATIONS iv) “A” 2216 I I.d.2.d) According to Comm. “A” 2932 (point 5.) and 3339. v) “A” 2216 I I.d.2.e) According to Comm. “A” 3339. vi) “A” 2216 I I.d.2.f) According to Comm. “A” 2427, 2947 (point 1.), 3339, 4060 (point 7.) and 4972 (point 10.). vii) “A” 2947 2. According to Comm. “A” 3339, 4060 (point 7.), 4972 (point 10.), 5311 and 5671. viii) “A” 4467 According to Comm. “A” 4972 (point 10.). 6.5.2.1. last “A” 2947 2. According to Comm. “A” 3339.
6.5.2.2. “A” 3339 unique According to Comm. “A” 4060 (point 9.) and
4972 (point 10.).
6.5.3. 1st “A” 2216 I I.d.3. 1st
6.5.3.1. “A” 2216 I I.d.3.a) According to Comm. “A” 3339 and 3955.
6.5.3.2. “A” 2216 I I.d.3.b) According to Comm. “A” 3339.
6.5.3.3. “A” 2216 I I.d.3.c)
6.5.3.4. “A” 2216 I I.d.3.d)
6.5.3.5. “A” 2216 I I.d.3.e) According to Comm. “A” 3339, 4060 (point
8.) and 4972 (point 10.).
6.5.3.6. “A” 2216 I I.d.3.f) According to Comm. “A” 2427, 2947 (point
1.), 3339, 4060 (point 7.) and 4972
(point 10.).
6.5.3.7. “A” 2216 I I.d.3.g) According to Comm. “A” 3339.
6.5.3.8. “A” 2216 I I.d.3.h) According to Comm. “A” 3339.
6.5.3.9. “A” 2216 I I.d.3.i)
6.5.3.10. “A” 2947 2. According to Comm. “A” 3339, 4060 (point
7.), 4972 (point 10.), 5311 and 5671.
6.5.3.11. “A” 3339 unique
6.5.3.12. “A” 4467
6.5.4. 1st “A” 2216 I I.d.4. 1st
6.5.4.1. “A” 2216 I I.d.4.a) According to Comm. “A” 3955.
6.5.4.2. “A” 2216 I I.d.4.b) According to Comm. “A” 3339.
6.5.4.3. “A” 2216 I I.d.4.c) According to Comm. “A” 3339.
6.5.4.4. “A” 2216 I I.d.4.d)
6.5.4.5. “A” 2216 I I.d.4.e) According to Comm. “A” 3339, 4060 (point
8.), 4467 and 4972 (point 10.).
6.5.4.6. “A” 2216 I I.d.4.f) According to Comm. “A” 3339 and 4975.
6.5.4.7. “A” 2216 I I.d.4.g) According to Comm. “A” 2414, 4210 (point
2.), 4972 (point 10.) and 4975.
6.5.4.8. “A” 2216 I I.d.4.h)
6.5.4.9. “A” 2216 I I.d.4.i)
6.5.4.10. “A” 2216 I I.d.4.j) According to Comm. “A” 3339.
6.5.5. “A” 2216 I I.d.5. According to Comm. “A” 2440.
6.5.5.1. “A” 2216 I I.d.5. According to Comm. “A” 2440 and 3955.
6.5.5.2. “A” 2216 I I.d.5. According to Comm. “A” 2440, 3339, 4060
(point 8.) and 4972 (point 10.).
6.5.5.3. “A” 2216 I I.d.5. According to Comm. “A” 2440 and 3339.
6.5.5.4. “A” 2216 I I.d.5. According to Comm. “A” 2440.
6.5.5.5. “A” 2216 I I.d.5. According to Comm. “A” 2440.
6.
6.5.5.6. “A” 2216 I I.d.5. According to Comm. “A” 2440 and 4972 (point 10.).

DEBTOR CLASSIFICATION
CONSOLIDATED TEXT ORIGIN STANDARD
Sec. Point Para. Comm. Annex Point Para.
OBSERVATIONS
6.5.5. last “A” 2216 I I.d.5. According to Comm. “A” 2826.
“A” 2216 I I.d.6. According to Comm. “A” 2440. i) “A” 2216 I I.d.6. i) According to Comm. “A” 2440. ii) “A” 2216 I I.d.6. ii) According to Comm. “A” 2440. iii) “A” 2216 I I.d.6. iii) According to Comm. “A” 2440. iv) “A” 2216 I I.d.6. iv) According to Comm. “A” 2580. 6.5.6.1. last “A” 2440 2. last
6.5.6.2. “A” 2287 2. Modified by Comm. “A” 2890 (point 3.), 5183, 5671 and 5740. Includes
interpretative clarification. b), 2nd paragraph “A” 2287 2.3. Modified by Comm. “A” 2497 (point 1.) and 5183. except b), last paragraph “A” 2287 2.5. Modified by Comm. “A” 2497 (point 1.).
6.5.6.3. “A” 2573 1. According to Comm. “A” 4545, 4972 (point
10) and 5557.
6.
6.6. last
“A” 2216
“A” 4060
I I.c.
10.
Modified by Comm. “A” 2932 (point 6.) and 3339.
7.1. 1st “A” 2216 I II. 1st According to Comm. “A” 3142, 4325 (point
1.), 4559 (point 7.), 4648, 4660,
4683, 4738 and 4972 (point 10).
7.2.1. “A” 2216 I II.1. According to Comm. “A” 4648, 4660, 4683 and
4738.
7.2.2. “A” 2216 I II.2. According to Comm. “A” 4648, 4660, 4683,
4738 and 4972 (point 10).
7.2.3. “A” 2216 I II.3. According to Comm. “A” 4648, 4660, 4683,
4738 and 4972 (point 10).
7.2.4. “A” 2216 I II.4. Includes interpretative clarification.
According to Comm. “A” 4310 (point 2),
4648, 4660, 4683, 4738, 4972 (point 10) and 4975.
7.2.5. “A” 2216 I II.5. Includes interpretative clarification.
According to Comm. “A” 4310 (point 2),
4648, 4660, 4683, 4738, 4972 (point 10) and 4975.
7.2.6. “A” 2216 I II.6. According to Comm. “A” 2440.
7.3. “A” 2216 I II. 1st and 2nd Modified by Comm. “A” 2932 (point 6.) and 3339.
7.
7.4. “A” 4891 7.
8. 8.1. “A” 2216 I 5. Modified by Comm. “A” 2562.
9.1. “A” 2227 unique 5.2.1. last According to Comm. “A” 2649.
9. 9.2. “A” 2227 unique 5.1.5. According to Comm. “A” 2649.
“A” 2227 unique 5.2.2.
10.1. “A” 2389 According to Comm. “A” 5593 (point 4.).
10.2.1. “A” 2703 3. According to Comm. “A” 3145 (point 1.).
10.2.2. “A” 2703 4.
10.
10.3. “A” 3141 4. According to Comm. “A” 5275.

DEBTOR CLASSIFICATION
CONSOLIDATED TEXT ORIGIN STANDARD
Sec. Point Para. Comm. Annex Point Para.
OBSERVATIONS
11.1. “A” 4683 4.
11. 11.2. “A” 4738
11.3. “A” 4975 7.

2.5.2.2. Fixed.
Without prejudice to the variable remuneration established, the application of an interest rate that remains unchanged for the entire duration of the deposit may be provided for, freely agreed upon by the parties (0 or more).
2.5.3. Notification by entities and risk coverage.
2.5.3.1. Policy and notification.
The participation of financial entities in the collection of resources under this regime must comply with a specific risk coverage policy that must be adopted by its board of directors or equivalent authority. Financial entities must notify the Superintendence of Financial and Exchange Entities, through a note signed by the highest-ranking official in the credit or commercial area responsible for deciding on credit matters, when they begin to operate under this modality. In the relevant submission, they will provide information on the policy adopted in this matter including, as a minimum, the data relating to assets and other indicators to be considered, counterparties or markets involved, types of coverages to be used and levels of responsibility for the approval of operations.
2.5.3.2. Risk coverage.
Operations for the coverage of risks linked to the variable remuneration offered -reproducing the assumed commitment- must be expressly provided for, which will be contracted with entities that observe what is provided in the regulations on “Credit Evaluations”, requiring in this regard international risk rating “A” or higher. They may also be conducted in domestic markets or institutionalized markets of countries that are members of the Organization for Economic Co-operation and Development (O.E.C.D.) that verify the provisions of points 2.2.3. or 3.2. of the aforementioned regulations, respectively, and in the latter case must have an international risk rating of “AA” or higher. The maturity of the contracted coverage must occur on the same date or prior to the maturity of the operation based on the contractual terms agreed upon, so that only with its proceeds, if any, the entity covers the payment of the variable remuneration of that deposit.
2.5.4. Corrections in contractual clauses.
The need to introduce corrections in the agreed conditions -even when it is alleged that errors have slipped into the original version- will be considered -at the discretion of the Central Bank of the Argentine Republic- a deficient technical and administrative development of the operation, both in its instrumental and control aspects, which will be taken into account in the evaluation carried out by the Superintendence of Financial and Exchange Entities in the respective item that integrates the rating system.
2.5.5. Assets and other indicators accepted to determine yield.
TIME DEPOSITS AND INVESTMENTS B.C.R.A.
Section 2. Time investments.
Version: 5th COMMUNICATION “A” 5740
Validity:
01/12/2014

