BANCO PATAGONIA S.A.
EXPLANATORY REPORT ON THE INVESTOR PROTECTION CODE
In Financial Trusts with Public Offering
This is the Explanatory Report on the Investor Protection Code applicable to Banco
Patagonia S.A., in its capacity as trustee in Financial Trusts with Public Offering.
This Explanatory Report does not intend to be a complete analysis of all the aspects of
the Code. Investors are recommended to read the Code in full and resort to their advisors
in that respect.
Both the Code and this Explanatory Report may be modified from time to time and, in
such a case, a new Explanatory Report will be posted at the CNV’s web page
(www.cnv.gov.ar)
Core principles and values

Be loyal in performing the duties and executing the mandates.

All the activities chosen and the duties performed must comply with the law.

Be diligent and perform, following the highest reasonable businessman standards
under moral principles and proper conduct.

All actions must abide by and comply with current contracts and laws.

Act for the benefit of beneficiaries and be accountable.

Provide immediate, complete and transparent information to investors.

Prevent market manipulation and fraud.
Behaviors That Must Be Observed or Avoided
The Trustee shall act with the diligence of a reasonable businessman who acts on the
basis of the trust given to him, in compliance with current rules and particularly
observing the following specific behaviors and prohibitions:

Any confidential information must not be used to obtain any kind of advantage,
either for the Trustee or for third parties. The Trustee shall take all measures
necessary to prevent the Trustee’s staff from using any confidential information.

The Trustee must not use confidential information to make any transaction on its
own behalf or on behalf of third parties, disclose confidential information, or
recommend investments based on confidential information.

The Trustee shall avoid any likely conflict of interest and, at all times, put the
interest of investors over any other interest.

The Trustee must prohibit the Trustee’s employees from receiving any benefit to
influence on the management of the Trusts.

The Trustee must refrain from following any practice or behavior that seeks to
manipulate or allows for the manipulation of the prices or volumes of trust
securities.

The Trustee must refrain from following any practice or behavior that may
defraud any individual or legal person participating in the above-mentioned
markets.

The Trustee shall not make any statement regarding the value, risk or situation of
the underlying assets.
Applicable Penalties
The Argentine Securities Commission (CNV) is the agency that monitors compliance
with legal, statutory and regulatory rules related to public offering, including the
transactions of financial trusts with public offering.
Any unfair practice by the Trustee that may affect the transparency of the market and/or
the investor, may result in any of the following penalties by the regulatory body:
warnings, fines, disqualification, suspension, prohibition to make public offerings and the
removal of the trustee from its position, if so provided in the agreement.
The penalties are applied by the CNV’s Board of Directors on the basis of a justified
resolution, after the relevant investigation. The CNV keeps a public record of the
penalties imposed, which may be queried at the CNV’s web page (www.cnv.gov.ar).
Investor Rights

Right to appropriate and truthful information.

Right to a fair treatment pursuant to the provisions of the relevant Prospectus
Trust Agreement, laws and regulations applicable to the activity.

Right to file claims and complaints deemed appropriate, if the investor’s rights are
limited.

Right to the confidential treatment of the information related to the investments in
trust securities.