DEUDA PUBLICA Decree 526/92 Regulatory and procedural adjustments for the change of denomination and value of banknotes and coins of legal course in relation to Law No. 23.982.

Bs. As., 27/3/92

VISTO Law No. 23.982, Decrees No. 2128 of 10 October 1991, 2140 of 10 October 1991, 52 of 6 January 1992 and 211 of 24 January 1992 respectively, and

CONSIDERING:

That the NATIONAL EXECUTIVE POWER has issued the decree referred to in the second term as a regulation of the aforementioned law.

The regulatory and procedural adjustments required by the change in the denomination and value of tickets and coins of legal course should be made as of 1 January 1992, as provided for by Decree 2128/91.

That efforts should be made to facilitate payment of the obligations covered by the above-mentioned legal and regulatory instruments.

It is appropriate to make amendments to the text of Decree No. 52 of 6 January 1992 in accordance with the set of instruments set out in the above-mentioned rules.

That the present is dictated in the use of the emerging powers of article 86 (1) of the NATIONAL CONSTITUTION.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 El The lower denomination voucher for emissions provided for in Decrees No. 2140/91 and 211/92 will be of a Weight ($ 1) or a U.S. Dollar (USD 1), as appropriate.

Art. 2o . Obligations consigning fractions of a U.S. Weight or Dollar referred to in the above legal and regulatory instruments shall be paid in accordance with the procedure set out in Article 5 of Decree 2128/91.

Art. 3o Section 3 (f) and (g) of the Decree No. 211 of 24 January 1992, which are drafted as follows:

"f) Amortization: It will be carried out in QUINCE (15) quarterly and successive quotas, equivalents the first CATORCE (14) to the SEIS WITH SESENTA We CENTER (6.60 %) and one last to the SIETE WITH SESENTA CENTER (7.60 %) of the amount emitted plus interest earned during the first QUINCE (15) months. The first quota will defeat the DIECIOCHO (18) months of the date of issue. "

(g) Interests: The interest rate in the London interbank market (LIBOR) will be earned for deposits in Eurodollars to THREE (3) months. Interests will be capitalized during the first QUINCE (15) months and will be paid in conjunction with amortization fees.

Art. 4o de Amend the first paragraph of Article 1 of Decree No. 52 of 6 January 1992 to read as follows:

"ARTICLE 1oO THE CENTRAL BANCO OF THE REPUBLIC ARGENTINA, as the Financial Agent of the NATIONAL GOVERNMENT, will proceed to issue, at the request of the SECRETARY OF HACIENDA, values of the Public Debt in American Dollars called "FERROBONS" for up to CUATROCIENTS MILLONES OF DOLARES ESTADOUNIDENSES VALOR NOMINAL (US$ 400,000)

Art. 5o al Incorporate article 1 (c) of the Decree No. 52 of 6 January 1992 as the last paragraph:

"If they are used to cancel obligations in national currency they will be converted by applying the type of sales exchange, of closure of the ARGENTINA NATION BANK of the day prior to that of its application to payment. "

Art. 6th s Amend article 1 (d) and (e) of the Decree No. 52 of 6 January 1992, which shall read as follows:

"d) Interests: The interest rate in the interbank market of LONDRES (LIBOR) will be earned for deposits in Eurodollars to CIENTO OCHENTA (180) days of term. This rate will be determined by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC on the average basis that arises from the rates informed by its correspondent banks in that square, at the close of the concerted operations THREE (3) business days before beginning each income period.

Interests will be paid semi-annually in US dollars. "

"(e) Ownership and negotiation: They shall be descriptive under the conditions set out in article 4 (c) of Decree No. 211 of 24 January 1992. "

Art. 7o . Defrost articles 7 and 8 of Decree No. 52 of 6 January 1992.

Art. 8o de Amend article 11 of Decree No. 52 of 6 January 1992 to read as follows:

" 11th Article OF THE NATIONAL DIRECTION AND DEUDAMENT PUBLICA will take the intervention that belongs to him."

Art. 9th . The situations governed by Decrees No. 1527/91, 1730/91, 2509/91, and 52/92 as amended by this Decree shall not be reached by means of cancellation provided for by Decree No. 211/92.

Art. 10. . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.