MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES

DECEMBER No. 1431/94

Relevant authorisations to modify contracts and documentation related to the financing agreement with Spanish bank creditors.

Bs. As., 22/8/94

VISTO Issue No. 040-005806/94 of the registration of MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES, Decrees No. 2321 of 4 December 1992 and No. 535 of 26 March 1993 and Law 24.156, and

CONSIDERING:

That by the aforementioned Decree No. 535/93 the text of the exchange contract and its annexes to the financing agreement with its Spanish bank creditors incorporated in the 1992 ARGENTINA REPUBLIC FINANCIAL PLAN was approved in all its parts.

It is necessary to modify certain clauses of the exchange contract and its annexes in order to reduce the financial cost for the ARGENTINA REPUBLIC.

Article 65 of Act No. 24,156 states that public credit refinancing agreements should be extended to longer or lower financial costs.

As part of the doctrine established by this legal rule, it is necessary to grant the relevant authorizations to modify the contracts and other necessary documentation.

That in accordance with the powers conferred by article 86, inc. 1 of the NATIONAL CONSTITUTION and by article 65 of Act No. 24,156, the NATIONAL EXECUTIVE PODER is authorized for the dictation of the present.

Therefore,

THE PRESIDENT OF THE

NATION ARGENTINA

RIGHT:

ARTICLE 1. Faccinate the MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS to make amendments to contracts approved by Decree No. 535/93 to the extent that it implies a reduction in the financial cost for the ARGENTINA REPUBLIC.

ARTICLE 2 Please refer to Mr. MINISTER DE ECONOMIA AND ARTWORKS AND PUBLIC SERVICES, or to the officials designated by him, to subscribe, on behalf of the ARGENTINA REPUBLIC, the necessary documentation to formalize the modification of the agreement with the Spanish bank creditors incorporated into the FINANCIAL PLAN of the ARGENTINA REPUBLIC 1992.

ARTICLE 3o.- The instrumentation of the modifications involved in this Decree shall not originate from the REPUBLIC ARGENTINA obligations in respect of fees, commissions or expenses of any kind.

ARTICLE 4o.- Contact, post, give to the National Directorate of the Official Register and archvese.-MENEM - Domingo F. CAVALLO.