ARGENTINA TELEVISORA COLOR

Decree 244/97

Proceed to the normalization of ATC Anonymous Society

Bs. As., 19/3/97

VISTO Nros Decrees. 544 dated 30 March 1992 and 1023 dated 28 December 1995: and

CONSIDERING:

That by Decree No. 544/92 it was deserved to constitute under the form, legal of a company anonymous to the company ATC SOCIEDAD ANONIMA, according to the requirements contained in Act No. 19.550 (t. Decree No. 841/94 and its amendments).

That by it was decided to approve the Social Statute of ATC SOCIEDAD ANONIMA, integrating its first Directory and being in charge of the Assembly of the Society, according to the aforementioned Social Statute, the successive designations.

That under Decree No. 1023/95, ATC SOCIEDAD ANONIMA was intervened.

That through the Nros Decrees. 729 and 730 both litter 3 July 1996, respectively, the current Interventor and Subinterventor in ATC SOCIEDAD ANONIMA.

It is appropriate to make the normalization of the aforementioned society, making it relevant to this, the judicial approval of the proposal made to the different categories of creditors in the "ATC S.A. s/Concurso Preventivo", Expediente N° 21.548. proceedings before the National Court of First Instance in Commercial matters No. 26, Secretariat No. 51.

That the present is given in the use of the powers conferred by article 99, paragraphs 1 and 7 of the National Constitution.

Therefore,

THE PRESIDENT

OF THE ARGENTINA NATION

RIGHT:

Article 1-Proceed from the date of the present, to the normalization of the company ATC SOCIEDAD ANONIMA, thus cesing the officials in charge of Intervention and Subintervention, Mr. D. Horacio Jorge FREGA (D.N.I. No. 8.251.843) and Dr. Da. Norma Haydée HAYES (L.C. No. 3.885.712) respectively, at the time of the appointment of the members of the Board, by the respective Assembly of Shareholders.

Art. 2°-Contact, post, go to the National Directorate of the Official Register and archvese.-MENEM.-Carlos V. Corach.