NOMINATIVITY OF THE PRIVATE VALORES Decree 259/96 Regulation of Act No. 24,587

VISTO file No. 59/96 of the registration of the NATIONAL VALORES COMMISSION, labeled "REGLAMENTATION OF THE NOMINATION LAW No. 24, 587", and

CONSIDERING:

That it is necessary to regulate the forms and procedures of conversion of the titles to the bearer and endosable nominatives, in non-endoseable nominative titles.

That for the purposes of the application of the law it is appropriate to contemplate the records that must contain the books of record of securities and the titles that represent them.

That, also, it is necessary to regulate the content of the vouchers of the writing values.

That the requirements of the public supply regime tend to ensure the control of legality and adequate information to investors of all categories regarding the titles offered to them.

That, coupled with the favourable development of the conditions of the capital market, makes it necessary to preserve the current conditions of negotiability of securities between the local and international investor.

That Laws No. 23,299 and 23,697 and Decrees No. 83/86 and 780/95 remain so that it is appropriate to unify the regulation of all existing legal provisions related to the nomination of private securities.

That the present decree is issued in exercise of the powers conferred by article 99, paragraph 2 of the NATIONAL CONSTITUTION, and article 12 of the Law on the Nomination of Private Values.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 _

The non-enabled securities shall contain the mentions provided for in articles 745 of the Trade Code, 211 of Law No. 19.550 (Ordained text Decree No. 841/84) and 31 of Law No. 23.576 and Laws No. 24.083 and 24.441, and clearly indicate their character as such.

On the back of each title it must be stated:

(a) Name and surname or name of the holder registered in the respective records of the issuing society, provided for in articles 213 of Law No. 19.550 (text ordained Decree No. 841/84), and 31 of Law No. 23.576. In the case of natural persons, the first name must be recorded and then the full names, as contained in the document referred to in subparagraph (e). In the case of legal persons, the full name of such persons must be registered.

(b) Real rights that engrave the securities.

(c) Date of annotation in the respective registry of the issuing company of the data provided for in subparagraphs (a) and (b).

(d) Signature autograph and seal of a legitimate representative of the broadcasting society or the entity responsible for the registration.

(e) Number of Identity Documents and Single Tax Identification Key C.U.I.T. under the conditions set out in Article 6 (c) and (d).

Art. 2o _

The titles private values to the bearer or endosable nominees must be redeemed or replaced by non-endoable nominative titles or by scriptural values.

The transmitter will be able to convert the titles to the bearer or nominative endosable in non-endoseable nominations, settling on the back of each of them, the following inscription with prominent characters: "not endoable name". On the reverse, a table should be set to record the data mentioned in Article 1.

Art. 3o DE INSCRIPTION OF THE CONVERSION:

Within the prescribed period of the law, the issuing company must proceed to register in the respective registers the holders of securities that credit this character with the respective title to the bearer or nominative endosable.

The Register and the respective titles must contain the identifying records of the holder, provided for in the present regulation.

Art. 4o _

The issuer who must deliver titles to the bearer or nominative endosable prior to 22 May 1996 may, for the purposes of Article 2, settle on the reverse of each of them with prominent characters the following inscription: "This title will automatically become an unendoable nomination starting on 22 May 1996."

In the reverse of these titles, the table referred to in article 2 must be presented to the issuer for the individualization of the holder within the legal period.

The issuer will record the data of the holder in the corresponding registration of the company.

Art. 5o DE CONVERSION OF TITULES DEPOSITADOS IN THE ANNONIMA SOCIEDAD CAJA:

The conversion to non-enabled nominations of private securities deposited in the ANONIMA SOCIEDAD CAJA on 22 May 1996 will be fully operational.

The Fund shall notify each issuer of deposited holdings at the specified date. The withdrawal of this title from the date indicated requires the CAJA DE VALORES S.A. to:

(a) Report to the issuer that circumstance with the identification of the new holder.

(b) Deliver non-enabled titles in accordance with the modalities of conversion agreed with the issuer.

Art. 6th _

The registers of titles of non-endoseable or descriptive values, which may be computed if authorized by the respective control authority, shall contain in addition to the mentions required in articles 213 of Law No. 19.550 (text ordained Decree No. 841/84) and 31 of Law No. 23.576, the following data of the holders:

(a) Name and surname or denomination. In the case of natural persons, the first name must be recorded and then the full names, and when it comes to legal persons, the full name must be recorded as it was registered in the corresponding registry.

(b) Real residence or social headquarters where appropriate.