TIME DEPOSITS AND INVESTMENTS
CONSOLIDATED TEXT ORIGIN STANDARD
Sec. Point Para. Comm. Annex Chap. Sec. Point Para.
OBSERVATIONS
2.3.5.1. “A” 2482 1.B)7. a)
2.3.5.2. “A” 2482 1.B)7. b)
2.4.1. “A” 2482 1.C)1.
2.4.2.1. “A” 2482
“A” 2482
1.C)2. 1st
4th
2.4.2.2. “A” 2482 1.C)2. 2nd S/Comm. “A” 4754.
2.4.3. “A” 2482 1.C)5.
2.4.4. “A” 2482 1.C)7.
2.5.1. “A” 2482 1.D)1. S/Comm. “A” 3043, 4234,
4612 and “C” 40024.
2.5.2.1. “A” 2482 1.D)4.2. S/Comm. “A” 2617 and
4612.
2.5.2.2. “A” 2482 1.D)4.1.
2.5.3. “A” 2482 1.D)5. S/Comm. “A” 2617, 4234,
4612, 4742, 5671 and
5740.
2.5.4. “A” 2617 2. S/Comm. “A” 4612.
2.5.5.1. “A” 2617 unique 1. S/Comm. “A” 3043, 3185,
4234 and 4612.
2.5.5.2. “A” 2617 unique 2. S/Comm. “A” 4234.
2.5.5.3. “A” 2617 unique 3. S/Comm. “A” 3090, 3185
and 4234.
2.5.5.4. “A” 2617 unique 4.
2.5.5.5. “A” 2617 unique 6. S/Comm. “A” 2961 -
Annex, 4234, 4612 and
5257.
2.5.5.6. “A” 4612
2.
2.5.5.7. “A” 4612
3.1. “A” 3043
3.1.1. “A” 2885 1.
3.1.2. “A” 2885 2. 2.2.
3.1.3. “A” 2885 2. 2.3.
3.1.4. “A” 2885 2. 2.4.
3.1.5. “A” 2885 2. 2.5. and
2.6.
3.1.6. “A” 3043
3.2. “A” 1891 S/Comm. “A” 1922, 3323
and 4875.
3.3.1. “A” 2252 1.1. S/Comm. “A” 4754, 5117
and 5183.
3.3.2. “A” 2252 1.2. S/Comm. “A” 5117.
3.3.3. “A” 2252 1.3. S/Comm. “A” 5117.
3.3.4. “A” 2252 1.4. S/Comm. “A” 2482 (pt.
3.), 3043, 5034 and 5117.
3.3.5. “A” 2252 1.5. S/Comm. “A” 2482 (pt.
3.), 3043 and 5034.
3.3.6. “A” 2252 1.6.
1st “A” 2530 1st
3.
3.4.1.
2nd “A” 2530 3rd and
4th

3.1.7. Custody of documentation.
A predetermined and individual physical place in the entity's treasury will be assigned for the FGS, for the purpose of keeping and preserving documentation. This place must be separate from that used for the rest of the bank's activities and for other custody service clients.
3.1.8. Audit.
The annual work plan for the evaluation of internal control must include the internal audit -at least quarterly- of the tasks of the area in charge of the custody function and the cash count in the treasuries of the FGS securities. Entities whose custody of FGS assets exceeds five times the computable equity at the close of each quarter must present to the National Social Security Administration (ANSES), within 45 days of the end of the period, a special report issued by an external auditor, registered in the “Register of Auditors” of the Superintendence of Financial and Exchange Entities, on the compliance with the custody function of the FGS, according to the model established for these purposes. ANSES may admit that this requirement be fulfilled with the presentation of a special report from the entity's internal audit, whose procedures, scope and conclusions comply with the aforementioned model.
3.1.9. Sub-custodians and/or registration agents.
In the case of titles that require it, sub-custodians and/or registration agents authorized to operate in the country as such, accepted international securities depositories (Clearstream, Euroclear, DTC) and foreign banks that comply with what is provided in point 3.1. of the regulations on “Credit Evaluations” will be used, requiring in this regard at least two international risk ratings of “AA” or higher.
3.2. Registration agent for registered mortgage letters.
Banks must observe the requirements established in point 3.1., taking into account the following specific guidelines.
3.2.1. Requirement of computable equity.
Equal to or greater than $ 150 million or the equivalent to 1% of the amount of registered mortgage letters -considered at the net value of effective amortizations-, whichever is greater.
3.2.2. Increase in minimum capital requirement.
Equivalent to 0.25% of the amount of registered mortgage letters, considered at the net value of effective amortizations. PERFORMANCE OF CUSTODY AND REGISTRATION AGENT FUNCTIONS B.C.R.A.
Section 3. Requirements.
Version: 4th COMMUNICATION “A” 5740
Validity:
01/12/2014

CONSOLIDATED TEXT ORIGIN STANDARD
Section Point Paragraph Comm. Point Paragraph
OBSERVATIONS

1. “A” 2923 According to Comm. “A” 2237, 2834 and 5183.
  2.1. “A” 2923
  2.2. “A” 2237 last According to Comm. “A” 2923 and 3236.
  2.3. “A” 2923 According to Comm. “A” 5183.
  2.4. “A” 2237 last According to Comm. “A” 3236.
  2.
  2.5. “A” 2237 last
  3.1.1. “A” 2237 a) According to Comm. “A” 5183.
  3.1.1.1. “A” 2237 a) 1st According to Comm. “A” 5183.
  3.1.1.2. “A” 2237 a) 4th
  3.1.2.1. “A” 2237 b) 1st According to Comm. “A” 4631, 5418 and “B”
  9186.
  3.1.2.2. “A” 2237 b) 2nd According to Comm. “A” 4631 and “B” 9186.
  3.1.2.3. “A” 2237 b) 3rd According to Comm. “A” 4631, 5183 and “B”
  9186.
  3.1.3.1. “A” 2237 d) According to Comm. “A” 5183.
  3.1.3.2. “A” 2237 d) According to Comm. “A” 5183.
  3.1.4. “A” 2237 e) According to Comm. “A” 5183.
  3.1.5.1. “A” 2237 f) According to Comm. “A” 5183.
  3.1.5.2. “A” 2237 g)
  3.1.6. “A” 2237 h) According to Comm. “A” 5183.
  3.1.7. “A” 2237 i) According to Comm. “A” 5183.
  3.1.8. “A” 2237 j) According to Comm. “A” 5183 and 5418.
  3.1.9. “A” 2237 k) According to Comm. “A” 5183, 5671 and 5740.
  3.2. “A” 2834 1.
  3.2.1. “A” 2834 1. With interpretative clarification. According to Comm. “A” 5183.
  3.2.2. “A” 2834 1. With interpretative clarification.
  3.2.3. “A” 2923 According to Comm. “A” 5183.
  3.2.4. “A” 5183 1.
  3.2.5. “A” 2923
  3.3. “A” 2923 According to Comm. “A” 5183.
  3.4. “A” 2923 According to Comm. “A” 5183.
  3.
  3.5. “B” 5719 According to Comm. “A” 2923, 4644 and 5183.
  B.C.R.A.
  ORIGIN OF THE PROVISIONS CONTAINED IN THE REGULATIONS FOR THE “PERFORMANCE OF CUSTODY AND REGISTRATION AGENT FUNCTIONS”

This criterion is applicable in the event that the agreement is carried out with a foreign bank that complies with what is provided in point 3.1. of the regulations on “Credit Evaluations” -requiring in this regard at least one international risk rating of “A” or higher-, provided that it is not the parent company or the controlling or controlled entity or branches of the local entity.
1.4.1.4. Obligations from foreign financial lines (not linked to the financing of foreign trade operations).
i) With early cancellation clauses.
For the determination of the residual term, the remaining term until the date on which the foreign entity is contractually expected to request early cancellation or the originally agreed term, when it is subject to a decision by the local entity, will be taken into account. This criterion is applicable in the event that the agreement is carried out with a foreign bank that complies with what is provided in point 3.1. of the regulations on “Credit Evaluations” -requiring in this regard at least one international risk rating of “A” or higher-, provided that it is not the parent company or the controlling or controlled entity or branches of the local entity. ii) Without early cancellation clauses. The term remaining until maturity will be taken into account to the extent that early cancellation by either party is explicitly excluded. Otherwise, they will be treated as demand obligations.
1.4.2. Time deposits.
In the case of time deposits in pesos and foreign currency, the established rates -according to the opening by terms fixed- will be applied to the amounts resulting from multiplying the total daily balance of those obligations -which is recorded in the month or quarter to which it corresponds- by the percentages resulting from the residual term structure of the previous month, considering the number of days remaining in that period until the maturity of the obligation, counted from each of the days of said period. For deposits in pesos, in the quarterly period, the November structure will be considered and in March the February structure. MINIMUM CASH B.C.R.A.
Section 1. Requirement.
Version: 6th COMMUNICATION “A” 5740
Validity:
01/12/2014

MINIMUM CASH
CONSOLIDATED TEXT ORIGIN STANDARD
Sec. Point Para. Comm. Annex Sec. Point Para.
OBSERVATIONS
1.3.9. “A” 3498 unique 1. 1.3.12. According to Comm. “A” 3905, 3917,
3967, 4032, 4179, 4276,
4449, 4549, 4851, 5356,
5534, 5555 and 5569.
1.3.10. “A” 3549 1.
1.3.11. “A” 3549 1. According to Comm. “A” 4179, 4388,
4549, 4851, 5356, 5534, 5555 and 5569.
1.3.12. “A” 4179 2. According to Comm. “A” 4406, 4449,
4707, 4851, 5356, 5534, 5555 and 5569.
1.3.13. “A” 4360 2. According to Comm. “A” 5356.
1.3.14. “A” 4754 6. According to Comm. “A” 5356.
1.4. “A” 3905 3. According to Comm. “A” 4179, 4449,
4473, 5671 and 5740. Includes interpretative clarification.
1.5. “A” 5356 2. According to Comm. “A” 5471.
1.5.1. “A” 5356 2. According to Comm. “A” 5471 and 5623.
1.5.2. “A” 5471 1. According to Comm. “A” 5623.
1.5.3. “A” 5623 2.
1.5.4. “A” 5524
1.5.5. “A” 5631 1. According to Comm. “A” 5638.
1.5. last “A” 5623 4. According to Comm. “A” 5631.
1.6. “A” 5534 According to Comm. “A” 5569.
1.7. “A” 3274 II 1. 1.5. According to Comm. “A” 3498.
1.8. “A” 3274 II 1. 1.6.
1.8.1. “A” 3274 II 1. 1.6.1. According to Comm. “A” 4405 and 4449.
1.8.2. “A” 3274 II 1. 1.6.2. According to Comm. “A” 3304 and
4449.
1.9. “A” 3498 unique 1. 1.8. According to Comm. “A” 4147.
1.10. “A” 5380 According to Comm. “A” 5449, 5516,
5600 and 5654. Includes interpretative clarification.
1.11. “A” 5590 2. According to Comm. “A” 5654. Includes interpretative clarification.
1.
1.12. “A” 5640 According to Comm. “A” 5654. Includes interpretative clarification.
2.1. “A” 3274 II 2. 2.1. According to Comm. “A” 3498, 3597,
4716 (interpretative clar.),
4815 and “B” 9186.
2.1.1. “A” 3274 II 2. 2.1.2. According to Comm. “A” 3304, 3498,
4016 and 4147.
2.1.2. “A” 3498 unique 2. 2.1.3. According to Comm. “A” 4147.
2.1.3. “A” 3274 II 2. 2.1.3. According to Comm. “A” 3498, 4147,
4276 and 5194.
2.1.4. “A” 3274 II 2. 2.1.4.
2.1.5. “A” 4016 1.
2.1.6. “A” 4716 2. According to Comm. “B” 9186.
2.
2.2. “A” 3274 II 2. 2.2. According to Comm. “A” 3498, 4449,
4716 and 5299.

