General Resolution Nº 337

TRANSLATION.

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BUENOS AIRES, July 15, 1999.

IN VIEW OF file No. 388/96, pending in the SECURITIES AND EXCHANGE COMMISSION record office, where a Preliminary General Resolution on futures and options is being worded, and

WHEREAS:

Under Article 6, Law No. 17,811, the SECURITIES AND EXCHANGE COMMISSION is empowered to regulate the terms and conditions of a market under its authority.

Under Articles 80 and 83, Decree No. 2284/91, as ratified by article 29, Law No. 24,307, the SECURITIES AND EXCHANGE COMMISSION has venue on the public offer of term agreements, futures and options of any nature in the national territory.

Decree 1926/93 provided for the SECURITIES AND EXCHANGE COMMISSION to be related with the SECRETARIAT FOR AGRICULTURE, CATTLE RAISING, FISHING AND FOOD in everything dealing with term agreements, futures and options whose underlying assets are in the venue and jurisdiction of this Secretariat.

Making use of its regulatory and supervision powers, the SECURITIES AND EXCHANGE COMMISSION issued General Resolution No. 194/92, which provided for basic rules to supervise any such markets as trading in term agreements, futures and options.

General Resolution No. 294/97 was further issued to require a Minimum Net Worth in the amount of PESOS FIVE HUNDRED THOUSAND ($500,000.-) from the above mentioned markets.

International experience shows that the supervision of these markets should cover and include some aspects and considerations that have not been envisaged by the regulations in force.

The rules and regulations issued by the Agencies of other countries highly expertised in the supervision of futures and options markets were reviewed in depth with a view to use international regulation criteria in the Argentine regulatory framework.

This Resolution includes the main items in the Financial Integrity Recommendations for Futures and Options Markets and their Participants, as prepared in June 1995 by the Global Financial Integrity Working Team of the Futures Industry Association (http://www.fiafii.org/fia/projects/taskforce/), with the participation of the main 31 futures and options markets and their clearing houses.

This Resolution is issued under article 6, Law No. 17,811, under sections 80 and 83, Decree No. 2284/91 (as ratified by article 29, Law No. 24,307) and under article 1 of Decree No. 1926/93.

THE SECURITIES AND EXCHANGE COMMISSION HEREBY RESOLVES AS FOLLOWS:

ARTICLE 1^ST.: A new book by the name of "BOOK IX – FUTURES AND OPTIONS" and a new chapter by the name of "CHAPTER XIX – FUTURES AND OPTIONS" will be included in the RULES (N.T. 1997, Exhibit I to General Resolution No. 290/97).

ARTICLE 2^ND. The following text will be included in BOOK IX – FUTURES AND OPTIONS and in CHAPTER XIX – FUTURES AND OPTIONS of the RULES (N.T. 1997):