(c) Number of National Identity Document or Default Number of Civic or Enrolment Books. When these documents are not possessed, the Passport or Identity Card number should be used to identify the type of document that is assigned. In the case of legal persons, registration or authorization data as appropriate.

(d) Unique tax identification code C.U.I.T., except for physical persons who do not possess it because they are not obliged. In the case of deeds or other deeds, the issuance of account balance vouchers should be noted in the registry with the modality provided for in Article 9 indicating their number and dates of issuance and maturity. Registers of shares or other non-enabled securities may be carried by commercial banks or investment banks or by deposit boxes if so agreed by the issuing company. In all cases the issuing entity shall be liable to the holders for the errors or irregularities of the seats, without prejudice to the responsibility that may be vested in the Bank or Fund of Securities before the issuing entity.

Art. 7o : INSCRIPTIONS IN REGISTERS:

The entity in charge of carrying the records shall make the registrations of:

(a) Transfers of securities and constitution on them of real rights.

(b) Communication from the obligee that he has proceeded to the sale of the titles in exercise of the faculty that he agrees to article 585 of the Commercial Code.

(c) Judicial order with respect to securities the transfer, constitution of real rights or precautionary measures. In the cases provided for in subparagraphs (a) and (b) the registration shall be requested either personally or through a fruitful means, by the holder of the registered value or creditor or by its owner or by the open-market broker who has intervened in the operation. Where the application for registration is not carried out in the above manner, the signature of the holder or creditor shall be certified in judicial, notarial or banking form.

Art. 8o _ BUILDING OUT OF ACCOUNT:

The proof of account balance issued by the entity carrying the respective writing record shall contain:

(a) Date and time of issuance.

(b) Mentions provided for in articles 211 of Act No. 19.550 (ordered text No. 841/84) and 31 of Act No. 23.576.

(c) Name and surname, royal domicile and identity card number of the holder. In the case of legal persons, their designation and headquarters and registration data or authorization in their case.

(d) Designation and headquarters of the entity extending the voucher, if it is a person other than the broadcasting society.

(e) Real rights and precautionary measures that undermine the securities.

(f) Completion of issuance of vouchers with the modality provided for in Article 9, indicating the date of issuance and expiry.

(g) Statutory limitations to the transmission of the securities of the station.

Art. 9th : COMPROBANT WITH CONSTANCIA:

The title holder may request a voucher of account where it is stated that its issuance is in order to transfer the titles or constitute real rights on them.

Such proof shall be valid for a period of ten (10) days, during which no other shall be issued with equal record.

Art. 10. DE NEGOTIATION OF THE PENDENT VALORES OF CONVERSION:

Until the 22nd of May 1996, only the titles may be negotiated in the country with authorized public tender securities when they are previously deposited with the Anonymous Securities Fund or deposited at the time of liquidation of the operation and within that period.

Art. 11. . FACULTADES DE LOS ORGANISMOS DE CONTROL: The NACIONAL COMMISSION DE VALORES, for companies that make public supply and the respective control authorities of the broadcasting entities, may dictate the complementary rules for the application of Law No. 24.587 and of this decree, including the adaptation of their provisions for other securities issued in series. What is expressed is without prejudice to the regulatory powers of the General IMPOSITIONAL DIRECTION, Agency dependent on the SUBSECRETARIA DE INGRESOS PUBLICS of the SECRETARIAT OF HACIENDA of the MINISTERIO DE ECONOMY AND ARTWS AND SERVICES PUBLICS, the CENTRAL BANCO OF THE ARGENTIN REPUBLICIA, and the SEPERINTENCY

GENERAL IMPOSITIATIVE DIRECTION, Agency under the SUBLIC INCOME OF SECRETARIAT DE HACIENDA del Ministerio de Economía y Obras y Servicios Públicos, en uso de las faculties que le acuerdo la Ley No 23.271 podrá requiere información sobre los datos de individualización de los titulares incluido en los registro de las entidades emitas.

Art. 12. El The requirement of nomination will be considered fulfilled when the securities titles are issued in a scriptural form.

Art. 13. . In the case of debt representative securities or assimilable to them, with authorized public tender, the requirement of nomination shall be deemed to be fulfilled when represented in global or partial certificates, registered or deposited in national or foreign collective deposit regimes, recognized by the NATIONAL VALORES COMMISSION, for which purpose they shall be deemed definitive, negotiable and divisible.

Art. 14. _

Public or private securities issued to the carrier abroad, authorized to be publicly offered in the country, shall be deposited in a financial entity or in a box of securities authorized to operate as such in the country, which shall yield in exchange intransferable certificates representative of those.

Art. 15. . Revise Decree No. 83 dated January 15, 1986.

Art. 16. . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.