Guarantees Granted by National Funds. Treatment as Preferred Guarantee "A". Update of Codified Texts.

"2005 - Year of Tribute to Antonio Berni"
BANCO CENTRAL DE LA REPUBLICA ARGENTINA
COMMUNICATION “A” 4465 30/12/2005

TO FINANCIAL ENTITIES:
Ref.: Circular
LISOL 1 - 448
OPRAC 1 - 589
Guarantees granted by national funds.
Treatment as preferred guarantee "A".
Update of codified texts.

---

We address you to inform you that in order to consider as preferred guarantee "A" the guarantees granted by national guarantee funds - provided they have explicit authorization from this Institution - it is necessary to update the following points:

• 3.1.1.11. and 6.2.3. of the Risk Weighting Table in Section 4. of the regulations on "Minimum Capital of Financial Entities",
• 1.1.15., 1.2.3. and 3.1.16. of the regulations on "Guarantees",
• 2.2.11. of the regulations on "Credit Graduation", and
• 2.1.6. of the regulations on "Credit Policy".
  We clarify, regarding national guarantee funds, that as of this date, the aforementioned treatment applies to the Guarantee Fund for Micro, Small and Medium-sized Enterprises ("FoGaPyME", Law 25.300), subject to compliance with the requirements established in Section 2. of the regulations on "Reciprocal Guarantee Companies (Art. 80 of Law 24.467)" for those registered in the relevant registry opened at the Superintendence of Financial and Exchange Entities. Likewise, we provide you with the pages that, in replacement of those previously provided, must be incorporated into the aforementioned codified texts. On the other hand, it is recalled that on this Institution's website www.bcra.gov.ar, accessing "regulations" - "codified texts", the modifications made with text highlighted in special characters (strikethrough and bold) can be found. We salute you very attentively. BANCO CENTRAL DE LA REPUBLICA ARGENTINA Ana María Lemmi Juan Carlos Isi Deputy Manager of Norms Issuance Main Manager of Research and Normative Issuance

ANNEX

i) Regarding credit support that does not exceed 75% of the market value of automobile vehicles and agricultural machinery. 50 ii) Regarding credit support that does not exceed 60% of the market value of road and industrial machinery. 50 iii) On the amount exceeding 75% or 60% of the market value of the goods, as applicable. 100
3.1.1.8. "Warrants" on fungible goods that
have normal and habitual quotation in local or international markets, of wide dissemination and easy access to public knowledge:
i) Regarding credit support that does not exceed 80% of the market value of such goods. 75 ii) On the amount exceeding 80% of the market value of such goods. 100

3.1.1.9. Constituted by accounts receivable invoices from consumers, issued by public service companies providing electricity, gas,
water, telephone, etc. i) Regarding assistance that does not exceed 80% of the nominal value. 75 ii) On the excess. 100

3.1.1.10. Constituted by credit card coupons.
i) Regarding assistance that does not exceed 75% of the nominal value. 75 ii) On the excess. 100
3.1.1.11. Granted by reciprocal guarantee companies registered in the registry enabled at
the B.C.R.A. or by national and provincial funds constituted with the same object as those companies, admitted by this Institution. 50 MINIMUM CAPITAL OF FINANCIAL ENTITIES B.C.R.A.
Section 4. Risk Weighting Table.
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6.2.2.2. Bonds from agencies or departments of central governments of countries members of the
Organization for Economic Co-operation and Development (O.E.C.D.) that have international risk rating "AA" or higher. 20

6.2.3. Debt titles or Certificates of participation in
financial trusts issued in foreign currency and with public offering authorized by the National Securities Commission whose underlying assets are guaranteed by reciprocal guarantee companies registered in the Registry enabled at the Central Bank of the Argentine Republic or by national and provincial funds constituted with the same object as those companies, admitted by this Institution. 50

