MONETARY UNIFICATION PROGRAMME Law 25.736 Please note that the Central Bank of the Argentine Republic may receive from the National State, for the exclusive purposes of the said Program, Weddings of the National Government in Weights 2% 2011 and 2% 2013, at its nominal value and up to a certain amount. Amendment of Decree No. 743/2003. Sanctioned: May 8, 2003. Partially promulgated: May 14, 2003.

The Senate and Chamber of Deputies of the Argentine Nation assembled in Congress, etc. sanction with force of Law:

ARTICLE 1 The Central Bank of the Argentine Republic will be able to receive from the national State, for the exclusive purposes of the implementation of the MONETARY UNIFICATION PROGRAMME, the "NATIONAL GOVERNMENT BODIES IN PESOS 2% 2011 and 2% 2013" to its nominal value and up to a nominal value equivalent of PESOS SEIS MIL OCHOCIENTS MILLONES ($ 6,800.000) and PES 1,000

ARTICLE 2 Replace article 2 of Decree No. 743 of 28 March 2003, which shall read as follows:

"Article 2 de Please refer to the Ministry of Economics, through the Coordinating Body of Financial Management Systems, to issue "NATIONAL GOVERNMENT BODIES IN PESOS 2% 2011", with the financial conditions described below, for an equivalent nominal value of up to PESOS SEIS MIL OCHOCIENTOS MILLONES ($ 6,800.000) to be used in UNMOTARIA The above-mentioned emission shall be in accordance with the following general conditions:

I. Date of issue: 30 April 2003.

II. Date of expiry: 30 April 2011.

III. Period: OCHO (8) years.

IV. Currency of emission and payment: Weights.

V. Amortization: It will be made in OCHENTA AND CUATRO (84) monthly, equal and consecutive equivalents the first OCHENTA AND THRE (83) each to the UNO WITH DIECINUEVE CENTESIMOS por CIENTO (1,19 %) and UNA (1) final quota equal to the UNO with VEINTITRES CENTEREDITS (1,23%) all of them of the amount issued and adjusted to the next May 2004.

VI. Reference Stabilization Coefficient (CER): The capital balance of the Bonuses will be adjusted according to the Reference Stabilization Coefficient (CER) referred to in Article 4 of Decree No. 214/02, from the date of issue of each series.

VII. Interests: Interest on adjusted balances from the date of issue, at the rate of DOS per SCIENTO (2%) per year, will be paid monthly.

VIII. Subscription Price: CIEN BY SCIENT (100%).

IX. Negotiation: They will be negotiable and their contribution will be requested in the ELECTRONIC OPEN MERCATE (MAE) and in stock exchanges and markets of the country.

X. The "NATIONAL GOVERNMENT BODIES IN PESOS 2% 2011", will be represented by Global Certificates that will be deposited in a collective deposit regime.

Article 3 Please refer to the Ministry of Economics, through the Coordinating Body of Financial Management Systems, to issue "NATIONAL GOVERNMENT BODIES IN PESOS 2% 2013", with the following financial conditions, for an equivalent nominal value of up to PESOS UN MIL MILLONES ($ 1,000,000,000), to be used especially in the MONETARY UNIFICATION PROGRAM.

The above-mentioned emission shall be in accordance with the following general conditions:

I. Date of issue: 30 April 2003.

II. Date of expiry: 30 April 2013.

III. Period: TEN (10) years.

IV. Currency of emission and payment: Weights.

V. Amortization: The first will be made in NOVENTA and SEIS (96) monthly, equal and consecutive equivalent quotas NOVATE AND CINCO (95) each to UNO WITH CERO CUATRO BY CIENTO (1.04%) and UNA (1) final assessment equivalent to UNO CON VEINTE BY CIENTO (1.20%), all of them issued and adjusted according to the following paragraph, winning the first of them on 30 May 2005.

VI. Reference Stabilization Coefficient (CER): The capital balance of the Bonuses will be adjusted according to the Reference Stabilization Coefficient (CER) referred to in Article 4 of Decree No. 214/02, from the date of issue of each series.

VII. Interests: Interest on adjusted balances from the date of issue, at the rate of DOS per SCIENTO (2%) per year, will be paid monthly.

VIII. Subscription Price: CIEN BY SCIENT (100%).

IX. Negotiation: They will be negotiable and their contribution will be requested in the ELECTRONIC OPEN MERCATE (MAE) and in stock exchanges and markets of the country.

X. The "NATIONAL GOVERNMENT BODIES IN PESOS 2% 2013" will be represented by Global Certificates that will be deposited on a collective deposit basis.

ARTICLE 4 The BANCO CENTRAL OF THE ARGENTINA REPUBLIC will be able to count to its nominal value the "BONS OF THE NATIONAL GOVERNMENT IN PESOS 2% 2011 and 2% 2013", which it would have received under the MONETARY UNIFICATION PROGRAMME.

ARTICLE 5o Ratify Decree No. 743 of 28 March 2003 and Decree No. 957 of 23 April 2003, with the amendments introduced by this law; it is expressly stated that the implementation of the Monetary Unification Programme must preserve the intangibility of the shareable mass and the automatic rotation mechanism to the provinces.

ARTICLE 6 S Buy a credit of PESOS CINCUENTA MILLONES ($ 150,000) in the 2003 Budget (Jurisdiction 91) to meet the commitments signed by the national government and the provincial governments in the PACTOS COMPLEMENTARY TO THE PROCESSED FINANCING CONVENTIONS effective July 2002 or PROGRAMME OF REGARDED FINANCING; and a provision of PESOS CIEN MILLONES ($ 100,000.000) in the 2003 Budget (Jurisdiction 91) to cover the obligations that the Nation has with the non-signatory provinces of PROGRAMMES or PACTS OF FINANCING, These provisions shall be distributed exclusively to the provinces not covered or not attached to the UNMOT PROGRAMME. These items will be financed from the investment economies verified as a result of the exchange rate difference in the Budget Act 2003 and the actual amount of money or money. ARTICLE 7 Contact the national executive branch.

DADA IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, TO THE DIASS OF THE MTY OF MAY TRES.

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EDUARDO O. CHANGE. . JOSE L. GIOJA. . Eduardo D. Rollano. . Juan C. Oyarzún.