Glossary

This glossary of terms is provided as an attachment for additional assistance in understanding the CEDEAR/CEVA structure and dynamics.

"BOLSA"

Bolsa de Comercio de Buenos Aires (Buenos Aires Stock Exchange), a non-governmental association in charge of authorizing the listing and monitoring of listed companies in compliance with Argentine law (the "Buenos Aires Stock Exchange").

"CDV"

Caja de Valores, the main Argentine institution providing securities clearing and other services, including maintaining a registry for the securities for more than 100 corporations. The CDV acts as a government and corporate securities depository, which facilitates securities trade settlement.

"CEDEAR"

Certificado de Depósito Argentino, the receipt issued and traded in Argentina representing ownership of Represented Shares.

"CEVA"

Certificado de Valores, the receipt issued and traded in Argentina representing ownership of Represented Shares that can be different types of tradable instruments that at the same time represent different types of securities. The securities that shall be deposited and/or represented are characterized, categorized, systematized and/or indexed according to criteria that reflect their value in the way or under the lineaments that shall be timely informed and approved by the ARGENTINE SECURITIES COMMISSION.

"BCRA"

Banco Central de la República Argentina, the Central Bank of Argentina.

"CNV"

The Comisión Nacional de Valores of the Republic of Argentina (The Argentine Securities Commission).

"MEP"

The BCRA payment system used by the Argentine financial institutions for the settlement of cash related to securities transactions.

"CEDEAR/CEVA Issuer" or "Issuer of CEDEARs/CEVAs"

The Argentine bank, trust company or other financial institution in Argentina empowered and authorized by the laws of Argentina to act as an Issuer of CEDEARs/CEVAs.

"Custody Agreement"

The agreement between the CEDEAR/CEVA Issuer and the Depositary which holds the Represented Shares in custody.

"Custodian"

The custodian of Represented Shares (i.e., the Depositary).

"Dividend Payment Date"

With respect to:

  1. Represented Shares, the date set by the issuer of Represented Shares on which the registered holders of record are entitled to receive dividends payable upon such Represented Shares;
  2. CEDEARs/CEVA, the date set by the Issuer of CEDEARs/CEVAs on which registered holders of record are entitled to receive dividends payable upon the CEDEARs.

"Issuer of Represented Shares"

The non-Argentine issuer of the Represented Shares.

"Listing"

The admittance to quotation and trading on a foreign exchange, if referring to the Represented Shares, and to the Buenos Aires Stock Exchange, if referring to CEDEARs/CEVAs.

"MERVAL"

The corporation in Argentina, owned by broker/dealers, which is responsible for the settlement of transactions executed on the Buenos Aires Stock Exchange.

"Record Date"

With respect to:

  1. Represented Shares, the date set by the Issuer of Represented Shares as of which registered holders are entitled to receive dividends payable on, or taking action with respect to, such Represented Shares.
  2. CEDEARs/CEVAs, the date set by the Issuer of CEDEARs/CEVAs, as of which registered holders of CEDEARs/CEVAs thereof are entitled to receive dividends payable on , or taking action with respect to, the Represented Shares.

"Register"

With respect to:

  1. Represented Shares, the record of ownership of shares and of transfer of shares maintained by the agent of the Issuer of Represented Shares.
  2. CEDEARs/CEVAs, the record of such ownership of CEDEARs/CEVAs and of the transfer of CEDEARs/CEVAs maintained by the Issuer of CEDEARs/CEVAs.

"Registrar"

With respect to:

  1. Represented Shares, the agent of the Issuer of Represented Shares appointed to record the ownership and the transfer of shares; and
  2. CEDEARs/CEVAs, the CEDEAR/CEVA Issuer.

"Represented Shares"

The non-Argentine securities, the deposit of which supports the issuance of CEDEARs/CEVAs.

"SEC"

The Securities and Exchange Commission of the United States of America.

"United States Person"

Either

  1. an individual that is a citizen or resident of the U.S., for this purpose, a person is a citizen of the U.S. even if he or she also is a citizen of another country (e.g., a dual national); for this purpose, a person is a resident of the U.S. even if he or she either is a permanent resident of the U.S. (e.g., holds a green card) or satisfies a "substantial presence" test in the U.S.
  2. a corporation, partnership or other entity created or organized in or under the laws of the U.S. or any political subdivision thereof (including, e.g., individual states or Washington, D.C.)
  3. an estate or trust (consult the administrator or trustee to determine if the estate or trust is a U.S. person under U.S. law.
  4. the above definition is a summary only. U.S. legal counsel should be consulted for a fuller analysis.
Terms and Conditions

The following Terms and Conditions of Use apply to use of the "Deutsche Bank AG CEDEAR Website" (the "Website"). more

FAQ
The following questions and answers were developed based on the most common inquiries received at Deutsche Bank as CEDEAR Issuer and Custodian. The answers should increase the understanding of the CEDEAR as a new Argentine security. more

Glossary

This glossary of terms is provided as an attachment for additional assistance in understanding the CEDEAR structure and dynamics. more

Contacts

Deutsche Bank CEDEAR/CEVA professionals will be pleased to discuss with investors and their brokers the material contained herein and to answer any questions that may arise related to CEDEARs/CEVAs, their features, uses and requirements. more

Agente de Liquidación y Compensación Integral y Agente de Negociación – Integral registrado bajo el N° 38 de la Comisión Nacional de Valores
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Last Update: July 14, 2010
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