Circular OPASI 2-309, OPRAC 1-531, REMON 1-765: Decree 905/02. Deposits with Coefficient of Reference Stabilization (CER) Clause

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
COMMUNICATION "A" 3660 12/07/2002
TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 309
OPRAC 1 - 531
REMON 1 - 765
Decree 905/02. Deposits with Coefficient of Reference Stabilization ("CER") Clause.

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We address you to inform you that this Institution has adopted the following resolution:

"1. Replace point 1.5.2. of Section 1. of the regulations on "Time Deposits and Investments" with the following:
"1.5.2. Denomination of each type of operation.
The corresponding denomination shall be inscribed according to the type of operation ("Non-transferable fixed-term deposit certificate", "Fixed-term deposit certificate for national public securities", "Fixed-term deposit certificate with variable interest clause", "Non-transferable/transferable fixed-term deposit certificate with Coefficient of Reference Stabilization ("CER") application clause", etc.). When a deposit certificate corresponds to an operation that will be subject to automatic renewal, the inscription "Renewable" must appear, using identical characters."

2. Replace point 1.5.10. of Section 1. of the regulations on "Time Deposits and Investments", with the following:
   "1.5.10. Coefficient of Reference Stabilization ("CER") corresponding to the banking business day preceding the date of establishment of the deposit, usable as a base for the calculation of updating, when applicable."

3. Replace point 1.9. of Section 1. of the regulations on "Time Deposits and Investments",
   with the following:
   "1.9. Deposits with "CER" clause.
   The deposit amount shall be updated by applying the value of the Coefficient of Reference Stabilization ("CER") resulting from comparing the indices of the banking business day preceding the date of establishment and that of equal antecedence to the maturity date. These deposits may only be made in pesos and must be established with cash or with debit to checking or savings accounts charged against the available cash margin or with debit to accounts with free availability of funds or with funds converted in the foreign exchange market from transfers received from abroad eligible to be paid in cash, not linked to foreign trade operations."

4. Incorporate as point 1.10.3. of Section 1. of the regulations on "Time Deposits and Investments", the following:
   "1.10.3. Deposits with "CER" clause.
   According to the rate freely agreed upon."

5. Incorporate as point 1.10.4.2. of Section 1. of the regulations on "Time Deposits and Investments", the following:
   "1.10.4.2. In the case of "Deposits with CER clause", interest shall be calculated on the updated capital, as provided in point 1.9."

6. Incorporate as point 1.11.3. of Section 1. of the regulations on "Time Deposits and Investments", the following:
   "1.11.3. Deposits with "CER" clause.
   Minimum: 90 days."

7. Modify the denomination of the regulations on "Minimum application of resources from demand obligations in pesos" to "Minimum application of resources from demand and time obligations in pesos".

8. Incorporate, in Sections 1. and 2. of the regulations on "Minimum application of resources from demand and time obligations in pesos" the following points:
   "1.1.1.3. Fixed-term deposits with "CER" clause."
   "1.3.10. Fixed-term deposits with "CER" clause. 100" "2.1.3. Letters of the Central Bank of the Republic Argentina in pesos adjustable by the Coefficient of Reference Stabilization ("CER"), acquired in auctions or through secondary negotiation. This application must be equivalent to the amount resulting from the requirement established in point 1.3.10. of Section 1. on fixed-term deposits with "CER" clause and shall only be admitted for that purpose."

9. Incorporate in Section 1. of the regulations on "Minimum Cash" the following point:
   "1.3.21. Fixed-term deposits with "CER" clause. 0"

We send you attached the sheets that should be replaced in the respective ordered texts of the regulations on "Time Deposits and Investments", "Minimum application of resources from demand and time obligations in pesos" and "Minimum Cash". We salute you very respectfully. BANCO CENTRAL DE LA REPUBLICA ARGENTINA Alfredo A. Besio José Rutman Manager of Issuance Principal Manager of of Norms Norms and Authorizations

ANNEX

B.C.R.A.
ORDERED TEXT OF THE REGULATIONS ON
MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME OBLIGATIONS IN PESOS Version: 2nd. COMMUNICATION "A" 3660 Validity:
12/07/2002 Page 1
-Index
Section 1. Scope.
1.1. Obligations included.
1.2. Application base.
1.3. Requirements.
Section 2. Application.
2.1. Destinations.
Section 3. Application defects.
3.1. Determination.

B.C.R.A. MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME OBLIGATIONS IN PESOS
Section 1. Scope.
Version: 2nd. COMMUNICATION "A" 3660 Validity:
12/07/2002 Page 1
1.1. Obligations included.
1.1.1. Concepts included.
1.1.1.1. Deposits and other obligations for financial intermediation on demand
in pesos.
Obligations that do not participate in the concept of financial intermediation are not included, among them the following:
i) Price balances for the purchase of movable and immovable goods destined for own use. ii) Obligations linked to the proper functioning of the entity, such as:
a) Profits or surpluses pending distribution - including cash dividends, returns, fees and other pending payments or crediting - until the moment of making them available to the holders. b) Sums received from third parties and made available by the entity to professionals or managers, to cover the payment of ancillary service provision, such as title study, background checks, powers of attorney or appraisals. c) Social charges, taxes and withholdings for personnel, pending payment. d) Expenses, salaries, severance indemnities, fees, pending payment. iii) Collections on account of matured loans or for the sale of movable and immovable goods, while they are not applied to reduce the corresponding asset items.
1.1.1.2. Unused balances of formalized current account advances that do not
contain clauses that enable the entity to unilaterally and discretionarily cancel the possibility of use of such margins.
1.1.1.3. Fixed-term deposits with "CER" clause.
1.1.2. Exclusions.
1.1.2.1. Obligations with the Central Bank of the Republic Argentina.
1.1.2.2. Obligations with local financial entities.

