CONVENTIONS Decree 1337/96 Appropriate models of Credit Convention to be subscribed between the Ministry of Finance with the Official Credit Institute of the Kingdom of Spain (ICO) and the Bilbao Vizcaya S.A. Bank (B.B.V.), for the acquisition of goods and services for the repotentiation and the modernization of hydroelectric power plants in the Province of Córdoba.

Bs. As., 25/11/96

THE MINISTERY OF ECONOMY AND PUBLIC SERVICES AND PUBLIC MINISTERY, which manages the acquisition of goods and services of Spanish origin for the repotence and the modernization of hydroelectric plants in the PROVINCIA OF CORDOBA, the General WORK OF COOPERATION AND ENVIRONMENTAL ENVIRONMENT

CONSIDERING:

Such a project is included within the framework of the above-mentioned TREATY, which was signed in the City of MADRID, SPAIN KINGDOM, on 3 June 1988 and ratified by Law No. 23.670.

That the project contemplates allowing CORDOBA PROVINCIA the Repotentiation of the FITZ SIMONS CENTRAL and Modernization of the CASSAFFOUSTH CENTRAL.

That the LEGISLATIVE PODER of that province approved in due course Law No. 8154, which, in its Article 2, authorizes the ENERGY PROVINCIAL COMPANY DE CORDOBA to hire directly, in accordance with the procedures set out in Article 7 of Law No. 23.671, the provision of the necessary elements, through the concessional financing provided for in the "Economic Agreement between the ARGENTINA REPUBLIC and the SPAIN KINGDOM", which is an integral part of the aforementioned Treaty.

That for the cost of the project is offered by a CINCUENTA FOR CIENTO (50 %) by a credit with Funds for Development (Crédito FAD) through the INSTITUTO OF CREDITO OF SPAIN (I.C.O.) equivalent to DOLARES ESTADOUNIDENSES VEINTIDOS Both credits can be increased to finance the CINCUENTA FOR SCIENTA (50 %) each of the ESPAÑOLA COMPANY's insurance premium for CREDITO SEGUROS TO EXPORTATION (CESCE).

That the Commercial Contract signed on 1 July 1992 by the ENERGY PROVINCIAL COMPANY DE CORDOBA on the one hand, and on the other by the ABB Generation S.A., SERCOBE, NEYRPIC SPANISH S.A., and DRAGADOS and CONSTRUCTIONS S.A., has been ratified by Agreement of these parties dated 14 May 1996.

That the CENTRAL BANCO OF THE REPUBLIC ARGENTINA, pursuant to Act No. 24,156, in its Article 61, has issued a relevant opinion.

That the general conditions, the periods of amortization, interest rates and other clauses contained in the credit agreements to be signed, are the usual and are appropriate to the purposes and objectives for which they will be intended.

That the Legislature of the CORDOBA PROVINCIA sanctioned Provincial Law No. 8154, which authorized the PROVINCIAL EXECUTIVE POWER to affect the resources from the Federal Tax Association as a guarantee of the operation.

That the NATIONAL EXECUTIVE POWER is entitled to the dictation of this act pursuant to article 16 of Act No. 11.672, Permanent Supplementary to Budget (T.O. 1996), Article 99 (1) of the NATIONAL CONSTITUTION and Article 60 of Act No. 24.156.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 ), Approved the model of the Credit Convention, which, as Annex I, forms an integral part of this Decree, to be signed between the SECRETARIAT OF HACIENDA of the MINISTERY of ECONOMY and ARTWS AND PUBLIC SERVICES and the OFICIAL CREDICT INSTITUTE OF THE SPAIN KING (ICO)

Art. 2° el Approved the model of the Credit Agreement that, as Annex II, is part of this Decree, to be subscribed between the SECRETARIAT OF HACIENDA of the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES and the BANCO BILBAO VIZCAYA S.A. (B.V) for an amount of DOES

Art. 3rd . Please refer to Mr. SECRETARY OF HACIENDA of the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES, or to the official or officials designated by him, to subscribe on behalf of and representation of the REPUBLIC ARGENTINA the Credit Conventions approved in Articles 1 and 2 of this Decree and all other documents and instruments relating thereto.

Art. 4° . Please refer to Mr. SECRETARY OF HACIENDA of the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES, or to the official that the same designates, agrees and subscribes, on behalf and representation of the REPUBLIC ARGENTINA, modifications to the Credit Conventions approved by articles 1 and 2° above, provided that the same agreements do not constitute substantial changes.

Art. 5° . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Jorge A. Rodriguez. . Roque B. Fernández.

NOTE: This Decree is published without Annexes. Unpublished documentation can be consulted at the Central Headquarters of this National Directorate (Suipacha 767, Capital Federal).