PUBLIC DEUDA Decree 1.712/92 Disposed a new issue of obligations of the General Treasury of the Nation called "External Laws in the Median Period of the Argentine Republic, in US Dollars".

Bs. As., 15/9/92

VISTO Issue No. 040-006968/92 of the record of the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES, and

CONSIDERING:

It is appropriate to have a new issue of obligations of the General TESORERIA OF NATION, in order to attend to erogations that can be covered by the legal provision with the production of loans.

That this can be done through access to international financial markets, within the framework of a Financial Plan that will allow the proper management of public debt.

It is essential that such placement be carried out in the most expeditious manner permitted by the applicable rules.

That the NATIONAL EXECUTIVE POWER is empowered to exempt all instruments related to the above-mentioned obligations from the encumbering of the Stamps Tax Law, Text Ordered in 1986 and its amendments pursuant to Article 59 of that Law.

That the NATIONAL EXECUTIVE POWER is empowered to extend jurisdiction by submitting the National Treasury to foreign courts and denying its sovereign immunity with the limitations set forth in the applicable legislation as set out in Article 48 of Law 16.432 as amended by Article 7 of Law 20.548 and Law 23.928.

That the NATIONAL EXECUTIVE POWER is authorized to issue values of the Public Debt in accordance with articles 33 of Law 11.672 (modified by Article 34 of Law 16.432 and Act No. 16.911) and 10 of Law 24.061 in force.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 Artículo La SECRETARIAT OF HACIENDA DE MINISTERIO DE ECONOMIA AND SERVICES PUBLICS will proceed to issue in one or more series titles called "LETRAS EXTERNAL TO MEDIUM PLACE OF THE ARGENTINA REPUBLIC, IN DOLARES STADOUNIDENSES" with the addition of the year of maturity and the corresponding serial number, for a nominal amount of up to THREAT MILLONES OF DOLARES STADOUNIDENSES (US$ 30,000),

Art. 2o a Authorize the HACIENDA SECRETARIAT of the MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS to determine the definitive conditions, characteristics, opportunity and way of placing the emission taking into account the conditions of the capital market. MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICOS is also entitled to subscribe to the conventions and other instruments necessary for the issuance and placement of the titles which are issued by this Decree, including the signature in facsimile of the respective titles.

Art. 3o La HACIENDA SECRETARIAT OF THE MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS will serve the financial services of the titles of Article 1 including, without limitation, payments in the form of capital, interest and any other amount due in relation to the aforementioned titles, including the printing of their sheets through the SOCIEDAD OF THE CASE OF MONEDA or through the hiring of private companies, which is more appropriate to the needs of the issue.

Art. 4o . Determine the tax of seals, the formalization of any document or instrument related to the said emprestito, by virtue of the powers granted to the NATIONAL EXECUTIVE PODER by Article 59 of the Sea Tax Law, Text Ordered in 1986 and its modifications.

Art. 5o s To the extent that, in the opportunity to be subscribed the documents that implement the issue referred to in Article 1 of the present, the remedies referred to in Articles 1 and 3 of Decree 1,088/92 are fulfilled, the inclusion in the terms of issuance of the letters referred to in Article 1 of the present and in the documentation necessary for their placement, of clauses in favor of the extension of the letters referred to in Article 1 of the present PUBLICOS determines in conjunction with the conditions referred to in Article 2 of the present, as well as the waiver of opposing the defence of sovereign immunity pursuant to Article 48 of Law 16.432, as amended by Article 7 of Law 20.548, with the limitations set forth in Law 23.928. In addition, and under the same restrained precedent, the BANCO CENTRAL DE LA REPUBLICA ARGENTINA is authorized to extend jurisdiction in favour of the same foreign courts, in respect of which the extension of jurisdiction by the National State is carried out, as well as to waive the defence of sovereign immunity.

Art. 6th Los The titles mentioned will be quoted in the Argentine and foreign stock exchanges and markets, both the departure of the country and its re-entry will be made freely.

Art. 7o El This Decree will begin to govern from the date of its publication in the Official Gazette.

Art. 8o . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.