3.2.4.5. The obligations of the “MEM” administrator, in its capacity as buyer
in the supply contracts referred to in the previous paragraph, be cancelled from the items coming from the tariffs that make up the Stabilization Fund of the “MEM”.
3.2.4.6. The seller in the supply contracts has effectively transferred the rights to collect
the supply contracts to the trustee of the financial trust or fiduciary fund for the financing of said works.
3.2.4.7. The transfer of funds to cancel the assigned rights is contractually provided for
and is made directly by the administrator of the funds and accounts of the market to the financial entity that is the assignee, in its capacity as creditor or trustee, without any prior credit in the account of any other holder.
3.2.4.8. The participation of the National State as settlor in the financial trusts or fiduciary funds for the financing of the construction of
the works in no instance exceeds 50%.
In the contrary case, the trustee must notify this circumstance -with a notice not less than 20 business days prior to the date on which such situation is verified- to the Superintendence of Financial and Exchange Entities, and its balance for all concepts -100%- will be subject to the maximum limits established for operations with the non-financial public sector in points 5.3.1.1. i), 5.3.4.1. ii), 5.3.4.2. ii), 8.2. and 11.1. of the regulations on “Credit Risk Fractioning”, without any other consequence.
3.2.4.9. Financial assistance to financial trusts or fiduciary funds
constituted for the financing of the works and/or the subscription of debt instruments issued by such trusts or funds cannot exceed 90% of the value of the rights that are the subject of assignment. For the purposes of calculating this ratio, only the cash flows coming from the parties obliged to pay the tariffs that make up the Stabilization Fund of the “MEM” will be considered, excluding the electricity supply companies, which will be calculated at the date of assignment for up to an individual participation of 5% with respect to the total projected demand for the “MEM”. In cases where the participation in the demand exceeds this percentage, the calculation cannot exceed this individual cap. FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR B.C.R.A.
Section 3. Operations included.
Version: 5th COMMUNICATION “A” 5740
Validity:
01/12/2014

3.2.4.10. It arises from the Business Plan and Projections presented by the intervening financial entity -in compliance with the informational regime provisions in this matter- valid at the time of the financing evaluation by that financial entity, a projected monthly excess of minimum capital integration -individual position- for the reported periods of such magnitude that it allows absorbing the eventual greater minimum capital requirement established as “INC” in point 3.1. of the regulations on “Minimum Capitals of Financial Entities”. When the information corresponding to said projections refers to a semi-annual period, the projected calculation to be considered must be proportional.
This requirement must be observed in cases where the financial entity makes use of the expanded credit quotas referred to in points
5.3.1.1. ii), 5.3.4.1. iii) and 5.3.4.2. iii) of the regulations on “Credit Risk Fractioning”, individually and consolidated.
3.2.4.11. The regulations and/or contracts governing the operation of the trusts or fiduciary funds provide for the requirement of prior consent of the beneficiary or creditor financial entity in the event of modifications to the trust contracts or their trust assets, which affect the conditions regarding the trust items, their fiduciary assignment, as collateral or pledge, and/or the priority of the claims of the financial entities, and such modifications fall within what is provided in point 3.2.4.
Trusts or fiduciary funds created prior to 28.4.09 and in which the conditions listed above have been established by national law are exempted. The special treatment established above will also apply to the temporary financial assistance granted to the aforementioned trusts or fiduciary funds until the placement, by public offer, of their debt instruments. Such treatment is conditioned to the prior verification by the intervening financial entities in the operation of compliance with the requirements established in points 3.2.4.3., 3.2.4.5., 3.2.4.6., 3.2.4.8., 3.2.4.9. and, if applicable, 3.2.4.10. based on the information from the authorized issuance prospectus by the National Securities Commission and/or the risk rating report required on the debt instruments of the financial trusts or fiduciary funds constituted for the financing of the works and/or on a special report from an external auditor, registered in the “Register of Auditors” of the Superintendence of Financial and Exchange Entities. In the event of addenda, modifications or updates to the trust contracts or the information provided for in this point, these must be taken into account for the purposes of evaluating the classification indicated. FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR B.C.R.A.
Section 3. Operations included.
Version: 5th COMMUNICATION “A” 5740
Validity:
01/12/2014

5.1.7. In all cases, obtain the approval of the Board of Directors or equivalent authority of the lending entity, and, additionally, when the assistance exceeds $10,000,000 or 15% of the computable equity, whichever is less, measured cumulatively for each trust (regardless of how the financing is structured), with an external audit report, registered in the "Register of Auditors" of the Superintendence of Financial and Exchange Entities, regarding compliance with the requirements provided for in this section, according to the model established for these purposes, with a determination of the maximum limit of financings that can be granted taking into account the eventual existence of observations and/or estimates.

Furthermore, the auditor must quantify and consider the adjustment or possible maximum net effect on the credit limit, insofar as they imply decreases, as derived from the scope of their work when issuing the aforementioned report.

When the trustee is a financial entity or that function is carried out by companies controlled by a financial entity, the aforementioned special report, regarding compliance with the pertinent requirements provided for in this section, shall be the responsibility of that entity, which must supply a copy to the financial entities that sign the instruments of those trusts or fiduciary funds.

This report shall be complemented with a special external audit report, registered in the aforementioned registry, prepared by the subscribing entity, regarding compliance with the requirements provided for in points 4.1.3., 5.1.6. and 6.1.

5.1.8. In the case where the trust or fiduciary fund belongs to the non-financial public sector of provincial, municipal jurisdictions or the Autonomous City of Buenos Aires, those jurisdictions must encumber as collateral the resources provided for in items ii) and iii) of point 4.1.1.1. -even in excess of the term established in said items-, up to reaching the sums necessary to cover the total of the income that the trust or fiduciary fund would receive while those works or equipment have not begun to be used economically -generating income for the trust or fiduciary fund through rates, tariffs, and other similar concepts- and in the proportion of the holding of the corresponding instrument with respect to the total of the assets of the trust estate.

5.1.9. The rules and/or contracts governing the operation of trusts or fiduciary funds provide for the requirement of prior consent of the beneficiary or creditor financial entity in the event of modifications to the trust contracts or their trust assets, which affect the conditions regarding the trust items, their fiduciary assignment, as collateral or pledge, and/or the priority of the claims of the financial entities, and such modifications fall within the provisions established in this section.

Trusts or fiduciary funds created prior to 28.4.09 and in which the conditions enumerated above have been established by national law are exempted.

FINANCING OF THE NON-FINANCIAL PUBLIC SECTOR
B.C.R.A. Section 5. Assistance to trusts or fiduciary funds constituted for specific purposes. Requirements.
Version: 3rd
COMMUNICATION “A” 5740
Validity:
01/12/2014

ORDERED TEXT ORIGIN STANDARD
Section Point Paragraph Com. Annex Point Paragraph
OBSERVATIONS
1.1. “A” 3054 unique 1.1. According to Com. “A” 4798, 4838
(point 12.) and 4937.
1.
1.2. “A” 4527 According to Com. “A” 4581, “C”
51182, “B” 9745, “A” 5154,
5243 and 5301.
2.1. “A” 3054 unique 2.1. According to Com. “A” 4937, 5062,
2. “B” 9745 and “A” 5154.
2.2. “A” 3054 unique 2.2.
3.1. “A” 3054 unique 3.1. According to Com. “A” 5067.
3.1.3. “A” 3054 unique 3.1.3. According to Com. “A” 5067 and 5520.
3.1.7. “A” 3054 unique 3.1.7. and
3.1.8.
According to Com. “A” 5067 and 5520.
3.1.8. “A” 4725 2. According to Com. “A” 5520.
3.1.9. “A” 3054 unique 3.1.9. According to Com. “A” 5520.
3.1.10. “A” 3054 unique 3.1.10. According to Com. “A” 5520.
3.2. “A” 3054 unique 3.2. According to Com. “A” 4838 (point
10.), 4932 (points 1. 3. and 4.),
4937 (points 2. and 3.), 4996
(point 1.), 5015 (annex), 5062,
5069, 5125, 5368, 5393, 5521,
5671, 5740 and “B” 9745.
3.2.4.8. “A” 4932 1. According to Com. “A” 4937 (point
3.), 5520 and “B” 9745.
3.
3.2.4.10. “A” 4937 unique 6. and 7. According to Com. “A” 4996 (point
1.), 5015 (annex), 5520 and “B”
9745.
4.1.1. “A” 3054 unique According to Com. “A” 3548 and 3911
-point 9. section c)-.
4.1.1.1.
“A” 3054 unique According to Com. “A” 3911 -point 9., section b)-, 4798 and “B” 9745.
4.1.1.2. “A” 4798 According to Com. “A” 4947.
4.1.1.3. “A” 4798
4.1.2.
“A” 3054 unique According to Com. “A” 4718 and “B” 9745.
4.
4.1.3. “A” 3054 unique According to Com. “A” 3144 and 5062.
5.1. “A” 4838 1. According to Com. “A” 4926, 4937,
5062, 5671, 5740 and “B” 9745.
5.1.1. “A” 4838 1.1. According to Com. “A” 4926, 4937
(point 4.) and “B” 9745.
5.1.2. “A” 4838 1.2. According to Com. “A” 4926, 4937
(point 4.), 5015 and “B” 9745.
5.1.3. “A” 4838 1.3. According to Com. “A” 4926, 4937
(point 4.).
5.
5.1.4. “A” 4838 1.4. According to Com. “A” 4926, 4937
(point 4.) and 5036.
B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE STANDARDS ON “FINANCING OF THE NON-FINANCIAL PUBLIC SECTOR”

