PUBLIC DEUDA Decree 577/93 Provide that the Treasury Secretary hires loans on behalf of the Argentine Republic for a certain amount.

Bs. As., 1/4/93

VISTO Decrees No. 2321 and No. 407 of 4 December 1992 and 11 March 1993, respectively, and

CONSIDERING:

That under these Decrees, Mr. MINISTER DE ECONOMIA AND ARTWS AND PUBLIC SERVICES, or the official designated by him to sign on behalf of the ARGENTINA REPUBLIC, the contracts and instruments necessary to formalize the agreement reached with the creditor banks within the guidelines in the "ARGENTINA REPUBLIC FINANCIAL PLAN 1992".

That, in all its parts, the text of the contracts contemplated in the "ARGENTINA REPUBLIC FINANCIAL PLAN 1992" was also approved with its related documentation and its annexes.

That such approval was based on the fact that the operations implemented through these contracts are favourable to the conditions in force in the international markets and on the understanding that they are necessary in order to comply with the international commitments in a timely manner, enabling them to reduce capital and future interests and refinance on accruals.

In order to complete this international financial operation it is necessary to obtain additional resources by placing certain instruments in the international financial markets.

That the NATIONAL EXECUTIVE PODER is empowered to submit disputes with foreign persons to non-Argentine courts in accordance with article 48 of Law 16.432 as amended by article 7 of Law 20.548.

That in accordance with the powers conferred by article 86 (1) of the National Constitution, article 48 of Law No. 16.432, incorporated in Law 11.672 Permanent Supplementary Budget and amended by Article 7 of Law No. 20.548 and Article 11 of Law No. 24,691, the NATIONAL EXECUTIVE PODER is authorized for the dictation of the present.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 que Please note that Mr. SECRETARY OF HACIENDA of the MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS hire loans on behalf of the ARGENTINA REPUBLIC, in the amount of up to DOLARES ESTADOUNIDENS QUINIENTS (U$ 500.000.-) and that in the financial instruments that for this purpose are formed, include clauses that establish the extension of jurisdiction in favor of state and federal courts with seat in the city of New York OF THE NORTE and the waiver of opposing the defence of sovereign immunity, the inembargobility with respect to:

(a) Assets that constitute reserves of free availability, within the framework of the LAW OF CONVERTIBILITY, whose amount, composition and investment is reflected in the General Balance and Accounting Status of the ARGENTIN REPUBLIC BANCO prepared in accordance with Article 5 of the Law on Convertibility.

(b) The property of the public domain located in the territory of the ARGENTINA REPUBLIC or property belonging to it, located in its territory and for the purposes of its essential public service.

Art. 2o . The instruments referred to in Article 1 shall enjoy all tax exemptions provided for by the Laws and Rules in force in this regard. Art. 3o . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.