6.2.4. Others. 100

7. Sureties, guarantees and other contingent liabilities.

7.1. Documentary credits for deferred payment whose shipping documentation
has not yet been delivered to the client. 50

7.2. For compliance with contractual obligations and/or maintenance of offers. 100

7.3. To the non-financial public sector.

7.3.1. National Government Companies without their explicit guarantee. 100

7.3.2. Provincial, municipal and Buenos Aires City governments and their companies -regardless of legal nature-, that do not have the explicit guarantee
of the National Government or resources from the federal tax sharing or the Federal Housing System (Law 24.464) through the assignment (direct or indirect) of the corresponding rights and that count with the relevant intervention of the Ministry of Economy of the Nation. 100

7.4. Differences between market and exercise prices when
favorable to the entity, arising from rights emerging from options contracts for purchase and sale. MINIMUM CAPITAL OF FINANCIAL ENTITIES B.C.R.A.
Section 4. Risk Weighting Table.
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MINIMUM CAPITAL OF FINANCIAL ENTITIES
CODIFIED TEXT ORIGIN OF THE REGULATION
Section Point Paragraph Com. Cap./
Annex Point Paragraph Observations
3.5.2.1. “A” 2136 I According to Com. “A” 2541, annex,
criteria, g).
3.5.2.2. “A” 2136 I According to Com. “A” 2541, annex,
criteria, d), 1st paragraph.
3.5.2.3. “A” 2136 I According to Com. “A” 2541, annex,
criteria, b).
1st “A” 2136 I According to Com. “A” 2541, annex, criteria, c).
3.5.2.4.
2nd Incorporates interpretative clarification.
3.5.2.5. “A” 2136 I According to Com. “A” 2541, annex,
criteria, i).
3.5.2.6. “A” 2249
3.
3.5.2.7. “A” 2136 I According to Com. “A” 2541, annex,
criteria, k).
1.1. “A” 2136 I According to Com. “A” 2541, annex,
“A” 3274 and “A” 3558.
1.2. “A” 2136 I According to Com. “A” 2541, annex and
“A” 4141.
1.3. “A” 2136 I According to Com. “A” 2541, annex.
1.4. “A” 2136 I According to Com. “A” 2541, annex.
1.4.1. “A” 2192 penultimate
1.4.2. “A” 2290 1st and 2nd
1.5. “A” 2136 I According to Com. “A” 2541, annex.
2. “A” 2136 I According to Com. “A” 2541, annex.
Modified by Com. “A”
2793, 2872, 3039, 3274, 3925,
3959 and 4141. Point 2.2.1. includes interpretative clarification. 3.1.1.1. a 3.1.1.5. “A” 2136 I According to Com. “A” 2541, annex, “A” 3925 and “A” 3959.
3.1.1.6. i) “A” 2136 I According to Com. “A” 2632, “A” 2939,
“A” 3314 and “A” 3959. ii) “A” 2136 I According to Com. “A” 2541, annex, “A” 3314 and “A” 3959.
3.1.1.7. “A” 2136 I According to Com. “A” 3314 and “A”
3959.
3.1.1.8. a
3.1.1.10.
“A” 2136 I According to Com. “A” 3959.
3.1.1.11. “A” 2136 I According to Com. “A” 2541, annex,
“A” 3141, “A” 3314, “A” 3959 and
“A“ 4465.
3.1.1.12. “A” 3314
4.
3.1.2. “A” 2136 I According to Com. “A” 2541, annex.

