PUBLIC TITLES

Law 26,984

Sovereign Payment. Debt restructuring. Sanctioned: September 10, 2014 Enacted: September 11, 2014

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc., are sanctioned by law:

TITLE I

Chapter 1

Of the Local Sovereign Payment of the Foreign Debt of the Argentine Republic

Article 1 °-In exercise of the sovereign power of the Argentine Republic, declare of public interest the Restructuring of the Sovereign Debt carried out in the years 2005 and 2010, as well as the payment in fair, equitable, legal and sustainable conditions One hundred percent of the Tenants of Public Titles of the Argentine Republic; and, consequently, the application of the contracts concluded in the framework of the restructurings arranged by decrees 1735/04 and 563/10, for the purpose of preserving the collection by the interested bonkers.

ARTICLE 2 °-This law aims to implement legal instruments that allow the collection of services corresponding to one hundred percent of the Titles issued in the framework of the Sovereign Debt Restructuring 2005-2010 (hereafter, 'Restructured securities'), in order to safeguard national public order and contracts concluded in the framework of that restructuring, in the face of unlawful and illegal obstruction of the recovery mechanisms of the funds paid by the Republic of Argentina dated 26 June 2014, arranged by court orders handed down by the Court of Justice The Southern District of New York City in the framework of the case NML Capital Ltd. et al v. Republic of Argentina which, as they have been, are impossible to comply with, and violate both the sovereignty and immunities of the Republic Argentina as well as the rights of third parties.

Chapter 2

Of the mechanism to safeguard the collection of the Tenders who adhered to the Sovereign Debt Restructuring 2005-2010

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ARTICLE 3-By virtue of the public and notorious inability to act of the Bank of New York Mellon as the Trust Agent of the Trust Convention 2005-2010 ("Trust Indenture" dated June 2, 2005, as amended on April 30, 2010), and having In view of the powers of removal provided for in the said Convention (which provides in its Section 5.9, among other powers, that when " the Trust Agent is unable to act [...] the Republic may remove [it] and hire a Trustee (a) successor in respect of the debt securities '), as well as the right of the Argentine Republic to ensure the effective recovery of its Tenders, authorize the enforcement authority of this law to take the necessary measures to remove the Bank of New York Mellon as a fiduciary agent and to designate, in its replacement, a Nation Trusts S.A.; all this, without prejudice to the right of the Teners to appoint a new Trustee to guarantee the channel for the recovery of the services corresponding to the Structured Titles, as provided for in Articles 5.9 and 7 of the The 2005-2010 Trust Agreement, among others, as reported by the Republic Argentina in the "Legal Notices to the Argentine Debt Teners 2005-2010", published in the Official Gazette dated June 27, July 7 and August 11, 2014.

ARTICLE 4 °-Create the account called "Fund Law No. XX.XXX Sovereign Payment of Restructured Debt", which will be a special account of the Nation Trusts S.A. in the Central Bank of the Republic of Argentina, and whose purpose will be to keep the funds deposited there and apply them to the payment of the debt services corresponding to the Titles governed under the Trust Convention 2005-2010, as provided for in Clause 2 (e) and consistent with the Terms and Conditions of such Titles and the Convention.

ARTICLE 5-Authorize the application authority to pay, on the corresponding due dates, the services of the Titles governed under the Trust Convention 2005-2010 in the account Fund Law No. XX.XXX-Sovereign Debt Payment Restructured created by the article 4 ° of this law where they will be held exclusively for the benefit of the Teners until their effective recovery.

ARTICLE 6-The funds corresponding to the payments provided for in the previous Article shall be distributed through the new entities to be designated by the implementing authority or the Tenders of Titles governed by the Convention of Escrow 2005-2010, in accordance with the said Convention, being the foreign currency deposited in free availability for the Teners.

ARTICLE 7 °-In case of unlawful and illegal obstruction of the mechanisms of collection of the services of the Restructured Titles not governed by law and Argentine jurisdiction, their Tenedores optaren-in individual or collective form-by to request a change in the law and jurisdiction applicable to its securities, authorise the implementing authority to: 1. To implement a swap for new Public Titles, governed by local law and jurisdiction, in terms and identical financial conditions, and for the same nominal value, to those of the Structured Titles that are presented to that Operation of Exchange. 2. To provide for an exchange for new Public Titles, governed by the laws and jurisdiction of the French Republic, in terms and conditions identical to, and for the same nominal value, those of the Structured Titles to be presented to such an operation of an exchange; being authorised for such purposes, as appropriate, the extension of jurisdiction in favour of courts located in the French Republic under the terms and conditions of this law. In such cases, the funds deposited for their benefit under the terms of Article 5 of the present Regulation,

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will be delivered together with the new Public Titles to be issued, at the time of placement. The Argentine Republic does not waive any immunity from the execution of judgments resulting from the extension of jurisdiction clauses, including with respect to the goods listed below: i. The reserves, the assets that comprise them, and the accounts of the Central Bank of the Argentine Republic, and in general the accounts of the Argentine Republic that are linked to a public function of the latter; ii. The property of the Republic of Argentina affected to the fulfilment of its diplomatic and consular functions subject to privileges and immunities under the Vienna Convention of 1961 on Diplomatic Relations, including but not limited to property, the assets and accounts of the Argentine missions; iii. Any property belonging to the public domain located in the territory of the Argentine Republic which are included in the provisions of Articles 2337 and 2340 of the Civil Code of the Argentine Republic, as well as the goods located within or outside the territory of the Republic of Argentina which are intended for the supply of an essential public service; iv. Any good of the Argentine Republic, its agencies or governmental entities affected by the budgetary implementation of the sector In accordance with the provisions of Article 165 of Law 11,672, the Commission shall, in accordance with Article 165 of the Permanent Budget (t.o. 2014); v. Property intended or related to military use or under control of military authority or defense agency of the Republic of Argentina; vi. Cultural objects belonging to the historical and cultural heritage of the Argentine Republic; or vii. Goods protected by any applicable sovereign immunity law.