"9.1.2. GENERAL DEFINITIONS. ARTICLE 1^ST. For the purposes of this chapter, the following terms and phrases are hereby defined: a) "Brokers" shall mean any intermediary who is a Market member. b) "Houses" shall mean the clearing and margin settlement houses. c) "Futures" shall mean futures agreements. d) "Open-end Interest" shall mean the addition of all purchased Open-end Positions, as expressed in a number of Futures or Options. e) "Margins" shall mean a minimum amount of cash or other assets, including additional amounts, per every such Future and Option as either purchased or sold by a Clearing Member or by any person for whom such Clearing Member is responsible, and which every Clearing Member should maintain with any such Clearing House as applicable. f) "Market" shall mean any such market trading in Futures and Options either solely or jointly with other products. g) "Clearing Members" shall mean any such intermediary as is a member of a Clearing House. h) "Options" shall mean a Futures option agreement. i) "Open-end Position" shall mean, in relation with every Broker, the net amount of both Futures and Options either purchased or sold by such Broker on a same Market and on a Future and Option basis, per due month and fiscal year price, if applicable. j) "Underlying Product" shall mean the underlying assets of every Future, whether physical or financial assets. k) "Secretariat" shall mean the SECRETARIAT FOR AGRICULTURE, FISHING AND FOOD of the MINISTRY OF ECONOMICS AND PUBLIC WORKS AND SERVICES. 9.1.3. MARKET AND HOUSE FUNCTIONS. ARTICLE 2^ND. The main social purpose of a Market shall be that of trading and registration in the field of Futures and Options. ARTICLE 3^RD. The main social purpose of Houses shall be that of registering Open-end Positions and settling and paying any such Margins as pertinent. 9.1.4. REQUIREMENTS TO BE MET BY A MARKET SO AS TO BE ALLOWED TO OPERATE AS A FUTURE MARKET. ARTICLE 4^TH. A Market shall be established as a corporation with non-endorsable or book-entry shares. ARTICLE 5^TH. A Market shall have any such managing and administrative structure as proper and pertinent to perform its functions. ARTICLE 6^TH. A Market shall act as a self-regulated entity. ARTICLE 7^TH. A Market shall file the following information with the Securities and Exchange Commission with a view to both obtain and maintain an authorization to act in such a capacity: a) Act of Incorporation and by-laws, as duly registered with the Public Registrar of Companies having venue and jurisdiction where the place of business shall have been registered. b) An Internal Regulation duly approved by the Board of Directors of the Corporation. c) Any such other regulation as approved by the Board of Directors of the Corporation. d) An organization chart, a handbook of functions, a handbook of administrative and operating proceedings to achieve the social purpose of the Corporation, as duly approved and authorized by the Board of Directors. e) A list with the (full and alternate) members of the administrative and supervisory board of the corporation and managers, with a detail of their complete personal data and any such positions as filled in in other companies or entities, with this information being continuously updated. ARTICLE 8^TH. There follows a list of people who will not be eligible for any such position as described in paragraph c), article 7: a) Anyone who cannot engage in commerce; b) Any negligent or fraudulent bankrupt up until TEN (10) years following rehabilitation or discharge shall have been elapsed; c) Any unintentional and non-negligent bankrupt and any insolvent up until FIVE (5) years following rehabilitation or discharge shall have been elapsed; d) Any convict of an offense committed with a desire or an intention to make money or profit or against public authority, up until TEN (ten) years following service of a sentence shall have been elapsed; e) Indicted or arraigned defendants and persons who have been provisionally dismissed from or acquitted of an intentional crime; f) Any official and employee who is paid by a national, provincial or municipal government which, in such a capacity, is engaged in an activity which is not a banking and/or financial activity, or in teaching or in the making of study committees; g) Any broker whose registration has been cancelled up until FIVE (5) years shall have been elapsed from the registration date. ARTICLE 9^TH. A Market shall evidence a minimum net worth of at least FIVE HUNDRED THOUSAND ($500,000.-) PESOS. FIFTY PER CENT (50%) of this amount shall, at the Commission’s consideration, be paid with highly liquid assets. Should there be a member House which has been established under the provisions herein, a Market shall evidence a minimum net worth of at least TWO HUNDRED THOUSAND ($ 200,000.-) PESOS. ARTICLE 10^TH. A Market shall issue any such rules as necessary to regulate the purchase, assignment or making of other legal acts over the actions by this market, and have into account the following aspects and considerations: a) The ownership, beneficial ownership, use or lease of a share in a Market, shall entitle the holder of that right to operate as a Broker in such Market under any other conditions as prescribed by the rules governing such Market; b) Any owner, beneficial owner, user or lese, as the case may be, shall meet a minimum Futures and Options trading requirement. 