MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES Decree 1.928/93 Please refer to the Treasury Secretariat to issue "External Mid-term Laws in Marcos Alemanes".

Bs. As., 15/9/93

VISTO Issue No. 001-003170/93 of the record of the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES, and

CONSIDERING:

That the ARGENTINA REPUBLIC has made in the last DOS (2) years placements in the international financial markets that have involved a reduction in the cost of financing the NATIONAL TESORO.

It is convenient to diversify the coin structure in which the obligations of the NATIONAL TESORO are known.

That access to new markets results in widening in the investor base to which Argentine borrowers can access, avoiding the saturation of Argentine instruments in traditional international markets.

It is convenient to open the possibility of a foreign exchange operation to US dollars in the future.

That the NATIONAL EXECUTIVE PODER is empowered to submit disputes with foreign persons to judges of other non-Argentine jurisdictions as provided for in article 16 of the "Law No. 11.672, Supplementary and Permanent Budget (t. o. 1993).

That the NATIONAL EXECUTIVE POWER is empowered to exempt all credit instruments, from the Gain Tax, in accordance with article 20 (K) of Law No. 20,628 (t. or 1986) and its amendments.

That the provisions of article 61 of Act No. 24,156 have been enforced.

That the NATIONAL EXECUTIVE POWER is empowered to authorize external indebtedness operations for the current fiscal year, in accordance with article 11 of Act No. 24.191.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 ). Facultase the SECRETARIAT OF HACIENDA of the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES to issue "LETRAS EXTERNAL TO MEDIUM PLACE IN SECONOMIES" for a nominal value of up to MARCOS ALEMANES A MIL MILLONES (VN. DEM 1,000,000.000). The Secretariat may also designate the institutions of these Letters and determine the terms and conditions thereof. On the other hand, you will be able to carry out foreign exchange operations up to the above amount.

Art. 2o de Authorize the inclusion in the terms of issue of the Letters and of the operations referred to in article 1 of clauses establishing the extension of jurisdiction in favour of the courts located in the city of FRANKFURT DEL MENO, FEDERAL REPUBLIC OF ALEMANIA; and the waiver of opposing the defence of sovereign immunity, and the inembargobility with respect to:

(a) Assets that constitute reserves of free availability, within the framework of the Law on Convertibility, the amount, composition and investment shall be reflected in the General Balance and Accounting Status of the ARGENTINA REPUBLIC BANCO prepared in accordance with Article 5 of Law No. 23.928.

(b) The public domain assets located in the territory of the ARGENTINA REPUBLIC or property belonging to Argentina and which are located in its territory and are intended for the purpose of an essential public service.

Art. 3o . The instruments referred to in Article 1 of this Decree shall enjoy all tax exemptions set out in Article 20 (K) of the Law on the Tax on Livestock, (t. 1986), their amendments, and other regulations in force in this regard.

Art. 4o . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.