B.C.R.A. MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME OBLIGATIONS IN PESOS
Section 1. Scope.
Version: 2nd. COMMUNICATION "A" 3660 Validity:
12/07/2002 Page 2
1.1.2.3. Obligations with banks abroad - including parent and controlling entities of local entities and their branches - for lines destined to the financing of foreign trade operations.
1.1.2.4. Obligations for spot purchases to be settled and forward.
1.1.2.5. Spot sales to be settled and forward, linked or not to active repos.
1.1.2.6. Demand obligations for drafts and transfers from abroad pending
payment and for correspondent operations abroad.
1.1.3. Calculation.
The included obligations shall be calculated by the balances of capital effectively transacted, including, where applicable, quotation differences (positive or negative).
1.2. Application base.
The requirement shall be applied to the monthly average of the daily balances of the included obligations, recorded at the close of each day during each calendar month. The averages shall be obtained by dividing the sum of the daily balances by the total number of days of each month. On days when no movement is recorded, the balance corresponding to the immediate preceding banking business day shall be repeated.
1.3. Requirement.
The requirement amounts resulting from applying the following rates shall be applied:
Concept Rate
In %
1.3.1. Checking account deposits. 18
1.3.2. Savings account deposits. 18
1.3.3. Pupillary usuries, special accounts for closed circles,
special accounts for cash deposits, "Unemployment Fund for construction industry workers", "Payment of remunerations", special checking accounts for legal entities and pension savings account. 18

B.C.R.A. MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME OBLIGATIONS IN PESOS
Section 1. Scope.
Version: 2nd. COMMUNICATION "A" 3660 Validity:
12/07/2002 Page 3
1.3.4. Other deposits and demand obligations, pension benefits credited by ANSES pending cashing
and immobilized balances corresponding to obligations included in these regulations. 18
1.3.5. Unused balances of formalized current account advances. 18
1.3.6. Demand placements - regardless of the deposit form - that, as a minimum, must constitute the equity of the
investment funds (as provided in the
Norms of the National Securities Commission). 0
1.3.7. Deposits in checking accounts of non-bank financial entities,
calculable for the integration of their minimum cash. 0
1.3.8. Obligations from foreign financial lines. 0
1.3.9. Demand deposits made by order of the Judiciary with
funds originating in the cases in which it intervenes, and their immobilized balances. 0
1.3.10. Fixed-term deposits with "CER" clause. 100

MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME OBLIGATIONS IN PESOS B.C.R.A.
Section 2. Application.
Version: 2nd. COMMUNICATION "A" 3660 Validity:
12/07/2002 Page 1
2.1. Destinations.
2.1.1. Acquired credits, participation certificates or debt titles issued by
financial trusts, and sums contributed in another way for any of these destinations in operations formalized or to be formalized from 11/26/98, upon the restructuring of financial entities within the framework of article 35 bis of the Financial Entities Law, including any unpaid balances of participation certificates or debt titles of those trusts subscribed until 01/31/01.
2.1.2. Public titles.
Holding of the "National Government Bond 9% - maturity 2002" (own portfolio and from loans). Its calculation shall be allowed at nominal value, converted at the rate of $ 1.40 for each US dollar, recalculated by application of the "Coefficient of Reference Stabilization ("CER")", without taking into account the accrued interest, provided that the titles are kept deposited in the account opened at the Central Registry and Settlement of Public Liabilities and Financial Trusts "CRYL" of the Central Bank of the Republic Argentina.
2.1.3. Letters of the Central Bank of the Republic Argentina in pesos adjustable by the Coefficient of Reference Stabilization ("CER"), acquired in auctions or through
secondary negotiation.
This application must be equivalent to the amount resulting from the requirement established in point 1.3.10. of Section 1. on fixed-term deposits with "CER" clause and shall only be admitted for that purpose.

MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME OBLIGATIONS IN PESOS B.C.R.A.
Section 3. Application Defects.
Version: 2nd. COMMUNICATION "A" 3660 Validity:
12/07/2002 Page 1
3.1. Application defects.
The defect of resource application determined in a month shall be calculated at an equivalent amount in the calculation of the minimum cash requirement in pesos of that same period, without any other consequence.

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE REGULATIONS ON MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME OBLIGATIONS IN PESOS ORDERED TEXT ORIGIN NORM OBSERVATIONS Sec. Point Para. Com. Annex Sec. Point Para.
1.1. "A" 3598 unique 1. 1.1. According to Comm. "A" 3660.
1.2. "A" 3598 unique 1. 1.2.
1.
1.3. "A" 3598 unique 1. 1.3. According to Comm. "A" 3660.
2.1. "A" 3598 unique 2. 2.1.
2.1.1. "A" 3598 unique 2. 2.1.1.
2.1.2. "A" 3598 unique 2. 2.1.2. According to Comm. "A" 3621.
2.
2.1.3. "A" 3660
3. 3.1. "A" 3598 unique 3. 3.1.

MINIMUM CASH
B.C.R.A.
Section 1. Requirement.
Version: 7th. COMMUNICATION "A" 3660 Validity:
12/07/2002 Page 5
1.3.18. Demand and fixed-term deposits made by order of the
Judiciary with funds originating in the cases in which it intervenes, and their immobilized balances. 10
1.3.19. Special accounts in US dollars destined
to the deposit of guarantees required in the operations of futures and options that are processed in the self-regulated markets subject to the control of the National Securities Commission. 100
1.3.20. Special demand accounts in foreign currency. 100
1.3.21. Fixed-term deposits with "CER" clause. 0
1.4. Specific increases in requirement due to liability concentration.
When an excessive concentration of liabilities (in holders and/or terms) is verified, which implies a significant risk regarding the individual liquidity of the financial entity and/or has an important negative effect on systemic liquidity, additional minimum cash may be set on the liabilities included in the financial entity and/or those complementary measures deemed pertinent. It shall be considered that this situation is configured when, among others, any of the following factors are present:

• A high percentage of liabilities is concentrated in the same holder or holders.
• In term obligations, the term is short.
• The aforementioned liabilities represent a significant percentage regarding the integration of the minimum cash and/or the total deposits of the private sector in the entity.
  1.5. Transfers.
  1.5.1. Admitted margin.
  The integration of the minimum cash of the positions in monthly average of daily balances of the included obligations cannot be less than 90% of the requirement resulting from the following expression:
  EEMA (n) = EEF (n) + ENI (n-1)
  Where
  EEMA (n): adjusted minimum cash requirement corresponding to month "n".
  EEF (n): minimum cash requirement according to current regulations corresponding to month "n". ENI (n-1): requirement not integrated in month "n-1".

