Argentina: Currency controls and foreign exchange regulations measures – update II

10.09.2019

Following Announcement A19106, Clearstream Banking1 informs customers of the additional restrictions on the repatriation of income and redemption related funds paying in USD currency applicable to investors considered as “legal persons”.

Effective

immediately

Caja de Valores, the Argentinian CSD, has confirmed that interest and redemption proceeds due for ISIN ARIRSA560039 - ON IRSA CLASE 8 V.09/09/19 U$S C.G paying in USD may not be paid to an offshore account for beneficiaries considered as legal persons.

We kindly remind you that Clearstream Banking is considered a legal person and therefore, all assets held via Clearstream Banking’s direct account at Caja de Valores, the CSD, are impacted by the existing foreign exchange and repatriation restrictions regardless of the legal nature of the underlying investors.

Impact on customers

Customers holding ISIN ARIRSA560039 - ON IRSA CLASE 8 V.09/09/19 U$S C.G are impacted by this restriction and therefore, interest and redemption funds will remain unpaid until an alternative is available. Any payments in USD will remain on hold in Clearstream Banking’s account at the CSD, until further notice.

Further information

Clearstream Banking is currently investigating with the Caja de Valores the impact of this recent restriction on future payments in USD currency and will keep you informed as soon as more information is available.

The Market Link Guide - Argentina will be updated to provide additional information on these new measures.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.