9.1.4.1. Futures and Options Trading. ARTICLE 11. A market shall issue any such rules as necessary to guarantee normal Futures and Options trading, with these rules taking into account the following considerations: a) The persons who are authorized to trade in Futures and Options; b) The system used for Futures and Options trading; c) The record, in FIVE (5) minutes time, of any voiced or traded price as offered for each Future and Option; d) The use of trading receipts containing, at least, the following information: an identification of both the purchasing Broker and the selling Broker, the type of traded Future and Option, the price and Option exercising method, the due month, the number of Futures and Options, the agreed price, the time and the minute when every transaction has been traded, and an indication stating whether such transaction is for an own portfolio or for a third party ; e) Trading slips and receipts shall be recorded no later than FIFTEEN (15) minutes following a transaction; f) Transactions shall be both supervised and controlled. ARTICLE 12^TH. Any Market having an electronic futures and options trading system, shall file the following with the Commission: a) The systems folders, including those of any related subsystem; b) Any supplementary information as necessary to comply with such Market’s controlling functions. ARTICLE 13^TH. Any existing or future electronic system shall be externally audited, with such audit including – at least – the control of the activities and restraints to such systems and their performance. ARTICLE 14^TH. A Market’s administrative authority shall transcribe in: a) A book of the minutes of the Board of Directors’ meetings or b) Any special book as used for these purposes, any report or memorandum with the conclusions and/or recommendations by external system auditors, even in the event that no fault or defect shall have been tracked down, with a copy of such conclusions and/or recommendations being sent to the Commission and including any and all reviews as might have been done, and a detail of any such actions as taken with a view to either improve or correct any observed fault or defect. ARTICLE 15^TH. A Market shall keep a computerized record which guarantees that the information on any such transactions as traded, goes unchanged. A copy of this record shall be kept in books with a rubric, under Article 61, Law No. 19,550. This record shall contain detailed information of every transaction, including, at least, the data described in paragraph d), Article 11 of this Chapter. This record shall be kept for a term of FIVE (5) years, and be available for consultation purposes during the first TWO (2) years following the end of the above mentioned term of five years. ARTICLE 16^TH. Market regulation shall provide for a broker to have any such method as necessary to allow for the recording of a temporary sequence of the orders by the principals with a view that such temporary sequence of orders may be reconstructed with the use of auditing procedures. 9.1.4.2. Transaction Information Release. ARTICLE 17^TH. With the use of mass media, a Market shall daily release separate reports for each kind of Future and Option and for every due month as may be traded. These reports shall contain, at least, the following information: opening, maximum, minimum, closing and adjustment prices, volume and Open-End Interest in terms of the number of agreements. ARTICLE 18^TH. A Market shall prepare a tick history, whether belonging or not to any traded transaction. These data shall be available to those who use them. ARTICLE 19^TH. Every Market shall release the information mentioned in paragraph c), Article 11, in the same term as provided therein. ARTICLE 20^TH. A Market shall be obliged, within the following FIVE (5) working days, to monthly report the volume of futures and options per type of future and option and per Broker, breaking futures and options down into own portfolio’s and third parties’ futures and options. 9.1.4.3. Disciplinary Power. ARTICLE 21^ST. A Market shall have a procedure to exercise a disciplinary power over Brokers and over the other parties to a trading transaction, with such procedure properly envisaging the principles of due process and legal certainty and leading to Market transparency and further ensuring investor protection. This procedure shall be approved and authorized by the Commission. ARTICLE 22^ND. Every Market shall create a Supervisory and Controlling Division which shall be responsible for conducting investigations and managing any such summary proceedings as are instituted. ARTICLE 23^RD. A Market shall keep the Commission acquainted with any such events as dealing with claims, investigations and management of summary proceedings. A Market shall further send to the Commission a copy of any such decision as made upon the termination of these proceedings. 9.1.1.4. Transaction Monitoring. ARTICLE 24^TH. A Market shall file a transaction monitoring system with the Commission for approval. This system shall include, among others, the following aspects and considerations: a) The information detailed in paragraph d), Article 11, within the term provided by paragraph e) therein; b) Cash price changes for every Underlying Product; c) Changes in the convergence between the Futures price and the Underlying Product cash price. ARTICLE 25^TH. Every Market shall, every now and then, have an economic analysis of the Underlying Product cash market per Future being traded in such Market’s field. Besides, in the event of a Future with a physical Underlying Product, and with a view to track down and avoid probable Market manipulations, every Market shall analyze whether such Underlying Product is available, and closely go through any other relevant information that may have an impact on the trading of these Futures, including such Underlying Product cash market. These analysis shall be filed with the Commission and also with the Secretariat, if Underlying Products are in its jurisdiction and venue. ARTICLE 26^TH. A Market shall, from time to time, inspect its Brokers with a view to check on them for compliance with statutory and regulatory rules in force in this field. These audits shall include, without limitation: a) Risk management quality; b) Internal control quality; c) Compliance with a principal’s protection requirements. ARTICLE 27^TH. A principal shall – on a control group basis – daily inform a Market, with such Market informing the Commission, about any Open-End Position per type of Future and Option and per due month being traded and in excess of ONE PER CENT (1%) of the Open-End Interest, if such Open-End Interest is higher than any such minimum Open-End Interest as established by such Markets and / or Houses. 