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Pedido Aurelius

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Pedido Aurelius
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Transcript
Page 1: Pedido Aurelius

7/18/2019 Pedido Aurelius

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EXHIBIT 1

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FISCAL AGENCY AGREEMENT

between

THE REPUBLIC OF

ARGENTINA

and

BANKERS

TRUST

COMPANY Fiscal

Agent

Dated as

of

October 19 994

ARG 1

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1 .

2 .

3 .

4 .

5 .

6 .

7.

8 .

9.

10.

11.

12.

13.

14.

15.

16.

17.

18.

19.

20.

21.

22.

23.

T BLE OF

CONTENTS

Secur i t ie s Issuable in

Series

Appointment

of Fiscal

Agent; Paying Agents

Authentication

Registrat ion

Transfers and

Exchanges

Global Secur i t ies

Payment

Additional Amounts

Mutilated Destroyed Stolen

or

Lost Cert i f icates

Redemption and

Purchases

Cancel lat ion

and

Destruction

Negative

Pledge and Covenants

Default;

Acceleration

of

Maturity

Limit on Liabi l i ty;

Acceptance

of Appointment

Expenses

and

Indemnity

Successor Fiscal Agent

Meetings

of

Holders

of

Secur i t ies;

Modifications

Further Issues

Reports

Forwarding of Notice;

Inquir ies

Lis t ings

Notices

Consent to

Service;

Jurisdict ion

Governing

Law

and

Counterparts

i

Page

ARG0002

1

3

3

4

6

9

11

12

14

14

17

19

20

20

22

26

26

27

27

27

28

29

!"#$ &'()*+,*(-./.*012 34+56$78 9(& :;<$= (.>&.>&/ 1"?$ B( 4@ )9

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24

Headings

29

Exhibit

A Form

of

Registered

Securi ty

ARG 3

!"#$ &'()*+,*(-./.*012 34+56$78 9(& :;<$= (.>&.>&/ 1"?$ B& 4@ )9

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THE REPUBLIC

OF

ARGENTINA

FISCAL

AGENCY AGREEMENT dated as of October

19,

1994, between

The Republic of Argentina (the Republic ) and

Bankers

Trust

Company, a

New

York

banking

corporation,

as

f i sca l

agent.

1 . S e c u r i t j e s I s s ua bJ e in (a) The

Republic may

issue i t sno te s , securi t ies ,

debentures or

other

evidences of indebtedness

(the Securi t ies ) in

separate se r ies from time to time (each such

series

of

Secur i t ies

being

hereinaf ter referred

to

as a Series or

the Secur i t ies of

a Series ) . The

aggregate principal

amount of the Secur i t ies of a l l

Series

which may be

authenticated and delivered

under

this

Agreement

and

which

may be outstanding a t any time is

not

l imited by th is

Agreement.

The

t ex t of the Secur i t ies of

a Series

delivered

to

the

Fiscal Agent {as hereinaf ter defined)

for

authent icat ion on or ig ina l

issuance

pursuant

to Section

3 o f_ -

th i s Agreement sha l l

establ ish

i)

the

specif ic

designat ion

of the

Securi t ies

of such Series (which sha l l dist inguish

the Secur i t ies of such

Series

from

a l l other Series) ; i i )

any l imit

on the aggregate

principal

amount

of

the

Secur i t ies of such Series

which

may

be

authenticated and

delivered

under

th i s Agreement (except for

Secur i t ies

authenticated and delivered upon

regis t ra t ion

of t ransfer

of, or in

exchange

for , or

in

l ieu

of,

other

Securities of

such

Series pursuant to the

provisions

of

this Agreement or

of the Secur i t ies of such Series) ; i i i ) the price or

prices

(expressed

as a

percentage

of

the aggregate principal

amount

thereof)

a t

which the Secur i t ies of such Series will be

issued; (iv) the date or dates on which the principal and

premium,

i f any,

of

the Secur i t ies of such Series

is

payable;

v)

the

ra te

or

ra tes

(which

may

be

f ixed

or

floating)

per

annum

a t which

the Securit ies

of

such

Series

shal l bear in te res t ,

i f

any, the date or dates from which

such

in teres t , i f

any,

shal l accrue,

the interest.

payment

dates on which such in te res t sha l l be payable

and the

record

dates for the

determination of holders of

the Secur i t ies of

such

Series

to whom in te res t i s payable; (vi) the place

or

places where the principal of, and-premium, i f

any,

and

in te res t

on

the

Secur i t ies

of

such

Series are

payable; (vii)

the price

o r

pr ices a t which, the

period

or periods within

which and

the

terms

and conditions

upon which Secur i t ies

of

such Series

may

be

redeemed, in

whole or in

par t ,

a t

the

option of

the Republic or

otherwise;

(vii i)

the

obligat ion,

i f

any, of the

Republic to

redeem, purchase or repay

Secur i t ies

of such

Series

pursuant to

any

sinking

fund

or

analogous provisions and the

price

or prices a t which,

the

RG 4

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period or periods within which, and the terms and condit ions

upon

which Secur i t ies of

such Series shal l be

redeemed,

purchased or

repaid, in whole or

in par t

pursuant to

such

obligation;

(ix) the minimum denomination

and

any

multiples

thereof of the Secur i t ies of

such

Series, which

may be

in

u.s. dollars ,

another

foreign currency, units of

two or more

currencies or

amounts

determined

by

reference

to

an

index;

x)

the

currency

or

currencies in which the

principal ,

premium, i f

any,

or in te res t on such Securi t ies

may

be

payable;

(xi) the

manner

in which

the amount of payments

of

principal , premium, i f

any,

or

in te res t on such Secur i t ies

i s to be determined and i f

such

determination i s to be made

with

reference to

any

index; (xii l

any

covenants or

agreements of the Republic and events which give r i se to the

r ight of a

holder

of a Security of such Series

to accelerate

the

maturity of

such Securi ty other

than

such

covenants,

agreements

or events specified herein;

and

(xi i i )

any

other

terms of the Secur i t ies of such Series. Secur i t ies may be

issuable

pursuant to

warrants {if

so provided in the

tex t

of

such ·securi t ies) and the Fiscal Agent

may

act as warrant

agent

or in

any

similar

capacity

in

connection

therewith.

b) The

Securi t ies

of a Series are to

be

issued

in ful ly regis tered form

only,

without in te res t coupons, and

wil l

be issuable in

the

denominations specif ied in the

text

of

the

Secur i t ies

of

such

Series,

substant ia l ly

in

the

form

of Exhibit A

hereto

( registered

Secur i t ies ) . The

Secur i t ies of

a

Series

may

also have such addit ional

orovisions, omissions, varia t ions

or

subst i tut ions

as

are

not inconsis tent with the provisions of

this

Agreement,

and

may have such l e t te rs

numbers

or other marks of

ident i f ica t ion and

such legends

or endorsements placed

thereon

as may be required to comply

with

any law

or

with

any rules made pursuant

thereto

or with the rules of any

secur i t i e s

exchange or

governmental

agency or as

may,

consistent

herewith,

be

determined

by

the

off ic ia ls

executing

such

Secur i t ies , as evidenced by their execution

of such

Securi t ies .

All

Securi t ies

of a

par t icula r

Series

shal l be otherwise

substant ia l ly

ident ica l except as to

denomination

and

as provided

herein.

(c) The Secur i t ies wil l const i tute

(exceot as

orovided in

Section 11 below) direc t

unsecured and unsubordinated obligations of the Republic

shal l a t a l l t imes

rank

.I;la.ti passu and without any

preference among

themselves.

The payment obligat ions of

Republic under the Secur i t ies sha l l at a l l

times

rank a t

least equal ly with a l l i t s other present and

future

unsecured and unsubordinated

External

Indebtedness (as

defined

in

th i s

Agreement} .

2

and

the

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2.

Appointment

of

FiscaJ Agent· Paying Agecrs .

(a) The Republic hereby appoints Bankers Trust

Company,

a t

present having

i t s

off ice a t

4

Albany Street , New York, New

York

10006

as

f i sca l agent, t ransfer agent, reg is t rar

and

principal paying

agent

of the Republic

for

the

Secur i t ies ,

upon the

terms and

condit ions se t

forth herein.

Bankers

Trust

Company

accepts

such appointments,

and

along

with

successors as such f iscal agent,

i s

hereinaf ter

referred to

as the Fiscal Agent

 

• The

Republic

reserves the r ight

to

appoint di f fe rent f i sca l

agents

for

dif ferent

series of

secur i t ies .

b) The

Republic

may appoint one

or more

addit ional

agents (hereinafter called

a Paying

Agent or

the Paying

Agents ) for the payment

(subject to

the

applicable

laws and regulat ions) of

the

applicable

payment

of

principal ,

premium, i f any, and

in te res t

or Addit ional

Amounts (as

defined

in Section 7 herenf),

i f

any, on the

Securi t ies

a t such

place

or places as

the Republic may

determine

pursuant

to

an agreement (each, a Paying

Agency

Agreement );

provided

tha t

the

Republic

wil l

maintain

a t a l l .

times un t i l

no

Securi ty

i s outstanding a

Paying

Agent who

may be the Fisca l Agent) in the Borough

of

Manhattan, The

City of New

York. The Republic

will

keep the

Fiscal Agent

lnformed as

to

the name,

address,

and telephone

and

facsimile

numbers of

each Paying Agent appointed

by

i t

and

wil l not i fy the Fiscal

Agent

of the

resignat ion of any

Paying

Agent.

The Fiscal Agent

shal l

arrange

with

each

aying

Agent for the payment, as

provided

herein,

of the

principal and in teres t

or

Additional

Amounts,

i f

any,

on the

Secur i t ies on

terms

previously approved n writing by

the

Republic ( fur ther references

herein

to principal and

in te res t sha l l be deemed to also

re fe r

to

any

Additional

Amounts).

3 . Au then t . i ca t jqo .

a) The

Fiscal

Agent

shal l ,

upon del ivery

of the

Secur i t ies to t

by

the

Republic,

and a

writ ten

order or orders

to authenticate and deliver

Secur i t ies

in a sta ted aggregate

principal amount, (i)

authent ica te and reg is ter not more

than

said aggregate

principal amount of Secur i t ies

and

del iver

them in

accordance with the

wri t ten

order

or

orders of

the

Reoublic

and

i i ) thereaf ter

authenticate

and reg is te r

Secur i t ies and

de l iver

them

in accordance

with

the provisions of

4, 5

and

of th i s Agreement. The to ta l principal amount of

the

Securi t ies

to be issued and outstanding

a t

any

time

sha l l not be l imited

hereby.

b) The

Fiscal Agent

may,

with the prior

wri t ten

consent

of the

Republic,

appoint

by

an

instrument

or

instruments in writ ing one or

more

agents (which

may

include

3

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i t s e l f for the authentication of Secur i t ies of a Series

and, with such consent, vary or terminate

any

such

appointment

upon writ ten notice and approve

any

change in

the

off ice through which any authenticating

agent

acts . The

Republic by writ ten notice to the Fiscal Agent

and

the

authent ica t ing

agent

whose appointment

i s

to be terminated)

may also terminate any such appointment a t any time. The

Fisca l

Agent

hereby agrees

to

so l ic i t

writ ten

acceptances

from the en t i t i e s concerned

in form and substance

sa t i s fac tory to the Republic) of such appointments. In i t s

acceptance of such appointment, ea ch such authent ica t ing

agent

shal l agree

to act

as an

authent icat ing

agent pursuant

to the terms and condit ions of th is Agreement.

c)

Unti l

def ini t ive Secur i t ies

of a

Series

are

prepared, the

Republic

may execute, and there

sha l l

be

authent icated

and delivered in accordance with the

provisions hereof

in l ieu

of

defini t ive Securi t ies

of such

Series , temporary Secur i t ies

of

such Series.

Such

temporary Secur i t ies of

a

Series sha l l be subject to the

same l imi ta t ions

and condit ions and

ent i t led- to the same

r ights

and

benef i ts

as

def ini t ive Secur i t ies

of

such

except

as

provided herein or there in.

Temporary

Securit ies-

of a

Series shal l

be

exchangeable for

def in i t ive Secur i t i e s

of such

Series

when

such

def in i t ive Secur i t ies

are

avai lable

for delivery; and upon the

surrender

for exchange of such

temporary Secur i t ies

of a

Series,

the

Republic shal l

execute

and

there

shal l be authenticated and delivered, in

accordance

with

the provisions

of

Sections and

4

hereof,

in

exchange

for such

temporary

Secur i t ies of

a Series , a

l ike aggregate

principal

amount of def in i t ive Secur i t i e s

of

such Series

and

of l ike

tenor. The

Republic sha l l pay

a l l

charges,

including

without l imitat ion) stamp

and

other

taxes and

governmental charges,

incident

to

any

exchange of

temporary Secur i t ies for

defini t ive

Secur i t ies .

