COMMUNICATION “A” 6138 02/01/2017

TO FINANCIAL INSTITUTIONS:

Ref.: Circular RUNOR 1 - 1251

Central Registry and Settlement of Public Debt Instruments “CRYL”. Modifications.

We address you to inform that Section 10 of the rules on the Central Registry and Settlement of Public Debt Instruments “CRYL” is replaced by the following:

The fees that will be charged for this operation are the following:

Concept Amount Parties
a) Transfer of FT Models – Bilateral and FOP. $30 2
b) Transfer of FT Model. $30 Ordering Party
c) FTC Transfers (CRYL Accounts). $50 Ordering Party
d) FTC Transfers (Caja de Valores S.A. Accounts). $70 Ordering Party

| e) Transfers of DVP and FD&P Models. | $100 | 2 |
| f) Non‑compliance for DVP, FOP and FT – Bilateral Models. | $1,500 | Non‑compliant |
| g) Non‑compliance for FD&P Model. | $500 | Non‑compliant |
| h) Non‑compliance for FTC Model. | $100 | Non‑compliant |
| i) Non‑compliance for FT Model. | $100 | Non‑compliant |
| j) General maintenance of registration accounts (the fees corresponding to transfers made during the current month will be deducted from this fee). | $10,000 per month | — |
| k) Maintenance of special registration accounts in currency and IEP for custody transactions. | $1,000 per month | — |
| l) Request for printed account statements. | $100 (for those with fewer than 50 pages), and $2 (for each page exceeding 50). | — |
| m) Primary placement settlement. | No charge | — |
| n) Amortization and rent settlement. | No charge | — |
| ñ) Custody of holdings. | No charge | — |

The transfers included in items b) and d) of the preceding table will be exempt from this fee when they are ordered on the days when the primary auction settlements of the BCRA and the National Government are carried out, so that the holdings produced by them can be transferred to their corresponding Collective Deposit Agents.

-2-

The collection for items j) and k) of the preceding table will be effected for the elapsed month, within the first ten business days of the following month.

All fees will be collected by direct debit from the current accounts opened at the BCRA.

We clarify that this communication replaces the provisions disseminated through Communication “B” 11447.

Finally, the pages that must replace those in the Ordered Text of the reference are attached.

Sincerely,

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Alejandra Sanguinetti – Luis Briones Rouco

Operations Manager – Titles and Foreign Exchange

Chief Manager of Control and Settlement of Operations

ANNEX

The fees that will be charged for this operation are the following:

Concept	Amount	Parties
a) Transfer of FT Models – Bilateral and FOP.	$30	2
b) Transfer of FT Model.	$30	Ordering Party
c) FTC Transfers (CRYL Accounts).	$50	Ordering Party
d) FTC Transfers (Caja de Valores S.A. Accounts).	$70	Ordering Party
e) Transfers of DVP and FD&P Models.	$100	2
f) Non‑compliance for DVP, FOP and FT – Bilateral Models.	$1,500	Non‑compliant
g) Non‑compliance for FD&P Model.	$500	Non‑compliant
h) Non‑compliance for FTC Model.	$100	Non‑compliant
i) Non‑compliance for FT Model.	$100	Non‑compliant
j) General maintenance of registration accounts (the fees corresponding to transfers made during the current month will be deducted from this fee).	$10,000 per month	—
k) Maintenance of special registration accounts in currency and IEP for custody transactions.	$1,000 per month	—
l) Request for printed account statements.	$100 (for those with fewer than 50 pages), and $2 (for each page exceeding 50).	—
m) Primary placement settlement.	No charge	—
n) Amortization and rent settlement.	No charge	—
ñ) Custody of holdings.	No charge	—

The collection for items j) and k) of the preceding table will be effected for the elapsed month, within the first ten business days of the following month.

All fees will be collected by direct debit from the current accounts opened at the BCRA.

CENTRAL REGISTRY AND SETTLEMENT OF PUBLIC DEBT INSTRUMENTS “CRYL”

Section 10. Fees.

Version: 3a. COMMUNICATION “A” 6138

Effective: 02/01/2017

ORDERED TEXT – SOURCE OF THE PROVISIONS CONTAINED IN THE RULES ON CENTRAL REGISTRY AND SETTLEMENT OF PUBLIC DEBT INSTRUMENTS “CRYL”

Section	Point	Annex	Comm.
1.	“A”	3191
2.	“A”	3191
3.	“A”	3191	According to Comm. “A” 3253.
4.	“A”	3191
5.	“A”	3191
6.	“A”	3191
7.	“A”	3191
8.	“A”	3191
9.	“A”	3191
10.	“A”	3191	According to Comm. “A” 3254 and 6138.
11.	“A”	3191
12.	“A”	3191

B.C.R.A.