MINIMUM CAPITAL OF FINANCIAL ENTITIES
CODIFIED TEXT ORIGIN OF THE REGULATION
Sec. Point Paragraph Com. Cap./
Annex Point Paragraph Observations
3.2. “A” 2136 I According to Com. “A” 2541, annex, "A"
3133 and “A” 3959.
3.3. "A" 2136 I According to Com. “A” 2541, annex, "A"
3133, “A” 3238 and “A” 3959. Includes interpretative clarification.
3.4. and
3.5.
"A" 2136 I According to Com. “A” 2541, annex and “A” 4141.
4.1. and
4.2.
"A" 2136 I According to Com. “A” 3133.
4.3. to
4.13.
"A" 2136 I According to Com. “A” 2541, annex, “A” 3133, “A” 3274, “A” 3959 and “A” 4141.
4.14. "A" 2136 According to Com. “A” 2541, “A” 3133,
“A” 3238 and “A” 3959. Includes interpretative clarification.
4.15. "A" 2136 According to Com. “A” 2541, “A” 3133 and
“A” 4141.
4.16. “A” 3064 3.
5.1. “A” 2136 I According to Com. “A” 2632, “A” 3314 and
“A” 3959.
5.2. and
5.3.
“A” 2136 I According to Com. “A” 2541, annex and “A” 3314.
6. “A” 2136 I According to Com. “A” 2541, annex, “A”
2793, “A” 2872, “A” 3959, “A”
4141, “A” 4168 and “A“ 4465.
7.1. to
7.3.
“A” 2136 I According to Com. “A” 2541, annex and “A” 3133.
7.4. “A” 2136 According to Com. “A” 2541, annex, “A”
3133, “A” 3238, “A” 3959 and “A”
4141.
7.5. “A” 2136 According to Com. “A” 2541, annex and “A”
3133.
4. last “A” 2136 I According to Com. “A” 2541, annex and “A” 3307.
5.1. “A” 2922 I According to Com. “A” 3959, “A” 4172 and
“A” 4180.
5.2. “A” 2922 I According to Com. “A” 3959, “A” 4032 and
“A” 4172.
5.3. “A” 2922 I According to Com. “A” 4172.
5.4.1.1. a
5.4.1.8.
“A” 2922 I
Modified by Com. “B” 6523 and “A” 4172. Includes interpretative clarifications.
5.4.1.9. “A” 2922 I Modified by Com. “B” 6523,
"A" 3064 and “A” 4172.
5.4.2. “A” 2922 According to Com. “A” 3959 and “A” 4172.
5.
5.5. “A” 2922 I Modified by Com. “B” 6523,
“A” 2948, “A” 3959, “A” 4172 and “A”
4180.

GUARANTEES B.C.R.A. Section 1. Classes.

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 titles, these must have a rating at the levels established in point 1.1.14.2.

The total financing granted to different assignors and assigned by the entity in this modality to the same legally obligated party, may not exceed 10% of the debts of the latter with the financial system, reported in the "Central of debtors of the financial system", nor 5% of the computable equity responsibility of the entity for the month prior to the one in question, whichever is lower. This latter limit will not be observed in the case where the entity has a credit file of said obligated party, in which case the operations will be computed within the assistance margins provided by the regulations applicable in the matter.

1.1.14.2. Maintain outstanding debentures or other debt titles
in the local market that have local risk rating and all of them are, at minimum, "A" or higher, for a sum not less than $ 6,000,000.

The total financing granted to different assignors and assigned by the entity in this modality to the same legally obligated party, may not exceed 5% of the computable equity responsibility of the entity for the month prior to the one in question. This limit will not be observed in the case where the entity has a credit file of said obligated party, in which case the operations will be computed within the assistance margins provided by the regulations applicable in the matter.

1.1.15. Guarantees or sureties granted by reciprocal guarantee companies registered
in the Registry enabled at the Central Bank of the Argentine Republic or by national and provincial funds constituted with the same object as those companies, admitted by this Institution, regardless of the term of the operation, provided they actualize the outstanding credits within 30 calendar days of their maturity. Version: 5a. COMMUNICATION “A” 4465 Validity:
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GUARANTEES B.C.R.A. Section 1. Classes.
Included in this category, with the character of exhaustive enumeration, are the following:

1.2.1. First-degree mortgage on real estate, and regardless of its degree of priority as long as the entity is the creditor in all degrees.

1.2.2. Fixed pledge with first-degree registration or with displacement towards the entity
on automobile vehicles and agricultural, road and industrial machinery (in the event that they are registered in the relevant national registry of motor vehicle ownership and have a market that allows obtaining a reference value).

1.2.3. Guarantees or sureties granted by reciprocal guarantee companies registered
in the Registry enabled at the Central Bank of the Argentine Republic or by national and provincial funds constituted with the same object as those companies, admitted by this Institution, regardless of the term of the operation, in the event that the requirement mentioned in point 1.1.15. is not met.

1.2.4. Goods in financial leasing that had been agreed upon in accordance with the provisions of Law 25.248 on real estate and on automobile vehicles and agricultural, road and industrial machinery (in the event that they are registered in the relevant national registry of motor vehicle ownership and have a market that allows obtaining a reference value).