MINIMUM CASH
B.C.R.A.
Section 1. Requirement.
Version: 3rd. COMMUNICATION "A" 3660 Validity:
12/07/2002 Page 7

• corresponding to foreign diplomatic or consular representations, international organizations, special missions and commissions or bilateral or multilateral organs
  established by treaties in which the Argentine Republic is a party, and to foreign officials of those entities, accredited before the Ministry of Foreign Affairs, International Trade and Worship, provided that the accounts are related to the performance of their functions,
• reprogrammed balances that are ceded by other financial entities, maintained as
  deposit in the receiving entity under the reprogramming conditions, on the occasion of the execution of an operation provided in point 5. of the "Regime for reprogramming of deposits", and
• made by order of the Judiciary in the cases in which it intervenes when their receipt
  by the depositary entity is mandatory according to the legislation of the jurisdiction. Obligations for "acceptances" shall also not be considered if there is the entry of cash money, or by debit of "special accounts for cash deposits", or of transfers received from abroad eligible to be paid in cash, not linked to foreign trade operations. For the purpose of determining the computable growth, the obligations included in foreign currency and the respective comparison base shall be converted to pesos at the rate of one peso with forty cents for each US dollar ($ 1.40 = US$ 1) or its equivalent.
  1.7. Defect of application of resources in foreign currency.
  The defect of application of resources corresponding to deposits in foreign currency that is determined in a month shall be calculated at an equivalent amount in the calculation of the minimum cash requirement of that same period.
  1.8. Defect of application of resources in pesos.
  The defect of "minimum application of resources from demand and time obligations in pesos" that is determined in a month shall be calculated at an equivalent amount in the calculation of the minimum cash requirement in pesos of that same period.

B.C.R.A. ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE REGULATIONS ON MINIMUM CASH ORDERED TEXT ORIGIN NORM OBSERVATIONS Sec. Point Para. Com. Annex Sec. Point Para.
1.1. "A" 3274 II 1. 1.1.
1.1.1. "A" 3274 II 1. 1.1.1. According to Comm. "A" 3498.
1.1.2. "A" 3274 II 1. 1.1.2. According to Comm. "A" 3597.
1.1.3. "A" 3274 II 1. 1.1.3. According to Comm. "A" 3498.
1.2. "A" 3274 II 1. 1.2. According to Comm. "A" 3304, "A"
3498 and "A" 3597.
1.3. "A" 3274 II 1. 1.3.
1.3.1. "A" 3274 II 1. 1.3.1. According to Comm. "A" 3338, "A"
3417, "A" 3498 and "A" 3597.
1.3.2. "A" 3274 II 1. 1.3.2. According to Comm. "A" 3338, "A"
3417, "A" 3498 and "A" 3597.
1.3.3. "A" 3274 II 1. 1.3.3. According to Comm. "A" 3338, "A"
3399, "A" 3417, "A" 3498 and "A" 3597.
1.3.4. "A" 3274 II 1. 1.3.4. According to Comm. "A" 3338, "A"
3417, "A" 3498 and "A" 3597.
1.3.5. "A" 3274 II 1. 1.3.5. According to Comm. "A" 3338, "A"
3417, "A" 3498 and "A" 3597.
1.3.6. "A" 3274 II 1. 1.3.6. According to Comm. "A" 3365 and
"A" 3498.
1.3.7. "A" 3274 II 1. 1.3.7.
1.3.8. "A" 3498 unique 1. 1.3.8. According to Comm. "A" 3506 -
pt. 2.- and "A" 3549.
1.3.9. "A" 3498 unique 1. 1.3.9. According to Comm. "A" 3549.
1.3.10. "A" 3498 unique 1. 1.3.10. According to Comm. "A" 3549.
1.3.11. "A" 3498 unique 1. 1.3.11. According to Comm. "A" 3597.
1.3.12. "A" 3498 unique 1. 1.3.12.
1.3.13. "A" 3498 unique 1. 1.3.13.
1.3.14. "A" 3506 3.
1.3.15. "A" 3506 3.
1.3.16. "A" 3527 3.
1.3.17. "A" 3549 1.
1.3.18. "A" 3549 1.
1.3.19. "A" 3566 5.
1.3.20. "A" 3583
1.3.21. "A" 3660
1.4. "A" 3274 II 1. 1.5. According to Comm. "A" 3498.
1.5. "A" 3274 II 1. 1.6.
1.5.1. "A" 3274 II 1. 1.6.1.
1.5.2. "A" 3274 II 1. 1.6.2. According to Comm. "A" 3304.
1.6. "A" 3470 1. According to Comm. "A" 3498, "A"
3549 and "A" 3566, pt. 6.
1.
1.7. "A" 3498 unique 1. 1.8.

