PUBLIC DEUDA Decree 1.527/91 Disposal the issue of bearer titles in U.S. Dollars called "Treasure Bonuses".

Bs. As., 8/8/91

VISTO Law 23.928 - CONVERTIBILITY OF AUSTRAL, its Rule Decree No. 959 of 21 May 1991 and Decrees No. 1.333 of 29 November 1989, No. 1,738 of 5 September 1990 and No. 214 of 31 January 1991 and

CONSIDERING:

That in accordance with the provisions of Law 23.697, on the occasion of the economic emergency, refunds, refunds or returns of taxes were canceled with Credit Bonuses, which were originally issued in Australes adjustable by the variation of the exchange rate for manufacture exports.

That, by application of the Convertibility Act, the adjustment clause referred to was invalid as of 1 April 1991.

That, for its part, Decree No. 530 of 27 March 1991 freed the exporters from the obligation to liquidate the foreign currency derived from exports, as a result of the change in the rules applicable to the value of the currency and the circulation of foreign currencies in the National Territory.

Given the connection between the benefits that are cancelled with Credit Bonuses and the actual price of the exports in question, whose currencies are freely available by the exporters, the fact that some and others are expressed in different currencies increases the cost of the financing imposed by the exceptional situation, both for the State and its creditors for that cause.

In view of the Austral convertibility, it is appropriate to offer to the holders of Credit Bonuses who so wish, the possibility of redeeming their holdings of such titles by another issued and payable in American Dollars, which will accrue a lower interest rate, would not apply to the payment of import or export duties and would improve the debt profile.

That the NATIONAL EXECUTIVE POWER is authorized to issue public debt values in accordance with articles 33 of Law 11.672 (as amended by article 34 of Law 16.432 and Act No. 16.911) and 13 of Law 23.763, in force in accordance with article 13 of the Public Accounting Act (Decree No. 23.354 of 31 December 1956).

That the present measure is determined in accordance with the powers conferred by article 86, paragraph 1, of the NATIONAL CONSTITUTION.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 El The BANCO CENTRAL OF THE ARGENTIN REPUBLIC in its character as the Financial Agent of the NATIONAL GOVERNMENT, will proceed to issue, at the request of the SUBSECRETARIA OF HACIENDA, titles to the bearer in U.S. Dollars called "TSOROBONS", for an amount of up to a MIL THRECIENTS,300

(a) Date of issue: 31 March 1991.

(b) Period: CINCO (5) to two and DOS (2) months.

(c) Amortization: In DIECISIETE (17) quarterly and successive quotas, equivalents the DIECISEIS (16) first to SEIS PORCIENTO (6 per cent) and UNA (1) last to CUATRO per CIENTO (4 per cent) of the amount issued.

The first amortization will take place on 31 May 1992.

(d) Interests: The interest rate that governs the interbank market of LONDRES (LIBOR) for deposits in eurodollars to NOVENTA (90) days of time. This rate will be determined by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC on the basis of the average that arises from the rates informed by its correspondent banks in that square, at the close of the concerted operations THREE (3) working days before beginning each period of income.

Interests will be paid quarterly. The first income service will expire on 30 November 1991.

(e) Ownership and negotiation: They will be the bearer and negotiable in the country ' s stock exchanges and markets.

Art. 2o Los The Bonuses that are issued by Article 1 of this Decree will be offered in exchange for the Credit Bonuses issued by the Decrees No. 1.333 of 29 November1989, No. 1,738 of 5 September 1990 and No. 214 of 31 January 1991.

The Credit Bonuses delivered by the BANCO CENTRAL DE LA REPUBLIC ARGENTINA for liquidations received until the day prior to the date of publication of this Decree in the Official Gazette will be exchanged at par, with value and at the technical prices of 31 March 1991. To this end, the effective value of the Credit Bonds will be converted to U.S. Dollars, applying the type of exchange closing, buyer, of the ARGENTINA NATION BANK of 25 March 1991.

The exchange option referred to in the preceding paragraph may be exercised only during the VEINTE (20) working days after the publication of this Decree in the Official Gazette, according to the operating procedure determined by the BANCO CENTRAL DE LA REPUBLICA ARGENTINA.

To that end, no payable profits will be received with Credit Bonuses during the aforementioned period.