9.1.5. SELF-REGULATING AUTHORITIES’ OBLIGATIONS. ARTICLE 28. Every Market shall have a Code of Ethics leading to a transparent market and to the protection of investors. This code shall contain specific regulations to: a) Guarantee and insure a Broker’s loyalty when enforcing a principal’s order; b) Avoid and suppress Market manipulation; c) Avoid and suppress fraud; d) Avoid and suppress a prohibited transaction such as: i. Applying a principal’s order to another one’s, except as provided by Article 36, paragraph a), section 7, Chapter on a Transparent Futures and Options Negotiation; ii. Pretending that a transaction is being made, with such transaction going unrecorded; iii. Recording a transaction in one’s account or in a Broker related account and directly or indirectly acting as a counterpart to a principal’s order, with such order going unenforced at the negotiation and trading premises; e) Protect a principal. 9.1.6. REQUIREMENTS TO BE DEMANDED BY A MARKET FROM ITS BROKERS. ARTICLE 29. A Market may create a category of Brokers who are not members of the House. Non-Member Brokers may not settle their own portfolio or principals’ transactions and shall be obliged to settle them all through the Clearing House Members. Clearing Members shall take responsibility before the House for any transaction that a Non-Member Broker may settle through such Clearing Members. ARTICLE 30. A Market shall adopt and submit to the Commission’s approval any such requirements as are to be met by Brokers for them to be recorded and approved for trading purposes. Such requirements shall envisage and include the following considerations: a) Having a suitable, technical and operating organization and an infrastructure to make a transaction; b) Passing a suitability test for trading purposes; c) Separating assets into one’s own assets and principals’ assets; d) Having suitable risk management controls which allow for monitoring both one’s own Open-End Positions and those of the principals. ARTICLE 31^ST. A Market shall issue rules and regulations guaranteeing that Brokers make a clear cut between: a) The staff responsible for preparing reconciliations, administering and managing margins, verifying Open-End Position limits, preparing and keeping accounting books and records, and the staff responsible for risk management and for treasury, and b) The staff responsible for the relationship with principals and for the transactions and negotiations on the Market. The staff working in these areas shall have a clear rank authority. ARTICLE 32^ND. A Market shall require Brokers to clearly include in writing and in account opening agreements, the rights and obligations of Brokers and principals. These agreements shall envisage, among others, the following aspects and considerations: a) A Broker’s right to close a principal’s account and settle an Open-End Position, as well as any notification terms as required to take such steps; b) A Broker’s and a Clearing Member’s right to collect and receive Margins in excess of those required by the House; c) A principal’s right to withdraw from its account a balance in its favor and in excess of any other balance as required by a Broker; d) Margin management on behalf of a principal; e) Any market risks as dealing with the trading and negotiation of Futures and Options; f) Explaining a principal’s risk in the event of a default by the House; g) Explaining a principal’s risk in the event of a default by a Clearing Member; h) Explaining a principal’s risk in the event of a default by any such authority acting as a depository of Margins as chosen and elected by a Broker or by a Clearing Member. 9.1.7. REQUIREMENTS TO BE MET BY A HOUSE FOR AUTHORIZATION PURPOSES. ARTICLE 33^RD. A House shall be authorized as a self-regulated authority. ARTICLE 34^TH. Every House shall guarantee its Clearing Members that any such obligations as resulting and deriving from a transaction or a negotiation accepted by this House, shall be duly fulfilled. ARTICLE 35^TH. A House shall be incorporated as a corporation with registered, non endorsable or book entry stock. ARTICLE 36^TH. For the purposes of both obtaining and maintaining its authorization, a House shall file the following documents with the Commission: a) The Act of Incorporation and by-laws, as duly registered with the Public Registrar of Companies having venue and jurisdiction where the place of business shall have been registered. b) An Internal Regulation duly approved by the Board of Directors of the Corporation. c) Any such other regulation as approved by the Board of Directors of the Corporation. d) An organization chart, a handbook of functions, a handbook of administrative and operating proceedings to achieve the social purpose of the Corporation, as duly approved and authorized by the Board of Directors. e) A list with the (full and alternate) members of the administrative and supervisory board of the corporation and managers, with a detail of their complete personal data and any such positions as filled in in other companies or entities. ARTICLE 37^TH. There follows a list of people who will not be eligible for any such position as described in paragraph e) of article 36: a) Anyone who cannot engage in commerce; b) Any negligent or fraudulent