MINIMUM CASH
ORDERED TEXT ORIGIN NORM OBSERVATIONS
Sec. Point Para. Com. Annex Sec. Point Para.
1. 1.8. "A" 3597 1. According to Comm. "A" 3660.
2.1. "A" 3274 II 2. 2.1. According to Comm. "A" 3498 and
"A" 3597.
2.1.1. "A" 3274 II 2. 2.1.1. According to Comm. "A" 3304.
2.1.2. "A" 3274 II 2. 2.1.2. According to Comm. "A" 3304 and
"A" 3498.
2.1.3. "A" 3498 unique 2. 2.1.3.
2.1.4. "A" 3274 II 2. 2.1.3. According to Comm. "A" 3498.
2.1.5. "A" 3274 II 2. 2.1.4.
2.1.6. "A" 3311
2.1.7. "A" 3498 unique 2. 2.1.7.
2.2. "A" 3274 II 2. 2.2. According to Comm. "A" 3498
2.3. "A" 3365 2. According to Comm. "A" 3387,
3470, "A" 3498, "A"
3549 and "A" 3597.
2.
2.4. "A" 3527 4.
3.1. "A" 3274 II 3. 3.1.
3.1.1. "A" 3274 II 3. 3.1.1. According to Comm. "A" 3326,
3365, "A" 3498 and "A"
3549.
3.1.2. "A" 3274 II 3. 3.1.2.
3.1.3. "A" 3274 II 3. 3.1.3. According to Comm. "A" 3326.
3.1.4. "A" 3274 II 3. 3.1.4.
3.2. "A" 3274 II 3. 3.2.
3.2.1. "A" 3274 II 3. 3.2.2.1.
3.2.2. "A" 3274 II 3. 3.2.2.2.
3.3. "A" 3274 II 3. 3.3. According to Comm. "A" 3498.
3.3.1. "A" 3274 II 3. 3.3.1.
3.
3.3.2. "A" 3274 II 3. 3.3.2.
4. 4.1. "A" 3274 II 4. 4.1.
5. 5.1. "A" 3274 II 5. 5.1. According to Comm. "A" 3498.
6. 6.1. "A" 3498 unique 1. 1.7. According to Comm. "A" 3508,
"A" 3582 and "A" 3597.

B.C.R.A. ORDERED TEXT OF THE REGULATIONS ON
TIME DEPOSITS AND INVESTMENTS
Version: 2nd. COMMUNICATION "A" 3660 Validity:
12/07/2002 Page 1

• Index -
  Section 1. Fixed-term.
  1.1. Admitted collection modalities.
  1.2. Holders.
  1.3. Investor identification and tax situation.
  1.4. Special safeguards.
  1.5. Instrumentation.
  1.6. Operational modalities.
  1.7. Establishment.
  1.8. Admitted currencies and titles.
  1.9. Deposits with "CER" clause.
  1.10. Remuneration.
  1.11. Term.
  1.12. Cancellation of the operation.
  1.13. Automatic renewal.
  1.14. Transmission.
  1.15. Secondary negotiation.
  1.16. Prohibitions.
  1.17. Publication of the norms
  Section 2. Time Investments.
  2.1. General aspects.
  2.2. Constant term.

TIME DEPOSITS AND INVESTMENTS B.C.R.A.
Section 1. Fixed-term.
Version: 2nd. COMMUNICATION "A" 3660 Validity:
12/07/2002 Page 1
1.1. Admitted collection modalities.
Financial entities may collect funds for term under the deposit modality, from third parties external to the financial sector, only with adjustment to the provisions established in these regulations.
1.2. Holders.
Natural and legal persons.
1.3. Investor identification and tax situation.
It shall be verified based on the documents that holders must exhibit, with adjustment to what is provided in points 3.1. and 3.2. of Section 3.
1.4. Special safeguards.
Safeguards must be taken to the utmost to prevent the receipt of deposits in the name of non-existent persons due to the presentation of non-authentic documents as well as to prevent them from being used in relation to the development of illicit activities.
1.5. Instrumentation.
The instruments representing these operations must state:
1.5.1. Correlative numbering.
It shall be inserted according to the information systems that each entity has implemented and must appear printed at the moment the respective certificate is delivered to the depositor.
1.5.2. Denomination of each type of operation.
The corresponding denomination shall be inscribed according to the type of operation ("Non-transferable fixed-term deposit certificate", "Fixed-term deposit certificate for national public securities", "Fixed-term deposit certificate with variable interest clause", "Non-transferable/transferable fixed-term deposit certificate with Coefficient of Reference Stabilization ("CER") application clause", etc.). When a deposit certificate corresponds to an operation that will be subject to automatic renewal, the inscription "Renewable" must appear, using identical characters.

DEPÓSITOS E INVERSIONES A PLAZO B.C.R.A.
Sección 1. A plazo fijo.
Versión: 3a. COMUNICACIÓN “A“ 3660 Vigencia:
12/07/2002 Página 2

1.5.3. Name and address of the receiving entity.
1.5.4. Place and date of issuance.
1.5.5. Name, surname, address, identity document, tax identification number (CUIT, CUIL or CDI) of the deposit holders, their legal representatives, and the persons to whose order the operation will be made, as well as the corporate name and registration number with the General Justice Inspection or other corresponding bodies, in the case of legal entities. It shall be mandatory to record the data of up to three of their holders; when they exceed this number, the total quantity shall also be indicated.
When the “Identification Key” is not available at the time of issuance of the certificate, if applicable, this shall be recorded in the certificate by the expression “CDI in process”. When the financial entity obtains the data, through the procedure implemented by the AFIP, it will incorporate it into its records.
1.5.6. Denomination and series of the deposited securities, if applicable.
1.5.7. Amount deposited or total nominal value of the deposited securities, as applicable.
1.5.8. Term of the operation.
1.5.9. Nominal and effective annual interest rates and interest settlement period.
1.5.10. Reference Stabilization Coefficient (“CER”) corresponding to the banking business day prior to the date of constitution of the deposit, usable as a basis for the calculation of the update, when applicable.
1.5.11. Maturity date.
1.5.12. Place of payment.
1.5.13. Two authorized signatures of the depositary entity, duly identified.
1.5.14. Legend regarding the scope of the Guarantee regime, which must appear visibly and in print - on the front or back - in the terms corresponding to those provided in point 3.5. of Section 3.