All

temporary

Secur i t ies

shal l

be

ident i f ied

as

such

and

sha l l

describe the r ight of the holder thereof to effec t an

exchange

for

def in i t ive Secur i t ies and

the

manner

in

which

such an

exchange

may be effected.

4 . Regis t ra t ion. Transfers and

Exchanges.

a)

The

Fiscal Agent, as agent of the Republic for such

purpose, wil l a t a l l t imes keep a t the off ice of the Fisca l

in the Borough

of Manhattan,

The City of ew York, a

reg ls ter or reg is ters for the reg is t ra t ion and

r eg i s t r a t ion

of t ransfe rs

and

exchanges

of Secur i t ies ,

in

which sha l l

be

entered the

names

and

addresses of

the

regis tered

holders of

Secur i t ies

and the

part iculars

of

the Secur i t ies

held y

such

regis tered

holders. Subject to Section 5 hereof, upon

surrender for

t ransfe r

of

any

Security

of

any

Series

a t

sa id

off ice , Fiscal Agent shall authenticate, reg is ter and

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de l ive r

in

the

name

of the t ransferee or t ransferees

a new

Secur i ty

or

Secur i t i e s of any

Series

for

a l ike

aggregate

pr inc ipa l amount.

Subject to Section 5

hereof,

upon

surrender of any Securi ty a t said off ice for exchange,

the

Fisca l Agent

shal l authent ica te , reg is ter and

de l ive r

in

exchange for

such

Securi ty a new Securi ty

o r

new

Secur i t ies

of the

appropria te

authorized

denomination(s)

and for a l ike

aggregate

pr inc ipa l

amount

n

accordance

with

the provisions

of the Secur i t i e s .

b) All new Secur i t ies authent icated and

del ivered by the

Fiscal

Agent upon reg is t ra t ion

of

t ransfe r

o r

in exchange for Secur i t ies of other denominations sha l l

be so dated

tha t ne i ther

gain nor

loss of i n t e res t shal l

re su l t from such

reg is t ra t ion

of

t ransfe r or

exchange.

(c)

All

Secur i t ies presented

or

surrendered for

r eg i s t r a t ion

of

t ransfe r ,

exchange

or payment shal l

be

accompanied by

a

writ ten instrument or instruments of

t r ans fe r

in

form

sa t i s fac tory to

the Fiscal

Agent, duly

executed by the regis te red holder or i t s at torney duly

authorized

in

wri t ing

and

with

the signatures

thereon duly

guaranteed by

a commercial bank

or

t rus t company having i t s

pr inc ipa l of f ice in The City

of ew York

o r by

a member of

the

ew York Stock Exchange.

d) The Fiscal Agent shal l not impose

any service

charge on the reg is te red

holder

on any such

reg is t ra t ion ,

t rans fer or

exchange of

Secur i t ies ; however, the

may require

of

the

par ty request ing

such t rans fer

or

exchange, as a condit ion

precedent

to

the

exercise of any

r ight

of

t rans fer or

exchange

contained n

th i s

Agreement o r

n the

Secur i t ies , the payment of a sum

su f f i c ien t

to cover

any

stamp

or

other

tax or o ther

governmental charge payable

in connection therewith.

(e) The

Republic,

the

Fiscal

Agent

and any

Paying

Agent

may t r ea t

the

person

in

whose name any

Securi ty

i s

reg is te red

as the owner of such Secur i ty for the purpose of

receiv ing

payment of principal

of

and

in teres t

on such

Securi ty ,

and

a l l other

purposes

whatsoever, whether

or

not

such

Sec4ri ty

be

overdue,

and none

of

the Republic,

the

Fisca l Agent

or any

Paying Agent sha l l be af fec ted by any

notice to the

contrary

and any such

payment

shal l

be

a good

and suf f ic ien t discharge

to the

Republic, the

Fiscal Agent

and

any

Paying Agent

for

the

amount so

paid.

(f)

The Fiscal Agent shal l not be required

to

reg i s t e r any t rans fer

or

exchange

of

Secur i t ies during the

period

from the

Regular

Record Date (as defined in such

Secur i t ies to the In te res t

Payment

Date (as defined in such

5

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Securit ies) and for the

purposes

of any in teres t

payment

made in

accordance

with Section 6 hereof, such payment

shal l

be

made to those persons in whose names the Secur i t ies are

regis tered on such Regular Record Date.

5. J

obal Secur j t jes . The Secur i t ies

of

any

Series may

be

issued

in

whole or in

par t

in

the

form of

one

or more

global

secur i t ies

( Global

Securi t ies )

tha t

wil l

be

deposited with, or on behalf

of, a

deposi tary

(the

Depositary ) re la t ing to such Series. Global secur i t ies

may be issued

only

in

ful ly

regis tered form

and

in e i the r

temporary or

def in i t ive form. Unless and unt i l

t

is

exchanged

in whole or in par t

for Secur i t ies

in def in i t ive

form, a Global Securi ty may not be t ransferred except as a

- - - -=__whole by

the

Depositary for such Global Securi ty

t o a

nominee of such Depositary

or

by

a

nominee of such

Depositary to

such Depositary

or

another nominee of

such

Depositary or

by

such

Depositary

or

any

nominee

of such

Depositary

to a

successor

Depositary or any

nominee

of such

successor .

Upon

the issuance of

a

Global

Securi ty,

the

Depositary

for such Global

Securi ty wil l c redi t on i t s book-

entry

reg is t ra t ion and

t ransfe r

system the respective

pr incipal amounts of the Secur i t ies

represented

by such

Global Securi ty to

the

accounts of Persons that

have

accounts

with such

Depositary ( Participants ) .

The

accounts

to be credi ted

shal l be

designated by the agents or

underwriters

with

respect

to such

Secur i t ies

or by

the

Republic i f

such are

offered

and sold di rec t ly by

the Republic. Ownership

of benef ic ia l in teres ts in a Global

Securi ty will

be l imited

to

Par t ic ipants

or Persons

tha t m y

hold in teres ts through Par t ic ipants . Ownership of

benef ic ia l in teres ts

in

a Global Securi ty will

be

shown on,

and the t ransfe r of tha t ownership will be effected only

through,

records

maintained

by

the

applicable

Depositary

(with respect to in teres ts of Participants)

and

records

of

Par t ic ipants (with

respect

to in teres ts of Persons

who

hold

through

Part ic ipants) . Owners of beneficial in teres ts in a

Global Securi ty

(other

than Participants) will not receive

wri t ten

confirmation from the applicable Depositary of the i r

purchase.

Each beneficial

owner is expected to

receive

writ ten

confirmation providing

de ta i l s of

the t ransact ion,

as well as

periodic

statements of i t s

holdings, from

the

Depositary

i f such benef ic ia l owner

i s

a Participant) or

from the Par t ic ipant through which such benef ic ia l

owner

entered into the t ransact ion i f such

benef ic ia l owner i s

not

a Part ic ipant) The

laws of

some

s ta tes require tha t

cer ta in purchasers of secur i t i e s take

physical

del ivery

of

such

secur i t i e s

in

def in i t ive

form. Such

l imits

and

such

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laws

may impair the

a b i l i t y

to own

pledge

or

t r an s fe :

b en e f i c i a l i n t e r e s t s

in

a

Global

Securi ty .

So long as the

Deposi tary fo r

a Global

Secu : i ty

o r its nominee i s

the

reg i s t e red

owner of

such Global

Se c u r i t y

such Depos i ta ry o r such

nominee as

the

case may

be

wi l l be

considered

the

so le owner

o r

holder o f the

Secu r i t i e s

r epresen ted

y

such

Global

Secur i ty

fo r

a l l

purposes under t h i s

Agreement.

Except

as

spec i f i ed below

o r

with

re spec t

to the terms o f Secur i t i e s o f a Ser i e s

owners

o f

bene f i c i a l i n t e r e s t s in a Global

Secur i ty

w i l l

not

be

e n t i t l e d to

have any

o f the individual

Secur i t i e s

represen ted

y such

Global

Secur i ty reg i s t e red

in t h e i r

names and

wi l l

not

rece ive

o r

be

e n t i t l e d to receive

-·--physi-cal de l ive ry o f

any

such

Secur i t i e s

in d e f in i t i v e form

and

wTll

not be considered the owners o r

holders

thereof

under

such Se c u r i t i e s

o r t h i s Agreement. Accordingly

each

Person

owning a

b e n e f i c i a l

i n t e re s t i n a Global Se c u r i t y

must r e l y

on the procedures o f the Deposi tary fo r such

Global Secur i ty

and i such

Person

i s not

a

Pa r t i c i p a n t on

t he procedures o f the Par t i c ipan t through which such

Person

owns

its

i n t e re s t

to exerc i se

any r i g h t s

of a

holder

under

the

Se c u r i t i e s o r t h i s Agreement. The Republ ic unders tands

t h a t under ex i s t ing indus t ry p rac t ices i f the Republ ic

reques t s any ac t ion of holde rs o r

an owner

of a

bene f i c i a l

i n t e r e s t

in such Global Secur i ty des i re s to

take any

ac t ion

which a

holder i s e n t i t l e d

to

take under the

Fisca l Agency

Agreement the Depos i ta ry fo r such Global

Secur i ty would

the

Pa r t i c i p a n t s

holding

the

re levant

i n t e r e s t s

to

t ake

such

ac t ion and such Par t i c ipan t s would

au thor ize

b en e f i c i a l owners

owning

through such Par t i c ipan t s to take

such ac t ion o r

would

otherwise

act upon

the i n s t ru c t i o n s of

b e n e f i c i a l

owners hold ing through them.

Payments o f p r in c ip a l of

and any

premium and

any

i n t e r e s t

on

Secu r i t i e s

reg i s t e red

in the name o f a

Depos i ta ry

o r i t s nominee

wi l l be

made to the Deposi tary or

its nominee as

the

case may be as t he holder

of

the Global

Se c u r i t y

represen t ing

such Secur i t i e s . None of the

Republ ic any Paying Agent o r

the

Fisca l Agent n i t s

capac i ty

as

r e g i s t r a r fo r

such

Debt Secu=i t i e s

wi l l

have

any r e s p o n s ib i l i t y

o r l i a b i l i t y

for

any

aspect o f t he

records

r e l a t i n g

to o r

payments

made on

account

of

b en e f i c i a l i n t e r e s t s

in

a

Global

Secur i ty o r fo r

main ta in ing superv i s ing

o r

reviewing any

records

r e l a t i n g

to

such

bene f i c i a l

The

Republ ic expects

t ha t

t he Deposi tary for a

se r i e s of

Secur i t i e s o r its

nominee upon rece ip t o f any

payment

of

pr inc ipa l

premium

o r

i n t e r e s t

in re spec t o f

Global Secur i ty represen t ing

such

Secur i t i e s

wi l l

c r e d i t

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Part ic ipants '

with payments in amounts

proport ionate to the i r respective beneficial in teres ts

in

the

principal

amount of such Global

Security

as shown on

the

records of such Depositary. The

Republic

also expects

tha:

payments by

Par t icipants to owners

of

benef ic ia l

in te res t s

in such

Global Securi ty

held through such Par t icipants

wil l

be governed by

standing

ins t ruc t ions

and

customary

pract ices ,

as

is

now the case with

securi t ies

held for

the

accounts

of customers in bearer

form

or

regis tered

in

s t ree t name

 

• Such payments wil l

be

the responsibi l i ty of

such

Part ic ipants .

I f a t

any

time the Depositary

not i f ies

the

Republic tha t - i t

s unwilling

·or unable

to

continue as

Depositary for- the Securi t ies ,

or

i f the

Republic

not i f ie s

the Depositary

tha t

t wil l no longer continue as

Depositary

for

the Securi t ies ,

or

i f

·at

any

time

the Depositary ceases

to

be

a clear ing

agency regis tered

under the

United States

Secur i t ies Exchange

Act

of 1934, as amended or otherwise

ceases

to

be

el ig ib le to

be

a Depositary, the

Republic

shal l

appoint

a·successor

Depositary with respect to

such

Securi t ies .