bankrupt up until TEN (10) years following rehabilitation or discharge shall have been elapsed; c) Any unintentional and non-negligent bankrupt and any insolvent up until FIVE (5) years following rehabilitation or discharge shall have been elapsed; d) Any convict of an offense committed with a desire or an intention to make money or profit or against public authority, up until TEN (ten) years following service of a sentence shall have been elapsed; e) Indicted or arraigned defendants and persons who have been provisionally dismissed from or acquitted of an intentional crime; f) Any official and employee who is paid by a National, provincial or a municipal governmental authority which, in such a capacity, is engaged in teaching or in the making of study committees; g) Any broker whose registration shall have been cancelled up until FIVE (5) years following the registration date. ARTICLE 38^TH. A House shall evidence a minimum net worth of at least THREE HUNDRED THOUSAND ($300,000.-) PESOS. ARTICLE 39^TH. A House shall keep a computerized record of all the transactions being made and which guarantees that the information on any such transactions as traded, goes unchanged. A copy of this record shall be kept in books with a rubric, under Article 61, Law No. 19,550. This record shall be kept for a term of FIVE (5) years, and be available for consultation purposes during the first TWO (2) years following the end of the above mentioned term of five years. ARTICLE 40^TH. A House shall set forth minimum financial requirements for Clearing Members. ARTICLE 41^ST. A House shall further provide for a system of restraints to Open-End Positions on a Clearing Member basis, check on the compliance with such restraints and provide for a procedure to be used in the event of a default. ARTICLE 42^ND. Every Broker managing the funds of a principal shall have, at least, TWO (2) Margin accounts opened with a House: ONE (1) account for principal transaction settlement purposes and ONE (1) account for the purposes of settling the transactions of such Broker’s own portfolio. ARTICLE 43^RD. At the end of every trading day, a House shall inform its Clearing Members all the transactions recorded in their accounts, with a detail of those which have been accepted and those which have been rejected. Every Clearing Member shall, prior to the beginning of the trading round of the following day, solve any trading discrepancy or difference for further resettlement purposes. Rejected transactions shall be daily reported to both the Market and the Commission. ARTICLE 44^TH. A House shall send a principal the following documents: a) A daily confirmation of all the transactions made on a single day; b) A monthly report of all the transactions that have been agreed upon in that month, including Open-End Positions. 9.1.8. MARGINS. ARTICLE 45^TH. A House shall both fix and adjust Margins to the conditions prevailing on the market. ARTICLE 46^TH. Any such Margins as are required for every Future and Option shall be determined under a method which protects a House from adverse price fluctuations, up until the Market is in a condition to close, by means of a reverse proceeding such as the risk value method, any such Open-End Positions as are in default. ARTICLE 47^TH. A House shall provide for a closing by means of a reverse, default Open-End Position procedure within the time used in the risk value calculation of the foregoing article. ARTICLE 48^TH. Both a Broker and a principal shall be empowered to withdraw, from their own Margin accounts, any surplus exceeding any such minimum Margin as provided for by Clearing Members or by Brokers, respectively. ARTICLE 49^TH. Margin financing by a House in the benefit of its Clearing Members is prohibited. 9.1.9. REQUIREMENTS FOR FUTURES AND OPTIONS AUTHORIZATION. ARTICLE 50^TH. By submitting at least the following information, every Market shall determine the terms and conditions for every Future and Option to be traded and negotiated in its jurisdiction, with such information being submitted prior to such Market’s becoming operational: a) Underlying Product; b) Number of Underlying Products on an agreement basis; c) Initial Margin; d) Maximum admitted variation over the adjustment price of the former day, as the case may be; e) Time schedule for trading purposes; f) As for Futures, a description of the settlement system on a due date, whether by means of the physical delivery of an Underlying Product or by a different price or index; g) As for Options, the type of Option and Option exercising method; h) Adjustment price calculation method; i) Description of the cash market for the Underlying Product of any such Future as proposed; j) Description of the marketing system in force for the Underlying Product of any such Future as proposed; k) Relevant statistical information on the cash market of the Underlying Product of any such Future as proposed, or of an equivalent product, for the last THREE (3) months; l) Trading months for quotation purposes. In the event of a Future with an Underlying Product, the relationship between these months and the availability of an Underlying Product shall be described, including, as necessary, any such available storing space, transportation facilities and cash market activities, as necessary. The Commission may observe the proposed method and require any such changes as necessary under the terms and conditions of Futures and Options agreements before becoming operational. Besides, the Commission may, at any time, call for termination on the grounds of serious system damaging. ARTICLE 51^ST. Any trading or negotiation of instruments which, at the Commission’s opinion, includes a feature similar to a Future and an Option, shall be considered as such and subject to the Commission’s rules. 