The creation of the Global Investment Advisory Agent.

The Argentine Securities Commission (“CNV”) issued General Resolution No. 710 (the “Resolution”) which introduces the concept of the Global Investment Advisory Agent (Agente Asesor Global de Inversiones, the “AAGI”), regulated under Chapter VII, Title VII.

The Resolution introduces the following:

Requirements to be eligible for AAGI: The entity must be a corporation and its purpose must exclusively fall within the allowed activities. The corporation must have an auditing body.

Allowed activities: i) advice on investment in the capital market, ii) management of transaction orders, and (iii) management of investment portfolios, provided there is an express authorization, on behalf of and in the interest of its clients.

Prohibited activities: (i)collecting or making payments of or on behalf of clients, except payments related to the fees of the AAGI, (ii)receiving, delivering or transferring securities of or on behalf of clients, (iii)custody of funds and/or securities of or on behalf of clients, (iv)establishing domicile or developing activities in the domicile of another agent and/or other individuals under the control of the CNV, (v) be a client or holder of a custody account held by the broker dealer (Agente de Liquidación y Compensación, “ALYC”) with whom an agreement was entered into, (vi) offering securities to the public without having the authorization for public offering in Argentina, (vii) giving instructions about products of countries not included within the list of cooperative countries (pursuant to Subsection b, section 2 of Decree No. 589/2013), (viii)operating with ALYC in Argentina and/or a foreign broker dealer of the same economic group when the AAGI has discretionary powers to manage the portfolios, (ix)performing any activity subject to the CNV control, (x)registration in other categories of agents and/or individuals under control.

Net worth. AAGI´s net worth must never be less than $2,500,000.

Clients’ risk profile. The information of each client´s risk profile will help AAGI to operate correctly and do an efficient work. The risk profile is important to take certain economic decisions. In addition, if the AAGI decides not to acquire a financial instrument because it is not consistent with its risk profile but the client insists on doing so, then the client will have to expressly state his/her decision to participate in said business.

The AAGI must revise the clients’ profile at least once a year, notice of which must be served to the client.

The risk profile must include: (i) the client´s experience in investment in the capital market, (ii) the client´s knowledge of the instruments available in the capital market as well as the offered/requested instrument, (iii) the client´s investment purpose, (iv) the client´s financial position, (v) the client´s investment horizon, (vi) the client´s percentage of savings aimed at the investment, (vii) the client´s percentage of savings he is willing to put at risk, and (viii) any other important circumstance to evaluate whether the investment is appropriate for the client.

Clients’ file. The AAGI must have a file for each client of portfolio management, which must include at least the following: (a) documentation evidencing the identity of the clients and information about the economic/professional activity, background and any other specific conditions, (b) agreement with the client which must include the minimum rules set forth by the CNV Rules for the agreements for opening accounts and the amendments and/or termination, (c) the client´s risk profile or risk tolerance, which must be updated at least on an annual basis, (d) any other supporting documentation.

Agreements between agents. The AAGI must enter into agreements with one or more ALYC registered in the CNV to develop its activities in Argentina. These agreements must clearly specify the scope of each of the activities to be developed by the parties.

Liability.AAGI will be exclusively liable for the management, clients’ advice and the management of portfolios, while the ALYC will be liable to the clients for the acts requested by the AAGI as to the operation, notwithstanding the liability of AAGI for the development of its activity.

AAGI and foreign broker dealers. The instructions to be made in foreign markets may be made through the ALYC with whom the AAGI has entered into an agreement, or by the broker dealers located abroad, provided they are regulated by a Securities and Exchange Commission or a controlling body and are from countries included in the list of cooperative countries set forth in Subsection b, Section 2 of Decree No. 589/2013. When the operations to be performed in foreign markets are requested to foreign broker dealers, the AAGI must enter into an agreement with them. These agreements must be at CNV disposal.

Documentation about transactions made abroad. The AAGI will be liable for keeping the receipts, supporting documentation and information sent by ALYC or foreign broker dealers; a copy of which must be at the client´s disposal.

Commissions. The AAGI may receive a fee for the exercise of its activities, as previously and expressly agreed with its clients. Moreover, the AAGI may receive from the ALYC and/or the foreign broker dealer with whom the AAGI has entered into an agreement, a percentage of the commissions earned for the registration of the clients’ operations, which must be made by a commission assignment entered into between the broker dealers and the AAGI.

Instructions sent by computer systems. When the instructions to operate are made through computer systems, the AAGI must have the manual of the computer system used.

Information regime. The AAGI must inform: i) the annual financial statements within seventy (70) calendar days as from the closing date, together with the auditing report (executed by an independent public accountant and certified by the relevant accountants’ association) and the minutes of the management and auditing body approving them; ii) every three months, and within ten (10) days after the end of each trimester; a)the assessment- as at the last day of the trimester- of the total amount of the portfolio, indicating its composition in detail, and b) the number of clients, indicating whether they are individuals or legal persons, their country of residence, and participation in the total amount of the portfolio.

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