1.6. Operational modalities.
1.6.1. Issuance of deposit certificates.
Deposits shall be instrumented through transferable or non-transferable nominative certificates issued by the depositary financial entities.

1.6.1.1. Characteristics of the certificates.
Each entity shall adopt the security precautions it deems necessary to prevent adulterations and any type of alteration in its text.

DEPÓSITOS E INVERSIONES A PLAZO B.C.R.A.
Sección 1. A plazo fijo.
Versión: 2a. COMUNICACIÓN “A“ 3660 Vigencia:
12/07/2002 Página 3

1.6.1.2. Delivery.
At the time of the deposit, the definitive certificate, intervened by the entity with seal and signature, shall be delivered to the holder or their representative, unless mechanized security writing systems are used, with the use of provisional receipts not being admitted.
1.6.1.3. Control of printed forms.
Mechanisms surrounded by the indispensable security precautions that enable effective control of the printed forms, with the intervention of the officials responsible for the operational offices, shall be implemented.
1.6.1.4. Cancellation of certificates.
Certificates that are cancelled for any reason shall be archived in the financial entity for a term of 10 years.
1.6.1.5. Certification of authenticity.
In the case of transferable nominative certificates, at the request of the duly identified holder, the issuing financial entity shall state on its reverse the authenticity of the document and that the deposit is recorded in the entity's records, through text, date, seal, and signatures of 2 officials.
1.6.1.6. Forgery or adulteration.
The financial entity that proves forgery, adulteration, or any type of alteration in a deposit certificate shall:
i) proceed to retain it against a receipt issued in the name of the presenter. ii) file the relevant police complaint.
1.6.1.7. Loss, theft, robbery, or burglary.
The provisions of the Commercial Code, Book II, Title X on Bills of Exchange, shall apply subsidiarily.

1.6.2. Crediting to account.
1.6.2.1. Fixed-term deposits imposed in pesos or foreign currency under the modality of non-transferable nominatives may be instrumented through the crediting of the respective funds in specific accounts opened for this sole purpose.
In these cases, it shall be presumed that the place of payment, at maturity, is the house where the account is located.

DEPÓSITOS E INVERSIONES A PLAZO B.C.R.A.
Sección 1. A plazo fijo.
Versión: 4a. COMUNICACIÓN “A“ 3660 Vigencia:
12/07/2002 Página 5

1.8.2. United States dollars and euros.
1.8.2.1. Payable in the same species.
i) Total or partial cancellations that are made shall be effected in the same class of asset (banknotes or transfers) in which the funds were imposed. ii) When the deposit has been made in banknotes, the depositor may opt, upon total or partial withdrawal, to receive banknotes or transfers.
1.8.2.2. Payable in pesos.
The effectiveness of the deposits and their cancellation - including the agreed interest - shall be effected in pesos considering the "Reference exchange rate" reported by the Central Bank of the Republic of Argentina for the banking business day prior to the date of imposition and the date of maturity, respectively.
1.8.3. Other currencies.
At the request of the entities, the Central Bank of the Republic of Argentina may authorize the collection of fixed-term deposits in other currencies. For cancellations, the criterion referred to in point 1.8.2 shall apply.
1.8.4. Public and private securities.
i) They may only be collected by banks and financial companies. ii) They must have normal and habitual quotation in the country or abroad, of wide dissemination and easy access to public knowledge. iii) Private securities must have a public offer authorized by the National Securities Commission.

1.9. Deposits with “CER” clause.
The deposit amount shall be updated by applying the value of the Reference Stabilization Coefficient (“CER”) resulting from comparing the indices of the banking business day prior to the date of constitution and that of equal antecedence to the day of maturity. These deposits may only be made in pesos and must be constituted with cash or with debit in current or savings accounts charged to the available cash margin or with debit in the accounts of free availability of funds or with funds converted in the foreign exchange market from transfers entered from abroad susceptible to be paid in cash, not linked to foreign trade operations.

DEPÓSITOS E INVERSIONES A PLAZO B.C.R.A.
Sección 1. A plazo fijo.
Versión: 3a. COMUNICACIÓN “A“ 3660 Vigencia:
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1.10. Remuneration.
1.10.1. Fixed-rate deposits.
According to the rate freely agreed upon.
1.10.2. Deposits with variable interest clauses (only in pesos and United States dollars).
1.10.2.1. Basic remuneration.
It shall be equivalent to:
i) The interest rate resulting from any of the following surveys conducted (in pesos or United States dollars) by the Central Bank of the Republic of Argentina:
a) Fixed-term deposits of 30 days or more (average). b) Loans to holders of the non-financial or financial sector. On the average rate of this option, the depositary entities may apply the discount percentage they freely agree with the depositor, which must remain invariable during the total agreed term. c) Obligations contracted with banks abroad, affiliated or not, (average). d) Offered between banks - Buenos Aires. ii) LIBOR for segments of 30 days or more. For these purposes, each entity may consider the level in effect on one of the days within the period between 2 and 5 banking business days immediately prior to the start date of each sub-computation period, which may not be less than 30 days. This option shall remain fixed for the entire validity term of the deposit. Once the level is determined, the rate must remain invariable for a term of no less than 30 days.