I f

a

successor

Depositary

for

such

Securi t ies

i s

not appointed by the Republic within 90

days

a f t e r

the

Republic receives such notice or

becomes

aware of

such

ine l ig ib i l i ty , or i f the Depositary

not i f ies the

Fiscal

Agent

or the

Republic

of the accelerat ion of the

indebtedness

under

the Securi t ies in accordance with the

terms of

the Securi t ies , the

Republic will execute,

and the

Fiscal Agent upon

receipt

of such

executed defini t ive

wil l

authent icate

and

deliver,

Secur i t ies in

def in i t ive regis tered form without

coupons,

in denominations

of U.S. 1,000 and in tegra l multiples thereof (unless some

other

denomination

i s specif ied

in

terms of the Securi t ies

of a Series) ,

in

an

aggregate pr incipal amount equal to the

aggregate

principal

amount

of

the Global

Securi t ies .

The Republic may at

any time and

in i t s sole

discre t ion

determine

not

to

have any

of

the

Secur i t ies

held

in the form

of Global

Securi t ies . In such event, the

Republic

will execute,

and

the

Fiscal

Agent,

upon receipt

of

such

executed def in i t ive Securi t ies

will authenticate

and

deliver , Securi t ies in defini t ive registered form

coupons, in

denominations

of U.S. 1,000 and integral

mult iples

thereof

(unless

some other denomination

i s

spec i f ied in terms of

the Securi t ies

of a Series ,

n

an

aggregate

pr incipal amount equal

to

the aggregate

principal

amount of the Global

Securi t ies .

Upon the exchange of the Global

Secur i t ies

for

Securi t ies

in

def in i t ive

regis tered

form

the

Global

Securi t ies

sha l l be canceled

by

the Fiscal Agent.

8

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Secur i t i e s

in

def in i t ive

regis tered form issued in exchange

for

the

Global Secur i t ies pursuant to this sect ion sha l l be

reg is te red in

such names as the Depositary, pursuant to

ins t ruc t ions from i t s di rec t or

indirect

part ic ipants

otherwise, sha l l ins t ruc t the

Fiscal

Agent

or

the Reoublic.

The Fiscal Agent sha l l del iver such Securit ies in

defini t ive

regis tered

form

to

or

as

directed

by

the persons

in

whose

names

such def in i t ive

regis tered Securit ies

are so

reg is te red and wil l d i rec t

a l l payments

to be made in

respect

of such Secur i t ies in def ini t ive regis tered form to

the

reg is te red holders thereof

on or

af ter

such

exchange

regardless of whether

such exchange

occurred

af te r

the

record date

for

such payment.

All

Securit-ies

in

defini t ive

regis tered form,

issued

upon

the

exchange

of

the

Global

Secur i t ies ,

shal l

be

va l id obligat ions of the

Republic,

evidencing the same debt,

and ent i t l ed to the same benef i ts under

this

Agreement, as

the Global Secur i t ies surrendered upon

such

exchange.

: Payment. (a) The

Republic

will

pay

to the

Fiscal

Agent,

the

amounts,

a t

the

times

and

for the

purposes

se t

for th

herein and

in

the

t ex t of

the Secur i t ies

of

a

Series ,

not l a te r than

1:00

p.m. ew

York

City

time to

an

account to be specif ied by the

Fiscal

Agent, on the day on

which

the same

sha l l

become due,

a l l

amounts to be paid on

the Securi t ies of

such Series

as required by the

terms

of

the

Securi t ies

and the

Republic

hereby authorizes and

direc ts the Fiscal Agent, from the funds so paid to i t to

make

payments

in respect of the Securit ies in accordance

with t he i r

terms and

the

provisions se t forth below. I f any

date

for

payment

in respect of a Security i s not a Business

Day,

such

payment shal l be made on the next following

Business Day.

Business

Day means a day on

which

banking

ins t i tu t ions in

The

City of ew

York and at the appl icable

place

of

payment

are

not

authorized

or

obligated

by law

or

executive

order

to be closed.

The

Fiscal

Agent shal l

arrange

direc t ly

with

any Paying

Agent who

may have been

appcinted pursuant to the provisions of

Section

2 hereof

for

the payment from funds so paid by the Republic o'f the

pr inc ipa l

of

(and premium, i f any) and any in teres t on the

Secur i t i e s

cf

such

Series

as se t

forth

herein and in

the

text of sa id

Securi t ies .

Notwithstanding

the foregoing,

where the terms

of

such Secur i t ies

expressly

so provide

and

the Republic so not i f ies the Fiscal Agent the Republic may

provide direc t ly a

Paying Agent

with funds

for

the payment

of the

pr inc ipa l thereof and

premium

and

in teres t

i f

any,

payable

thereon under

an agreement

with

respect

to such

funds containing substant ia l ly the same terms and

condit ions

se t for th

in

th is

Section;

and

the Fiscal

Agent

shal l

have

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no

responsib i l i ty

with respect

to any funds so provided by

the Republic to

any

such

Paying

Agent.

b) All payments with respect to the Global

Secur i t ies

shal l

be made

by

the

Fiscal Agent to the

Depositary

in

accordance with the regular procedures

establ ished from time to time by the Depositary.

c) Payment of

principal and

premium; i f

any, in

respect of

Secur i t ies

in definit ive registered form issued

pursuant hereto shal l

be

made a t the off ice of the Fiscal

Agent

in

the Borough of Manhattan, The City of

New

York, or

a t the off ice of any Paying Agent appointed by the Republic

for such

purpose pursuant to

th is Agreement against

surrender of

such

Any in te res t on Secur i t ies

of

a

Series sha l l be

paid, unless

otherwise provided in the

text of the Securi t ies of such Series , to the

persons

in

wnose names

such Securi t ies

are

registered on the

r eg i s te r

maintained for such purposes a t the close of

business

on

the

record

dates

designated

in the text of the Securi t ies of

such

Series.

I f

so provided with

respect

to the

Secur i t ies

of

a Series,

payments

of

in teres t

prior

to or

on

maturity may be made

by

forwarding by post or otherwise

delivering

a check

to

the registered addresses of regis tered

holders.

of

Secur i t ies , or,

a t the

optiqn of the Republic,

otherwise

t ransferring funds to

the regis tered holders of

the Securi t ies . Such check

sha l l be made

payable to the

order

of

the registered

holder

or, in the case

of

jo int

registered holders, to the order of a l l such jo int holders

fa i l ing ins t ruct ions from

them

to the contrary) and shal l

be sent to

the

address of that one of such jo int holders

whose name stands f i r s t in the

regis ter

as one of such jo in t

holders.

The

Fiscal Agent

shal l mail or otherwise del iver

such checks

to the

names

and

addresses

of registered holders

of Secur i t ies suff ic ien t ly in advance of the relevant due

date

for

payment

that receipt

of

such

checks by

. registered

holders on or before the due date is reasonably assured.

d)

All

money paid to

the

Fiscal Agent under

Section

6 a)

of

th is Agreement

sha l l be

held by i t in

a

separate account from the moment when

such

money i s

received

unt i l the time

of actual payment,

in t rus t for the

registered holders of

Securit ies

to be applied by the Fiscal

Agent

to payments due

on

the Securi t ies a t the time and in

the

manner

provided

for in th is Agreement and the

Securi t ies . ny money deposited with

the Fiscal

Agent for

the

payment in

respect of

any

Securi ty remaining unclaimed

for

two

years af te r

such

principal or

interest shal l have

become

due

and

payable

shall

be

repaid to

the Republic

upon

written request without in teres t and the registered holder

10

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of Securi ty

may

thereafter

look

only to

the

Republic for any

payment

to

which holder m y be

ent i t led.

7.

Additional

Amounts.

All

payments of

principal ,

premium,

i f

any,

and in teres t in respect of the

Securi t ies by the Republic

will be

made

free

and c lear of,

and without withholding

or

deduction

for or

on

account

of,

any present

or

future

taxes,

duties, assessments or

governmental

charges of

whatever nature

imposed, levied,

col lected, withheld

or

assessed by o r

within

the Republic or

any author i ty therein

or thereof having

power to tax

(together Taxes ), unless

such

withholding or

deduction

s

required by law.

In such event, the Republic shal l pay such

addit ional amounts as will resul t in

receipt by the holders of Securi t ies_of such amounts of

principal ,

premium

and in terest

as

would have been received

by them

had

no such withholding or deduction

been

required,

except that no such Additional Amounts shall

be

payable with

respect to

any

Securi ty:

·

a}

to

a

holder

(or

to

a

th i rdpa . i ty

on

behalf

of

a

holder)

where such holder is l iable

for

such Taxes

in respect of any Security by reason of his

having

some connection with the Republic other than

the

mere

holding of such Securi ty

or

the receipt of

principal , premium or in te res t

in

respect thereof ;

or

b)

presented for payment

more than 30

days the

Relevant Date, as

defined herein,

except to the

extent

that the holder thereof would have been

ent i t l ed

to

Additional Amounts on present ing the

same

for

payment on

the

l a s t day of such period of

30

days.

Relevant Date in

respect of any

Securi ty

means

the

date

on which

payment

in respect thereof

becomes

due

or

i f the

fu l l amount

of the

money

payable

on

such date

has

not

been received by the Fiscal

Agent

ori

or

prior

to

such

due date) the

date on

which notice

i s

duly given to the

holders in the manner

described

in

Section 21 below tha t

such moneys

have

been so received and

are

available for

payment. Any reference

herein

to principal and/or

interest

sha l l

be deemed

to

include any Additional

Amounts

which m y

be

payable under the Securi t ies .

so

long

as any Security

remains

outstanding, the

Republic

covenants

to maintain i t s membership in, and

i t s

e l ig ib i l i ty

to

use

the general resources

of,

the

Internat ional Monetary

Fund.

11

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B.

Murj Ja ted .

OY Lqst

Ce ...t

rj cates. (a) In case

any

Secu "'ity ce r t i f i ca t e is

mutilated,

defaced,

destroyed,

s to len or

los t applica t ion

for replacement

shal l be made to the

Fiscal

Agent who sha l l

promptly transmit

such appl icat ion

to the Republic. such

applica t ion sha l l be accompanied by the muti lated or defaced

ce r t i f i ca t e or

receipt of proof,

sa t i s fac tory to

the

Republic

in

i t s

discre t ion

of the

destruct ion,

thef t

or

loss

of

the ce r t i f i ca t e and upon

receipt

by i t of an

indemnity sa t i s fac tory to the Republic and the Fisca l Agent,

the Republic shal l execute

a new

ce r t i f i ca t e

of

l ik

tenor,

and

upon writ ten ins t ruc t ions from the Republic the Fiscal

Agent sha l l thereupon cancel the mutilated or defaced

ce r t i f i ca t e i f applicable and authent ica te , reg is ter and

de l ive r such new cer t i f ica te in excnangefOr t:he

mutilated

or

defaced cer t i f i ca te or in subs t i tu t ion

for

the destroyed,

stolen

or

los t cer t i f i ca te . Such new

ce r t i f i ca t e

wil l be

so

dated tha t

ne i the r

gain

nor loss

in

in teres t

wil l resu l t

from

such exchange

or

subst i tut ion. All

expenses associated

with procuring

such indemnity

and with the

preparat ion ,

authent icat ion and del ivery of

new-cer t i f ica te

wil l

be

borne by

the

reg is te red

holder

of

the muti lated,

defaced,

destroyed,

s to len or los t

cer t i f ica te .

(b) Whenever any Securi ty,

al leged

to

have

been

los t stolen

or

destroyed

in replacement

for

which

a new

Securi ty

has

been issued,

i s

presented to the ? i sca l Agent

or any Paying Agent for payment a t maturi ty or a t redemption

for reg is t ra t ion of t ransfer

or

exchange,

the

Fiscal

Agent

or the

Paying Agent, as the case may

be, shal l

immediately

not i fy the Republic in respect thereof and sha l l

deal

with such Secur i ty in accordance with the Republic 's

ins t ruc t ions .

9 Redemptj

on

and Purchases.

(a)

Unless

otherwise

permit ted

by

the

terms

of

the

Secur i t ies

of

a

Series, Secur i t ies

wil l

not be redeemable

pr ior

to maturity

a t the

option

of the Republic

or

the regis tered

holders

thereof .