1.2.5. Export credit insurance, in the event that the terms for actualizing losses due to commercial risk exceed 90 days without exceeding 180 days counted in calendar form from the maturity of the credits, regardless of the term of the operation, and the other safeguards provided in point 1.1.16. are observed.

1.2.6. Preferred “A”, in operations with a residual term exceeding 6 months or to the term that is specifically established.
Operations referred to in point 1.1.10. that exceed the term of 6 months are not included.

1.3. Remaining guarantees.

Guarantees not explicitly included in the preceding points, such as the mortgage in a degree other than first and the pledge or caution of shares or commercial documents and the encumbrances constituted abroad with adjustment to legislations different from the local -except for the cases expressly provided for-, will be considered non-preferred. Version: 5a. COMMUNICATION “A” 4465 Validity:
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GUARANTEES B.C.R.A. Section 3. Computation.
3.1.10.4. Documents corresponding to obligated parties classified in category 2 or that have not been classified and in cases where the assignors are classified in categories
3, 4, 5 or have not been classified, in the "Central of debtors of the financial system": 70%.

3.1.11. Direct guarantees of foreign governments (point 1.1.11.): 100%.

3.1.12. Assignment of rights on the collection of tariffs and taxes in concessions for
public works (point 1.1.12.): 80%.

3.1.13. Private securities (point 1.1.13.): 70% of their quotation value.

3.1.14. First-degree mortgage on real estate, and regardless of its degree of priority as long as the entity is the creditor in all degrees (point 1.2.1.):

3.1.14.1. On real estate for own housing that is the subject of the encumbrance: 75% of the appraised value of the property.

3.1.14.2. On real estate for uses other than own housing: 50% of the
appraised value of the property.

3.1.15. Fixed pledge with first-degree registration or with displacement towards the entity
(point 1.2.2.):.

3.1.15.1. Automobile vehicles and agricultural machinery: 75% of the market value.

3.1.15.2. Road and industrial machinery: 60% of the market value.

3.1.16. From reciprocal guarantee companies or national and provincial funds constituted with the same object as those companies (points 1.1.15. and 1.2.3.): 100%.

3.1.17. Credit titles (point 1.1.14.): 100% of the nominal value of the documents.

3.1.18. Goods in financial leasing (point 1.2.4.):

3.1.18.1. Real estate for the tenant's housing: 75% of the appraised value
of the property.

3.1.18.2. Other real estate: 50% of the appraised value of the property.

3.1.18.3. Automobile vehicles and agricultural machinery: 75% of the appraised value of the property.
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B.C.R.A. ORIGIN OF THE PROVISIONS INCLUDED IN THE CODIFIED TEXT OF THE REGULATIONS ON “GUARANTEES” CODIFIED TEXT ORIGIN OF THE REGULATION
Section Point Paragraph
Com. Annex Point Paragraph Observations
1.1. “A” 2932 Unique 1.1. According to Com. “A” 4242
1.1.1. “A” 2216 I 1. 3rd, a) According to Com. “A” 2443, “A”
2932, “A” 3918 and “A” 4242.
1.1.2. “A” 2216 I 1. 3rd, a) According to Com. “A” 2443, “A”
2932 and “A” 3918.
1.1.3. “A” 2216 I 1. 3rd, b) According to Com. “A” 2932,“A”
3918 and “A” 4242 .
1.1.4. “A” 2216 I 1. 3rd, c) According to Com. “A” 2932 and “A”
4242.
1.1.5. “A” 2216 I 1. 3rd, d) According to Com. “A” 2932.
1.1.6. “A” 2216 I 1. 3rd, e) According to Com. “A” 2932,“A”
3918 and “A” 4242.
1.1.7. “A” 2216 I 1. 3rd, g) According to Com. “A” 2932.
1.1.8. “A” 2216 I 1. 3rd, h) According to Com. “A” 2932.
1.1.9. “A” 2216 I 1. 3rd, i) According to Com. “A” 2932.
1.1.10. “A” 2932 unique 1.1.11. According to Com. “A” 3104 and “A”
4242.
1.1.11. “A” 2932 unique 1.1.12. According to Com. “A” 4141.
1.1.12. “A” 2932 unique 1.1.13. According to Com “A” 4242
1.1.13.
1.1.13. 2nd
“A” 2932 unique 1.1.14.
According to Com. “A” 3918.
1.1.14. “A” 3114 1.
1.1.14.1. 1st “A” 3114 According to Com. “A” 3918 and “A”
4055.
1.1.14.2. “A” 3114 1. According to Com. “A” 3918 and “A”
4055.
1.1.15. “A” 3141 According to Com. “A” 3307, “A”
3918 and “A“ 4465.
1.1.16. “A” 3314
1.1.17. “A” 3918 5.
1.2. “A” 2932 unique 1.2. According to Com. “A” 3104.
1.2.1. “A” 2419 1. 1st According to Com. “A” 2563 (points