FINANCING OF THE NON-FINANCIAL PUBLIC SECTOR
ORDERED TEXT ORIGIN STANDARD
Section Point Paragraph Com. Cap. Point Paragraph
OBSERVATIONS
5.1.5. “A” 4838 1.6. According to Com. “A” 4937 (point
4.) and 5062.
5.1.6. “A” 4838 6. and 10. According to Com. “A” 4926, 4937
(point 4.), 4996 (point 1.),
5015 (annex), 5062, 5520 and
“B” 9745 and normative interpretation.
5.1.7. “A” 4838 1.5. According to Com. “A” 4926, 4937
(point 4.), 5062 and “B” 9745.
5.1.8. “A” 4838 2. According to Com. “A” 4926, 4937
(point 4.) and “B” 9745.
5.
5.1.9. “A” 4937 2. According to Com. “B” 9745 and “A”
5062.
6. 6.1. “B” 9745 According to Com. “A” 5520.

3.2.1.3. Monetary regulation instruments issued by the Central Bank of the Argentine Republic, as well as other claims with respect to this Institution, regardless of their origin.
3.2.1.4. Financings to the parent company of the local financial entity or to its branches or financial entities subsidiaries in other countries.
This exclusion applies without prejudice to observing what is established in point 3.1.11.
3.2.1.5. Financings to the controlling foreign bank of the local financial entity or to its branches or financial entities subsidiaries in other countries, provided that the controlling entity fulfills all of the following conditions:
i) Comply with what is provided in point 3.1. of the standards on “Credit Evaluations”, requiring in this effect international risk rating “A” or higher. ii) Formally and explicitly guarantee all obligations of its subsidiary in the country. This exclusion applies without prejudice to observing what is established in point 3.1.11.
3.2.1.6. Financings covered by cash guarantees, which constitute preferred guarantees “A” or “B” (points 1.1.1. and 1.2.6. of the standards on “Guarantees”).
3.2.1.7. Financings covered by sureties of fixed-term deposit certificates issued by the financial entity itself, which constitute preferred guarantees “A” or “B” (points 1.1.3. and 1.2.6. of the standards on “Guarantees”).
3.2.1.8. Export financings when the operations have automatic reimbursement by the Central Bank of the Argentine Republic, according to bilateral or multilateral foreign trade agreement regimes, which constitute preferred guarantee “A” (point 1.1.4. of the standards on “Guarantees”).
3.2.1.9. Financings covered by sureties of monetary regulation instruments of the Central Bank of the Argentine Republic, which constitute preferred guarantees “A” or “B” (points 1.1.5. and 1.2.6. of the standards on “Guarantees”).
3.2.1.10. Credits for spot operations to be settled, without prejudice to the computation of claims for settlement lags that occur.
3.2.1.11. Credits corresponding to accidents covered by the National State (Law 20.299) in export financings.
CREDIT RISK FRAGMENTATION B.C.R.A.
Section 3. Financings included.
Version: 2nd
COMMUNICATION “A” 5740
Validity:
01/12/2014

3.2.1.12. Premiums for purchased call and put options.
3.2.1.13. Advances and loans to the Deposit Guarantee Fund.
3.2.1.14. Negotiable obligations and other debt instruments purchased, subordinated or not (own issuances).
3.2.1.15. Deposits linked to funds from abroad (Decree No. 616/05).
3.2.1.16. Trust as collateral and other guarantees constituted by financial intermediation operations as well as the assets of guarantee trusts, of which the entity is the beneficiary as coverage for financings granted by it.
3.2.1.17. Participations in financial entities in the country and abroad and in companies providing complementary services to the financial activity that must be deducted to determine the computable equity.
3.2.1.18. Guarantees granted in favor of the Central Bank of the Argentine Republic and for own obligations.
3.2.1.19. Financings and guarantees, sureties and other responsibilities granted by local branches or subsidiaries of foreign financial entities, on behalf and order of their parent company or its branches in other countries or of the controlling entity, provided that the following requirements are observed:
i) The foreign entity must comply with what is provided in point 3.1. of the standards on “Credit Evaluations”, requiring in this effect an international risk rating included in the “investment grade” category. ii) In the case of financings, these must be attended by the local branches or subsidiaries only with funds coming from lines assigned to them by the aforementioned foreign intermediaries. If the assistance is granted in a currency different from that of the foreign resources, the local entity cannot assume the exchange rate risk. iii) In the case of guarantees granted locally, there must be counter-guarantees extended by the parent company or its branches in other countries or by the foreign controlling entity, whose enforcement operates in an unrestricted manner upon simple request of the local branch or subsidiary and immediately upon its eventual execution by the beneficiary. CREDIT RISK FRAGMENTATION B.C.R.A.
Section 3. Financings included.
Version: 2nd
COMMUNICATION “A” 5740
Validity:
01/12/2014

5.3.1.4. To the foreign financial sector.
Financings attributable to each foreign bank
Maximum limit i) When it complies with what is provided in point 3.1. of the standards on “Credit Evaluations”, requiring in this effect international risk rating included in the “investment grade” category. 25% ii) When it does not comply with the above. 5%
5.3.2. Maximum individual limits applicable to clients linked by control relationship.
5.3.2.1. To the domestic financial sector.
Financings attributable
Maximum limit i) If the lending entity has rating 1, 2 or 3 from the Superintendence of Financial and Exchange Entities. a) To each financial entity with rating 1 from the Superintendence of Financial and Exchange Entities, subject to consolidation with the lending entity.

Basic margin. 100%
Additional margins.

Tranche I 25%
Tranche II 25%
b) To each financial entity with rating 2 from the Superintendence of Financial and Exchange Entities, subject to consolidation with the lending entity.

Basic margin. 20%
Additional margins.

Tranche I 25%
Tranche II 25%
Tranche III 55%
c) To each financial entity with rating 3 from the Superintendence of Financial and Exchange Entities, subject to consolidation with the lending entity.

Basic margin. 10%
Additional margins.

Tranche I 20%
Tranche II 20%
d) To each linked financial entity that does not meet any of the conditions established in the preceding items. 10% ii) If the lending entity has rating 4 or 5 from the Superintendence of Financial and Exchange Entities. 0% CREDIT RISK FRAGMENTATION B.C.R.A.
Section 5. Credit margins.
Version: 2nd
COMMUNICATION “A” 5740
Validity:
01/12/2014

v) Conditions of additional margins.
Tranches I and II: those established in point 5.3.1.3. v).
Tranche III: for financings whose initial agreed term does not exceed 180 days.
5.3.2.3. To foreign complementary service companies.
Financings attributable
Maximum limit i) If the lending entity has rating 1 to 3 from the Superintendence of Financial and Exchange Entities.

To each linked foreign complementary service company.
a) Financings without computable guarantees. 5% b) Financings with and without computable guarantees. 10% ii) If the lending entity has rating 4 or 5 from the Superintendence of Financial and Exchange Entities. a) To each linked foreign complementary service company subject to consolidation with the lending entity.
Financings without computable guarantees. 5%
Financings with and without computable guarantees. 10%
b) To each linked foreign complementary service company that does not meet the condition established in the preceding item. 0%
5.3.2.4. To the foreign financial sector.
Financings attributable
Maximum limit i) If the lending entity has rating 1 to 3 from the Superintendence of Financial and Exchange Entities.
To each linked foreign financial entity.
a) When it complies with what is provided in point 3.1. of the standards on “Credit Evaluations”, requiring in this effect international risk rating included in the “investment grade” category. 10% b) When it does not comply with the above.

Financings without computable guarantees. 5%
Financings with and without computable guarantees. 10%
CREDIT RISK FRAGMENTATION B.C.R.A.
Section 5. Credit margins.
Version: 2nd
COMMUNICATION “A” 5740
Validity:
01/12/2014

Financings attributable
Maximum limit ii) If the lending entity has rating 4 or 5 from the Superintendence of Financial and Exchange Entities. a) To each foreign financial entity subsidiary subject to consolidation with the lending entity and to the controlling foreign bank or its branches or subsidiaries in other countries.

When it complies with what is provided in point 3.1.
of the standards on “Credit Evaluations”, requiring in this effect international risk rating included in the “investment grade” category. 10%
When it does not comply with the above.

Financings without computable guarantees. 5%
Financings with and without computable guarantees. 10%
b) To each linked foreign financial entity not subject to consolidated supervision (only participations in the capital).