(b) The

Republic hereby authorizes

and

direc ts

the

Fiscal

Agent

to

administer

the

sinking fund .Yith

respect:

to the

Secur i t ies

of

any

Series

having

a mandatory

sinking

fund

or s imilar provision

in

accordance with the provisions

se t for th in

the terms of the

Securi t ies

of such Series . I f

the

provisions

of

the

Secur i t ies of

a

Series

permit the

Republic

to redeem Secur i t ies of such Series a t option,

then the Republic

shal l unless otherwise provided

in

the

terms

of the

Secur i t i e s of such Series,

give writ ten not ice

to

the Fiscal

Agent

of the

principal

amount

of

Secur i t ies

of

such

Series to

be

so redeemed

not less than 60

days

pr io r to

12

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the

optional redemption date. I·f the

provisions of

:he

Secur i t i e s of

a Series permit the

Republic

to redeem

Securi t ies

of

such Series

only upon the occurrence or

sa t i s fac t ion of a condit ion or condit ions precedent thereto,

then

prior

to the

giving

of notice of redemption of the

Secur i t i e s

of

such

Series, the Republic

shal l

del iver to the

Fiscal

Agent a ce r t i f i ca t e sta t ing

that

the Republic s

en t i t l ed

to

ef ;ec t

such redemption

and

se t t ing

in

reasonable

deta i l a statement of

fac ts

showing tha t such

condit ion or condit ions

precedent

have

occurred

or

been

sa t i s f ied . I f the provisions of

the

Securities of

a

Series

obligate the Republic

a t the

request

of the

holders

to

redeem

Secur i t ies

of such

Series upon the occurrence

of

cer ta in events

(each

hereinaf ter referred

to

as a

Redemption Event ) then the Republic shall·-promptly

de l ive r

wri t ten not ice

to the

Fiscal Agent tha t a--F_edemption

Event has occurred. Promptly

af te r receiving

wri t ten notice

of

a Redemption Event,

the

Fiscal

Agent

sha l l

del iver

wri t ten

notice to

each holder

of the Securities

of

such

Series sta t ing

that

a Redemption Event

has

occurred and tha t

such holder may tender i t s Secur i t ies by del iver ing wri t ten

notice

of

i t s

e lec t ion

to

tender

.for redemption,

together

with the ce r t i f i ca t e or

cer t i f ica tes

for the Secur i t ies to

be redeemed,

to

the

Fiscal

Agent within

60

days

of the

Fiscal

Agent's

notice

(hereinaf ter referred

to

as

the

Option

Period ).

Thereafter, the Republic

shal l

(i) in the

manner provided in

the

provisions of the

Secur i t ies

of

such

Series

and as

contemplated by Section 6 hereof, arrange with

the

Fiscal

Agent (and

each

Paying Agent

for the

purpose,

i f

applicable) for the provision.of funds

suffic ient

to make

payments to

such

holders in respect

of

such

redemptions, and

i i )

redeem such

Secur i t ies

within 6 days of the

expirat ion

of the Option

Period.

The Fiscal

Agent

sha l l provide the

Republic

from time to

time during and

upon expirat ion

of

the

OPtion Period with

reasonable

deta i led information as to

Secur i t ies

tendered

for

redemption.

All not ices

of redemption

of

or Redemption

Events

re la t ing to

Securi t ies

of a Series to the holders

thereof

shal l

be

made

in

the name and a t the expense of

the Republic

and shal l be given in

accordance

with

the provisions

appl icable

there to se t

for th

in the terms of

the

Secur i t ies

of

such Series.

Whenever le ss than a l l the

Securi t ies

of a

Series

with the same in te res t ra te and maturity a t any time

outstanding are to be

redeemed

a t the option of

Republic,

the

par t icu lar Secur i t ies of

such

Series

with such

in te res t ra te and maturi ty

to

be redeemed shal l

be se lected

not

more

than

60

days

prior

to

the

redemption

date

by

the

Fiscal

Agent from the outstanding

Securi t ies

of such Series

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not previously cal led

for

redemption

by such

usual method as

the

Fiscal Agent shal l deem fair

and

appropriate ,

which

method

may

provide for the se lect ion

for redemption of

portions of

the

principal amount of regis tered

Secu=it ies

of

such

Series the minimum

denominations

of

which, i f any,

will

be

specif ied

in

the terms

of the Secur i t ies of such

Series .

Upon

any

par t i a l

redemption

of

a regis tered

Securi ty

of

a

Series,

the Fiscal

Agent sha l l

authenticate

and del iver in

exchange

therefor

one or

more regis tered Secur i t ies of

such

Series , of any authorized denomination and l ike tenor as

requested

by the holder thereof, in aggregate principal

amount equal to

the

unredeemed portion of the principal of

such Securi ty .

(c) The

Republic

may a t

any

time

purchase

Secur i t ies a t

any price

in

the

open market or otherwise,

provided tha t in any such case such

purchase or

purchases

are in compliance with a l l relevant

laws,

regulations and

di rec t ives .

Secur i t ies

so

purchased by the Republic, may,

at the

Republic s

disc re t ion be held, resold

or

surrendered

to

the

Fiscal

Agent

for cancel la t ion .

The Secur i t ies

so

purchased, while held by or on behalf or for the benef i t

of

the Republic

sha l l

not ent i t l e the regis tered holder thereof

to vote a t any

meetings

of registered holders of Secur i t ies

and sha l l

not be deemed to

be outstanding

for the purposes

of ca lcula t ing quorums

a t meetings of the

regis te red holders

of the Securi t ies . Notwithstanding the foregoing, the

Republic wil l not acquire any

benefic ia l in teres t

in any

Secur i t ies

unless

i t gives

pr ior

written notice of.each

acquis i t ion

to

the Fiscal

Agent.

The

Fiscal Agent will be

en t i t l ed to re ly without fur ther inves t igat ion on any such

not i f ica t ion (or lack thereof) .

. d) I f the Republic elects

to

cancel any

Secur i t ies when Secur i t ies have been issued in the form of a

Global

Security,

i t

may

request

the

Fiscal

Agent

co

ins t ruc t

the Depositary to

reduce

the outstanding

aggregate

principal

amount of the Global Secur i t ies in accordance

with

the

regular procedures

of

the Depositary in

effect

at such time.

10. CanceJlation and Dest;ruction. All Secur i t i e s

which are paid

a t

maturi ty or

upon ear l i e r repurchase,,

are

mutilated,

defaced

or surrendered

in exchange

for

ce r t i f i ca t e s shal l be cancel led by the

Fiscal

Agent who

shal l reg is ter such cancellation. The Fiscal Agent

shal l .

as

soon as pract icable af te r the

date of

any such

cancel la t ion, furnish the Republic

with

a cer t i f ica te o

ce r t i f i ca t e s s ta t ing the ser ia l numbers and to ta l number of

Securi t ies

that have been cancel led. The Fiscal Agent shal l

destroy a l l

cancelled

Secur i t ies in accordance with

the

inst ruct ions

of the Republic

and

sha l l

furnish

to

the

14

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Republic , on a t ime ly

b a s i s , c e r t i f i c a t e s

of des t ruc t ion

s t a t i n g the s e r i a l

numbers,

d o l l a r value

and

toca l of

a l l Secu r i t i e s des t royed hereunder.

11. Negatiye

PJedge

and Covenants. So long as

any

Secur i ty remains outs tanding, save for

the

except ions

se t

fo r th

below,

the

Republ ic

wi l l

not

c rea te

o r

permi t

to

s u b s i s t

any

l i en ,

pledge,

mortgage, secur i ty i n t e r e s t , deed

of t r u s t , charge

o r

othe r

encumbrance o r p re fe ren t i a l

arrangement which

has the p rac t i ca l

e f fec t

of

c o n s t i t u t i n g

a

s ecu r i t y

i n t e r e s t

( Lien )

upon

the whole

or

any

p a r t

of

i t s

as s e t s o r revenues to

secure

any Publ ic

External

Indebtedness

o f

the

Republ ic

unless ,

a t

the same t ime

or

p r i o r

t he re to ,

t he Republ i c s obl iga t ions

under the

Secu r i t i e s e i t h e r

(i) a re secured equal ly

and ra t ab ly

therewith , o r ( i i )

have

t he bene f i t of such othe r secur i ty ,

guarantee ,

indemnity

o r o t h e r arrangement as s h a l l be

approved by t he ho lde r s

of

the Secur i t i e s (as

provided in

Sec t ion

16) .

·

Notwi ths tanding the foregoing, the

Republic

may

permit

to

s u b s i s t :

( i ) any Lien

upon

proper ty to secure Publ ic

Exte rna l

Indebtedness of the

Republic

incurred fo r the

purpose

of

f inancing

the acqu i s i t i on of such proper ty ;

any renewal o r

ex tens ion

o f

any such Lien which i s

l imi t ed

to

the o r ig in a l proper ty covered the reby and

which

secures any

renewal

or

extension of the or ig ina l

secured f inanc ing ;

( i i l

any Lien ex i s t i n g on such proper ty a t the

t ime o f ts

acqu i s i t i on

to secure Public

Externa l

Indebtedness o f

the

Republic

and

any o r

ex tens ion o f

any

such

Lien

which i s

l imi ted to

the

o r ig in a l

proper ty

covered thereby and which secures any

renewal o r ex tens ion

of the

or ig ina l

secured f inancing;

( i i i} any

Lien

c rea ted in

connect ion

with t he

t r ansac t ions

contemplated by the

Republic

o f Argent ina

1992 Financing Plan

da ted June

23,

1992

sent to the

i n t e rn a t i o n a l banking

community

with tha

da ted June

23,

1992 from the Minis ter of

Economy

aP d

Publ i c Works

and

Services of Argentina (the 1992

Financing Plan ) and the implementing documentatior.

t h e r e f o r ,

any Lien to secure obl iga t ions

under the

co l l a t e ra l i zed s ecu r i t i e s i s sued t he reunder

( the Par

and

Discount

Bonds )

and any Lien secur ing

indebtedness ou t s t and ing

on

the date hereof

to

the

ex ten t

requ i red

to

be equa l ly

and

ra teab ly secured with

t he

Par and

Discount Bonds; ·

15

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(iv) any Lien n ex i s t ence on the date of t h i s

Agreement;

(v)

any Lien secur ing

Publ ic

External

Indeb tedness

of

the Republ ic i ssued upon sur render o r

cance l l a t ion

of

any

o f the Par

and Discount Bonds

o r

t he p r in c ip a l

amount of any

indeb tedness out s t and ing as

o f

June 23,

1992,

in

each

case ,

to

the

ex ten t

such Lien

i s c rea ted

to

secure such Publ ic Indebtedness on a

b a s i s comparable to t he Par and Discount Bonds;

(vi)

any Lien on any o f

the

Par and Discount

Bonds; and

(vi i ) any Lien

secur ing Publ ic

Externa l

Indeb tedness

i ncur red fo r the

purpose

o f f inancing

a l l

o r

p a r t of the cos t s of the acqu is i t ion , cons t ruc t ion

o r development

of

a projec t

prov ided

tha t (a) the

ho lder s o f

such

Publ ic

External Indebtedness express ly

agree

to l im i t

t h e i r recourse

to the asse t s and

revenues

of

such pro jec t as

the

pr inc ipa l

source of

repayment

o f

such

Publ ic External

Indebtedness

and

(b)

t he

proper ty

over which such Lien

i s

granted

c o n s i s t s

s o l e ly of such a s se t s and

revenues.

For

purposes o f

t h i s

Agreement:

Externa l

Indebtedness

means

obl iga t ions (other

than the

Secur i t i e s )

for

borrowed money

or evidenced

by

secur i t i e s ,

debentures ,

notes o r o t h e r s imi l a r ins t ruments

denominated

or

payab le , o r which a t the opt ion of the holder

the reof

may

be payab le , in

a

currency othe r

than

the

lawfu l

currency

of

the Republ ic

prov ided

t ha t no Domestic

Foreign

Currency

Indeb tedness ,

as def ined

below, s h a l l co n s t i t u t e

External Indeb tedness .

Publ ic External

Indebtedness

means, with re spec t

che Republ ic , any

External Indebtedness

of, o r guaranteed

by, t he Republ ic

which

( i) i s publ i c ly

of fe red

o r

p r i v a t e l y

placed in s e c u r i t i e s

markets , ( i i ) i s

in the form of ,

o r

represenced by, s ecu r i t i e s , notes

or o the r

s ecu r i t i e s

o r

any

guarantees t he reof and i i i ) i s , o r

was

in tended a t the t ime

o f

i s sue to be, quoted, l i s t e d o r t r aded

on

any s tock

exchange, automated t r ad ing system o r over - the -counte r

o r

o t h e r s e c u r i t i e s market ( inc luding, without

pre jud ice

to

the

g en e ra l i t y

o f

t he foregoing, secur i t i e s

e l i g ib l e

fo r PORTAL

o r a

s im i l a r market for the t r ad ing o f

s ecu r i t i e s

e l i g i b l e

for s a l e pursuant to Rule

144A

under the U.S. Secu r i t i e s

Act

o f

1933

(or any

successor

law

or regu la t ion of

s im i l a r

e f fec t ) •

16

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  Domestic Foreign

Currency Indebtedness means

i l

the following indebtedness:

(a)

Bonos del

Tesoro

issued

under

Decree

No. 1527/91 and Decree No. 1730/91, b) Bonos

de Consolidaci6n

issued

under

Law

No. 23,982 and

Decree

No.

