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REGIONAL DEVELOPMENT AND EMPLEMENTATION Decree 1392/98 Please note that, they shall be subject to the actions of the Participated Property Programme referred to in Article 18 (b) of Law No. 24,855, all those agents that were incorporated into the permanent plant of the former National Mortgage Bank at the date of entry into force of Decree No. 924/97, and that they manifest their will to accede to the said Programme. Bs.As., 27/11/98 B.O: 4/12/98

VISTO Issue No. 040-001570/98 of the Registry of the MINISTERY of ECONOMY AND ARTWS AND PUBLIC SERVICES, the provisions of Laws No. 23,696 and No. 24,855 and the No. 584 of 1 April 1993, 677 of 22 July 1997 and 924 of 11 September 1997 and

CONSIDERING:

That Article 21 of Law No. 23.696 provides that the share capital of the companies, societies, establishments or productive haciendas declared "subject to privatization" may be acquired in whole or in part through a "Programme of Participated Property" according to the procedure established in that legal body.

That by Act No. 24,855 the NATIONAL HIPOTECARY BANCO was declared subject to privatization by the HONORABLE CONGRESS OF NATION.

That under Article 16 of Law No. 24,855, the NATIONAL EXECUTIVE POWER proceeded to transform the NATIONAL HIPOTECARY BANCO into ANONIMA HIPOTECARY BANCO through the Decree No. 924 of 11 September 1997.

Article 18 (b) of Law No. 24.855 states that among the classes of actions that represent the social capital of the BANCO HIPOTECARIO SOCIEDAD ANONIMA are class B actions, corresponding to the Participated Property Programme to implement, under the conditions established by the regulation.

That Article 31 of Decree No. 924 of 11 September 1997 provides that the BANK OF ARGENTINA NATION shall be the holder of class B actions as a trustee of the Participated Property Programme, pursuant to Article 18 (b) of Law No. 24,855 and the trust contract to be signed in due course.

That Article 6 of the Statute of the BANCO HIPOTECARIO SOCIEDAD ANONIMA, approved by Decree No. 924 of 11 September 1997, provides that the CINCO FOR SCIENTO (5 %) of the capital of that society will be represented by class B actions for the employees of the society under the regime of the Participated Property Programme of Law No. 23.696.

It is the responsibility of the NATIONAL EXECUTIVE PODER to dictate the relevant regulatory rules.

It is up to the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES to act as the Authority of Implementation in the process of sale of the actions of the ANONIMA HIPOTECARIO SOCIEDAD, in accordance with the provisions of Law No. 24.855 and in accordance with Article 49 of Decree No. 924 of 11 September 1997.

They have taken the intervention they have had, both the DIRECTION OF JURIDIC MATTERS of the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES and the MINISTERY OF WORK and SOCIAL SECURITY.

That this Decree is issued in use of the powers conferred by Article 99 inc. 1 and 2 of the NATIONAL CONSTITUTION.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 They shall be subject to the actions of the Participated Property Programme referred to in Article 18, paragraph (b) of Law No. 24,855, all those agents that were incorporated into the permanent plant of the ex-BANCO NATIONAL HIPOTECARIO at the date of entry into force of Decree No. 924 of 11 September 1997, and which states to correct its will to adhere to the aforementioned Program within 120 days of CIENTO VE

The staff of the BANCO HIPOTECARIO SOCIEDAD ANONIMA who is part of the aforementioned Property Program Participated in accordance with the provisions of the preceding paragraph will preserve their rights in that Programme even when it is transferred to a society in which the Bank has a share in its social capital.

Art. 2o.- In the case of the agents benefiting from the Participated Property Programme that have been disconnected from the ANONIMA HIPOTECARY BANCO for any reason, the Bank may finance, to the Guarantee and Repurchase Fund of the Participated Property Programme, as a loan, the purchase of the actions that such agents have made up of the application of the provisions of Article 46 of Decree No. 924 of 11 September 1997. The decision regarding the taking of financing by the Guarantee and Repurra Fund shall be taken by the Assembly of Trade Union Shareholders of the Participated Property Programme.

The loan referred to in the preceding paragraph shall be returned to BANCO HIPOTECARIO SOCIEDAD ANONIMA with the first income received by the Guarantee and Repurchase Fund. The borrowed capital must be reimbursed more with the application of the active, non-capable interest rate, which the ARGENTINA NATION BANK receives for its discount operations to TREINTA (30) days.

Art. 3rd.- Enter and delight in the MINISTERY OF ECONOMY AND PUBLIC SERVICES AND WORKING AND SECURITY MINISTERY SOCIAL, as the Authority for the Application of the Process of the Sale of the Actions of the ANONIM BANCO HIPOTECARIO and in accordance with Article 1 of Decree No. 584 of 1 April 1993, respectively, the dictation of the acts of implementation of the Participated Property Programme of the said Bank.

A period of TREINTA (30) days for the implementation of the acts referred to in the preceding paragraph shall be determined from the expiration of the time limit set for the accession of employees who are entitled to participate in the aforementioned Programme.

Art. 4th.- Contact, post, give to the National Directorate of the Official Register and archvese.- MENEM- Jorge A. Rodríguez-Roque B. Fernández.-Antonio E. González.