When it complies with what is provided in point 3.1.
of the standards on “Credit Evaluations”, requiring in this effect international risk rating included in the “investment grade” category. 10%
When it does not comply with the above. 5%
c) To each linked foreign financial entity when any of the conditions established in the preceding items are not met. 0%
5.3.2.5. To other linked clients by control relationship.
Financings attributable
Maximum limit i) If the lending entity has rating 1 to 3 from the Superintendence of Financial and Exchange Entities.
To each linked borrower.
a) Financings without computable guarantees. 5% b) Financings with and without computable guarantees. 10% ii) If the lending entity has rating 4 or 5 from the Superintendence of Financial and Exchange Entities. a) To each linked company of admitted activity, according to Section 3. of the standards on “Complementary services to the financial activity and permitted activities” (only participations in the capital). 5% b) To each linked borrower when any of the conditions established in the preceding item are not met. 0% CREDIT RISK FRAGMENTATION B.C.R.A.
Section 5. Credit margins.
Version: 2nd
COMMUNICATION “A” 5740
Validity:
01/12/2014

The total of shares plus credits for forward operations (linked or not to repos) and sureties made in markets in the country authorized by the National Securities Commission and institutionalized markets abroad, including settlement lags, when there is no central counterparty and it is not possible to identify the counterparty, shall not exceed 50% of the computable equity of the entity. For the application of this limit, securities subject to minimum capital requirement for market risk shall be computed at their quotation value.
5.3.4.5. For commodity price hedges.
The credit exposure, measured according to these standards, corresponding to the total of commodity price hedges sold, which are in effect at the close of each month, shall not exceed 100% of the computable equity of the entity.
5.3.5. Prohibitions applicable to linked clients.
Financial entities shall not grant, directly or indirectly, new financings, even if they are not subject to maximum limits, to linked clients, in the following cases:
5.3.5.1. If the clients have at least one classification other than “normal situation”, according to the latest information available in the “Debtors Central of the financial system”.
5.3.5.2. If the entity registers debt for financial assistance from the Central Bank of the Argentine Republic corresponding to operations effected since 10.3.03 that have implied new disbursements of funds.
5.3.6. Rating of the Superintendence of Financial and Exchange Entities.
For the purposes of the maximum limits applicable, the rating of the Superintendence of Financial and Exchange Entities to be taken into account shall be the last one communicated to the financial entity. Until they receive their first rating, entities must observe the treatment established for those with rating 3. CREDIT RISK FRAGMENTATION B.C.R.A.
Section 5. Credit margins.
Version: 3rd
COMMUNICATION “A” 5740
Validity:
01/12/2014

CREDIT RISK FRAGMENTATION
ORDERED TEXT ORIGIN STANDARD
Sec. Point Para. Com. Annex Cap. Sec. Point Para.
OBSERVATIONS
3.1.8.6. “A” 2140 I 1.3.6.
“A” 2140 II 1.6.
According to Com. “A” 5472.
3.1.8.7. “A” 2140 I 1.3.6.
“A” 2140 II 1.6.
According to Com. “A” 5472.
3.1.9. “A” 4725 2. Includes interpretative clarification. According
to Com. “A” 5472.
3.1.10. “A” 2140 I 1.3.7.
“A” 2140 II 1.7.
Includes interpretative clarification. According to Com. “A” 5472.
3.1.11. “A” 2140 I 1.3.8.
“A” 2140 II 1.8.
Includes interpretative clarification. According to Com. “A” 5472.
3.2.1.1. “A” 2140 II 3.5. and
3.6.
1°
3.2.1.2. “A” 2140 II 3.6. last According to Com. “A” 5472.
3.2.1.3. “A” 2140 II 4.5. According to Com. “A” 2150
(point 1.), 3911 (point
6.), 4084 (point 6.),
“B” 9186 and “A” 5472.
3.2.1.4. “A” 2140 II 4.3. last According to Com. “A” 2829
(point 5.) and 5472. Includes interpretative clarification.
3.2.1.5. “A” 2140 II 4.3. According to Com. “A” 2829
(point 5.), 5472, 5671 and 5740. Includes interpretative clarification.
3.2.1.6. “A” 5472
3.2.1.7. “A” 5472
3.2.1.8. “A” 2140 II 4.1. According to Com. “A” 5472.
3.2.1.9. “A” 5472
3.2.1.10. “A” 2140 12. 3° According to Com. “A” 4725
(point 2.) and “A” 5472.
3.2.1.11. “A” 3314 10.
3.2.1.12. “A” 5472
3.2.1.13. “A” 3068 According to Com. “A” 5472.
3.2.1.14. “A” 5472
3.2.1.15. “A” 5472
3.2.1.16. “A” 5472
3.2.1.17. “A” 2736 2. According to Com. “A” 5472.
3.2.1.18. “A” 5472
3.2.1.19. “A” 2412 According to Com. “A” 3959,
5369 (Annex I, point
3.2.3.), 5671 and 5740.
Includes interpretative clarification.
3.2.1.20. “A” 5496
3.
3.2.2. “A” 2140 I 3.3. According to Com. “A” 2829
(point 2.) and 5472.

CREDIT RISK FRAGMENTATION
ORDERED TEXT ORIGIN STANDARD
Sec. Point Para. Com. Annex Cap. Sec. Point Para.
OBSERVATIONS
5.1. “A” 2140 II 3. 1° According to Com. “A” 5472.
5.2.1. “A” 2140 II 3. 1° According to Com. “A” 5472.
5.2.2. “A” 2227 unique 5.2.2. According to Com. “A” 5472.
i) “A” 3911 7. According to Com. “A” 4230
(point 2.).
5.3.1.1. ii) “A” 4838 4. According to Com. “A” 4926
(point 1.), 4932 (point
3.), 4937 (Annex, point 4.), 4996 (point 1.) and 5015 (Annex, point 4.). i) “A” 2140 II 3.1. and 3.2. According to Com. “A” 5472. ii) “A” 2410 3. According to Com. “A” 5275 (point 10.) and 5472. 5.3.1.2. iii) “A” 3314 10. According to Com. “C” 32071. i) “A” 2140 II 3.5. According to Com. “A” 4972 (point 5.), 4975 (point 6.), 5193 and 5472. ii) “A” 2140 II 3.5. According to Com. “A” 4972 (point 5.), 4975 (point 6.), 5193 and 5472. iii) “A” 2140 II 3.5. According to Com. “A” 5193 and 5472. iv) “A” 2140 II 3.5. According to Com. “A” 5193 and 5472. 5.3.1.3. v) “A” 4972 5. According to Com. “A” 4975 (point 6.), 5193, 5472 and “B” 9763. Includes interpretative clarification. i) “A” 2140 II 3.6.1. According to Com. “A” 5472, 5671 and 5740. 5.3.1.4. ii) “A” 2140 II 3.6.2. According to Com. “A” 5671 and 5740. i), a) “A” 3129 According to Com. “A” 4972 (point 3.) and 5472. i), b) “A” 3129 According to Com. “A” 4817 (point 5.), 4972 (point 3.) and 5472. i), c) “A” 3129 According to Com. “A” 4972 (point 3.) and 5472. i), d) “A” 3129 ii) “A” 2800 1. According to Com. “A” 2829 (point 1.). 5.3.2.1. iii) “A” 4972 3. According to Com. “A” 4975 (point 4.). i), a) “A” 3129 According to Com. “A” 4972 (point 4.) and 5700. 5. 5.3.2.2. i), b) “A” 3129 According to Com. “A” 4972 (point 4.) and 5472.

CREDIT RISK FRAGMENTATION
ORDERED TEXT ORIGIN STANDARD
Sec. Point Para. Com. Annex Cap. Sec. Point Para.
OBSERVATIONS i), c) “A” 3129 ii), a) “A” 3129 According to Com. “A” 4972 (point 4.), 5472 and 5700. ii), b) “A” 3129 According to Com. “A” 4972 (point 4.) and 5472. ii), c) “A” 3129 iii), a) “A” 3129 According to Com. “A” 4972 (point 4.) and 5472. iii), b) “A” 3129 iv), a) “A” 2800 2.1. According to Com. “A” 2829 (point 3.) and 3129. iv), b) “A” 2800 1. According to Com. “A” 2829 (point 1.). 5.3.2.2. v) “A” 4972 4. According to Com. “A” 4975 (point 5.). i) “A” 3129 According to Com. “B” 6725 and “A” 5472. ii), a) “A” 2800 2.1. According to Com. “A” 2829 (point 3.) and 3129 and “B” 6725. 5.3.2.3. ii), b) “A” 2800 1. According to Com. “A” 2829 (point 1.). i) “A” 3129 According to Com. “B” 6725, “A” 5472, 5671 and 5740. ii), a) “A” 2800 2.1. According to Com. “A” 2829 (point 3.), 3129, 5671, 5740 and “B” 6725. ii), b) “A” 2800 2.1. According to Com. “A” 2829 (point 3.), 3129, 5671 and 5740. 5.3.2.4. ii), c) “A” 2800 1. According to Com. “A” 2829 (point 1.). i) “A” 3129 According to Com. “B” 6725 and “A” 5472. ii), a) “A” 2800 2.1. According to Com. “A” 2829 (point 3.) and 3129. 5.3.2.5. ii), b) “A” 2800 1. According to Com. “A” 2829 (point 1.). i) “A” 2140 2. 1° According to Com. “A” 2853. ii), a) “A” 2800 2.2. 5.3.3. ii), b) “A” 2800 1. According to Com. “A” 2829 (point 1.). i), 1° “A” 2140 II 2.1. According to Com. “A” 5472. i), 2° “A” 2252 3. last According to Com. “A” 5472. ii), 1° “A” 2140 II 2.2. 1° According to Com. “A” 5472. ii), 2° “A” 2252 3. 1° 5.3.4.1. iii) “A” 4838 5. According to Com. “A” 4932 (point 3.), 4996 (point 1.), 5015 (Annex, point 5.) and 5472. 5.
5.3.4.2. i) “A” 3911 7. According to Com. “A” 4230
(point 2.).

