The Argentine Central Bank restricted securities transactions

Communication “A” 4,864, in force as of November 3, 2008, establishes that the access to the foreign exchange market by financial entities to purchase and sale securities in self-regulated markets whether on their own behalf or on behalf of Argentine and non-Argentine residents, under the conditions established by Communication “A” 4,308, will be subject to prior approval of the Argentine Central Bank (the “Central Bank”) when is not possible to prove that the security was maintained by the seller for more than 72 business hours following their purchase.

The Communication establishes that the prior approval requirement will be considered fulfilled in securities transactions made between financial entities and the Central Bank whether the entities are dealing on their own behalf or on behalf of third parties.

The Argentine Securities Commission (Comisión Nacional de Valores or “CNV”) issued two resolutions to complement this Communication. Through General Resolution No 538 the CNV ordered self-regulated entities under its supervision to inform immediately to their agents the communication issued by the Central Bank and to supervise its compliance. However, the following day –November 4, 2008– the CNV enacted General Resolution No 539 with which it modified Section 31 of its regulations, adding the obligation of self-regulated entities under the CNV’s supervision to issue the corresponding resolutions to instruct their agents not to sell any securities sale of foreign denominated securities if the seller did not prove to have maintained the security for at least 72 business hours following their purchase.