1. and 2.), “A” 2932 and “A” 3314.
   1.2.2. “A” 2448 Debtor status report (point 6.1.2.2.2.), Com.
   “A” 2932 and “A” 3918.
   “A” 2448 Debtor status report (point 6.1.2.2.2.), Com.
   “A” 2932, “A” 3918 and “A“ 4465.
   1.2.3.
   “A” 2410 7. According to Com. “A” 3141.
   1.2.4. “A” 3259 1. According to Com. “A” 3314.
   1.2.5. “A” 3314
   1.2.6. “A” 2932 unique 1.2.4. According to Com. “A” 4242
   1.
   1.3. “A” 7 Specifications of the items of "other received guarantees", modified by Com. “A”
   2932.

GUARANTEES
CODIFIED TEXT ORIGIN OF THE REGULATION
Section Point Paragraph
Com. Annex Point Paragraph Observations
2.1. 1st “A” 2448 Debtor status report (point 6.1.2.2.2.).
2.1. 2nd “A” 2932 unique 2.1. 2nd
2.
2.2. “A” 2216 I 1. 4th
3.1. “A” 2932 unique 3.1.
3.1.1. “A” 2932 unique 3.1.1. According to Com “A” 3918.
3.1.2. “A” 2932 unique 3.1.2.
3.1.3. “A” 2932 unique 3.1.3. According to Com “A” 3918.
3.1.4. “A” 2932 unique 3.1.4.
3.1.5. “A” 2932 unique 3.1.5. According to Com “A” 3918 and “A”
4242.
3.1.6. “A” 2932 unique 3.1.6. According to Com “A” 3918.
3.1.7. “A” 2216 I 1. 3rd, g) According to Com. “A” 2932.
3.1.8. “A” 2216 I 1. 3rd, h) According to Com. “A” 2932.
3.1.9. “A” 2216 I 1. 3rd, i) According to Com. “A” 2932.
3.1.10. “A” 2932 unique 3.1.11. According to Com. “A” 3104.
3.1.11. “A” 2932 unique 3.1.12. According to Com “A” 3918.
3.1.12. “A” 2932 unique 3.1.13.
3.1.13. “A” 2932 unique 3.1.14.
3.1.14. “A” 2419 1. 1st, ii) According to Com. “A” 2932, “A”
3314 and “A” 3918.
3.1.15. “A” 2932 unique 3.1.18. According to Com “A” 3918.
3.1.16. “A” 2932 unique 3.1.19. According to Com. “A” 3141,“A”
3918, “A” 4242 and “A“ 4465.
3.1.17. “A” 3114 2. According to Com. “A” 4242
3.1.18. “A” 3259 2. According to Com. “A” 3314.
3.1.18.1. “A” 3259 2 According to Com. “A” 3314 and “A”
3918.
3.1.18.2. “A” 3259 2 According to Com. “A” 3314 and “A”
3918.
3.1.19. “A” 3314
3.1.20. “A” 3918. 5th
3.
3.2. “A” 2216 II 5th According to Com “A” 3918.

2.2.11. Credits that have sureties extended by reciprocal guarantee companies
registered in the Registry enabled at the Central Bank of the Argentine Republic or by national and provincial funds constituted with the same object as those companies, admitted by this Institution.

