CONVERTIBILITY OF AUSTRAL Decree 529/91 Regulation of Law No. 23,928.

Bs. As., 27/3/91

VISTO Law No. 23.928 and

CONSIDERING:

That the modification of the legal regime of the currency constitutes a sovereign decision of the State.

That because it is precisely the generalized means of cancellation of obligations and considering the derogation and inapplicability of any indexing procedure established for the future in articles 7 and 10 of the law, the origin or basis of the price adjustment mechanisms, quotas or rents, more usual in the derogated system, should be appropriately weighted to maintain the balance of the benefits to be fulfilled after the application of the prohibition.

In some cases it is also useful to make some clarifications regarding the scope of the law, without prejudice to what the judiciary ultimately interprets when appropriate.

That the present measure is determined in the use of the powers delegated by the HONORABLE CONGRESS OF NATION in article 9 of the above-mentioned law, and of those set out in article 86, paragraph 2, of the National Constitution.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 . For the application of the general prohibition of indexation provided for in articles 7°, 8° and 10 of Law No. 23,928, it is appropriate to consider April 1, 1991, as if it were the actual payment day provided for in the derogated or inapplicable adjustment mechanisms. From that date, the resulting sums of money will be converted to nominal australes in an UNO to UNO ratio. Art. 2° . Focus on "origin" . to the purposes article 9°., the basis considered for the purposes of updating, indexing, repotentiation or variation costs. Art. 3rd . For the purposes of the comparison between adjustment mechanisms and the United States dollar provided for in Article 9 of Law No. 23,928, the same origin shall be used. When the origin or basis of the update corresponds to a period exceeding one day whether it is weekly, monthly or any other unit of time, for the purpose of the comparison will average the contributions of the United States dollar corresponding to those periods, that average will be the basis or origin of the update for dollars.

The purchase rate of BANCO OF ARGENTINA NATION should be used for calculation at the end of the day or the corresponding days. For the determination of the excess of up to one DOCE per IQT (12 %) per year, a calendar year of 365 days will be considered.

Art. 4° . Article 9 does not cover any dinerary obligations that are not price, quota or rent to pay for a contract that must be made, loaned or surrendered after 1 April 1991.

This rule does not meet dinerary obligations arising from labour, food or forecast relationships.

Art. 5° (Article Derogated by Article 1 of the Decree No. 959/91 B.O. 23/05/1991) Art. 6° . In the services offered on equal prices to users or adherents, the origin to use for the purposes of the comparison provided for in Article 9 of the Law shall be considered the period from 1 May 1990 to 31 March 1991, as a single period. This will compare the overall average resulting from the invoiced assessment in the month of March 1991, or the exchange rate of the dollar of 1 April 1991, as appropriate. The lower amount with the addition of the DOCE proportional surplus per year (12 %) if calculated by the assessment of the dollar, will be the southern share that will govern future benefits until the termination of the recruitment period. Art. 7° . Educational establishments shall conform to article 9 of Law No. 23.928. It should be considered as origin for the purposes of the calculations as invoiced in the month of November 1990, in accordance with SSIyC Resolution No. 37/91, or the average value of the dollar in that month. This origin will be compared to the invoiced quota in March 1991 or the exchange rate in force as at 1 April 1991 . in the latter case will be added to the proportional portion of the DOCE by CIENTO (12 %) per year anual. The lower amount will be a total share in Australians that will govern until the end of the school period. Art. 8° . The judicial liquidations practiced or to be carried out by the application of final or appealed judgements, shall be converted to austral by the law of Law No. 23,928 in the amount resulting from the update that has been or is available in the future until 1 April 1991, under the conditions established by law and by this regulation.

On the occasion of determining the amount of the conviction in convertible australes, the judge may indicate the interest rate that he will govern from 1 April 1991 in order to maintain the economic content of the sentence. (Paragraph incorporated by art. 10 of the Decree No. 941/91 B.O. 17/05/1991)

THE CENTRAL BANCO OF THE REPUBLIC ARGENTINA shall publish the average passive interest rate on a monthly basis, which the Judges may order to apply for the purposes provided for in Article 2. 622 of the Civil Code. (Paragraph incorporated by art. 10 of the Decree No. 941/91 B.O. 17/05/1991)

Art. 9° . In the current tenders, tenders should be converted into southern, invariable, future, according to the established procedure, considering as origin of the month or period used as a basis for the purposes of the elaboration of prices or costs. The bidders may withdraw from their proposals without penalties prior to the expiration of the corresponding maintenance period, and the bidders may terminate the call. Art. 10. El The MINISTERY OF ECONOMY shall dictate the necessary rules for the purposes of interpreting and implementing this decree. Art.11. . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.