DEPÓSITOS E INVERSIONES A PLAZO B.C.R.A.
Sección 1. A plazo fijo.
Versión: 4a. COMUNICACIÓN “A“ 3660 Vigencia:
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1.10.2.2. Additional remuneration.
The number of points freely agreed upon by the depositary entities with the depositors, which must remain invariable during the total agreed term.
1.10.2.3. Record.
The body of the document instrumenting the deposit must clearly determine the basic parameter used, including the fixed antecedent days chosen for each operation, the additional points that will govern it, as well as the duration of the agreed sub-periods.
1.10.3. Deposits with “CER” clause.
According to the rate freely agreed upon.
1.10.4. Settlement.
It shall be effected from the date of receipt of the deposit (or the maturity of the previous agreed payment sub-period) until the day of maturity of the deposit (or each sub-period).
1.10.4.1. In the case of securities deposits, interest shall be calculated on the nominal values, paid in the currency agreed upon when making the deposit, at the maturity of the operation, converted according to the last closing quotation in pesos (spot) in the securities market where they are quoted.
1.10.4.2. In the case of “Deposits with CER clause”, interest shall be calculated on the updated capital, as provided in point 1.9.
1.10.5. Payment.
1.10.5.1. At final maturity for deposits with terms less than 180 days.
1.10.5.2. Periodic payment of accrued interest before the maturity of the deposit is admitted, provided that it is effected in arrears, with a frequency of no less than 30 days and refers to deposits with terms of 180 days or more.

1.11. Term.
1.11.1. Fixed interest rate deposits.
1.11.1.1. In pesos or foreign currency.
i) Non-transferable.
Minimum: 7 days.

DEPÓSITOS E INVERSIONES A PLAZO B.C.R.A.
Sección 1. A plazo fijo.
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Deposits in pesos of less than 14 days may only be constituted with cash or with debit in current or savings accounts charged to the available cash margin or with debit in the special accounts for cash deposits or with funds converted in the foreign exchange market from transfers entered from abroad susceptible to be paid in cash, not linked to foreign trade operations. Fixed-term deposits in pesos may also be constituted with funds from current and savings accounts in pesos regarding balances not available in cash, for a minimum term of 14 days. At maturity, the certificates may only be renewed or deposited in these accounts, an aspect that must be recorded in the document. ii) Transferable. Minimum: 30 days. Deposits in pesos must be constituted with cash or with debit in current or savings accounts charged to the available cash margin or with debit in the special accounts for cash deposits or with funds converted in the foreign exchange market from transfers entered from abroad susceptible to be paid in cash, not linked to foreign trade operations. Deposits in foreign currency may only be constituted with cash or with transfers entered from abroad susceptible to be paid in cash, not linked to foreign trade operations. Deposits in United States dollars payable in pesos must be constituted for a term of 14 days or more with the entry of cash or with debit in current or savings accounts charged to the available cash margin or with debit in the special accounts for cash deposits.

1.11.1.2. Of public and private securities.
That freely agreed upon.
1.11.2. Deposits with variable interest clauses.
Minimum: 120 days.
Longer terms must be multiples of the sub-computation period chosen to determine the applicable rate, according to point 1.10.2.1.

DEPÓSITOS E INVERSIONES A PLAZO B.C.R.A.
Sección 1. A plazo fijo.
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1.11.3. Deposits with “CER” clause.
Minimum: 90 days.

1.12. Cancellation of the operation.
1.12.1. The documents used to finalize the cancellation of an operation must meet the characteristics of a receipt, which, in the case of certificates, may be inserted in the same form. At the request of the interested party, a duplicate of the document shall be delivered.
When the deposits are formalized through crediting to account or in a non-personal manner, the credit in the account indicated by the client shall constitute satisfactory proof.
1.12.2. Non-transferable deposits may not be withdrawn, in whole or in part, before their maturity.

1.13. Automatic renewal.
1.13.1. Holders of fixed-term non-transferable nominative deposits may authorize the reinvestment of the imposed capital for successive predetermined periods, equal or not, subject to the regulations in force at the time of renewal.
1.13.2. The reinvestment may include the accrued interest that will be capitalized.
If not included, the interest must be credited, at the end of each period, in the account indicated by the client.
1.13.3. The authorization for automatic renewal must be extended in writing at the time of the constitution of the deposit.
When the certificate remains in custody with the entity, the renewal may be ordered by other means (telephone, "internet", electronic, etc.). Entities must have implemented computer security mechanisms that guarantee the genuineness of the operations.
1.13.4. The authorization shall remain valid until new notice, in writing or by other agreed means, or until the holder presents themselves for collection, at the corresponding maturity.
1.13.5. The entity shall adequately preserve the records related to the orders given by the client.
1.13.6. No deposit certificates shall be issued, nor new fund entries registered, for the renewals.

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Sección 1. A plazo fijo.
Versión: 2a. COMUNICACIÓN “A“ 3660 Vigencia:
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1.14. Transmission.
Transferable nominative certificates issued in accordance with the provisions of Law 20.663 and these norms shall be transferable by endorsement that precisely indicates the beneficiary and the date on which the transmission takes place. Endorsements to bearer or in blank shall not be valid.

1.15. Secondary negotiation.
1.15.1. Financial entities may intermediate or purchase transferable certificates, provided that from the date of issuance or last negotiation or transfer, regardless of the reason for them, a period - as derived from the document itself - has elapsed of no less than 30 days, except when it concerns operations between entities.
1.15.2. Certificates acquired by the issuing entities themselves shall be charged to the respective deposit, which must be cancelled.
1.15.3. Financial entities that make use of rediscounts or advances from the Central Bank of the Republic of Argentina for temporary illiquidity situations may not acquire fixed-term deposit certificates or term investment certificates - in pesos, foreign currency, or securities - issued by them, even if the minimum term of 30 days has elapsed from the date of issuance or last negotiation or transfer, while those facilities remain in force.

1.16. Prohibitions.
1.16.1. The following deposits shall not be admitted:
1.16.1.1. Constituted in the name of other financial entities included in the Financial Entities Law.
1.16.1.2. With automatic renewal (except that provided in point 1.13.) with indefinite term or with the obligation to return them before their maturity.
1.16.1.3. With maturities that operate on non-business days. When the maturity day is declared non-business after the date of imposition, it may be renewed with value to that day, or extend its maturity and correlative interest settlement at the agreed rate, until the first subsequent business day.
1.16.1.4. From residents or non-residents in the country, under any modality of concertation and through associated agreements - formalized or not - implying that the return of the imposed funds is guaranteed by another financial entity, except in the specifically admitted cases by the Central Bank of the Republic of Argentina.