9.1.9.1. Additional Demands for futures to be settled by means of the physical delivery of an Underlying Product. ARTICLE 52^ND. In the event of a Future to be settled by delivering an Underlying Product, a Market shall provide for a delivery and receipt procedure for such Underlying Product which is the subject matter of such future. This system shall be previously approved by the Commission and jointly with the Secretariat if products are in the venue of this Secretariat. ARTICLE 53^RD. A Market may enable an Underlying Product delivery system with deposit certificates issued by any such stockpiling companies as approved and controlled by such Market. This system shall be previously approved by the Commission and jointly with the Secretariat if products fall within the Secretariat’s jurisdiction. Authorized stockpiling companies shall register with a record to be kept by every Market for these purposes. ARTICLE 54^TH. Should a deposit certificate be of the book-entry type, recording may remain the Market’s, the House’s or other entities’ responsibility, provided that such Market, House or entities comply with requirements in force. 9.1.9.2. Lapsing of an authorization to trade in futures and options. ARTICLE 55^TH. Any authorization to trade a certain Future and Option, shall be void in the following events: a) If such Future and Option is not traded during a term of A (1) calendar year; b) If such Future and Option is not traded during the SIX (6) months following the authorization date; c) If such Future and Option shall have been authorized prior to the sanction of these Rules and is not traded or negotiated during the SIX (6) months following the approval of these Rules. 9.1.10. GENERAL PROVISIONS. ARTICLE 56^TH. At the request of a principal, of a Market, of a House, or of the Commission, a House may transfer an Open-End Position of a Clearing Member and/or of a Clearing Member principal to another Clearing Member. ARTICLE 57^TH. Both a Market and a House may order to close an Open-End Position if a serious circumstance so determines. ARTICLE 58^TH. A Market, a House and a Broker shall provide any such information as required by the Commission in the exercise of any such supervisory power as applicable to it. ARTICLE 59^TH. Any rule as issued by a Market in the exercise of their self-regulation power and by a House, shall be approved by the Commission prior to their becoming in force. To this end, these entities and authorities shall send to the Commission any such rules as issued in due advance but not later than FIVE (5) days. ARTICLE 60^TH. Both a Market and a House shall comply with any such guidelines and instructions as provided in the Chapter on "The Transparency in the Public Offer Field" of the RULES (N.T. 1997). ARTICLE 61^ST. With a view to control and surveil compliance with regulations, the Commission may, from time to time, audit any Market, any House and any Broker. ARTICLE 62^ND. Both a Market and a House shall have an annual external audit which provides for a report with detailed information and objectives about their performance. This audit report shall be transcribed in the book of the Board of Directors minutes of a meeting and sent to the Commission no later than TEN (10) days following approval. This annual external audit shall report, among others, the following items: a) Risk management quality; b) The surveillance of Market conditions and participants; c) Internal control quality; d) The economic, financial and equity position. ARTICLE 63^RD. Both a market and a House shall file with the Commission and publish their annual and quarterly financial statements under the rules applicable to the corporations included in the public offer system. ARTICLE 64TH^. Both a Market and a House shall send to the Commission, a copy of the summons to and the agenda of any shareholders meeting, at least TEN (10) days in advance of the date for such shareholders meeting. A copy of the minute of the meeting shall be sent no later than TEN (10) days following such shareholders meeting. ARTICLE 65^TH. Any Market or any House may, on a confidential basis, exchange information relative to any Broker operating in their field or jurisdiction and to its activities, with other markets in Argentina or abroad, under any such rules as are to be passed for these purposes. ARTICLE 66^TH. Both a Market and a House shall develop contingency procedures to face a market crisis condition. These procedures shall provide for an immediate transfer of a principal’s or of a Broker’s position or for the closing of such positions, as the case may be. ARTICLE 67^TH. Every Market and every House shall, from time to time, publish updated information about their protection systems, including: a) The scope and operation of protection systems; b) The Participants in the Market who are covered by each system (including those being used with principals) and the scope of such coverage; c) A list with their financial supporting sources, with an indication of the amount and liquidity, the origin of funds, payment terms and draft or remittance restraints for every source; d) Relevant legislation aspects and considerations in the event of a bankruptcy in the jurisdiction. 9.1.11. RELATIONSHIP BETWEEN THE COMMISSION AND THE SECRETARIAT. ARTICLE 68^TH. The Commission shall call for the Secretariat intervention in the event of a question that is related with a cash market for an Underlying Product, provided that such Underlying Product is in the jurisdiction of the Secretariat. Any such opinion as rendered by the Secretariat in these cases, shall be binding upon the Commission. ARTICLE 69^TH. The Commission shall, at the Secretariat’s request, order to close an Open-End Position whose Underlying Product is in the Secretariat’s jurisdiction if there is any circumstance so justifying."

