Passive Operations Circulars - OPASI 2 - 5 and Monetary Regulations - REMON 1 - 429. Special accounts for closed circles

CENTRAL BANK OF THE ARGENTINE REPUBLIC
COMMUNICATION "A" 1247 08/16/88
TO FINANCIAL ENTITIES:
Ref.: PASSIVE OPERATIONS Circulars - OPASI - 2 - 5 and MONETARY REGULATIONS - REMON - 1 - 429. Special accounts for closed circles.

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

"1. Replace point 4.3. of Chapter I of Circular OPASI - 2 with the following:

"4.3. For closed circles.

4.3.1. Participating entities.
Financial entities may open "special accounts for closed circles" for entities authorized by the General Inspectorate of Justice to operate with savings plans, individually for each of the groups they administer.

4.3.2. Account holders.
Each account will be opened in the name of the subscribers forming the corresponding group.

4.3.3. Term.
Each deposit must remain for a period of no less than 14 days. Consequently, no withdrawal will be allowed before that period.

4.3.4. Interest.

4.3.4.1. Rate.
The rate contractually agreed upon, which may not be lower than the rate offered on the day of the deposit for 14-day fixed-term deposits. Balances not subject to the minimum permanence requirement will be remunerated at a rate no lower than that offered daily for deposits of that term.

4.3.4.2. Capitalization.
As agreed, provided that the duration of the periods does not exceed one month. Interest corresponding to balances subject to the minimum permanence requirement may only be capitalized after the relevant period has elapsed. The provision of point 4.3.3. will not apply to the withdrawal of capitalized interest.

4.3.5. Fund withdrawal.
In accordance with the provisions of point 4.3.3., up to 4 withdrawals for any reason will be allowed per calendar month, without limit on the amount. An additional withdrawal will be allowed to enable the closing of the account, provided that each of the deposits made has remained for at least 14 days.

4.3.6. Account statement.
Depositary financial entities will send to the managing company, within 8 days after the end of each calendar month, an account statement with the detail of deposits, withdrawals, and balances registered in the period it covers, signed by authorized signatures of the entity -unless mechanized security systems are used- requesting its written conformity. If the managing company does not receive the statement within that period, it must claim it within the following 15 days. Conformity with the movement registered in the entity will be presumed if, within 30 days after the end of the respective period, no objection is raised or the delivery of the statement is not claimed due to not having received it. In no case will the term be less than 10 days from the delivery of the statement by the financial entity.

4.3.7. Closure.
It will operate once the last settlement with the subscribers has concluded, with the balances becoming sight deposits -without accruing interest- under general conditions, with notice to the managing entity at the last registered address.

4.3.8. Other provisions.
Insofar as not provided for in these regulations, the provisions contained in this order for deposits in special non-adjustable savings accounts will apply.

2. Order that deposits in special accounts for closed circles will observe a minimum cash requirement equivalent to that established for deposits in special savings accounts."

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B.C.R.A. COMMUNICATION "A" 1247 08.16.88
The sheets to be incorporated into Circular OPASI - 2 are attached, replacing those previously provided.

We greet you very attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC
Alfredo A. Besio Eduardo G. Castro
Manager of Regulations for Deputy General Manager Financial Entities

ANNEX: 3 pages.

CENTRAL BANK OF THE ARGENTINE REPUBLIC
CONTENTS
I - Deposits in national currency (continued) OPASI - 2
4.2.9. Deposit slip model.
4.3. For closed circles.
4.3.1. Participating entities.
4.3.2. Account holders.
4.3.3. Term.
4.3.4. Interest.
4.3.5. Fund withdrawal.
4.3.6. Account statement.
4.3.7. Closure.
4.3.8. Other provisions.
5. Common provisions.
5.1. Return of deposits.
5.1.1. Reciprocal or indistinct order accounts.
5.1.2. Joint or collective order accounts.
5.1.3. Accounts in the name of one or more persons and to the order of another.
5.2. Immobilized balances.
5.2.1. Transfer.
5.2.2. Notice to account holders.
5.3. Interest.
5.3.1. Rates.
5.3.2. Settlement and payment methods.
5.3.3. Fixed divisor.
5.3.4. Expression of interest rates.
5.4. Adjustable deposits.
5.4.1. Indices for adjustment.
5.4.2. Correction methods.
Version Communication Date Page
2nd "A" 1247 (Circular OPASI-2-5) 08.16.88 5