Chapter 3

From the deposit in favor of the Tenedores who have not yet entered the Restructuring of Sovereign Debt 2005-2010

ARTICLE 8 °-Authorize the implementing authority to implement the Exchange of Public Titles that were eligible and that did not yet enter the Sovereign Debt Restructuring 2005-2010, as established by Law 26,886.

ARTICLE 9 °-Create the account called "Fund Law No. XX.XXX-Sovereign Payment of Debt Pending Exchange", which will be a special account of the Nation Trusts S.A. in the Central Bank of the Republic of Argentina opened under the good faith of the Argentina, and its willingness and ability to pay on a level playing field for all its creditors, according to the conventional and generally accepted interpretation of the term pari passu.

ARTICLE 10. -Authorize the implementing authority to deposit in the account Fund Law No. XX.XXX-Sovereign Payment of Debt Pending Exchange created by Article 9 ° of this Law, at the corresponding due dates, a quantity of funds equivalent to those that would be paid for the services of the new Public Titles that will be issued in the future, according to the provisions of article 1 of Law 26,886, replacing those that have not yet entered the Restructuring of Sovereign Debt 2005-2010.

ARTICLE 11. -the funds corresponding to the payments provided for in the previous Article shall be provided to the Tenders participating in the Exchange Operation as provided for in the terms of

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Law 26,886, together with the corresponding new Public Titles, at the time of their placement.

TITLE II

Single Chapter

From the Public Order of this Law

ARTICLE 12. -Create, in the area of the Honorable Congress of the Nation, the Permanent Commission of Investigation of the Origin and Follow-up of the Management and the Payment of the Foreign Debt of the Nation, that will be composed by eight (8) Senators and eight (8) Members, appointed by the Presidents of the respective Chambers on a proposal from the parliamentary blocs, respecting the proportion of the political representations, and which will be governed by the rules of procedure of the internal functioning which for this purpose dictate. The Permanent Bicameral Commission created by this law will have the purpose to investigate and determine the origin, evolution and current state of the foreign debt of the Argentine Republic from March 24, 1976 to the present day, including its renegotiations, refinancing, swaps, megacanje, armor, the respective payments of commissions, default and restructurings, issuing an opinion based on the effect of the amounts, rates and deadlines agreed in each case, and on the irregularities that could be detected. The Commission will also have the following tasks: 1. The monitoring of the management and the payments to be made. 2. The investigation of the lawfulness or ilicitude of the hostile acquisition operated by the vulture funds with the aim of hindering the recovery of the rest of the debt holders, as well as the action that the task group develops in our country hired by those (American Task Force Argentina-ATFA), dedicated to discrediting the Argentine Republic, its Executive Branch, the Honorable Congress of the Nation and its Judiciary. 3. The presentation of a final report on the subjects covered by this article, to be considered by both Chambers, within one hundred and eighty (180) days of its constitution. The Permanent Bicameral Commission created by this law may request information, documentation or data from national, provincial or municipal bodies, centralized, decentralized or autarquics, as well as financial institutions. national and international, private or public; and any other body which is necessary for the fulfilment of its tasks. The members of this Permanent Bicameral Commission, as well as the permanent or permanent staff assigned to it, must keep the strictest confidentiality regarding the information they have access to under the previous paragraph. In the event of disclosure or misuse of the information to which they have access on the occasion or the exercise of their duties, they shall be considered to be incourses in serious misconduct and shall be subject to the applicable sanctioning regime, without prejudice to the responsibilities that may be held by the Criminal Code. This law is of public order and will take effect from the day of its publication in the Official Gazette.

ARTICLE 13. -The payments provided for in Articles 5 ° and 10 will be served under the jurisdiction of the 90-Services of the Public Debt.

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ARTICLE 14. -Exempt funds created by this law and the fiduciary agent in their operations relating to it, from all existing national taxes, fees and contributions and to be created in the future. This exemption provides for the taxes of the laws 20,628, 23,349, 25,063 and 25,413 and other internal taxes that may correspond. The provinces and the Autonomous City of Buenos Aires are invited to adhere to the exemption of all taxes applicable in their jurisdiction in equal terms to those set out in the previous paragraph. The implementing authority shall be empowered to lay down the clarifying and complementary rules necessary to implement this law.

ARTICLE 15. -Contact the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE TEN DAYS OF THE MONTH OF SEPTEMBER OF THE YEAR TWO THOUSAND FOURTEEN.

-REGISTERED UNDER NO 26,984-

BELOVED BOUDOU. -JULIAN A. DOMINGUEZ. -Lucas Chedrese. -Juan Estrada.

Date of publication: 12/09/2014

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