PUBLIC DEUDA Decree 1587/92 Dispose a new issue of titles called "External Bonuses".

Bs. As., 31/8/92

VISTO that it is appropriate to have a new issue of public debt titles called "External Bonds" in order to attend to erogations that must be covered by legal provision with and from borrowing products, and

CONSIDERING:

That the National Government during the current year must deal with the amortization services of BONOS EXTERNOS 1982, 1984, 1987 and 1989 in amounts exceeding the DOLARES STADOUNIDENSES MIL MILLONES (US$ 1,000,000.-).

It is convenient to maintain a significant stock of circulation of public debt titles for their current market negotiation.

That the BANCO CENTRAL DE LA REPUBLIC ARGENTINA, in its capacity as the Financial Agent of the State and Economic Advisor of the NATIONAL EXECUTIVE PODER, has advised the issue to improve the maturity structure in foreign currency.

That the issue of the above-mentioned values falls within the provisions of Act No. 19,686, as amended by Act No. 22,330 and article 21 of Act No. 22.451, and article 10 of Act No. 24,061.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 El The CENTRAL BANCO of the ARGENTINA REPUBLIC in its character as the Financial Agent of the National Government, will proceed to issue in one or more series at the request of the SECRETARIA DE HACIENDA, bearer and negotiable titles in trade bags and stock markets of the country called "BONOS EXTERONES" with the additive of the year of its issue, of variable interest, to EZ.

Art. 2o Cada Each series will be issued in the following conditions:

(a) Income: semi-annually paid for expired periods. The first maturity will take place at SEIS (6) months counted from the date of issue. The interest rate that the Bonuses will accrue will be equal to the active rate that runs for deposits in Eurodollars to CENTO OCHENTA (180) days in the London interbank market "Londos Interbank Offeres Rate (LIBOR)". This rate will be established by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC on the basis of the fees informed to the ONCE (11) hours of London by frontline banks for concerted operations SIETE (7) working days before beginning each income period.

(b) Amortization: to be made in OCHO (8) equal and successive annual contributions of DOCE with CIENTA (12.50%) each, with maturity the first to the THRE (3) years counted from the date of issue.

(c) Financial services: they will be paid by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC in Buenos Aires or by transfers on the positions of New York, London, Frankfurt or Zurich, in US dollars or their equivalent in other currencies, in both cases to the option of the respective holders. In order to obtain the payment in currency other than that of the estadounidensesdollar American issue los the coupons of income and amortization must be presented to the BANCO CENTRAL OF THE ARGENTINA REPUBLIC, TREINTA (30) days before the expiration, with the irrevocable order to collect such services in the currency indicated by the respective holders. Any coupon not presented with the aforementioned advance will be paid in the emission currency.

(d) Placement: in the forms, conditions and frequency to be determined by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC.

(e) Advance rescue: the NATIONAL GOVERNMENT reserves the right at any time to make the advance ransom of all or part of these Bonuses, for the value of the capital due plus the interest earned.

(f) Impositive exemptions: the External Bonds which are currently available and their income shall enjoy the tax exemptions provided for in Act No. 19,686.

(g) Commissions: The BANCO CENTRAL OF THE ARGENTINA REPUBLIC is authorized to pay the intermediary entities for the placements they make on behalf of third parties. The commission shall be established in accordance with the modalities and status of the square.

The Bank will also receive a commission of a tenth per thousand (0.1 %₀) on the amount placed of such Bonuses in retribution for their study and organization tasks.

Art. 3o . Through the SOCIEDAD OF THE STATE CASA DE MONEDA or by contracting with private companies, which is more appropriate to the emission needs, the Bonuses that are issued will be printed, according to the distribution and numbering indicated by the BANCO CENTRAL DE LA REPUBLICA ARGENTINA, as will also be made the respective numerical records.

In addition, unnumbered sheets will be printed in the amounts and opportunities indicated by the Bank, intended to replace lost, stolen or unused Bonuses. In the cases provided for 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 titles, which will be exchanged in due course for the definitive values.

Art. 4o El The BANCO CENTRAL DE LA REPUBLIC ARGENTINA will inform the SECRETARIAT OF HACIENDA, the CONTADURIA GENERAL DE LA NATION and the country's stock exchanges and stock markets, the distribution and numbering of the foils that give to circulation.

Art. 5o . For the costs of the tasks related to the issue of the External Bonuses, the BANCO CENTRAL OF THE ARGENTINA REPUBLIC will be able to debit the official accounts open to the SECRETARIAN of HACIENDA that is appropriate.

Art. 6th La The General CONTADURIA of the NATION will take the intervention that is within its competence.

Art. 7o . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.