MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES Decree 1790/94 Please refer to the aforementioned State Department to sign a loan through Chemical Bank and CS Holding.

Bs. As., 12/10/94

VISTO Issue No. 710-000072/94 of the record of the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES, and

CONSIDERING:

It is convenient to take a tax loan in US dollars in the framework of the National Treasury strategy to capture favorable financing opportunities.

That such a loan involves having again an important financing tool for the financial needs of the ARGENTINA REPUBLIC.

That of the offers received in this regard, the proposal presented by CHEMICAL BANK and CS HOLDING proved to be the most convenient.

That under the characteristics of the loan, the interest generated by the loan is included in the waiver provided for in article 20, paragraph 2, of the Law on Taxes on Gains, which was ordered in 1986 and its amendments.

That the NATIONAL BUDGET OFFICE has reported that this operation is within the limits set by Law No. 24.307.

That the opinion of the BANCO CENTRAL OF THE ARGENTINA REPUBLIC specified in article 61 of Law No. 24.156 has been received.

That the NATIONAL EXECUTIVE POWER is empowered to authorize public credit operations in accordance with article 9 of Act No. 24.307.

The NATIONAL EXECUTIVE PODER is empowered to submit disputes with foreign persons in non-Argentine courts in accordance with article 16 of Act No. 11.672, Supplementary Permanent Budget (T.O. 1994).

Therefore,

THE RPESIDENT OF ARGENTINA NATION

RIGHT:

Article 1 al facultase al MINISTERIO DE ECONOMIA AND ARTWORKS AND SERVICES PUBLICS to subscribe a syndicated loan for a nominal value of up to DOLARES STADOUNIDENSES QUINIENTS (VN. U$S 500,000), through CHEMICAL BANK and CS HOLDING. The main characteristics of this operation are:

Deadline: DIECIOCHO (18) months.

Total cost (intereseses and commissions): LIBO plus ONE CINCO per cent per year, payable in semi-annual or quarterly form.

Amortization: to maturity, pre-cancelable to the option of the debtor.

Art. 2o s Authorize the Minister of Economics and Public Works and Services, or the officials he designates, to subscribe on behalf of the REPUBLIC ARGENTINA the documentation that is necessary for the purpose of implementing the public credit operation mentioned in Article 1 to which it is empowered to:

(a) Determine the complementary financial conditions inherent in this credit instrument.

(b) Agree and subscribe the contracts necessary for the implementation of the loan, which shall include the usual clauses for this purpose.

(c) Hire the advisory services of internationally recognized firms necessary to assist the NATIONAL TESORO.

(d) To pay all necessary expenses to specify the credit operation referred to in article 1 of this decree.

Art. 3o s Authorize the inclusion in the conditions of the loan, of clauses that establish the extension of jurisdiction in favor of the courts located in the city of New York, the United States of AMERICA; and the waiver of opposing the defense of sovereign immunity, should be preserved 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 of which is 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) Public domain assets located in the territory of the ARGENTINA REPUBLIC or property belonging to it, which are located in its territory and are intended for the purpose of an essential public service.

Art. 4o . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . José A. Caro Figueroa.