2140/91, (c)

Bonos de Consolidaci6n de Deudas

Previsionales

issued

under

Law

No. 23,982 and

Decree

No.

2140/91,

dJ

Bonos

de

la

Tesorer ia

a 10 Afios

de

Plaza

issued

under

Decree

No.

211/92

and Decree

No

526/92,

e) Bonos

de

la

Tesorer ia

a 5 Afios

Plazo

issued under

Decree

No.

211/92

nd Decree No.

526/92,

{f)

Ferrobonos

issued

under Decree

No.

52/92

and

Decree No. 526/92

and

g) Bonos de Consolidaci6n de Regalias

Hidrocarburiferas a 16 Afios

de Plaxo issued

under

Decree No

2284/92 and

Decree

No. 54/93;

i i )

any indebtedness issued

in

exchange, or as replacement, for

the

indebtedness

referred to

in

i) above;

and

i i i ) ny other

indebtedness

payable y

i t s

terms, or

which a t

che

option of the

holder

thereof may be

payable, in

a currency other

than

the lawful

currency of

the

Republic of

Argentina

which

i s

(a)

offered

exclusively

within

the

Republic

of

Argentine or

(b)

issued

in payment, exchange, subst i tut ion, discharge or replacement

of

indebtedness

payable .in the

lawful

currency of the

·Republic

o f

Argentine;

proyjded

that in

no

event

sha l l

the

following

indebtedness be deemed to const i tute Domestic

Foreign Currency Indebtedness : 1) Bonos Externos

de

la

Argentina

issued

under

Law

No.

19,686 enacted

on

June_15,

1972

and

(2)

any indebtedness issued by the

Republic in

exchange,

or

as replacement,

for

any

indebtedness

referred to

1)

above.

-

12. Default: ;

A cce l e ra t j on o f

Matu.,..ity.· I f any of

the following

events ( Events of

Default ) with

respect

to

the Secur i t ies of

any

Series occurs and i s continuing:

(a)

Non-Payment:

the Republic

fa i l s

to

pay

any

principal

of any

of the

Securi t ies

of

such

Series when

due

and

fa i l s

to

pay any

in te res t on

any

o f

the

Secur i t ies of

such

Series when

due and payable

and such

fa i lure continues for a

period

of 30 days;

or

b)

Breach

of

Other

Obligations: the Republic

does not perform or

comply

with any one or more o f i t s o t h e r

obligations in

the

Securi t ies

of such Series

or in

this

Agreement,

which

default i s incapable of remedy

or i s

not

remedied within 90

days a f t e r writ ten notice

of such default

sha l l

have

been

given

to the Republic

by the

Fiscal Agent;

or

(c)

Cross

Default :

any

event or condit ion

sha l l

occur

which resu l t s in the accelerat ion of the maturi ty

(other

than

by

optional

or

mandatory prepayment

or

redemption) of the

Securi t ies of any

other

Series or of any

17

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Public

External Indebtedness

of the

Republic having

an

aggregate

amount o

u.s . 30,000 ,000 or

more, or

any defaul t in the

payment

of pr incipal of, or premium

or

prepayment

charge

(if

any) or in teres t

on, the Secur i t i e s

o:

any other se r ies

or

any

such

Public

External Indebtedness

having an

aggregate

pr incipal amount of U.S. $30,000,000

or

more,

shal l occur when and as the same

shal l

become due and

payable,

i f

such

default

sha l l

continue

for

more

chan

the

period of

grace, i f any, or ig ina l ly

applicable

there to; or

d)

Moratorium:

a moratorium

on the payment

of

pr inc ipa l of,

or

in te res t on, the Public External

Indebtedness of

the Republic

shal l be declared by

the

Republic or;

e)

Validi ty:

the val id i ty of the Secur i t i e s of

such Series shal l

be

contested by the

Republic;

then the

holders

of not

l e ss

than

25 percent

in

aggregate

pr inc ipa l

amount

of the Securi t ies of such

Series

by

notice

in

wri t ing to

the

Republic

a t

the specif ied

off ice

of the

.Fiscal

Agent

sha l l .dec la re

the

pr incipal

amount

of

a l l

the

Secur i t ies of such Series to

be

due and payable immediately,

and, in the

case

of

a)

.and

d) above,

each holder of

Secur i t ies

of

such Series may

by

such notice in writ ing

declare the pr incipal amount

of

Secur i t ies

of

such

Series

held by i t

to

be due and

payable

immediately, and upon any

such

declarat ion

the

same sha l l become and

shal l

be

due

and

payable

upon

the date

that such writ ten

notice

i s

received

by the Republic unless pr ior

to

such date

a l l

Events

of Default

in respect

of a l l the Secur i t i e s

of

such Series shal l have

been

cured;

provlded tha t in

the case

of (b), d) and (e) above,

such event

is mater ial ly

prejudicia l to

the interests of the

holders

of

the

Securi t ies of such Series, and proyjded tha t i f

a t

any

time

a f t e r

the

principal

of the

Secur i t ies

of

such

Ser ies sha l l have been

so

declared due and payable, and

before any sale of

property

under

any judgment or decree

for

the

payment

of the monies due

shal l

have

been

obtained or

entered

as hereinaf ter provided, the

Republic sha l l pay

or

sha l l deposit

with

the Fiscal

Agent

a sum

suf f ic ien t to

pay

a l l matured amounts

of

in teres t and

pr incipal

upon

a l l

the

Securi t ies which shal l have become due and otherwise

than

sole ly

by

declarat ion (with in teres t on overdue amounts of

in teres t to the extent permitted by law,

and

on such

pr inc ipa l

of

each of the Securi t ies a t the

ra te

of in te res t

appl icable

thereto,

to

the

date of such

payment

or

deposit)

and

the

expenses of the Fiscal Agent, and reasonable

compensation

to

the

Fiscal

Agent,

i t s agents, legal

advisers ,

and

any

and a l l

defaul ts

under

the

Secur i t i e s

of

such Series , other than

the

non-payment of pr inc ipa l on the

lB

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Secur i t ies of such Series which sha l l have

become

due sole ly

y

declara t ion shal l have been remedied then and in every

such

case

the holders of 75 percent in aggregate principal

amount

of the

Secur i t ies

of

such Series then

outstanding

a f t e r

a

meeting of holders of Securi t ies

held

in

accordance

with the procedures described in Section

16

below by

wri t ten notice to

the

Republic a t

the

specified off ice

of

the

Fiscal

Agent

may

on

behalf of the

holders

of

a l l of

the

Secur i t ies

of such

Series waive a l l

defaul ts and

rescind

and

annul such declara t ion and i t s consequences: but no . such

waiver or

resc i ss ion and annulment

shal l extend to or

sha l l

affec t

any subsequent default

or

shal l

impair

any r ight

consequent thereon.

13. {a}

Liroi t

on

Liabi l j t y . In act ing

under

th i s Agreement the Fiscal Agent and any Paying Agent

are

acting so le ly as

agents of

the Republic and do not assume

any

obligat ion or re la t ionship of

agency

or

t rus t

for

or

with any of the holders of the Securi t ies , except tha t

a l l

funds held by the Fiscal Agent for payment of pr inc ipa l or

in teres t sha l l be held in t rus t , subject to the provisions

of

Section

6.

b) Acceptance

of

Appointment. The

Fiscal

Agent

and

each

Paying

Agent accepts i t s

obligations

se t

for th

in

or ar i s ing

under th i s

Agreement

the Paying Agency

Agreements

and the

Secur i t ies upon the

terms

and condit ions

hereof and thereof including the following

to a l l

of

which

the

Republic

agrees and to

a l l

of which the holders of

the

Secur i t ies shal l

be

i ) the Fiscal Agent may consult as to

legal

matters with lawyers se lected by i t ,

who

may be

employees of

or regular

independenc

counsel

to the

Republic

and the

Fiscal

Agent sha l l

oe protected

and

sha l l

incur

no

l i ab i l i ty

for

act ion

taken

or

suffered

to be taken

with

respect to such matters in good fa i th

and in

accordance

with

the opinion of such lawyers; and

i i ) the Fiscal

and

each Paying

Agent

and

the i r off icers , directors

and

employees may

become

the

holder of

or acquire any

in te res t

in

any

Secur i t ies ,

with the

same

r ights tha t i t

or

they would have i f t

were not

the Fiscal Agent

or

a

Paying

Agent hereunder

or they were

not

such off ice rs ,

directors or

employers

and may engage or be interested in any

f inancia l

or other

t ransact ion

with

the Reoublic and

may act

on or

as

depository t rustee or agent for ,

any

committee

or body

of holders of Securities

o r

other

obl iga t ions

of

the

Republic

as

freely

as

i f

i t

were

not

: ..9

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the Fiscal Agent or a Paying

Agent

hereunder or

were not

such off ice rs

directors, or employees. ·

14. Expenses and Indemnity. (a) In connection

with the Fiscal

Agent s appointment and

dut ies

as

Fiscal

Agent,

the

Republic wil l

pay

the Fiscal Agent compensation

agreed

upon by them. The

Republic wil l

indemnify the Fiscal

Agent and

each Paying

Agent

against

any

loss or

l i ab i l i ty

and agrees to

pay or reimburse

the Fiscal Agent

and

each

Paying Agent for any

reasonable

expense,

which

loss .

l i ab i l i t y

or reasonable

expense

may

be incurred by

the

Fiscal Agent or

any

Paying Agent by

reason

of, or in

connection with, the

Fiscal Agent s or

any Paying Agent s

appointment and duties as such, except as

such

resul t

from

the

negligence,

bad

fa i th or wilfu l misconduct of the Fiscal

Agent

or any Paying

Agent

or the i r

respective

directors ,

off icers employees or agents. In addit ion, the Republic

shal l pursuant to arrangements separately

agreed

upon by

the

Republic and the

Fiscal

Agent, t ransfe r to

the Fiscal

Agent,

upon presentat ion

of

substant ia t ing documentation

sa t i s fac tory to the

Republic,

amounts suff ic ien t to

reimburse the

Fiscal

Agent

for

certa in

out-of-pocket

expenses reasonably incurred

by

t and

by

any Paying Agent

in connection with the i r services. The

obligation

of the

Republic

under th is paragraph

shal l

survive

payment

of the

Secur i t ies

and

resignat ion

or removal

of the

Fiscal

Agent.

b) The Fiscal Agent and

each

Paying Agent

agrees

to indemnify

and hold

harmless the Republic

against a l l

direc t claims, act ions, demands, damages, costs, losses and

l i ab i l i t i e s

(excluding

consequential and

punit ive damages)

aris ing

out of or re la t ing to

the

bad fa i th or wilful

misconduct

of

the

Fiscal Agent

or any Paying Agent

or t he i r

respective

directors off icers

employees or agents.

15.

Successor Fiscal

Agent.

a) The

Republic

agrees

that

there

shal l a t a l l

times

be a

Fiscal Agent

hereunder, and

tha t

the Fiscal Agent sha l l be a bank or

t rus t

company

organized

and doing

business

under the laws of

the

United States of America or of the State of ew

York,

in

good

standing and

having a place of business

in the Borough

of Manhattan,

The i ty

of

ew York,

and

authorized under

such

laws

to exercise

corporate

t rus t

powers.

Any corporat ion

or bank

into which the Fiscal

Agent hereunder may

be

merged or converted,

or any

corporation

with which the

Fiscal

Agent may be consol idated,

any corporat ion

or

bank

resul t ing

from any merger,

conversion or

consolidation

to

which

the Fiscal Agent sha l l

se l l

or

otherwise

t ransfe r

a l l

or

substant ia l ly

a l l

o: the

corporate t rus t business of the

Agent,

provided

tha t

20

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  t s h a l l be qua l i f i ed as

aforesa id ,

s h a l l be the successor

Fisca l

Agent

under t h i s

Agreement

without the execu t ion o r

f i l i n g

o f any paper

or

any fu r the r

ac t

on

the

par t

o f

any o£

the p a r t i e s here to , but

subjec t

to p r io r not i ce t o and the

p r i o r

approval

of

the Republ ic .

b) The

Fisca l

Agent

may

a t

any t ime

r es ign

by

giv ing wri t t en no t ice to the Republ ic of i t s re s igna t ion ,

speci fying

the date

on

which i t s

re s igna t ion

s h a l l become

e f fec t i v e which s h a l l not

be l e s s than 120

days a f t e r t he

da te on

which

such

not ice

i s given

unless the Republ ic

s h a l l

agree to

a

s h o r t e r per iod ; provided tha t

no such

not ice

sha l l expi re l e s s than 30

days

before o r

30 days

a f t e r

the

due

da te fo r

any

payment

of pr inc ipa l o r i n t e re s t in

respec t

of the

Se c u r i t i e s .

