CONVENTIONS

Law 26,887

Approve the Agreement between the Argentine Republic and the Andean Corporation for the Promotion of the Subscription of Shares of Ordinary Capital. Sanctioned: September 11, 2013 Enacted: September 20, 2013

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

Article 1 °-Approve the provisions of the "B" Series of Ordinary Capital Shares Subscription Agreement signed between the ARGENTINE REPUBLIC and the ANDEAN PROMOTION CORPORATION (CAF) signed in the Autonomous City of Buenos Aires on 2 March 2012 and in the City of Caracas, on March 6, 2012, consisting of eight (8) Clauses, whose authenticated copy forms an integral part of this law as Annex I. The Argentine Republic agreed to subscribe sixteen thousand ninety-six (16,096) "B" Series nominative shares corresponding to the Ordinary Capital of the said Corporation, each one with a patrimonial value of US dollars fourteen thousand two hundred (U$S 14,200). The total amount of the contribution is US dollars two hundred and twenty-eight million five hundred and sixty-three thousand two hundred (U$S 228,563,200), payable in four (4) consecutive annual quotas and equal, each equivalent to an amount of Fifty-seven million US dollars forty thousand eight hundred (U$S 57,140,800), corresponding to four thousand twenty-four (4,024) shares of the "B" Series. It should be noted that each of the payments must be made by 30 September of each calendar year (2013, 2014, 2015 and 2016). The last of the payments shall not be made beyond 30 September 2016.

ARTICLE 2 °-Authorize the CENTRAL BANK OF THE ARGENTINE REPUBLIC in its capacity as depositary and agent of the country to the international financial institutions, to make in the name and on behalf of the Argentine Republic the contributions and subscriptions established by this law.

ARTICLE 3-In order to deal with the emerging commitments in this law, the CENTRAL BANK of the Argentine Republic must have the corresponding counterpart funds to be provided by the SECRETARIAT OF FINANCE of the MINISTRY OF THE ECONOMY AND PUBLIC FINANCES, prior to the inclusion of such an erogation in the General Budget Law of the National Administration in the relevant exercises.

ARTICLE 4 °-Commune to the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE ELEVEN

https://www.boletinoficial.gob.ar/pdf/linkQR/YmowT3RycDBZeUJycmZ0RFhoUThyQT09

Page 1

THE DAYS OF SEPTEMBER OF THE YEAR TWO THOUSAND THIRTEEN.

-REGISTERED UNDER NO 26,887-

BELOVED BOUDOU. -JULIAN A. DOMINGUEZ. -Gervasio Bozzano. -Juan H. Estrada.

Annex I SUBSCRIPTION AGREEMENT FOR SHARES OF ORDINARY CAPITAL SERIES "B" Between the Ministry of Economy and Public Finance, hereinafter referred to as "the Subscriber", represented by its owner Dr. Hernan Gaspar Lorenzino, and the Andean Corporation of Promotion, hereinafter "CAF", represented in this act by its President Dr. Luis Enrique García Rodríguez, jointly "the Parties", it has been agreed to celebrate the present in the terms and conditions that are indicated below: 1. By Resolution No. 1965/2011, numeral 1, of November 29, 2011, the Board of CAF decided to make available to the shareholders of the "B" Series of CAF the subscription of new shares of Ordinary Capital, the amount of which, Distribution and schedule of payments should be done in a similar way to the Alternative 3 proposed in Document D. CXLIII.D. 5/2011 presented by the Administration. 2. The Subscriber, by this act, subscribes sixteen thousand and ninety-six (16,096) "B" Series nominative shares, corresponding to the Ordinary Capital of CAF, each with a value patrimonial to the present date of fourteen thousand two hundred dollars from the United States of America (US$ 14,200.00), for a total of two hundred and twenty-eight million five hundred and sixty-three thousand dollars from the United States of America (US$ 228.563.200.00), amount to be paid in annual and consecutive instalments as follows: a) In the year 2013, an amount of fifty-seven million hundred and forty thousand eight hundred dollars from the United States of America (US$ 57,140,800,00) corresponding to four thousand twenty-four (4,024) shares of the "B" Series; b) In the year 2014, a Fifty-seven million hundred and forty thousand eight hundred dollars from the United States of America (US$ 57,140,800,00) corresponding to four thousand twenty-four (4,024) actions of the Series "B"; c) In the year 2015, an amount of fifty-seven Forty thousand eight hundred dollars from the United States of America (US$ 57,140,800,00) In the year 2016, a total of fifty-seven million dollars in the United States of America (US$ 57,140,800,00) corresponding to the Four thousand twenty-four (4,024) shares in the Series "B". 3. The payments referred to in numeral 2 shall be made before 30 September of each calendar year. The last of the payments shall not be made beyond 30 September 2016. 4. All payments will be made in dollars from the United States of America. 5. CAF will give to the Subscriber the titles corresponding to the shares that it subscribes, as it makes the payments mentioned in the numeral 2 and for the quantity of shares that in the same, in each case, is mentioned. 6. The disputes which may arise in connection with this Convention shall first be settled by means of talks between the Parties and, if no agreement is reached within a reasonable period of time, by means of the provided for in Article 45 of the Constitutive Convention of CAF. 7. The Parties recognize that the participation of the Argentine Republic in this subscription is

https://www.boletinoficial.gob.ar/pdf/linkQR/YmowT3RycDBZeUJycmZ0RFhoUThyQT09

Page 2

subject to the approval of the national legislative power. 8. This Convention shall enter into force on the date on which the Subscriber communicates to CAF that it has complied with all the requirements that will be necessary for this purpose. In proof of conformity, two copies of the same tenor and to the same effect are signed in the city of Buenos Aires, two days in March of two thousand twelve, according to MEyFP Nº 6/12

And in the city of Caracas, at the 06 days of the month of March, two thousand twelve.

Date of publication: 23/09/2013

https://www.boletinoficial.gob.ar/pdf/linkQR/YmowT3RycDBZeUJycmZ0RFhoUThyQT09

Page 3