BANCO OF ARGENTINA NATION Decree 156/93 Delárase remitida, the debts that the aforementioned entity maintains with the D.G.I. for its tax obligations relating to VAT originated under the Financial Assistance Conventions for declared entities subject to privatization.

Bs. As, 5/2/93

VISTO Law No. 23.896, and

CONSIDERING:

That the aforementioned rule, in declaring the emergence of the entire public sector, authorizes the NATIONAL EXECUTIVE PODER to make the relevant decisions for the cessation of such a situation, empowering it to proceed with the privatization, total or partial, of enterprises, establishments, services, benefits or works, which are owned or managed by it.

That some of the entities in this condition are experiencing serious financial difficulties that could affect the normal development of their activities.

Attentive to the circumstances described, it is necessary to arbitrate the necessary measures in order to avoid any state of conflict that may hinder the normal development of their respective processes of transfer to the private sector.

To that end, the BANCO OF ARGENTINA NATION proceeded to celebrate with the various areas involved Financial Assistance Conventions for declared companies subject to privatization, which have been affected by the aforementioned disadvantages.

Attentive to the objectives pursued, it is necessary to avoid, to the extent possible, any tax incidence that may punish the aforementioned assistance.

That the regime established by the reform of the State provides, for the purpose of its implementation, for the granting of certain fiscal franchises applicable to the entities covered by it, which may be disposed of by the NATIONAL EXECUTIVE POWER through the Implementation Authority or, where appropriate, directly.

That in terms of the imposition of consumptions only an effective degravation can be achieved by excluding from the tribute those responsible who carry out operations with the subjects that are intended to benefit, ensuring that the privilege granted to the latter does not represent a fiscal injury to the former.

That the present decree is issued in the use of the powers conferred on the enforceable power by article 15, paragraphs 8 and 9. Act No. 23,696.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 . Determined the accrued debts until the entry into force of this rule, that the ARGENTINA NATION BANK is pending with the IMPOSITIVA General DIRECTION, for its fiscal obligations under the Attached Value Tax, originated in the benefits under the Financial Assistance Conventions which it has entered into, for the entities declared to be subject to privatization.

The remission will be appropriate as long as the tax has not been received from their respective borrowers.

Art. 2° . Explain to the BANCO OF ARGENTINA NATION, from the entry into force of this decree, of the Attached Value Tax corresponding to the benefits set out in the previous article and those resulting from similar Conventions to be held in the future. Art. 3rd . The operations benefited from the above-established remission and/or waiver shall be deemed to be taxed for the purposes of calculating the proportion of the computable tax provision under article 12 of the Aggregate Value Tax Act, a text replaced by Act No. 23,349 and its amendments. Art. 4° Las The provisions of this decree shall enter into force on the day of its publication in the Official Gazette. Art. 5° . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.