I - Deposits in national currency (continued) OPASI - 2
5.5. Other remunerations.
5.6. Commissions for deposit services.
5.7. Precautions to adopt for opening deposit accounts, movement and provision of checkbooks.
6. Deposit guarantee (regulation of article 56 of Law 21.534, modified by Law 22.051).
6.1. Scope.
6.1.1. Guaranteed deposits.
6.1.2. Exceptions.
6.1.3. General coverage.
6.1.4. Coverage regarding natural persons.
6.1.5. Sworn statement.
6.2. Incorporation into the regime.
6.2.1. Consideration of applications.
6.2.2. New entities.
6.2.3. Contribution.
6.2.4. Differential contributions.
6.3. Publicity.
6.4. Waiver of the regime.
6.5. Exclusion from the regime.
6.6. Resources of the Guarantee Fund.
6.7. Text of Law 22.051.
6.8. List of entities incorporated into the regime.
Version Communication Date Page
2nd "A" 1247 (Circular OPASI-2-5) 08.16.88 6

B.C.R.A.
I - Deposits in national currency (continued) OPASI - 2
4.2.9. Deposit slip model ...............................

ACCOUNT No.
BANK: ------------------------------------------------------------------------------------------ CREDIT NOTE for the special account:
"UNEMPLOYMENT FUND FOR CONSTRUCTION INDUSTRY WORKERS - LAW 22.250"
from: ....................................................................................................................
Last name and first names
Address: .........................................................................................................
Street No.
Locality: .....................................Province: ...................................................
Type and No. of document: ................................................................................
CONTRIBUTION CORRESPONDING TO THE MONTH OF............................... of 19........
CASH....................................................
Check No. .................... drawn on the branch Draft TOTAL........... A
Are australes ....................................................................................................
...........................................................................................................................
Last name and first names or company name of the depositing employer: .......................
............................................................................................................................
Address: ...........................................................................................................
Street No.
Locality: ........................................Province: .................................................
No. of registration in the R.N.I.C.: ......................................................................
....................................................... of ...................................................of 19..
.............................................
Depositor's Signature
Copy for (2):
Fill in all fields clearly by machine or by hand with print-type letters or ballpoint pen. Do not use carbon paper (1) The copy number will be indicated (2) The recipient of the copy will be stated Version Communication Date Page 1st "A" 1247 (Circular OPASI-2-5) 08.16.88 5 (1) RECEIVED BY THE BANK Seal Teller's Signature

I - Deposits in national currency (continued) OPASI - 2
4.3. For closed circles.
4.3.1. Participating entities.
Financial entities may open "special accounts for closed circles" for entities authorized by the General Inspectorate of Justice to operate with savings plans, individually for each of the groups they administer.

4.3.2. Account holders.
Each account will be opened in the name of the subscribers forming the corresponding group.

4.3.3. Term.
Each deposit must remain for a period of no less than 14 days. Consequently, no withdrawal will be allowed before that period.

4.3.4. Interest.

4.3.4.1. Rate.
The rate contractually agreed upon, which may not be lower than the rate offered on the day of the deposit for 14-day fixed-term deposits. Balances not subject to the minimum permanence requirement will be remitted at a rate no lower than that offered daily for deposits of that term.

4.3.4.2. Capitalization.
As agreed, provided that the duration of the periods does not exceed one month. Interest corresponding to balances subject to the minimum permanence requirement may only be capitalized after the relevant period has elapsed. The provision of point 4.3.3. will not apply to the withdrawal of capitalized interest.

4.3.5. Fund withdrawal.
In accordance with the provisions of point 4.3.3., up to 4 withdrawals for any reason will be allowed per calendar month, without limit on the amount. An additional withdrawal will be allowed to enable the closing of the account, provided that for one of the deposits made has remained for at least 14 days. Version Communication Date Page 2nd "A" 1247 (Circular OPASI-2-5) 08.16.88 6

B.C.R.A.
I - Deposits in national currency (continued) OPASI - 2
4.3.6. Account statement.
Depositary financial entities will send to the managing company, within 8 days after the end of each calendar month, an account statement with the detail of deposits, withdrawals, and balances registered in the period it covers, signed by authorized signatures of the entity -unless mechanized security systems are used- requesting its written conformity. If the managing company does not receive the statement within that period, it must claim it within the following 15 days. Conformity with the movement registered in the entity will be presumed if, within 30 days after the end of the respective period, no objection is raised or the delivery of the statement is not claimed due to not having received it. In no case will the term be less than 10 days from the delivery of the statement by the financial entity.

4.3.7. Other provisions.
In all cases not provided for in these regulations, the provisions contained in this order for deposits in special non-adjustable savings accounts will apply. Version Communication Date Page 2nd "A" 1247 (Circular OPASI-2-5) 08.16.88 7