Ministry of Finance DECRETO CONTABILITY LEY 7224 Replace Article 42 of Decree 13.100/57 concerning the issue and placement of letters of Treasury.

Bs. As., 20/11/68;

VISTO Article 42 of Decree 13.100/57 regulating the issue and placement of the letters of Treasury of the Nation, the supplementary rules adopted by Resolution No. 165/40 (text modified according to communication to the Central Bank of the Argentine Republic of December 4, 1944) and the authorization granted to the Executive Power by Article 33 of Law 11.672, as amended by Law 16.911; and

CONSIDERING:

That the particular characteristics of the money market, in which the letters of treasury perform important function, make the operating modality with such values not exactly in line with the provisions mentioned above;

That, in order to reconcile these aspects in a single legal text, it is appropriate to make the modifications of the case to the aforementioned regulatory section of the Accounting Act, in accordance with the preferences of the investment sector;

Therefore, according to the statements made by the Central Bank of the Argentine Republic, as a financial agent of the national Government and the favourable opinion issued by the General Account of the Nation (Expte. 1216/68),

The President of the Argentine Nation, Decreta:

Article 1 - Replace Article 42 of Decree 13,100/57, which regulates the Accounting Act, with the following:

Art. 42° - The letters of the Treasury shall be issued by the Ministry of State of Finance in accordance with the existing legal authorizations, with the intervention of the General Account of the Nation for the purposes of its extension and registration, in accordance with the following rules:

1. : Signatures:

They will carry the handwritten signatures of the Secretary of State of Finance or of the Undersecretary of the Budget or, in its absence, that of the Director General of Superintendence of the Treasury of that department. In addition, that of the national general accountant or other duly authorized General Accounts officer.

Al dorso will be signed by two officials of the Central Bank of the Argentine Republic.

2. : Identification by number:

The number that will be cardinal will begin in each calendar year.

3. : Owner:

They may be extended to the order or to the carrier, at the option of the interested party. The letter holders to the order may at any time manage their transformation into the carrier.

4. : Amount:

They will be issued in amounts not less than one hundred thousand pesos national currency (m$n 100,000.),), which will be multiples of fifty thousand pesos of equal currency (m$n 50,000.).).

5. : Term:

It'll be up to a year. The expiration dates will be set on 10 or 25 of any month or, if traded, the previous working day.

6. : Price:

The subscription offers will be expressed on the basis of a nominal value discount one hundred (100) reimbursable to the maturity, and may have up to four decimals of which the last two will be 25 or multiples of 25. You may also choose to disclose the types of annual interest that you wish to obtain, which will be expressed with three decimals.

7. : Adjudications:

Subscription requests may be accepted or rejected in whole or in part. The awards will be made through the Central Bank of the Argentine Republic in public tenders or through direct placements in the square, taking into account the most convenient offers within the most acceptable time frames. The Secretary of State of the Treasury may give preference to certain offers when advised, in the opinion of the Central Bank of the Argentine Republic, reasons of a monetary nature.

8. : Cancellation:

They will be approached to their maturity through the Central Bank of the Argentine Republic. Also, if the Central Bank of the Argentine Republic deemed it appropriate, the payment of the letters may be extended to other places in the country.

9. : Tax exemptions:

They shall enjoy all tax exemptions provided for by the relevant laws and regulations.

10. : Commissions:

The Central Bank of the Argentine Republic is authorized to pay to banks, financial entities and brokers, for the subscriptions they make on behalf of third parties, which will be set in accordance with the modalities and status of the square.

11. Several:

Cases of loss, theft or non-use of letters from Treasury shall be governed by the requirements of the Trade Code (Part XI, Chapter III).

Art. 2° ­ Deróganse el resolución N° 165 del ex Ministerio de Hacienda de fecha 26 de abril de 1940 y las modificacións a la misma por la comunicación al Banco Central de la República Argentina del 4 de diciembre de 1944.

Art. 3° − This decree will be endorsed by the Minister of Economy and Labour and signed by the Secretary of State of Finance.

Art. 4° . Contact, publish, give to the National Directorate of the Office of the Registrar.

NGOsANIA . Adalbert Krieger Vasena . César A. Bunge