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Sección 1. A plazo fijo.
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1.16.2. Participations.
Financial entities may not extend participations - whatever their concept - on one or more deposit certificates.

1.17. Publicity of the norms.
Financial entities shall display, for public knowledge and in places visible to them, the current norms on fixed-term deposits.

B.C.R.A. ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE NORMS ON FIXED-TERM DEPOSITS AND INVESTMENTS ORDERED TEXT ORIGIN NORM Sec. Point Par. Com. Annex Chap. Sec. Point Par. OBSERVATIONS
1.1. “A” 3043
1.2. “A” 3043
1.3. “A” 3043
1.4. “A” 1199 I 5.7.
1.5.1. “A” 1653 I 3.4.5. 1°
“A” 1465 I 2.1.3.1.
“A” 1653 I 3.4.4.1.
1.5.2.
“A” 1820 I 3.5.
According to Com. “A” 3660.
1.5.3. “A” 1465 I 2.1.3.2.
“A” 1653 I 3.4.4.2.
1.5.4. “A” 1465 I 2.1.3.3.
"A" 1653 I 3.4.4.3.
“A” 1465 I 2.1.3.4.
2.1.3.5.
3.4.4.4. 1.5.5. “A” 1653 I
3.4.4.5.
S/Com. “A” 3043 and “A”
3323.
1.5.6. “A” 1465 I 2.1.3.6.
1.5.7. “A” 1465 I 2.1.3.7.
“A” 1653 I 3.4.4.6.
1.5.8. “A” 3043
1.5.9. “A” 1465 I 2.1.3.8.
“A” 1653 I 3.4.4.7.
1.5.10. “A” 3660
1.5.11. “A” 1465
“A” 1653
I
I
2.1.3.9.
3.4.4.9.
According to Com. “A” 3660.
1.5.12. “A” 1465
“A” 1653
I
I
2.1.3.10.
3.4.4.10.
According to Com. “A” 3660.
1.5.13. “A” 1465
“A” 1653
I
I
2.1.3.12.
3.4.4.11.
According to Com. “A” 3660.
1.5.14. “A” 1465 I 2.1.3.11. According to Com. “A” 3660.
1.6.1. “A” 1465
“A” 1653
I
I
2.1.3.
3.1.
3.3.
1°
1.6.1.1. “A” 1653
“A” 1913
I 3.4.4.
1.
1°
1.6.1.2. “A” 1653 I 3.4.1.
3.4.2.
1.6.1.3. “A” 1653 I 3.4.5.
3.4.6.
2°
1.6.1.4. “A” 1653 I 3.4.5. 3°
1.6.1.5. “A” 1653 I 3.4.7.
1.6.1.6. “A” 1653 I 3.4.8.
1.6.1.7. “A” 3043 I
1.6.2.1. “A” 1913 2. 1°
1.
1.6.2.2. 1° “A” 1913 2°
2°a
4° “A” 3323

DEPÓSITOS E INVERSIONES A PLAZO
ORDERED TEXT ORIGIN NORM
Sec. Point Par. Com. Annex Chap. Sec. Point Par. OBSERVATIONS
1.7. “A” 1653 I 3.4.1.
1.7.1. “A” 1653
“A” 1913
I 3.4.2.
2. 2°
1.7.2. “A” 3043
1.8.1. "A" 1199 I 3.
1.8.2. “A” 1820 I 3.2. 2° S/Com. “A” 3293 and “A”
3527.
1.8.3. “A” 1820 I 3.2. 1°
1.8.4. “A” 1465 I 2.
1.8.4. i) “A” 2275 2. 1°
1.8.4. ii) “A” 2275 2.1.
1.8.4. iii) “A” 2275 2.1.
1.9. “A” 3660
1.10.1. “A” 1465
“A” 1653
“A” 1820
I
2.1.2.
3.1.1.2.
3.3.1.2.
3.4.
According to Com. “A” 3660.
1.10.2.1. “A” 2188 2.1. 1° S/Com. ”A” 2962 pt.
2.1. and “A” 3660
1.10.2.2. “A” 2188 2.1. 2° S/Com. ”A” 2962 pt.
2.2. and “A” 3660.
1.10.2.3. “A” 2188 2.3. S/Com. ”A” 2962 pt.
2.2. and “A” 3660.
1.10.3. “A” 3660
1.10.4. 1° “A” 1199 I 5.3.2. According to Com. “A” 3660.
1.10.4.1 “A” 1465 I 2.1.2. 2° According to Com. “A” 3660.
1.10.4.2. “A” 3660
1.10.5.1. “A” 1199 I 5.3.2. According to Com. “A” 3660.
1.10.5.2. “A” 2482 2. According to Com. “A” 3660.
i) “A” 1653
“A” 1820
“A” 2061
I 3.1.1.1.
3.3.
1.1.1.
S/Com. “A” 3485, “A”
3527 and “A” 3660.
1.11.1.1. ii) “A” 1653
“A” 1820
I 3.3.1.1.
3.3.
S/Com. “A” 3485, “A”
3527 and “A” 3660.
1.11.1.2. “A” 1465
“A” 1603
“A” 2275
I 2.1.1.
5.
2.
According to Com. “A” 3660.
1.11.2. “A” 2188 1. According to Com. “A” 3660.
1.11.3. “A” 3660 According to Com. “A” 3660.
1.12.1. 1° “A” 1653 I 3.4.13.2.
2° “A” 3043
According to Com. “A” 3660.
1.12.2. "A" 1653 I 3.4.13.1. According to Com. “A” 3660.
1.13.1. “A” 1653 I 3.4.13.3. 1° According to Com. “A” 3660.