CREDIT RISK SEGMENTATION
CONSOLIDATED TEXT OF THE ORIGIN STANDARD
Sec. Point Para. Comm. Annex Ch. Sec. Point Para.
OBSERVATIONS ii) “A” 3911 7. According to Comm. “A” 4230 (point 2.).
5.3.4.2. iii) “A” 4838 4. According to Comm. “A” 4926
(point 1.), 4932 (point
3.), 4937 (Annex, point
4.), 4996 (point 1.), 5015
(Annex, point 4.) and 5472.
5.3.4.3. “A” 3129 According to Comm. “A” 5472.
i) “A” 2140 II 3.3. According to Comm. “A” 2435 (point 2.), 2461 (point 6.), 5472 and 5496.
5.3.4.4. ii) “A” 2140 II 3.4. According to Comm. “A” 5472,
5496, 5671 and 5740. Includes interpretative clarification.
5.3.4.5. “A” 4742 1. e)
5.3.5. “A” 2140 I 5. According to Comm. “A” 5472.
5.3.5.1. “A” 2140 I 5. According to Comm. “A” 5472 and
5671.
5.3.5.2. “A” 3901 II 1.1.
5.
5.3.6. “A” 5193 According to Comm. “A” 5472.
6.1. 1° “A” 2140 I 4. 1°
“A” 2140 II 5. 1°
According to Comm. “A” 2932
(points 9. and 11.).
6.1.1.1. “A” 5472
6.1.1.2. “A” 5472
6.1.1.3. “A” 2140 I 4.1.
“A” 2140 II 5.1.
According to Comm. “A” 2932
(points 9. and 11.).
6.1.1.4. “A” 2140 I 4.1.
“A” 2140 II 5.1.
According to Comm. “A” 2932
(points 9. and 11.).
6.1.1.5. “A” 2140 I 4.1.
“A” 2140 II 5.1.
According to Comm. “A” 2932
(points 9. and 11.).
6.1.1.6. “A” 2140 I 4.1.
“A” 2140 II 5.1.
According to Comm. “A” 2932
(points 9. and 11.).
6.1.1.7. “A” 5472
6.1.2. “A” 2140 I 4.2.
“A” 2140 II 5.2.
According to Comm. “A” 2932
(points 9. and 11.) and 5472.
6.1.2.1. “A” 5472
6.1.2.2. “A” 5472
6.1.2.3. “A” 5472
6.1.2.4. “A” 5472
6.1.2.5. “A” 5472
6.2.1. “A” 2140 I 4.2. 1° According to Comm. “A” 2932
(point 9.).
6.2.2. “A” 2140 I 4.2. 1° According to Comm. “A” 2932
(point 9.), 3918 (point
3.) and 5472.
6.2.3. “A” 5472
6.3. “A” 2140 I 4.
“A” 2140 II 5.
According to Comm. “A” 2932
(points 9. and 11.) and 3911
(point 11.).
6.
6.4. “A” 4725 2. last

1.1. Preferred “A”.
They are constituted by the assignment or pledge of rights regarding titles or documents of any nature that, duly instrumented, ensure that the entity will be able to dispose of the funds as payment for the obligation incurred by the client, without the need to previously require payment from the debtor since the effectiveness depends on solvent third parties or the existence of markets in which the aforementioned titles or documents, or the effects they represent, can be liquidated directly, whether their maturity coincides with or is subsequent to the maturity of the loan or the periodic payments committed or the proceeds are applied to the cancellation of the debt or transferred directly to the entity for that purpose, provided that the credit operations do not exceed, measured residually, a term of 6 months except in cases where a different term is established. The following are included in this category, as an exhaustive enumeration:
1.1.1. Guarantees constituted in cash, in pesos, or in the following foreign currencies:
US dollars, Swiss francs, British pounds, yen and euros, taking into account their quotation value permanently. When the guarantee is constituted in the currency of the credit operation, the computable term shall not exceed a term of one year.
1.1.2. Guarantees constituted in gold, taking into account their quotation value permanently.
1.1.3. Pledges of fixed-term deposit certificates issued by the financial entity itself, constituted in the currencies referred to in point 1.1.1.
When the deposit certificate is issued in the currency of the credit operation, the computable term shall not exceed a term of one year.
1.1.4. Automatic reimbursements of export operations, at the expense of the Central Bank of the
Argentine Republic, according to the respective bilateral or multilateral agreement regimes, regardless of the term of the operation.
1.1.5. Guarantees or pledges of national public securities or monetary regulation instruments of the Central Bank of the Argentine Republic, contemplated in the list of volatilities published monthly by this Institution for the purpose of computing the minimum capital requirement for market risk.
1.1.6. Guarantees and letters of credit issued by foreign banks that comply with the provisions
of point 3.1. of the norms on “Credit Evaluations” -requiring in that effect international risk rating “A” or higher-, that are not the parent house or controlling entity and its subsidiaries and branches, or controlled or branches of the local entity, or that maintain other forms of linkage, insofar as they are unrestricted and that the accreditation of the funds is effected immediately upon simple request of the beneficiary entity. BCRA GUARANTEES
Section 1. Classes.
Version: 6a. COMMUNICATION “A” 5740
Validity:
01/12/2014

When the foreign bank complies with the provisions of point 3.1. of the norms on “Credit Evaluations” -requiring in that effect international risk rating “AA” or higher- the computable term of the credit operation shall not exceed a term of one year.
1.1.7. “Warrants” on fungible goods that have normal and habitual quotation in
local or international markets, widely disseminated and easily accessible to public knowledge.
1.1.8. Guarantees constituted by the assignment of collection rights on invoices to consumers
for services already rendered, issued by service provider companies to the public (companies that supply electricity, gas, telephone, water, etc.), provided that it is a set of invoices that represents a quantity of no less than 1,000 clients.
1.1.9. Guarantees constituted by the assignment of collection rights regarding credit card coupons.
1.1.10. Credit titles (deferred payment checks, promissory notes, bills of exchange and credit invoices) discounted with liability for the assignor, insofar as the following conditions are observed:
1.1.10.1. In the set of operations carried out with each assignor, it must be verified with respect to any of the subjects legally obligated to pay other than the assignor:
a) That at least 85%, measured in relation to the nominal value of the documents, are classified in “normal situation” (category 1) according to the latest information available in the “Central Registry of Debtors of the Financial System”. b) That, at most, 15%, measured in relation to the nominal value of the documents, are classified in category 2 or are persons not reported in said central. c) That, at most, 20% of the nominal value of the documents corresponds to the same subject obligated to pay. This limitation shall not be applicable when it comes to documents up to $ 10,000. These requirements must be observed considering the nominal value of the documents still pending maturity and the new documents to be discounted, when carrying out each discount operation. BCRA GUARANTEES
Section 1. Classes.
Version: 7a. COMMUNICATION “A” 5740
Validity:
01/12/2014

1.1.10.4. In the portfolio discounted by a specific client, the uncancelled amount
by the client of the unpaid documents and of the checks whose registration has been rejected, shall not exceed the equivalent to 100% of the remaining underwriting margin. In case of exceeding that value, the assignor shall not be able to access new credit title discount operations under this modality, except to the extent necessary to replenish the amount of those unpaid documents. Once the total cancellation of the client's portfolio is achieved, the entity may grant him financings adjusted to this regime. In all cases where this point mentions

ORIGIN OF PROVISIONS CONTAINED IN THE RULES ON "GRADUATION OF CREDIT"

Section	Point	Paragraph	Com.	Annex	Point	Paragraph
1.1.	1°	“A” 467	único	2.	According to Com. “A” 5520.
“A” 467	único	6.1.	last	1.
1.1.	2°	“A” 3002			Incorporates interpretative clarification.
2.1.	“A” 467	único	2.		According to Com. “A” 5520.
2.2.1.	“A” 467	único	4.1.		According to Com. “A” 5520.
2.2.2.	1°	“A” 467	único	3.1.
2.2.2.	last	“A” 490	único	2.
2.2.3.	“A” 467	único	3.2.
2.2.4.	“A” 467	único	3.3.
2.2.5.	“A” 467	único	4.2.
2.2.6.	1°	“A” 467	único	4.3.
last	“A” 490	único	4.	and 5.
2.2.7.	“A” 467	único	4.4.
2.2.8.	“A” 467	único	4.5.		According to Com. “A” 2054 and 5419.
2.2.8.1.	viii	“A” 467	único	4.5.8.		According to Com. “A” 2074.
2.2.9.	“A” 467	único	4.6.		According to Com. “A” 2054.
2.2.10.	“A” 467	único	4.7.		According to Com. “A” 2098, “B” 5477, “A” 4310 (point 3.), 4975, 5311 and 5637.
2.2.11.	“A” 467	único	4.8.
“A” 2410	7.				According to Com. “A” 2410, 3307, 4093 (penultimate paragraph), 4465 and 5275.
2.2.12.	“B” 5902	10.	last		According to Com. “A” 5013.
2.2.13.	“B” 5902	10.	last		According to Com. “A” 5013, 5154 and 5368.
2.2.14.	“B” 5902	10.	last		According to Com. “A” 5013.
2.2.15.	“A” 3314				According to Com. “A” 5671 and 5740.
2.
2.2.16.	“A” 4891	5.
3.1.1.	“A” 467	único	1.	1°	According to Com. “A” 2373.
3.1.2.1.	“A” 467	único	1.	2°	According to Com. “A” 2373.
1° to 6°	“A” 467	único	1.	2°	According to Com. “A” 2373 and “B” 5902. Includes interpretative clarification.
7°	“B” 5902	10.	1°
3.1.2.2.	last	“A” 3002			Incorporates interpretative clarification.
3.2.1.	“A” 467	único	1.	3°	According to Com. “A” 2373, modified by Com. “A” 2960. Incorporates interpretative criterion.
3.2.2.	“A” 2206	2.			According to Com. “A” 3183.
3.2.2.1.	“A” 2206	2.			According to Com. “A” 3086 and 3183.
3.2.2.2.	“A” 2056	1.			According to Com. “A” 3086 and 4093 (penultimate paragraph).
3.2.2.3.	“A” 2384	1.	1° and 2°		According to Com. “A” 3086 and 4093 (penultimate paragraph).
3.2.2.	last	“A” 3086	1.
3.
3.3.	“A” 2156	5.
4.
4.1.	“A” 467	único	5.		According to Com. “A” 5520.

B.C.R.A.

ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON "GRADUATION OF CREDIT"

1.1.9.3. Registration of prepayment.

In the event that partial prepayment is permitted, the information systems must register this fact. Additionally, the type of prepayment permitted must be registered.