ARTICLE 3. Futures and Options markets under operation shall have a term ending on January 1^st., 2000 to adjust to and abide by these Rules.

ARTICLE 4. General Resolution No. 194/92 and General Resolution No. 294/97 are hereby repealed and abolished.

ARTICLE 5. Be this Resolution reported, published and delivered to the NATIONAL AUTHORITY FOR OFFICIAL RECORDS and filed.

- There follow five signatures over five legends that seem to read as follows: "Dr. Jorge Lores. Director", "J. Andrés Hall. Director", "Guillermo A. Fretes. Vice President", "Guillermo Harteneck. President" and "(illegible) Silvia Mortella (illegible)".

THIS IS A TRUE TRANSLATION INTO ENGLISH OF A PHOTOSTATIC COPY OF RESOLUTION NO. 337 IN SPANISH, AS ISSUED BY THE MINISTRY OF ECONOMICS AND PUBLIC WORKS AND SERVICES, NATIONAL SECURITIES AND EXCHANGE COMMISSION, THAT I HAVE HAD BEFORE ME, IN BUENOS AIRES, ON SEPTEMBER 27, 1999.

ES TRADUCCIÓN FIEL AL INGLÉS DE LA FOTOCOPIA DE LA RESOLUCIÓN NRO. 337 EN CASTELLANO, EMITIDA POR EL MINISTRO DE ECONOMÍA Y OBRAS Y SERVICIOS PÚBLICOS, COMISIÓN NACIONAL DE VALORES, QUE HE TENIDO ANTE MI Y A LA CUAL ME REMITO EN BUENOS, A LOS 27 DÍAS DEL MES DE SEPTIEMBRE DE 1999.