DEPÓSITOS E INVERSIONES A PLAZO
ORDERED TEXT ORIGIN NORM OBSERVATIONS
Sec
.
Point Par. Com. Annex Chap. Sec. Point Par.
1.13.2. “A” 3043 According to Com. “A” 3660.
1.13.3. 1° “A” 1653 I 3.4.13.3.1
.
According to Com. “A” 3660.
1.13.3. 2° "A" 3043 According to Com. “A” 3660.
1.13.4. “A” 1653 I 3.4.13.3. 1° According to Com. “A” 3660.
1.13.5. “A” 3043 According to Com. “A” 3660.
1.13.6. “A” 1653 I 3.4.13.3.4
.
According to Com. “A” 3660.
1.14. “A” 1653 I 3.3.3.1. According to Com. “A” 3660.
1.15.1. “A” 1653
“A” 1820
“A” 2064
I
I 3.3.3.2.
3.8.
1°
1°
últ.
According to Com. “A” 3660.
1.15.2. “A” 1653
“A” 1820 I
I 3.3.3.2.
3.8.
2°
3°
According to Com. “A” 3660.
1.15.3. “A” 2308 According to Com. “A” 3660.
1.16.1.1. “A” 1653 I 3.4.3.1. According to Com. “A” 3660.
1.16.1.2. “A” 1653 I 3.4.3.2. According to Com. “A” 3660.
1.16.1.3. “A” 1653 I 3.4.3.3. According to Com. “A” 3660.
1.16.1.4. “A” 2383 According to Com. “A” 3660.
1.16.2. “A” 1653 I 3.4.9. According to Com. “A” 3660.
1.17. “A” 1653 I 3.4.11. According to Com. “A” 3660.
2.1.1. “A” 2482 1.
2.1.2. “A” 3043
2.1.3. “A” 1199 I 5.7.
2.1.4. “A” 2482 1.A)3.
1.B)3.
1.C)3.
1.D)3.
2.1.5. “A” 1653 I 3.4.1.
3.4.2.
2.1.6. “A” 1820
“A” 2482
I 3.2
1.A)4.
1.B)4.
1.C)4.
1.D)2.
2° S/Com. “A” 3293.
2.1.7. “A” 2482 1.A)6.
1.B)6.
1.C)6.
2.1.8.1. “A” 1653 I 3.4.13.2.
2.1.8.2. “A” 1653 I 3.4.13.1.
2.1.9. “A” 2482 1. 3°
2.
2.1.10. “A” 2482 1. 2°
2.2.1. “A” 2482 1.A)1.
2.2.2. “A” 2482 1.A)2. 4°
2.2.3. “A” 2482 1.A)5.
2.3.1. “A” 2482 1.B)1. 1°
2.3.2. “A” 2482 1.B)1. 2°
2.3.3.1. “A” 2482
"A" 2482
1.B)2. 1°
4°
2.3.3.2. “A” 2482 1.B)2. 2°
2.3.4. “A” 2482 1.B)5.

DEPOSITOS E INVERSIONES A PLAZO
ORDERED TEXT ORIGIN NORM OBSERVATIONS
Sec. Point Par. Com. Annex Chap. Sec. Point Par.
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. 1°
4°
2.4.2.2. “A” 2482 1.C)2. 2°
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/Com. ”A” 3043.
2.5.2.1. “A” 2482 1.D)4.2. S/Com. ”A” 2617.
2.5.2.2. “A” 2482 1.D)4.1.
2.5.3. “A” 2482 1.D)5. S/ Com. “A” 2617.
2.5.4. “A” 2617 2.
2.5.5.1. “A” 2617 unique 1. S/Com. “A” 3043 and
“A” 3185.
2.5.5.2. “A” 2617 unique 2.
2.5.5.3. “A” 2617 unique 3. S/Com. “A” 3090 and
“A” 3185.
2.5.5.4. “A” 2617 unique 4.
2.5.5.5. “A” 2617 unique 5. S/Com. “A” 2961 –
Annex.
2.5.5.6. “A” 2617 unique 6. S/Com. “A” 2961 –
Annex.
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
1° "A" 1891 S /Com. "A" 1922 and
“A” 3323.
3.2.
2° “A” 3323
3.3.1. "A" 2252 1.1.
3.3.2. "A" 2252 1.2.
3.3.3. "A" 2252 1.3.
3.3.4. "A" 2252 1.4. S/Com. "A" 2482 -
pt. 3. and “A” 3043.
3.3.5. "A" 2252 1.5. S/Com. "A" 2482 –
pt. 3. and ”A” 3043.
3.3.6. "A" 2252 1.6.
3.4.1. 1° "A" 2530 1°
2° "A" 2530 3° and 4°
3° "A" 2530 5°
3.4.2. "A" 2530 2°
3.5.1. "A" 1199
"A" 1820 I
I 6.3.
2.6.
S/Com. "A" 2807, pt 6 - 1° and 2° par. and Com. “A” 3270.
3.
3.5.2. "A" 2807 6. 3°

DEPOSITOS E INVERSIONES A PLAZO
ORDERED TEXT ORIGIN NORM OBSERVATIONS
Sec. Point Par. Com. Annex Chap. Sec. Point Par.
3.5.3.1. "A" 2807 6. 5°
3.5.3.2. "A" 2807 6. 4°
3.6.1. "A" 1199 I 5.3.1.
3.6.2. "A" 1199 I 5.3.2.
3.6.3. "A" 1199 I 5.3.3.
3.6.4 "A" 3043
3.6.5 "A" 1199 I 5.3.4.
3.6.6. "A" 1199 I 5.3.4.1.
3.6.7. "A" 627 5.3.4.3. 1.
3.7. "A" 1199 I 5.1.
3.7.1. "A" 1199 I 5.1.1.
3.7.2. "A" 1199 I 5.1.2
3.7.3. "A" 1199 I 5.1.3.
3.8.1. "A" 1199 I 5.2.1. S/Com. ”A” 3043.
3.8.2. "A" 1199 I 5.2.2. S/Com. ”A” 3043.
3.9. "B" 6572