1.1.10. Insurance.

1.1.10.1. Life insurance.

It is a requirement that applicants be covered by a life insurance policy that meets, at a minimum, the following conditions:

i) That it covers the applicants for the outstanding balance of the mortgage loan and is extinguishing in the event of a claim. It shall be the discretion of the entity to cancel the insurance when the credit registers a delinquency greater than 180 days, provided that the option is contemplated in its credit policy applicable to this type of financing.

ii) That the policy is issued or endorsable in favor of the financial entity or of whoever in the future becomes the creditor of the mortgage loan.

iii) That it is issued by:

a) Local insurance companies with respect to which the provisions of point 2.2.2. of the rules on "Credit Evaluations" are met and which have reinsurance with insurance companies:

i) Local, with respect to which the provisions of the aforementioned point 2.2.2. of the rules on "Credit Evaluations" are also verified; or

ii) Foreign, which meet the provisions of point 3.2. of the rules on "Credit Evaluations", requiring in this regard an international risk rating of "A" or higher.

b) Local branches of foreign insurance companies with respect to which the compliance with the provisions of point 2.2.2. of the rules on "Credit Evaluations" is verified and their head office meets point 3.2. of the aforementioned rules -requiring in this regard an international risk rating of "A" or higher-.

c) Local subsidiaries of foreign insurance companies with respect to which the compliance with the provisions of point 2.2.2. of the rules on "Credit Evaluations" is verified and their controlling entity meets point 3.2. of the aforementioned rules -requiring in this regard an international risk rating of "A" or higher- and has explicitly guaranteed the obligations of the subsidiary.

B.C.R.A. LOAN ORIGINATION AND ADMINISTRATION MANUALS
Section 1. Mortgage Loan Origination and Administration Manual.
Version: 3rd. COMMUNICATION "A" 5740
Validity:
01/12/2014

In the event that there is more than one applicant, any of the following alternatives may be used:

Each applicant will be insured for the entire unpaid balance of the mortgage loan.
Each applicant will be insured for a portion of the unpaid balance based on their contribution to the computable income of the group.

1.1.10.2. Property damage insurance.

It is a requirement that the property be covered by a damage insurance policy that meets, at a minimum, the following characteristics:

i) That it covers the property during the entire validity of the mortgage loan against the risks of fire, total or partial destruction, vandalism, and other usual types of claims. In the event that the property is located in seismic zones, this risk must also be covered.

ii) That the covered amount is equal to the unpaid balance at all times of the mortgage loan and that in the event of a claim it is extinguishing if the destruction is total. In the event of partial destructions, it may be accepted that the indemnification is destined for the reconstruction of the property.

iii) That the policy is issued or endorsable in favor of the financial entity or of whoever in the future becomes the creditor of the mortgage loan.

iv) That it is issued by:

a) Local insurance companies with respect to which the provisions of point 2.2.2. of the rules on "Credit Evaluations" are met and which have reinsurance with insurance companies:

i) Local, with respect to which the provisions of the aforementioned point 2.2.2. of the rules on "Credit Evaluations" are also verified; or

ii) Foreign, which meet the provisions of point 3.2. of the rules on "Credit Evaluations", requiring in this regard an international risk rating of "A" or higher.

B.C.R.A. LOAN ORIGINATION AND ADMINISTRATION MANUALS
Section 1. Mortgage Loan Origination and Administration Manual.
Version: 3rd. COMMUNICATION "A" 5740
Validity:
01/12/2014

1.1.10.3. Other insurance.

In addition to life coverage, coverage for disability or unemployment may be obtained, following the guidelines established in point 1.1.10.1.

B.C.R.A. LOAN ORIGINATION AND ADMINISTRATION MANUALS
Section 1. Mortgage Loan Origination and Administration Manual.
Version: 3rd. COMMUNICATION "A" 5740
Validity:
01/12/2014

APPROVAL AND ANALYSIS FORM

CODE OR CREDIT IDENTIFICATION NUMBER:
CODE OR TITULIZED CREDIT NUMBER:

I. DEBTOR AND PROPERTY DATA

DEBTOR LAST NAME AND NAMES
DOCUMENT NUMBER:
LE LC DNI PASSPORT

CO-DEBTOR / GUARANTOR LAST NAME AND NAMES
DOCUMENT NUMBER:
LE LC DNI PASSPORT

PROPERTY ADDRESS
TYPE OF PROPERTY
DESTINATION OF PROPERTY
PERMANENT RESIDENCE NON-PERMANENT RESIDENCE

PURCHASE PRICE (if applicable)
$

PURCHASE PRICE PER SQUARE METER (if applicable) $

APPRAISAL VALUE
$

II. MORTGAGE LOAN AND INSURANCE DATA

AMORTIZATION SYSTEM
FRENCH GERMAN

DETAIL ANY MODIFICATION TO THE MORTGAGE LOAN AGREEMENT

PURPOSE OF THE LOAN
ACQUISITION IMPROVEMENT REFINANCING
CONSTRUCTION OR COMPLETION OTHERS

AGREED AMOUNT $ RATE
CURRENCY

DATE OF GRANTING (DEED)
DATE OF FIRST DISBURSEMENT
TERM (IN MONTHS)
PERIODICITY

FIXED
VARIABLE

INDEX ______
MARGIN ______
ADJUSTMENT PERIOD ______
DRAGGING PERIOD (DAYS) ______
MAXIMUM RATE ______
MINIMUM RATE ______

COMMISSIONS AND GRANTING EXPENSES
$

TOTAL FINANCIAL COST %

INITIAL INSTALLMENT $
INITIAL INTEREST RATE %

COMMISSIONS (IF APPLICABLE)
ADVANCED $______ PERIODIC $ ______ PERIOD______

DUE DATE FIRST INSTALLMENT
PREPAYMENT
TOTAL PARTIAL
(POSSIBILITY AND METHOD IN CODED FORM)

DUE DATE LAST INSTALLMENT
REASON FOR REFINANCING (IF APPLICABLE)

PROPERTY INSURANCE
LIFE INSURANCE

INSURANCE COMPANY
INSURANCE COMPANY:

INSURED AMOUNT
$

PREMIUM
ADVANCED $ ______
PERIODIC $ ______
PERIOD______

INSURED AMOUNT
$

PREMIUM
ADVANCED $ ______
PERIODIC $ ______
PERIOD______

III. DATA FOR CREDIT APPROVAL

OFFICIAL NAME CREDITS (1)
NAME / APPRAISER NUMBER (1)
INTERNAL EXTERNAL

NAME OF APPRAISAL COMPANY (1)

NOTARY PUBLIC INTERVENING IN THE DEED
OF THE MORTGAGE CONTRACT (1)

REGISTRATION OF THE MORTGAGE
GUARANTEE (DATE AND REGISTRY)

CREDIT REPORT (COMPANY) (1)

COMPUTABLE NET INCOME
(VERIFIED BY CREDITOR)
DEBTOR
CO-DEBTOR(3)
TOTAL(3)

HOUSING EXPENSES
MONTHLY (VERIFIED
BY THE CORRESPONDING FINANCIAL ENTITY)
$

SALARY / NET MONTHLY INCOME

MONTHLY AMORTIZED INSTALLMENT
REAL ESTATE LOAN
SAC ( DIVIDED BY TWELVE) VAT (IF APPLICABLE)

COMMISSIONS (MONTHLY AVERAGE)

PROPERTY INSURANCE

RENTAL INCOME (MONTHLY AVERAGE LAST YEAR)

LIFE AND DISABILITY INSURANCE

BONUSES (AVERAGE
MONTHLY LAST YEAR)

SUBTOTAL MONTHLY AMORTIZED INSTALLMENT BY LOAN OTHERS OTHER MONTHLY PAYMENTS

TOTAL MONTHLY INSTALLMENTS (C)

REAL ESTATE TAXES

TOTAL (A)
EXPENSES

(1) IN THE CASE OF LOANS GRANTED BY "SCORING"/"SCREENING" METHODS, ONLY THE INTEGRATION OF THESE FIELDS IS REQUIRED. (2) ACCORDING TO GUIDELINES ESTABLISHED IN ITEM "INSTALLMENT/INCOME RELATION" OF SECTION I. (3) IF THERE IS MORE THAN ONE CO-DEBTOR, INCLUDE THE SUM OF THE INCOME OF EACH OF THE CO-DEBTORS IN THIS COLUMN AND SHOW SEPARATELY THE DETAIL OF EACH CO-DEBTOR ON THE COMPLEMENTARY SHEET OF THIS FORM. IN THE CASE OF ONE OR MORE GUARANTORS, DO NOT INCLUDE THEIR INCOME/S IN THE TOTALS COLUMN; DETAIL THEM ON THE COMPLEMENTARY SHEET OF THIS FORM.

B.C.R.A. LOAN ORIGINATION AND ADMINISTRATION MANUALS
Section 1. Mortgage Loan Origination and Administration Manual.
Version: 3rd. COMMUNICATION "A" 5740
Validity:
01/12/2014

a) Not partially prepayable. b) Partially prepayable under certain established conditions (penalties, expenses).

4.1.9.2. Partial prepayment guidelines.

Partial prepayment may be applied to:
i) reduction of terms maintaining the installment; or ii) reduction of installment maintaining the terms; or iii) a combination of the above.

4.1.9.3. Registration of prepayment.

The information systems must register the type of prepayment permitted.

4.1.10. Insurance.

4.1.10.1. Life insurance.

It is a requirement that at least one of the applicants be covered by a life insurance policy that meets, at a minimum, the following conditions:

i) That it covers the applicant during the entire validity of the motor vehicle pledge loan.

ii) That the covered amount is equal to the unpaid balance at all times of the motor vehicle pledge loan and that in the event of a claim it is extinguishing.

iii) That the policy is issued or endorsable in favor of the financial entity or of whoever in the future becomes the creditor of the motor vehicle pledge loan.

iv) That it is issued by:

a) Local insurance companies with respect to which the provisions of point 2.2.2. of the rules on "Credit Evaluations" are met and which have reinsurance with insurance companies:

i) Local, with respect to which the provisions of the aforementioned point 2.2.2. of the rules on "Credit Evaluations" are also verified; or

ii) Foreign, which meet the provisions of point 3.2. of the rules on "Credit Evaluations", requiring in this regard an international risk rating of "A" or higher.

B.C.R.A. LOAN ORIGINATION AND ADMINISTRATION MANUALS
Section 4. Motor Vehicle Pledge Loan Origination and Administration Manual.
Version: 2nd. COMMUNICATION "A" 5740
Validity:
01/12/2014

In the event that there is more than one applicant, any of the following alternatives may be used:

At least one of the applicants will be insured for the entire unpaid balance of the motor vehicle pledge loan.
Each applicant will be insured for a portion of the unpaid balance based on their contribution to the computable income of the group.

