PUBLIC DEUDA Decree 709/95 Please refer to the Ministry of Economy and Public Works and Services to issue Public Debt Titles called "External Mid-term Laws in Marcos Alemanes".

Bs. As., 13/11/95

VISTO Issue No. 001-004924/95 of the record of the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES, and

CONSIDERING:

That the ARGENTINA REPUBLIC has made in recent years placements in the international financial markets, which have involved an expansion of the investment base and have established new references for private sector placements.

That the MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICOS has received a proposal for financing in the German framework market.

It is desirable to authorize financial operations of derivatives according to market practices for better management of the liability resulting from placement.

That article 36 bis of Law No. 23.576 and its amendments, as well as Law No. 23.966 with the amendment introduced by Law No. 24.468, establish tax treatment to apply to the credit instruments that review the characteristic of Public Titles.

That the provisions of article 61 of Act No. 24,156 have been enforced.

That the NATIONAL EXECUTIVE POWER is empowered to authorize external indebtedness operations for the current fiscal year in accordance with Article 6 of Law No. 24.447.

That the NATIONAL EXECUTIVE PODER is empowered to submit disputes with foreign persons in non-Argentine courts, in accordance with article 16 of Law No. 11.672, "Permanent Complementary of Budgets" (T.O. 1995).

That this measure is determined by virtue of Article 99, paragraph 1, of the NATIONAL CONSTITUTION.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 al Add to the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES to issue Public Debt Titles called "LETRAS EXTERNAL TO MEDIUM PLAZO IN ALEMANY MARKS", in one or several series with the addition of the year of maturity and the applicable interest rate, for a nominal value of up to MARCOS ALEMANES QUINIENTS MILLONES (V.N. DEM 500,000.000). On the other hand, it may carry out financial operations of derivatives, in accordance with market practices, for the administration of the liabilities resulting from placement.

Art. 2o El The MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS shall adopt the respective decisions for the placement of such instruments, in accordance with the usual practices in the financial markets, and shall sign the necessary documentation on behalf of the REPUBLIC ARGENTINA, for which it is empowered to:

(a) Designate the financial institutions that will represent and be responsible for the organization of the operations referred to in Article 1.

(b) Determine the nominal value of the Letters to be offered for sale within the limit of Article 1 the times and times in which they will take place; and the markets of the outside in which they will be offered.

(c) Establish methods and procedures for the placement and/or sale of the respective letters in accordance with existing practices.

(d) Agree and subscribe the contracts necessary for the placement and/or sale of the Letters, which shall include the usual clauses for this purpose.

(e) To agree on conditions by which the positioners are obliged to acquire the letters offered.

(f) Pay for all expenses to be incurred and the fees to be agreed upon in accordance with the contracts to be signed.

(g) Authorize certain officials to subscribe to the documentation required to implement these operations.

Art. 3o . Authorize the inclusion in the operations referred to in Article 1 of clauses establishing the extension of jurisdiction in favor of the courts located in the City of FRANCFORT DEL MENO, FEDERAL REPUBLIC OF ALEMANIA, and may extend the extension of jurisdiction to the state and federal courts located in NEW YORK, UNITED STATES OF AMERICA. It is also authorized to accept the waiver of opposition to the defence of sovereign immunity, in the documentation signed by the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES for the financial operations approved by article 1 of this Decree.

Art. 4o En In the documentation that is signed by the operations approved by this Decree, inembargobility must be preserved 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. 5o . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Eduardo Bauzá. . Domingo F. Cavallo.