PUBLIC DEUDA Decree 1.563/96 Please refer to the Ministry of Economy and Public Works and Services to issue Public Debt Titles in one or more series, in Marcos Alemanes.

VISTO Issue No. 090-001657/96 of the Register of MINISTERY OF ECONOMY AND OUR 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 title market in MARCOS ALEMANES is one of the most developed in the world and has been a source of financing of the NATIONAL TESORO at different times.

That the MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICOS is assessing the possibility of placing financial instruments on the market.

It is convenient to access, both in the present and in the coming years to the German domestic market for up to VALOR NOMINAL MARCOS ALEMANES TRES MIL MILLONES (V.N. DEM 3,000.000.000).

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 instruments of credits 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 PODER is empowered to submit any disputes with foreign persons in non-Argentine courts, in accordance with article 16 of Law No. 11.672, "Permanent Supplementary Law on Budget" (T.O. 1996).

That the present measure is determined by the provisions of articles 6 and 41 of Act No. 24,624 of the General Budget Act of the National Administration for the period 1996", by article 99, paragraphs 1 and 10, of the NATIONAL CONSTITUTION and by article 16 of Act No. 11,672, "Permanent Supplementary Budget Act" (T.O. 1996).

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 . Facultase the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES, through the SECRETARIA DE HACIENDA, to implement the issue of Public Debt Titles in one or more series, whose amount does not exceed the figure of NOMINAL VALOR MARCOS ALEMANES TRES MILLLONES (V.N. DEM)

Art. 2o Cada Each financing operation or the placement of instruments under Article 1 of this Decree shall be carried out in accordance with the provisions of the Budget Act for the exercise in which such titles are issued.

Art. 3o El The MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES, through the SECRETARIAT OF HACIENDA, will adopt the respective decisions for the placement of such instruments, in accordance with the usual practices in the financial markets, and will subscribe on behalf of the REPUBLIC ARGENTINA the documentation that is necessary, to which effect 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. 4o . Authorize the inclusion, in the operations referred to in article 1, of clauses that establish the extension of jurisdiction in favor of the courts located in the city of FRANCFORT DEL MENO, FEDERAL REPUBLIC OF ALEMANIA, may extend the extension of jurisdiction to the state and federal courts located in the city of NUEVA YORK, UNITED STATES OF AMERICA. It is also authorized to accept the waiver of opposing the defence of sovereign immunity in the documentation signed by the MINISTERIO DE ECONOMIA AND ARTWS AND SERVICES PUBLICOS by the financial operations approved by article 1 of this Decree.

Art. 5o 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) The assets of the National State affected to an essential public service.

(c) The funds, values and other means of financing affected to the budget execution of the Public Sector, whether it is cash, deposits in bank accounts, titles, securities issued, third-party obligations in portfolio and in general any other means of payment that is used to meet the erogations provided for in the General Budget of the Nation.

Art. 6th . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Jorge A. Rodriguez. . Roque B. Fernández.