Dear Depositors

Depósito Central de Valores (DCV) wishes to inform you that, pursuant to Law No. 20,956 entitled “Productivity Law”, published in the Official Gazette on October 26th, 2016, Law No. 18,876 was amended, which, among other changes to this law, created a new type of pledge named “Special pledge on securities on deposit registered in the book entry system”.

As part of the process to develop and implement it, DCV has worked I conjunction with a group of Depositors in the drafting of a Master Agreement and the relevant adherence of the Principals, referred to in the new Article 14 of the above mentioned Law 18,876.

Before continuing the process to approve these documents, DCV is submitting these documents for consultation to all of its Depositors for them to submit their comments and observations, which this company will analyze and evaluate for their consideration. Comments must be submitted within 10 business days as from the publication date of this bulletin.

For these purposes, please send an e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it. with the subject: “comments to documents on special pledge”.

Special pledge on deposited securities master agreement (Spanish Only)

Form of adherence for principals (legal entity) (Spanish Only)

Form of adherence for principals (individuals) (Spanish Only)

For further information, please send an e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it. with the subject: QUESTIONS on documents on special pledge.

Regards,
Depósito Central de Valores; Depósito de Valores S.A.