The

Republ ic may

remove the Fisca l Agent

a t

any t ime by giv ing wri t t en not i ce to the

Fisca l

Agent

speci fying

the date on which such removal sha l l become

e f fec t i v e . Such re s igna t ion

or

removal sh a l l only take

e f f ec t

upon

the

appointment by

the Republic

o f a successor

Fisca l

Agent

and

upon the

acceptance

o f

such appointment

by

such

successor

Fisca l

Agent.

Any

Paying

Agent

may

re s ign

o r

may

be

removed a t

any t ime

upon

l i k e

not ice ,

and the

Republ ic in any such case may appoint

i n subs t i tu t ion

the re fo r a new Paying

Agent o r Paying

Agents.

{c) The

appointment

of

the Fisca l Agent hereunder

sha l l

for thwi th terminate , whether o r

not not ice o f such

t e rminat ion

s h a l l have been

given,

i f

a t

any time

the

Fisca l

becomes incapab le of performing i t s dut ies hereunder ,

o r

i s adjudged

bankrupt

o r

i nso lven t , o r f i l e s a volun ta ry

p e t i t i o n on bankrup tcy o r

makes

an

assignment

for

the

bene f i t

of

ts c r e d i t o r s

o r consen ts to the appointment o f

a

l i q u i d a t o r

o r rece ive r of

a l l

or

any subs tan t i a l pa r t

o f i t s

o r admits in

wri t ing

i t s i n a b i l i t y to pay o r meet

i t s

debts

as they

mature

o r

suspends

payment

t he reof ,

o r

i f

a

re so lu t ion

i s

passed o r

an order made

for the

winding

up

o r

d i s so l u t i o n

of the Fisca l

Agent,

or

i f a

l i qu ida to r

o r

rece ive r

of

the Fi s c a l Agent o f a l l o r any subs tan t i a l p a r t

o f i t s

proper ty

i s appoin ted , o r

i f

any order of any cour t

s en te red

approving

any p e t i t i o n f i l ed by o r

agains t

t

under

the

prov i s ions o f any appl icable bankruptcy

o r

inso lvency law o r i any publ ic of f i ce r takes charge or

c o n t ro l o f the Fi s c a l Agent o r i t s proper ty or a f f a i r s

the purposes

of

r eh ab i l i t a t i o n , conserva t ion

or

l i q u id a t i o n .

d)

Pr i o r to

the

e f fec t ive

date

o f any such

re s igna t ion o r removal

of the Fisca l

Agent,

or

i f the F i s c a l

Agent sha l l

become

unable

to ac t

as such or sha l l

cease

co

be

q u a l i f i e d

as

a foresa id ,

the

Republ ic

sh a l l

appoint

a

successor Fisca l

Agent, qua l i f i ed as

a foresa id . Upon

t he

appointment

of

a successor

Fisca l

Agent and i t s accep tance

21

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of such appointment, the

ret1r1ng

Fiscal

Agent sha l l a :

the

direct ion of the

Republic and

upon

payment of ts

compensation and expenses then unpaid, del iver and pay

to i t s

successor

any and

a l l

secur i t i e s money and any

o:her

proper t ies then in i t s possession

as Fiscal

Agent and sha l l

thereupon cease to act

hereunder.

Any

successor Fiscal

Agent

appointed hereunder

sha l l

execute,

acknowledge and

del iver

to

t s

predecessor

and to the

Republic

an

instrument

accepting

such appointment

hereunder , and thereupon such successor

without

any fur ther

ac t

deed

or conveyance, shal l become vested with a l l the

author i ty r igh ts

powers,

t rus t s immunities, duties and

obligat ions of

such

predecessor,

with

l ike effec t as

i f

or ig inal ly

named

Fiscal Agent hereunder.

(e) I f

the

Fiscal

Agent resigns or ceases to ac t

as the Republic 's f iscal agent in respect of

the

Secur i t ies

pursuant

to

Section lS(c)

of th i s Agreement, the Fiscal

Agent shal l

only

be

ent i t led to annual

fees otherwise

payable to t under th is Agreement on

a

pro ra ta basis

for

tha t

period since

the

most

recent

anniversary

of

th is

Agreement during which the Fiscal Agent has acted as

f i sca l

agent

hereunder. In the event tha t

the Fiscal

Agent ceases

to ac t as the Republic 's f isca l

agent

in respect of the

Secur i t i e s for any

other reason, the

Fiscal

Agent

sha l l be

en t i t l ed to receive the fu l l amount

of

the annual fees

payable

to

i t in

respect of the Secur i t ies pursuant to

Section 14 of th i s Agreement.

16. Meet ings qf Holders of

Modificat jons.

{a A meeting of regis tered holders of

Secur i t i e s of any Series may

be cal led

a t

any time and from

time to time to make,

give take ny

request ,

demand,

author iza t ion, direc t ion,

notice,

consent, waiver or

other

ac t ion provided

y

th is Agreement or the Secur i t ies of any

Ser ies

to be made, given

or

taken by regis tered holders of

Secur i t i e s of any Series

or

to modify, amend or supplement

· the terms of the Secur i t ies of any Series

or

th i s Agreement

as

hereinafter provided. The

Fiscal Agent

may

a t any t ime

ca l l a

meeting

of

regis tered

holders of

Secur i t ies of any

Series

for

any

such purpose to be held at

such time

and

a t

such

place as

the Fiscal Agent

sha l l determine. Notice of

every

meeting

of

regis tered

holders of Secur i t ies

of

any

Series

se t t ing

forth the time and

the

place

of

such

meeting

and in general

terms

the act ion proposed to

be

taken

a t

meeting,

shal l

be given as provided in the terms of the

Secur i t i e s of any

Series ,

not less than 30

nor

more than 60

days

pr ior

to the date fixed for the meeting.

In

case a t

any

t ime the Republic

or

the

regis tered

holders

of

a t

l ea s t

10 in aggregate

principal

amount of

the

Outstanding

22

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Securi t ies

of

any Series as defined

in

subsection

{d) of

th i s Section) sha l l have requested the

Fiscal

Agent to cal l

a meeting of

the

regis tered holders of Secur i t ies of any

Series for

any

such purpose,

by

wri t ten request se t t ing

for th in reasonable

deta i l the

action proposed to be

taken

a t the meeting,

the

Fiscal

Agent shal l ca l l

such

meeting

for

such purposes

by

giving

notice thereof.

To be ent i t l ed to vote a t any meeting of

regis tered holders

of Secur i t ies of any Series , a

person

shal l

be a regis tered holder of Outstanding

Securi t ies

of

any Series or a person

duly

appointed by an instrument

in

writing

as

proxy for such a

holder.

Any person

appointed

by

an instrument in writing

as

proxy for

a regis tered

holder

need

not be

a regis tered

holder

of Outstanding

Secur i t i e s

of

any Series . At any meeting each

registered holder shal l be

ent i t l ed to one vote for each of those amounts held by

such

holder which represent the lowest

denomination in

which

Secur i t ies of such

Series

as to

which such

holder

i s

a

holder

may

be t ransferred.

The persons ent i t led to

vote

a

majority

in pr incipal

amount

of·

the

Outstanding

Secur i t i e s

of any

Series

sha l l const i tute a

quorum. At

the reconvening

of any meeting adjourned for a

lack

of a quorum, the persons

ent i t l ed to

vote

in principal amount of the

Outstanding

Secur i t ies

of any Series sha l l

const i tute a quorum

for

the

taking of any action set

for th in

the notice of the or ig ina l

meeting. The

Fiscal

Agent

may make

such

reasonable and

customary regulations as t

shal l

deem advisable

for

any

meeting of regis tered holders

of

Securi t ies of

any

Series

with respect t the appointment of proxies in respect of

regis te red holders of Secur i t ies ,

the

record date

for

determining the

regis tered holders

of

Secur i t ies

who are

ent i t l ed to vote a t such meeting which date shal l be se t

for th

in

the not ice ca l l ing

such meeting

re fe r red

to

and which sha l l

be

not less than 30 nor more

than

90

days

pr ior

to

such meeting,

the

adjournment and

chairmanship

of such

meeting) the appointment

and

dut ies of

inspectors

of votes, the

submission

and

examination

of

proxies, cer t i f ica tes

and

other evidence

of

the r ight to

vote, and

such other

matters concerning

the conduct of

the

meeting

as

t

shal l

deem

appropriate .

(b) i) At any meeting

of

holders of

Secur i t ies

of a

Series duly cal led and

held as

spec i f ied

above, upon

the

affirmative in

person

or by proxy

thereunto duly authorized in writing,

of the

regis tered

holders of not l e ss than 66 2/3 in aggregate pr inc ipa l

.amount

of

the Secur i t ies

of

any Series then Outstanding or

of

such other

percentage as may be

se t

forth in the

Securi t ies

of

any

Series

with

respect

to

the

act ion

being

taken), or

i i )

with the written consent of the owners of

23

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not le ss than 66 in aggregate principal amount of the

Secur i t ies of any

Series

chen Outstanding or

of

such other

percentage as may be

se t

forth in the text

of

the

of

any

Series

with respect

to

the

action being taken) ,

the

Republic

and the Fiscal Agent may-modify,

amend or

supplement

the

terms

of the Secur i t ies of

any

Series or th i s

Agreement,

in any

way,

and

the

regis te red holders of

Secur i t ies

of

any

Series may

make,

take or

give

any

request ,

demand, authorization,

direction, notice,

consent, waiver or

other action provided by

this

Agreement or

the

Secur i t ies

of

any

Series

to be

made, given, or taken

by regis tered holders

of Secur i t ies of any Series; proyided, hoWeyer,

tha t

no such

action may, without the consent of the

registered

holder

of

each Security of such Series, A) change the due date for

--·-------r.ne

payment of the principal

of

or premium, i f

any,

) or any

instal lment of in te res t on any Securi ty of such Series ,

BJ

reduce

the principal

amount

of any Securi ty of such

Series ,

the portion of such principal amount

which i s

payable upon

accelerat ion of the

maturity

of such

Securi ty,

the in te res t

ra te thereon

or

the premium payable upon redemption thereof ,

C) change

the

coin

currency

in

which

or

the

required

places

a t

which

payment

with

respect

to

in teres t ,

premium

or

principal in respect of Secur i t ies of such

Series

i s

payable, {D amend the def ini t ion of Redemption Event in the

Secur i t ies

of

such Series

or

the procedures provided

therefore, E) shorten

the period during

which

the

Republic

is

not permitted

to

redeem the Secur i t ies of

such Ser ies i f ,

prior

to such action, the Republic

is

not

permitted

to

do

so, F) reduce

the proportion of the principal

amount of

Securities

of

such Series the.vote

or

consent of

the

holders

of

which

is

necessary to modify,

amend or

supplement th i s

Agreement or

the

terms

and

condit ions of the Secur i t ies of

such

Series or . to make, take or

give

any

request, demand,

authorization, direction,

notice,

consent, waiver or other

act ion

provided hereby or thereby

to be

made,

taken

or

given,

or

Gl

change

the

obligation of

the

Republic

to

pay

addit ional amounts.

The Fiscal

Agent

and

the

Republic may agree,

without the

consent of

the

regis tered holders

of

secu r i t i e s

of

any Series, to

i)

any modification of any provisions

of

the Fiscal

Agency Agreement which i s

of a formal,

minor

or

technical nature

or is made

to

correct a

manifest error

and

i i ) any

other

modif ication

except

as mentioned in th i s

Agreement), and any waiver

or authorization

of any breach

or

proposed breach,

of any of

the

provisions of th i s Agreement

which i s in the

opinion

of the

Fiscal

Agent not mater ia l ly

pre judic ia l to the

interests

of

the

regis tered holders of

Securi t ies . Any such modification, authorization or waiver

sha l l

be

binding

on

the

regis tered

holders

of

Secur i t i e s

of

any

Series

and,

i f

the Fiscal

Agent so

requires, such

24

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modif ication

shal l

be notif ied t o

the registered

a=

Secur i t ies of any Series

as

soon as practicable.

t sha l l not be necessary for the vote or

of the regis tered holders of the Secur i t ies of any Series to

approve

the

par t icu la r

form

of any

proposed

modi ication,

amendment,

supplemenc,

request ,

demand

authorization,

direct ion,

not ice ,

consent, waiver or other act ion, but

shal l

be suff ic ien t i f such

vote or

consent

shal l approve

the substance

thereof.

