PROPERTY PROPERTIES PARTICIPTED

Decree No. 144/97

Approve the instrumentation made in the company Safe Saving and Insurance Company anonymous.

Bs. As., 14/02/97

VISTO the provisions of Law No. 23,696, Law No. 24,153, Law No. 24,155, Decree No. 584 of 1 April 1993, Decree No. 2715 of 29 December 1993, Joint Resolution No. 462 of the Ministry of Labour and Social Security and No. 481 of the MINISTERY of ECONOMY AND ARTH AND PUBLIC SERVICES of May 1993,

CONSIDERING:

That the NATIONAL EXECUTIVE PODER, within the framework of Law No. 23,696 and its complementary standards, initiated a comprehensive process of privatization of enterprises and activities under the responsibility of the Public Sector, which resulted in the transfer to the private sector of important activities and the creation of numerous commercial societies.

That the HONORABLE CONGRESS OF NATION, by adopting the above-mentioned legal standard, expressly contemplated in its Chapter III, that a significant portion of the share of the new companies be reserved for employees.

That the NATIONAL EXECUTIVE POWER and its dependent organs, by issuing various regulatory and complementary standards, proceeded to implement the implementation of the

Program of Property Participated in AHORRO AHORRO CAJA and SEGURO ANONIMA SOCIEDAD.

That such a process has achieved a high degree of adherence on the part of legitimate employees to acquire shares of the said company, through the Participated Property Programme.

The completion of dissemination and the signing of the General Transfer Agreements, the designation of the Trust Bank, the holding of the Assembly of Adherent Employees and the appointment of their representatives to the Boards of the respective companies and the Executive Committee of the Programme.

It is appropriate to ratify the General Transfer Agreements signed by the employees-inherents to the Participated Property Programme, in accordance with the model approved by Joint Resolution No. 462/93 of the MINISTERY of WORK and SOCIAL SECURITY and No. 481/93 of the MINISTERY OF ECONOMY AND PUBLIC SERVICES.

It is appropriate to proceed with the approval of the acts carried out by the Implementation Authority, aimed at the implementation of the Property Programme Participated in the society covered by the rule cited in the preceding consideration.

That while the cancellation of the share price will gradually occur, according to the mechanics established by Article 30 of Law No. 23,696 and the provisions of the General Agreements of

Transfer, the aforementioned legal rule authorizes the transfer of ownership to the acquiring employees by establishing the guarantee established by that Law in Article 34.

That in such a way, acquiring employees may, in a syndicate manner, exercise the corporate rights that such titles grant, in accordance with Article 38 of Law No. 23,696.

That is why it is appropriate to dispose of the actions assigned to the purchasing employees subscribers to the respective General Transfer Agreements.

That the present is determined by virtue of the powers conferred by Article 99, Subparagraph 1) of the NATIONAL CONSTITUTION, and Articles 15, 17, 30 and concordant of Law No. 23,696.

Therefore,

THE PRESIDENT

OF ARGENTINA NATION

RIGHT:

Article 1 Approve the implementation of the Participated Property Program carried out in the AHORRO AHORRO and SEGURO SOCIEDAD ANONIMA society.

Art. 2o.- Adjudgation of the share of the shareholders in a timely manner reserved for the implementation of the Participated Property Program, of the company CAJA DE AHORRO and SEGURO SOCIEDAD ANONIMA, in Class "C" shares, the purchasing employees subscribers to the respective General Transfer Agreements, according to the model approved by Joint Resolution No. 462/93 of the MINISTERY of WORK and SOCIAL SECURITY and No. 481/93 of the MINISTERY OF ECONOMY AND PUBLIC SERVICES.

Art. 3. Please note the sale price of the shares assigned to the Property Program Participated in the value detailed in Annex I, which is part of this Decree.

Art. 4o.- To be appointed to the BANCO of the ARGENTINA NATION as a Trust Bank as provided for in Resolution No. 1162 of 6 October 1993 of the MINISTERY OF ECONOMY AND ARTWS AND SERVICES PUBLICS and ratified by the employees-adherents in the respective assembly and by nominees the members of the Executive Committee of the Program and the members of the Boards and Fiscal Commissions, corresponding to CAJA DE AHORRO and SEGURO SOCIEDAD ANONIMA and the societies controlled by it: BANCO CAJA DE AHORRO SOCIEDAD ANONIMA, CAJA DE SEGUROS DE VIDA SOCIEDAD ANONIMA, CAJA DE SEGUROS SOCIEDAD ANONIMA and the ASEGURADORA DE RIESGOS del TRABAJO ART SOCIEDAD ANONIMA, in accordance with Article 12 of the Social Statute of AHORRO CAJA and ANONIMA SOCIEDAD.

Art. 5o.- Notify the society of AHORRO AHORRO AHORRO and SEGURO SOCIEDAD ANONIMA and the societies controlled by it.

Art. 6o.- MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS through the Lord Coordination Secretary will request the AHORRO CAJA and FOLLOW SOCIEDAD ANONIMA the realization of the acts necessary to designate in the directorates and commissions of the commercial companies listed in Article 4 of the present, the persons chosen by the acquiring employees in the election held in the Class Assembly.

Art. 7o.- Contact the Bicameral Commission established by Article 14 of Law No. 23.696.

Art. 8o.- Contact, post, give to the National Directorate of the Official Register and archvese.- MENEM - Jorge A. Rodríguez - Roque B. Fernández.

Annex I

UNITAR PRECIO OF ACTIONS ASIGNED TO PROPERTY PROGRAMMES PARTICITED IN THE ENVIRONMENT PRIVATE:

AHORRO CAJA AND ANOONIMA SOCIEDAD $100,00