2.2.12. Loans to other local financial entities.

2.2.13. Facilities to the Nation, provinces, municipalities and companies controlled by
one of those levels of government, in the event that they are exempt from the restrictions on financing the non-financial public sector.

2.2.14. Commitments to provide funds assumed in syndicated loan operations, until such time as they manifest in debt balances in the so-called "managing bank" or in the eventual case that in that later stage the latter assumes the obligation to guarantee to the other participating institutions the reimbursement
of the funds they contribute for the required financing.

2.2.15. Export financing -operations without responsibility for the assignor-backed with commercial risk credit insurance and, if applicable, extraordinary risk insurance (at the expense of the National State, Law 20.299), including credit risk insurance "with buyer public scope". The policy covering the commercial risk must be issued by:

a) Local insurance companies that have:

• "AA" or higher rating granted by one of the risk assessment companies registered in the registry of the National Securities Commission and

• reinsurance in insurance companies:

i) local that have "AA" or higher rating assigned by a national risk assessment company, or

ii) foreign that have international risk rating "A" or higher.

The amount of reinsurance must comply with the regulations issued by the Superintendence of Insurance of the Nation.

b) Local branches of foreign insurance companies that have international risk rating "A" or higher.

c) Local subsidiaries of foreign insurance companies in the event that with respect to the controlling company the following conditions are met:

• have the rating cited in the preceding section b) and

• have explicitly guaranteed the obligations of the subsidiary.
  CREDIT GRADUATION B.C.R.A.
  Section 2. Financed Operations.
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CODIFIED TEXT ORIGIN OF THE REGULATION
Section Point Paragraph Com. Annex Point Paragraph Observations
1.1. 1st “A” 467 unique 2.
“A” 467 unique 6.1. last 1. 1.1. 2nd “A” 3002 Incorporates interpretative clarification
2.1. “A” 467 unique 2.
2.2.1. “A” 467 unique 4.1.
2.2.2. 1st “A” 467 unique 3.1.
2.2.2. last “A” 490 unique 2.
2.2.3. “A” 467 unique 3.2.
2.2.4. “A” 467 unique 3.3.
2.2.5. “A” 467 unique 4.2.
2.2.6. 1st “A” 467 unique 4.3.
2.2.6. last “A” 490 unique 4. and 5.
2.2.7. “A” 467 unique 4.4.
2.2.8. except
“A” 467 unique 4.5. According to Com. “A” 2054.
2.2.8.1. viii “A” 467 unique 4.5.8. According to Com. “A” 2074.
2.2.9. “A” 467 unique 4.6. According to Com. “A” 2054.
2.2.10. “A” 467 unique 4.7. According to Com. “A” 2098, “B” 5477
and “A” 4310 (point 3.).
2.2.11. “A” 467 unique 4.8.
“A” 2410 7.
According to Com. “A” 2410, 3307,
4093 (penultimate paragraph) and “A“
4465.
2.2.12. to
2.2.14.
“B” 5902 10. last
2.
2.2.15. “A” 3314
3.1.1. “A” 467 unique 1. 1st According to Com. “A” 2373.
3.1.2.1. “A” 467 unique 1. 2nd According to Com. “A” 2373.
3.1.2.2. 1st to 6th “A” 467 unique 1. 2nd According to Com. “A” 2373 and “B”
5902. Includes interpretative clarification.
3.1.2.2. 7th “B” 5902 10. 1st
3.1.2.2. last “A” 3002 Incorporates interpretative clarification.
3.2.1. “A” 467 unique 1. 3rd 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. 1st and 2nd 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 unique 5.
B.C.R.A. ORIGIN OF THE PROVISIONS INCLUDED IN THE CODIFIED TEXT OF THE REGULATIONS ON “CREDIT GRADUATION”

2.1. Destinations.
The lending capacity of foreign currency deposits shall be applied, in the corresponding currency of collection, indistinctly, to the following destinations:

2.1.1. Pre-financing and financing of exports carried out directly or through agents, consignees, or other intermediaries acting on behalf and order of the owner of the goods, subject to the regulations regarding compliance with the obligation to deposit and settle the corresponding collections.