The Credit Bonuses that are delivered after the aforementioned period of exchange shall be exchanged, at the option of the original holder in the following conditions:

(a) The Credit Bonuses that are delivered in payment of benefits that became enforceable until March 31, 1991 will be redeemed at par, with value and at the technical prices of the date.

(b) The Credit Bonuses that are paid for profits that became enforceable or that were liquidated by the respective agencies with the interest accrued to date of liquidation, in both cases after 31 March 1991, will be exchanged at par, with value and at the technical prices of the required payment or settlement dates, as appropriate.

(c) To that end, the actual value of the Credit Bonuses will be converted to United States Dollars, applying the type of closure exchange, buyer, of the ARGENTINA NATION BANK of 25 March 1991 for the cases cited in (a) and the third business day prior to the required payment or settlement dates, as appropriate, for the operations referred to in (b).

The emergent fractions of the redemption, inferior to the lesser labelling of the Bonuses that are issued by the present, would be cancelled in Australes.

The exchange of the Credit Bonuses will import the advance ransom of those values.

Art. 3o . Leave without effect the suspension of delivery of Credit Bonuses provided by article 3 of Decree No. 374 of 6 March 1991. The BANCO CENTRAL DE LA REPUBLICA ARGENTINA will continue to deliver the aforementioned values in accordance with the procedural rules it implemented in a timely manner. Priority allocation in the standardization of payment in Credit Bonuses, referred to in Resolution M.E. No. 72 of 22 February 1991 shall be applied when they measure requests from interested parties in this regard.

Art. 4o El The BANCO CENTRAL OF THE ARGENTINA REPUBLIC shall regulate the exchange referred to in Article 2 and shall be the authority to interpret this Decree.

Art. 5o . Attention to the financial services: You will be in charge of the BANCO CENTRAL OF THE ARGENTINA REPUBLIC, which for this purpose can proceed through the banks established in the country, the NATIONAL AHORRO AND SEGURO CAJA and the VALORES S.A. Financial services will be paid in U.S. dollars in the country or by transfer over New York Square.

Art. 6th . Commissions: The BANCO CENTRAL OF THE ARGENTINA REPUBLIC is authorized to pay to the entities that intervene in the placement in third parties of the values that are issued. It shall also pay to the entities involved in the care of the financial services. Such retributions shall be fixed by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC in accordance with the modalities and status of the square and for its attention may debit the corresponding official accounts. The appointed bank will receive a commission of TEN CENTESI BY MIL(0.10%₀) on the amount placed of such titles.

Art. 7o . Advance rescue: Faccinate the SUBSECRETARIA DEHACIENDA to arrange for the advance rescue of the entire or part of the Bonuses that are issued by this Decree to its nominal values plus corrected interests.

Art. 8o . Through the SOCIEDAD OF THE STATE CASA DE MONEDA or by hiring with private companies, which is more appropriate to the emission needs, the titles to be issued according to the distribution and numbering indicated by the BANCO CENTRAL DE LA REPUBLICA ARGENTINA will be printed. In addition, unnumbered sheets will be printed in the amounts and opportunities specified by the bank, intended to replace the Lost, Stolen or Unused Titles, in the cases provided by the Trade Code and, after numbering to replace others of the same issue and of different nominal value, by equivalent amounts. As long as the prints last, the BANCO CENTRAL OF THE ARGENTINA REPUBLIC will be able to extend Representative Certificates of the Bonuses, which will be exchanged in due course for the definitive values.

Art. 9th El The BANCO CENTRAL OF THE ARGENTINA REPUBLIC will communicate to the HACIENDA SUBSECRETARIA, the General CONTADURY of the NATION and the TRADE BOLS, the distribution and numbering of the foils that give to the circulation.

Art. 10. . For the purpose of the payment of financial services, as well as for the expenses that involve the tasks related to the issue and delivery of the values, the CENTRAL BANCO OF THE REPUBLICARGENTINA may debit the official accounts open to the name of the SUBSECRETARIA DE HACIENDA that is appropriately agreed.

Art. 11. El The MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICOS will be the authority to implement this regime.

Art. 12. La The General CONTADURIA of the NATION will take the intervention that is within its competence.

Art. 13. . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.