Payment of export-related financings granted by official credit agencies

On December 1, 2009, the Central Bank of the Republic of Argentina (the “BCRA”) issued Communication “A” 5012 (the “Communication”) by means of which it grants access to the local exchange market for the repayment of services and debts assumed with official entities of credit in connection with local infrastructure projects.

In order to have access to the local exchange market, the following requirements, inter allia, should be met:

(i) Financings must have been applied to infrastructure projects in the country.

(ii) Financings shall have been totally or partially guaranteed by local official banks.

(iii) The local debtor accessing the local exchange market must submit an invoice for services rendered by a local company, controlled by the foreign company receiving the disbursement made by the Credit Agency.

(iv) The amount owed to the Agency for disbursements made outside of Argentina corresponds to debt of local residents which have been assumed by the local entity receiving the infrastructure project.