2.1.2. Financing to producers, processors, or stockpilers of goods, provided they have firm sales contracts for the goods to an exporter, with prices fixed in foreign currency, and the goods are fungible with quotes, in foreign currency, normal and habitual in local or external markets, widely disseminated and easily accessible to public knowledge.

2.1.3. Financing to producers of goods for export, either in the same state or as an integral part of other goods, by third-party acquirers of such goods, provided they have total guarantees in foreign currency from such third parties.

2.1.4. Financing of investment projects, working capital, and/or the acquisition of all kinds of goods, including temporary imports of inputs, which increase or are linked to the production of goods for export. Even if the income of exporting companies does not come entirely from their external sales, financing may be attributed for whose cancellation the flow of foreign currency income from their exports is sufficient.

Operations are included in which financing is granted through the participation of the entity in "syndicated loans," whether with local or foreign entities.

2.1.5. Debt instruments or certificates of participation in financial trusts - including other specifically recognized collection rights in the trust agreement to be established under the framework of "BID Loan No. 1192/OC-AR" - whose trust assets are loans originated by financial entities under the conditions referred to in points 2.1.1. to 2.1.3.

2.1.6. Debt instruments or certificates of participation in financial trusts, issued in foreign currency and with public offering authorized by the National Securities Commission, whose trust assets are documents guaranteed by reciprocal guarantee societies registered in the Registry enabled at the Central Bank of the Argentine Republic, or by provincial funds constituted with the same object as these societies, admitted by this Institution, purchased by the trustee with the aim of financing operations under the terms and conditions referred to in points 2.1.1. to 2.1.3.

The guarantees granted by reciprocal guarantee societies or national and provincial funds must cover all risks inherent to the transaction, in order to ensure holders the timely and proper payment of the aforementioned participation instruments.

CREDIT POLICY B.C.R.A.
Section 2. Application of the lending capacity of foreign currency deposits.
Version: 3rd. COMMUNICATION “A” 4465 Validity:
30/12/2005 Page 1

B.C.R.A. ORIGIN OF THE PROVISIONS INCLUDED IN THE CODIFIED TEXT OF THE REGULATIONS ON “CREDIT POLICY” CODIFIED TEXT SOURCE REGULATION OBSERVATIONS Sec. Point Para. Com. Annex Chap. Sec. Point Para.
1.1. “A” 49
OPRAC-1
I 1.1.
1.2. “A” 4311 Includes concept according to
points 6. and 7.5. of
Com. “A” 2736.
1.
1.3. “A” 49
OPRAC-1
I 1.2.
2.1. “A” 3528 1. According to Com. “A” 4147,
Annex.
2.1.1. 1st “A” 3528 1.1. According to Com. “A” 4015,
4311 and 4423.
2.1.2. “A” 4015 1.2. Includes interpretative clarification.
2.1.3. “A” 4015 1.3.
2.1.4. “A” 4423
2.1.5. “A” 4011 1.4. 1st According to Com. “A” 4015 and
4311.
2.1.6. “A” 4168 1. According to Com. “A” 4465
2.1.7. “A” 4015 1.4. last According to Com. “A” 4311.
2.1.8. “A” 3528 1.2. According to Com. “A” 4140 and
4311.
2.2. “A” 4015 1. 2nd According to Com. “A” 4311.
2.3. “A” 4015 1. 3rd
2.4. “A” 4311
2.5. “A” 4311
1st “A” 3528 1. 2nd According to Com. “A” 4015 and 4147.
2.6.
2nd and last
“A” 4159 3.1. 5th and last
Section 3. of the informational regime on minimum cash and application
of resources. Includes interpretative clarification.
2.
2.7. “A” 3528 1. 3rd According to Com. “A” 4015 and
4140.
3. 3.1. “A” 4140 II 1. 2nd
3.2. “A” 4311 Includes concept according to
points 6. and 7.5. of
Com. “A” 2736.
4. 4.1. “A” 4311
5.1. “A” 4311
5.2. “A” 4311
1st “A” 2736 6. Includes interpretative clarification.
5.
5.3. last “A” 4311
6. 6.1. “A” 4311
6.2. “A” 4311