(c) Any instrument given

by

or on behalf of any

regis tered

holder of

a

Security in

connection

with any

vote

for

any such

modification,

amendment,

supplement, - request , demand authorizat ion, direct ion ,

notice,

consent, waiver

or

other action will be irrevocable

once

given and wil l

be

conclusive and binding on a l l

subsequent regis tered

holders of

such

Securi ty

or

any

Securi ty issued di rec t ly

or

ind i rec t ly in exchange or

subst i tut ion therefor or in l ieu thereof.

Any

such

modification,

amendment,

supplement, request ,

demand

authorization,

direct ion,

notice,

consent,

waiver

or

other

action with respect to the

Securities of

a Series will be

conclusive and binding on a l l regis tered holders

of

Securities of such

Series,

whether or

not

they

have

given

such consent

or

cast such vote, and whether or

not notat ion

of such modif ication, amendment,

supplement,

request ,

demand authorization, direct ion, notice, consent, waiver r

other

action

is

made

upon the Secur i t ies

of

such Series.

Notice of any modif ication

or

amendment or, supplement to,

or

request ,

demand,

authorizat ion, direct ion, notice,

consent, waiver

or

other act ion with respect to the

Secur i t ies of such

Series

or

this

Agreemen: than for

purposes of

curing any

ambiguity or

of curing, or

supplementing any defect ive provision hereof or thereof)

shal l

be

given

to

each

regis tered

of

Secur i t ies

of

such Ser i e s in

a l l

cases as provided

in the

Secur i t ies

of

such Series .

Secur i t ies of any Series authenticated and

delivered a f t e r the effectiveness

of any

such

modification.

amendment

supplement,

request , demand

authorizat ion,

direct ion ,

notice ,

consent, waiver

or act ion

with

respect

to

such Series may bear a notation in

the form

approved by the Fiscal Agent

and

the Republic

as

to any

matter provided for

in such

modification, amendment

supplement, request , demand authorizat ion, direction,

notice,

consent,

waiver or

other

action.

New

Secur i t ies

modified

to conform, in the opinion

of

the Fiscal Agent

and

the

Republic,

to

any

such

modification,

amendment

supplement, request , demand, authorizat ion, direction,

5

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notice, consent,

waiver or

other

action m y

be prepared

by

the Republic, authenticated

by

the Fiscal

Agent (or

any

authenticating agent appointed

to

Section 3 hereof)

and

delivered in exchange for Outstanding

Secur i t ies

of

ny

d)

For

purposes of

the provisions

of

th is

Agreement and the Secur i t ies of any Series, any Security

authenticated and delivered pursuant to

this

Agreement

sha l l , as

of any

date of determination, be

deemed to

be

uoutstanding",

except:

(i) Secur i t ies of any Series theretofore

cancelled-by-the Fiscal Agent or delivered to the

Fiscal Agent--f-or cancellat ion

or

held

by

the

Fiscal

Agent

for

reissuance

but

not reissued by the

Fiscal

Agent; or

i i ) Secur i t ies of any

Series

which

have

become

due and payable a t

maturity

or

otherwise and with

respect to which monies suff ic ien t to pay the principal

thereof,

premium,

i f

any, and any

interest

thereon

sha l l have

been

made available to

the

Fiscal Agent;

prqyided, however,

tha t

in determining whether the

regis tered

holders

of

the

requis i te principal amount of

Outstanding

Secur i t ies of any Series

are

present

a t

a

meeting of regis tered

holders

of Secur i t ies for quorum

purposes or have consented

to

or voted

in favor

of any

demand, authorization, direction, notice, consent,

waiver, amendment,

modif ication

or supplement hereunder,

Secur i t ies of any Series

owned

direc t ly

or

ind i rec t ly

by

the

Republic shal l be disregarded

and

deemed not to

be

Outstanding.

17.

Eurrhe.,..

Issues.

The

Republic

may

from

time

to time, without notice to or the consent of the regis te red

holders

of

the

Secur i t ies

of

a Series,

create and

issue

fur ther

securi t ies ranking

passu with the

Securi t ies

of

such Series in

a l l

respects (or in

a l l

respects except for

the

of

in teres t

accruing

prior to

the issue

date of

such

secur i t i e s

or except

for the

f i r s t payment

of

in teres t following the issue date

of

such

fur ther

secur i t ies) and so tha t such

fur ther

secur i t ies shal l be

consolidated and form a single

se r ies

with the

Securi t ies

of

such

Series

and sha l l have

the same

terms as

or

otherwise as

the Secur i t ies .

18. ReDorts. a) The Fiscal Agent.

sha l l

:urnish

to the

Republic such

reports

as

may

be

required

by

the

Republic

re la t ive

to the Fiscal Agent's

performance

under

26

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th i s Agreement. The Republic may, whenever t deems

necessary,

inspect

books and records

maintained by

Fiscal Agent pursuant co th i s Agreement,

i f

any.

b}

The Fiscal

Agent sha l l on behalf

o:

the

Holders)

submit such

reports

or information as may be

required from t ime to time in re la t ion

to

the issue

and

purchase

of

Secur i t ies

by

applicable

law,

regulations

and

guidelines promulgated

by

the United States

government.

c) The Republic covenants to

not i fy

the

Fiscal

Agent in immediately on becoming aware of any

Event

of

Default or any event or circumstance which

could

the

giving

of notice or

lapse

of

time

become

an Event of

Default

(a

Potent ia l

Event-of-neraul t ) .

d) The Republic wil l

send to

the Fiscal

Agent,

on or

before

December 31 in each year (beginning with

December

31, 1994),

and

within 14

days

af ter

any writ ten

not ice

by the Fiscal Agent, a cer t i f ica te of the Republic

signed

by a duly

authorized off ic ia l

of the Republic to the

ef fec t tha t

having

made

a l l

reasonable

inquir ies ,

to the

best knowledge of such

duly authorized

of f i c ia l

no Event

of

Default

or Potent ia l

Event of Default has

occurred and

s

continuing

on

the

date

of such

cer t i f ica te

or, i f

an

Event

of

Default or a Potent ia l Event

of

Default

has

occurred, the

circumstances surrounding i t and the

steps that the Republic

has taken

or

proposes to take to remedy i t .

e)

The

Republic send to the Fiscal Agenc as

soon

as pract icable a f t e r being so requested by the

Fiscal

Agent a ce r t i f i ca t e of the Republic, signed by a duly

authorized of f i c i a l of the Republic

sta t ing

the aggregate

pr inc ipa l amount of

the Secur i t ies held

by or on behalf of

the Republic

a t

the

date of such

cer t i f ica te .

19. Forwarding qf Nqtice · Inquiries. a) I f the

Fiscal

Agent

shal l receive

any

notice or demand addressed to

the

Republic pursuant

to the

provisions

of

Secur i t i e s

the

Fiscal

Agent sha l l

promptly

forward such notice

or

demand to the

Republic.

b)

The

Fiscal Agent sha l l respond

promptly

to

any

inquir ies received from any registered holder of

Securi t ies regarding the matters

covered

by paragraphs

(bl ,

(c) or

(d)

of Section 18 of th i s Agreement.

20. Ljst inas . In the event the terms of the

Secur i t i e s

of

any

Series provide

for

a l i s t ing on any

scock

exchange,

the

Republic

agrees

to

use a l l

reasonable

endeavors

to

maintain the l i s t ing of the Securities on such

27

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exchange. I f however, i t i s

unable

to do so,

having used

such endeavors, r

i f

the maintenance of

such

l i s t ing i s

agreed by the Fiscal Agent to be unduly

onerous

and the

Fiscal Agent i s sa t i s f ied that the in terests of regis tered

holders of the

Securi t ies

would

not

thereby be

material ly

prejudiced, t

wil l

instead use a l l

reasonable

endeavors to

obta in and

maintain a

l i s t ing

of

the Secur i t ies on such

other

stock exchange

or

exchanges as t

may decide.

21. Notices. a)

Any

communications from

the

Republic to

the

Fiscal

Agent ·with respect

to th is

Agreement

shal l

be addressed to Bankers Trust Company, 4

Albany

Stree t New York, New York 10006, Fax No.: 212-250-6961 or

212-250-6392,

Tel.

No.:

212-250-6571 and any communications

from the Fiscal

Agent

to

the

Republic

with

respect to

th i s

Agreement shal l

be

addressed-r:o-the Subsecretaria de

Financiamiento, Hipoli to Piso 10 - Oficina

1001, 1310 - Buenos

Aires,

Attention; Deuda Externa, Fax

No.:

011-54-1-349-6080 Tel. No.:

011-541-349-6242 or such

other

address as shal l

be

specif ied in writ ing

by the

Fiscal

Agent

or by the Republic, as the case may be) and

shal l

be

del ivered .in person or sent

by

f i r s t class

prepaid

post or

by

facsimile t ransmission subject ,

in

the

case

of

facsimile

transmission, to confirmation by telephone to the foregoing

addresses. Such notice shal l take effec t in the case of

del ivery in person,

at the time of delivery

1

in the case

of

del ivery by

f i r s t class

prepaid

post seven

7) business days

af te r

dispatch

and in the case of

delivery

by facsimile

transmission, the time of confirmation by telephone.

b) All

notices

to the registered of

Secur i t i es of a Series wil l

be

published in

such

publica t ions a t such locations as any

of the Securi t ies

of

such Series are

l i s t ed

for

the

period of t im

of

such

l i s t ing and as otherwise provided pursuant

to

the terms

of

the Secur i t i es of such Ser ies . I f at any time publica t ion

in

any

such

publica t ion

i s

not

practicable,

notices

wil l

be

val id

i f

published

in

an English language newspaper with

general ci rcu la t ion

in

the respective

market

regions

as the

Republic with

the approval

of the

Fiscal

Agent,

shal l

determine.

In.addition , notices will be published in

Spanish in a newspaper of

general circulat ion

in Argentina,

as the

Republic shal l determine.)

Any

such notice

sha l l

be

deemed

to

have been given on the date of such

or,

i f

published more than once

or

on different

dates,

on

the f i r s t date on which is made. Written not ice

wil l also be given

to

the

Depositary, i f a t the time of such

notice any of

the

Securi t ies is

represented by

a Global

secur i ty .

28

ARG

31

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22. Consent to Service ·

Ju r i sd j c t j o n .

The

Republic hereby

appoints

Banco de la Nacion

Argentina, a t

i t s

off ice

located at 299

Park

Avenue,

New

York,

New York

10171,

and, i f such

person

s not

maintained

by

the Republic

as

i t s

agent

for such

purpose, the Republic wil l

appoint

T

Corporation System

to

ac t as i t s agent for

such purpose)

as

i t s authorized agent the AUthorized Agent. ) upon whom

process may

be

served in

any action

aris ing

out of or

based

on

the

Securi t ies

or

th i s Agreement

by

the holder

of

any

Secur i ty which may be

ins t i tu ted

in any s ta te or

federal

court

in The City of New York,

and expressly

accepts

the

ju r isd ic t ion of any such court in

respect

of such action.

Such

appointment

shal l

be

i rrevocable unt i l a l l amounts

in

respect of the principal of and any in teres t

due and

to

become due on or in

respect of a l l the

Securi t ies have been

provided to the Fiscal Agent pursuant-to-the terms hereof,

except

tha t

i f for

any

reason, such

Autlrorized

Agent

ceases

to be able

to act

as Authorized Agent or to

have an address

in the Borough of Manhattan, The City of New

York,

the

Republic wil l appoint

another person .in the

Borough of

Manhattan, The

City

of

New York,

se lec ted

in

i t s

disc re t ion

as such Authorized Agent. Prior to the date of issuance of

any

Secur i t i e s

hereunder,

the

Republic

shal l

obtain the

consent

of Banco

de la Naci6n Argentina

to i t s

appointment

as

such

Authorized Agent, a copy

of which acceptance t

shal l provide to

the

Fiscal

Agent. The

Republic

shal l

take

any

and a l l action,

including the f i l ing of

any

and a l l

documents

and

instruments,

tha t

may

be

necessary to

continue

such appointment or appointments in fu l l force and effec t

as

aforesaid. Upon receipt of such service of

process,

the

Authorized

Agent shal l advise the Subministry of Finance

promptly·by te lecopier a t 011-54-1-349-6080.