4.1.11. Motor vehicle damage insurance.

It is a requirement that the motor vehicle be covered by a damage insurance policy that meets, at a minimum, the following characteristics:

i) That it covers the motor vehicle during the entire validity of the motor vehicle pledge loan against the risks of theft, robbery, fire, civil liability, and total destruction.

ii) That the covered amount is equal to the unpaid balance at all times of the motor vehicle pledge loan and that in the event of a claim it is extinguishing if the destruction is total.

iii) That the policy is issued or endorsable in favor of the financial entity or of whoever in the future becomes the creditor of the motor vehicle pledge loan.

B.C.R.A. LOAN ORIGINATION AND ADMINISTRATION MANUALS
Section 4. Motor Vehicle Pledge Loan Origination and Administration Manual.
Version: 2nd. COMMUNICATION "A" 5740
Validity:
01/12/2014

iv) That it is issued by:

a) Local insurance companies with respect to which the provisions of point 2.2.2. of the rules on "Credit Evaluations" are met and which have reinsurance with insurance companies:

i) Local, with respect to which the provisions of the aforementioned point 2.2.2. of the rules on "Credit Evaluations" are also verified; or

ii) Foreign, which meet the provisions of point 3.2. of the rules on "Credit Evaluations", requiring in this regard an international risk rating of "A" or higher.

B.C.R.A. LOAN ORIGINATION AND ADMINISTRATION MANUALS
Section 4. Motor Vehicle Pledge Loan Origination and Administration Manual.
Version: 2nd. COMMUNICATION "A" 5740
Validity:
01/12/2014

4.5.2. Approval and analysis form.

APPROVAL AND ANALYSIS FORM

CODE OR CREDIT IDENTIFICATION NUMBER:
CODE OR TITULIZED CREDIT NUMBER:

I. DEBTOR AND MOTOR VEHICLE DATA

DEBTOR LAST NAME AND NAMES
DOCUMENT NUMBER:
LE LC DNI PASSPORT

CO-DEBTOR / GUARANTOR LAST NAME AND NAMES
DOCUMENT NUMBER:
LE LC DNI PASSPORT :

CAR UTILITY VEHICLE UP TO 1500 KG CARGO
PERSONAL USE RENTAL OTHER COMMERCIAL USE
REFINANCING - PERSONAL USE REFINANCING - RENTAL REFINANCING - OTHER COMMERCIAL USE

MAKE
MODEL
YEAR

CASH SALE PRICE AGREED(E)
CASH SALE PRICE TO PUBLIC ACCORDING TO LISTS (F)

ADDRESS OF PERMANENCE OF THE UNIT (STREET AND NUMBER, LOC., PROVINCE)

II. PLEDGE LOAN AND INSURANCE DATA

AMORTIZATION SYSTEM
FRENCH GERMAN OTHERS (CODE)

AGREED AMOUNT (D) $ RATE
CURRENCY

DATE OF GRANTING
DATE OF FIRST DISBURSEMENT
TERM (IN MONTHS)
PERIODICITY

FIXED
VARIABLE

INDEX ______
MARGIN ______
ADJUSTMENT PERIOD ______
DRAGGING PERIOD (DAYS) ______
MAXIMUM RATE ______
MINIMUM RATE ______
MAXIMUM ADJUSTMENT ______
MAXIMUM INSTALLMENT ______

COMMISSIONS AND GRANTING EXPENSES $ TOTAL FINANCIAL COST (%) ______

INITIAL INSTALLMENT $ COMMISSIONS (IF APPLICABLE) ADVANCED $______ PERIODIC $ ______ PERIOD______

INITIAL INTEREST RATE %

DUE DATE FIRST INSTALLMENT

PREPAYMENT
TOTAL PARTIAL

METHOD (IN CODED FORM)

DUE DATE LAST INSTALLMENT
REASON FOR REFINANCING (IF APPLICABLE)

MOTOR VEHICLE INSURANCE
LIFE INSURANCE

INSURANCE COMPANY:
:

INSURANCE COMPANY:

INSURED AMOUNT
$

PREMIUM
ADVANCED $ ______
PERIODIC $ ______
PERIOD______

INSURED AMOUNT
$

PREMIUM
ADVANCED $ ______
PERIODIC $ ______
PERIOD______

III. DATA FOR CREDIT APPROVAL

OFFICIAL NAME CREDITS

REGISTRATION OF THE PLEDGE
GUARANTEE - DATE REGISTRATION OF THE PLEDGE GUARANTEE - REGISTRY

CREDIT REPORT (COMPANY)

COMPUTABLE NET INCOME
CO-DEBTORS
GUARANTORS

TOTAL MONTHLY EXPENSES
(CORRESPONDING TO THE
DEBTOR AND CO-DEBTOR)
$

SALARY / NET MONTHLY INCOME

MONTHLY AMORTIZED INSTALLMENT
PLEDGE LOAN
(CAP + INT) (1)

SAC ( DIVIDED BY TWELVE)
MOTOR VEHICLE INSURANCE

COMMISSIONS (MONTHLY AVERAGE)

LIFE AND
DISABILITY INSURANCE

RENTAL INCOME (MONTHLY AVERAGE LAST YEAR)

SUBTOTAL MONTHLY AMORTIZED INSTALLMENT BY
PLEDGE LOAN
(B) (B)

BONUSES (AVERAGE
MONTHLY LAST YEAR)

OTHER MONTHLY PAYMENTS (2)

TOTAL (A)
TOTAL MONTHLY INSTALLMENTS (C)

(1) IN THE CASE OF THE GERMAN SYSTEM, RECORD THE AVERAGE INSTALLMENT OF THE FIRST QUARTER (25%) OF THE LOAN'S LIFE. (2) THIS ITEM MUST BE EQUAL TO THE SUM OF ALL MONTHLY SERVICE CONCEPTS DETAILLED IN SECTION V OF THE CREDIT APPLICATION.

B.C.R.A. LOAN ORIGINATION AND ADMINISTRATION MANUALS
Section 4. Motor Vehicle Pledge Loan Origination and Administration Manual.
Version: 2nd. COMMUNICATION "A" 5740
Validity:
01/12/2014

2.2.4. That said authority applies consolidated supervision assuming the vigilance of liquidity and solvency, as well as the evaluation and control of risks and patrimonial situations in those terms.
The local requesting entity must observe these requirements through, for example, the obtaining of public information records, copy of the global certificate of the "USA Patriot Act" or subscription to the Wolfsberg Principles by the foreign entity, which must be available for consultation on their web pages or disseminated by external companies specialized in providing sensitive data of financial entities. In their absence, a sworn statement by the foreign financial entity will be admitted. This information must be kept available to the Superintendence of Financial and Exchange Entities. Likewise, when the foreign entity has an international risk rating, this information will be added to the records of compliance with the aforementioned requirements. The information stated in this point must be requested again by the requesting entity at least every two years or, in its absence, when the financial entity becomes aware that modifications have occurred. The total or partial impossibility of compliance with any of the aforementioned information requirements will constitute an impediment for the opening and/or maintenance of the correspondent account, and in the latter circumstance, the respective account must be closed. It must also proceed to close the accounts with respect to the foreign correspondent that verifies habitualness in issuing transfer operations that do not contain all the data required by the current regulations in foreign exchange matters, and the relationship cannot be resumed until at least two years have passed since the closure. The aforementioned requirements will not be applicable when the correspondent account is opened in a branch or subsidiary located abroad with respect to which the financial entity is subject to the provisions of point 5.2.4. of the rules on "Consolidated Supervision".

CORRESPONDENT ACCOUNTS

B.C.R.A.
Section 2. Request for correspondent service in financial entities -"our account"-.
Version: 4th. COMMUNICATION "A" 5740
Validity:
01/12/2014

ORIGIN OF PROVISIONS CONTAINED IN THE RULES ON "CORRESPONDENT ACCOUNTS"

Section	Point	Point
1.1.	“A” 5093	According to Com. “A” 5133.
1.2.	“A” 5093	According to Com. “A” 5223.
1.2.1.	“A” 5093
1.2.2.	“A” 5093	According to Com. “A” 5223.
1.3.	“A” 5093
1.3.1.	“A” 5093
1.3.2.	“A” 5093
1.
1.4.	“A” 5093
2.1.	“A” 5093	According to Com. “A” 5133 and 5223.
2.2.	“A” 5093	According to Com. “A” 5133, 5162, 5671 and 5740. Includes interpretative clarification.
2.2.1.	“A” 5093
2.2.2.	“A” 5093	According to Com. “A” 5133.
2.2.3.	“A” 5093
2.
2.2.4.	“A” 5093
3.1.	“A” 5093
3.1.1.	“A” 5093
3.1.2.	“A” 5093
3.1.3.	“A” 5093
3.2.	“A” 5093
3.2.1.	“A” 5093	According to Com. “A” 5133.
3.
3.2.2.	“A” 5093

B.C.R.A.

ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON

"CORRESPONDENT ACCOUNTS"

Circular LISOL 1-630, OPASI 2-475, OPRAC 1-765, REMON 1-896, RUNOR 1-1126, Communications A 5671 and 5691. Update of provisions and consolidated texts.

ORIGIN OF PROVISIONS CONTAINED IN THE RULES ON "GRADUATION OF CREDIT"

B.C.R.A.

ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON "GRADUATION OF CREDIT"

1.1.9.3. Registration of prepayment.

1.1.10. Insurance.

1.1.10.1. Life insurance.

1.1.10.2. Property damage insurance.

1.1.10.3. Other insurance.

APPROVAL AND ANALYSIS FORM

4.1.9.2. Partial prepayment guidelines.

4.1.9.3. Registration of prepayment.

4.1.10. Insurance.

4.1.10.1. Life insurance.

4.1.11. Motor vehicle damage insurance.

4.5.2. Approval and analysis form.

APPROVAL AND ANALYSIS FORM

CORRESPONDENT ACCOUNTS

ORIGIN OF PROVISIONS CONTAINED IN THE RULES ON "CORRESPONDENT ACCOUNTS"

ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON

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