PUBLIC DEUDA Decree 54/93 Amendment of Decree No. 2284/92.

Bs. As., 21/1/93

VISTO Article 19 of Law No. 24.145 and Decree No. 2284/92 of 2 December 1992 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 text of Decree No. 2284 of 2 December 1992 should be amended.

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 de Amend article 1 of Decree No. 2284 of 2 December 1992 to read as follows:

"CENTRAL BANCO OF THE REPUBLIC ARGENTINA in its nature as the Financial Agent of the NATIONAL GOVERNMENT, will proceed to issue, at the request of the SECRETARIAT OF HACIENDA, values of the National Public Debt in United States dollars payable in Weights, called "BONS OF CONSOLIDATION OF HIDROCARBUROS REGALIES", for up to TRES MILITARY

(a) Date of issue: 2 December 1992.

(b) Period: DIECISEIS (16) years.

(c) Amortization: It will be made in VEINTE SCIENTY (120) monthly and successive quotas, equivalents the DIECINUEVE SCIENTY (119) first to the OCHENTA and CUATRO CENTESIMOS por CIENTO (0.84 %) and UNA (1) last to CUATRO CENTESIMOS por CIENTO (0.04 %) of the amount issued plus the capitalized interests during the first SETEN2) The first quota will defeat the SETENTA and TRES (73) months of the date of issue.

(d) Interests: The interest rate in the London Interbank Market (LIBOR) will be earned for deposits in Eurodollars to TREINTA (30) days. This rate will be determined by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC, on the basis of the average 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 capitalized monthly during the first SETENTA and DOS (72) months and will be paid in conjunction with the amortization fees.

(e) Ownership and negotiation: They shall be descriptible under the conditions provided for in article 4 (c) of Decree No. 211 of 24 January 1992, freely communicable and commensurate in the Country Stock Exchanges and Market.

(f) Impositive Treatment: The Bonds shall have the tax treatment provided for in article 24 of Law No. 23982, with the amendments established by Decree No. 1076/92."

Article 2 de Amend article 2 of Decree No. 2284 of 2 December 1992, which will be drafted as follows:

"ARTICULO 2o . The Bonuses that are issued by Article 1 of this Decree will be offered to the Provinces in cancellation of their acrecies in terms of oil and gas royalties. If they are used to cancel obligations expressed in Weights, they will be converted to U.S. Dollars considering the BANCO ARGENTINA sales exchange rate for the last business day prior to the date on which the respective values were found. The acrecies of the Provinces that opt for this payment form will be calculated until 02/12/92 and will be cancelled by the delivery of bonds to their nominal emission value. Accreditation of the amount of BONOS that corresponds in each case shall entail the termination of the receivable that is cancelled, expressly waiving the creditor to the rights and actions that correspond to it as the holder of the obligation that is extinguished".

Article 3 de Amend article 1 of Decree No. 2284 of 2 December 1992 to read as follows:

"ARTICULO 3o Los "BONS OF CONSOLIDATION OF HIDROCARBUROS REGALIAs" can be used by their holders at their technical price at the date of application for the acquisition of the Class "B" shares of PETROLIFERS SOCIEDAD ANONIMA; and additionally, by the subscriber provinces to cancel debts with the NATIONAL STATE prior to 02/12/92, and to acquire other assets of the NATIONAL STATE that the NATIONAL STATE totally or partly disposes of up to the payable portion with titles of the Public Debt."

Article 4 de Amend article 1 of Decree No. 2284 of 2 December 1992 to read as follows:

"ARTICULO 4o . The lowest denomination Bonus will be DOLARES UNO (U$S 1). The obligations consigning fractions shall be paid in accordance with the procedure established in Article 5 of Decree No. 2128/91."

Article 5 . Communicate, publish, give to the National Directorate of the Official Registration and archvese. . MENEM. . Domingo F. Cavallo.