Service

of

process

upon the

Authorized

Agent a t

the address

indica ted

above,

as such

address may·be changed within the Borough

of

Manhattan, The City of

New

York

by

notice given by

the

Authorized

Agent to each party hereto, shal l

be

deemed, in

every

respect,

effect ive

service

of

process

upon

the

Republic. The Republic hereby i rrevocably and

uncondit ionally waives, to

the

fu l les t extent permitted by

law, any objection which t may now or hereafter have.

to

the

laying of

venue

of any act ion

ar i s ing out of

or

in

connection with

th is

Agreement brought in any such

court

has

been brought in

an

inconvenient forum. Neither such

appointment

nor

such

acceptance

of jur isdic t ion shal l be

interpre ted to include actions brought under the United

States

federa l

secur i t ies laws. This appointment and

acceptance of ju r isd ic t ion

i s

intended to

be

effect ive upon

execut ion of th i s agreement without any fur ther

act

by

the

Republic

before any such court and

introduction

of a

t rue

copy of

th is

Agreement in to

evidence

shal l be conclusive and

f ina l

evidence

of

such waiver.

9

ARG 0032

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Notwithstanding the foregoing, any action ar is ing

out of

or

based on the Securi t ies m y be ins t i tu ted

by

the

holder of any Security in

any

competent

court

in the

Republic

of

Argentina.

The

Republic hereby irrevocably waives and

agrees

not

to

plead

any

immunity

from

the

jur i sd ic t ion

any such

court

to which i t might otherwise be ent i t l ed in any

action

ar is ing out of

or based

on

the

Securit ies

or

th is Agreement

y the holder of any Security.

23.

Goyerning Law

and

Counterparts. This

Agreement

shal l be

governed

by, and interpreted

in

accordance with, the laws of the

York. This

Agreement may be executed in any number of COunterparts,

each of which

shal l

be deemed

an

original , but

l l

of which

together

shal l consti tute one and the same instrument.

24.

Heacljngs. The headings for the sect ions of

th is

Agreement are

for convenience only

and are

not part of

th is

Agreement.

30

ARG 33

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IN

WITNESS

WHEREOF

the part ies hereto have

executed th is Fiscal Agency Agreement as

of

the

date

f i r sc

above wri t ten

THE REPUBLIC OF ARGENTINA

By:

I s

Noem i LaGreca

Name: Noemi

LaGreca

Tit le :

Financial

Representative

of

Argentina in the

Uni

ted StCI:t es

BANKERS TRUST COMPANY

By:

s

Wanda

Camacho

Name: Wanda Camacho

Ti t le :

Assis tant

Secretary

31

ARG0034

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(JPora ot h o e

t

Security)

( I f tbt Stqur i tX p I qlob t l l l tcprlty. Jne t r t I lgot)d

r t lat inq to

Hwtq t fQM q l

t b l t n n p f t n b i l i t y qt IUgh

qlob t l

$tc;Vrlty

in mota

fOrw

• • MY

be

r tqpfres t

by;

thw u.s.

J)lpgait:nr,x.]

[INSJ Rl'

ANY

LIG ND(SJ

Rl XlOIUD

BY 1 U InEIUW.

lUW lftJX

m JUU»>OSLXC OJ u c m c t D ( A

[1'i t le t B e r i u

SllOUl iti

xo.

a-

__

l o u .

Pricer

original I•aua Dates

K turi ty

.Dattk:

currency t Dencm1Mtion:

Option to

P.ayw.ent•

in specit im currencyr

Denoaination.:

l'Ol:lll

Ini t ial I.ntereat

.Payaent Data:

:tntereat

btat

lntereat Rat• l taHt

{Prinoipal

.b.ount]

o

( ) . ID t cu t Rata aay not

be

prier to

Maturity Ditta.

ARG0035

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OptionallZ.aMt

D a t u

.(lt appl ic&bl•) :

In tu l la t Payxsant Datu:

Optional Extauion t

Maturity Data:

:r inal Matur i ty:

'fot:al ADaunt ot

om:

Yield to

nsitial Accrual Period om:

.Optional l tednpt.ion:

_ _ _ u

_ 110

aa

- - - ' R o

Optional

Radaapt:ian

Date•

r

appl ia b l •

• •

s

ribed

abovw,

Re4eapticm

Price

&ball

i n i t i a l l y

t

of tha

principal UOWlt of

thi1 Security to be redeat4 ud. ahall decline at qcm

anniverury ot

the

Ini t ia l •edeaption

Dat•

by

t ot

the

pr nc pal uount.

to

be

radUI ed

until

the

:Rednption Price is

lOOt

o

auch prfnc;:ipal

a.ount;

hotl•var t:hat

i t

t h U Security

i •

• Dt.caunt

Jlote. u def ined belov), the

bdeupt:icm

Price ahal l be

tha Face

ADoUnt u

defina4 belov). of this

Rote.

opt ional

Jl.apapenb

___

Yu

No

Optional :RapaYJaent Datu :

Optional R8payment PriouJ

convaraion into or

xcha119•

for

Otbar Seauri t ie l

c ft11 security u y not be

ocmvert:Ad in to or

uc:hanqacl tol ' other

ucur1t1u.

< J mi• seourity

say

tMl

convatted

in to or

ARG 0036

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 1 erJMJ

o

comtaraion

01: xoblnq8

i f applicable)

•xebanqacl

tor

{ •.cur-'T'I't tlr-•-• ' J

-

.

-

  1 M lfo

In4on4 Jlotel

tyohll119• Rau

Agent•

other

1'eru

1

A J

ARG0037

!"#$ &'()*+,*(-./.*012 34+56$78 9(& :;<$= (.>&.>&/ 1"?$ 9/ 4@ )9

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 1 d B PUM.IC

(herein

called t b a

lfllapUblic•), for v . lua

:•a. ive4,

par to

r ragJ.,.tarad

ad.i.gna, the principal I UII t u.s .

Dollan (V.S.$

) [oth.r

currency]

on

[ f

t h • StclltitV

le i j iblg;

intGcwt prior r.o

1nwnrt;-,

and

· to pay intenat

th.reon froa

or

troa the .oat

raoent

: tnt nat

PAYMJlt Data to vnlcb

fnteres't

Ula

bUD pa14

or ctuly for,

in

arrears an .

[&1\11

1

in aacb

yaar,

couenai119 (e tch an '*Interest Payment Data•),

at

the

ra te [ot t

per &nnUJI] [ t o M det.tndnad

in

v1tl i tha

pz:ovi11ion•

herein&ttar

••t forth)# unti l

the principal bonot ia

paid or

uda

av.ailabl•

for papen t .

The i n t . r u t so

payabla,

and punctual ly paid

or duly

providttd

:.n

anr hyaen t Dat . v i l l aa

in

the :riacal

A9aJU:Y

t hor•inaft:er

nfarr t td

to,

paid to tha

parson

( tha • reg ia tend Bolder") in 'WhOM na11e

thi• sacurity

(ar

o:M or more prmeotac: securitia•J i •

in tha

of

auch

S1cw:i t iu

uin ta ined

purauant

to tha Piaccl A;enc:y a t the

ot

bUinu• on

the

(wether

oa:-

not a bUJ.noa•

day) l

tha

c p aay bo] ( l&ch

a

•JtetJUlar Ra®rc1 Date

 

)

{ ,

aalon<Sax daya]

next

pr.cl l4inq auch rnt.eraat Pe.YJ:lllnt Dll-t _•_T_

ptpyld•f2·,

bp ft3W:,

that

the

f i ra t

pa)'Mnt

t

intareat en any

s•curity originally iaaued

an a data a Regulcr

Reeor4 Date 4ll(1 on J:nte.-ut Pay»ent Date or on

on

:Interest

Payasnt

Data

vl l l

be DAde on th• ln teraat t• r-•nt Dat•

roucnrtng tba n.xt auocaading RatJular bcord Datv: to

the

.

Holder

on

sueh naxt auccudinq

Reczul•r

Data. ny

tueb

i r . teHit

not

ao pa14 or duly

provide<1

to r

wil l rcr thvi th

ouaa

to be payable to tho

Holder

on

such.

Baqular

llaccrcl Oata and

DaY eithor

be

p&id to

tha peraon in vboaa

nut

thu Security one or

mora predecessor sacuritie•) i s at

t ha

clo•• t

bUain•••

on

a

1pt1cial

racord date

for t he or

•uch

int . rca. t to b. - t lxad by

the

ltepUblic, notice

vhe.r•o &hall

be to

reqi*tared

H-olders

t saouritiaa

t

t h i s

series

not leas

than

10

d.ay•

prior

to

eueh

apecial record

do.to,

or

ba paid at any t i n in

•ny

othtr

lavtul II•UU11ar

1

not

ir.conaistent: vi h the

raquireDenu of

any aec:\U

ties.

ex-c:Mn11• on

which the

Seeurit.l•• or

thia

H:r iu JUt.Y

l i iUd

and. upon

•ucb

notic:•

as aay required by

such

axcbanqe.] ·

[Insert in ter . . t rate provision•, i t

applicable.]

·

Clt

tllt 6tt;UX1ty 1• not to btor intare•e pr io r to

J ' ltuxttv, l i iuii-- (t.b• "Stated

MAturity•)

'l'ha pr incipal

t

A-4

ARG 0038

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th1a

aacurity

shal l · DOt b u r

in taru t axcapt

in

the ca•a ot

a det&ult 1n papat

o f

priDGip&l upcm

Acceleration,

upon

or at stated lfatur1tr·l

Principal of

Cand

pra iu . ,

lt any, on) (mid

int:ereat paf.&bl• a t ur r 0: upon earller redaption

or

npayua t ot) • a.curity aball be payable in

1•eAf.ataly available lUnd• agaidt aurrandar

haraot

a t the

oozporata

t rus t

ottU e

of tha

Fi•eal Agent hereinafter

re ternd

to

and a t th8 office. ot wC:h other

ltayinq

.l;ant.

l \S

tJw

Republic lha l l have

appointed

put I I \Wlt to

the Fiacal

Aquay Aqreeunt .

Payunta

of

prbx:ipal or

(&M

praiu:s,

any[, DD)) [ancl in tu . l t . on]

W •

taauri ty .aball bo

:uda

in

SIUM-4&1

in

acc:oJ:danc•

v i th tha •nd aUbjeet

to

appl cable l aw

aJX1

regul .at oa, by [ ( i f the

Rapulllic

so

electal

tramater to aD account denoaJ.Mted

in

u.s. dollara

.which

• .ntatnecl

by pay vi th

{any] (a)

banJt

[loc:.tad 1n }· I t tha bpubUc d a u not

so

•leot, papanta o

prlua

pal

(and praiUJI, U any) lha l l be

aade

•vrrandu- of th i• Security

{

iC

appUeoblft

i nao r t - , and papantll

of

i n tua l t

ahall

be :uda,J by]

fonlardilsg' by poat ar otharv1•• de l iveriDq a ch*dt [on or

))etOZ e

tbe dU•

cSate fo r

IIUCh

pa) JDtnt] to

the

reg1rtored

ac cSreaa

a t

the

regiatared Holder of tbia s.c\U"ity. [ l l .

agpliC §hlo. i n u r t R'Din t

prpylwlono

tor

hquri t ; ieg

dwnpptnatc4'in

a

t b tn

u.s.

dglf•raJ.

Securit.y i s a c l ino t obl gat on

of the

a

and

doe• not

have tba

benefi t of

any

•e'p&rata

uncttrtaltinc.1 ot

other

g¢vunao.nt

ent i t iea

(inclUdlnt; k n c o

Cantnl)

• Tbe Republic

covenants tha t

until al l uount• in

rupect

ot

tha principal

and

interaat

due

and to

l>tlcc.a

due on

or 1n th ia

Sacuri ty bave bean paid aa provi.s.4

herain

in the ' i ac . l

A;aucy Aqreuent , it v i l l a t a l l

ti . maint:a.in

otricaa or

agenole1

in the

Borough ot lfanhltun, city law York

tor the p } ' lMnt of the princ:ipal o t (and

p.reaiw:1,

i f any[,

on)) (and on] S.ouri t i • • &II herein·

Rate-ana• ia hereby JIAda to the

turthar

proviaionJJ ot

thi• security

aat forth

on the

r •v . rn

har·•of, Vhich turth•r

prov1aicna ahall far

a l l

purpoaes hava tb•

same

effect as i f

ut

forth

a t t b l l

placa.

unlaaa

tba

cart1fie&ta cr Authent1c&t1on

hereon

baa

bHn ancuted ))y th. ri•oal lqe.nt by manual

aiqnatura,

thia

security •hall not

valid or

obli;atory

for

any

purpoaa.

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  l l

wnmt9S the· :aapubUe

h u eauaed

tilt

J.nat:rmaant:

to

_be

Dated

BY

______

{1'1thJ

rltiaJ

Dlt. of

Authantic•tion:

l hi•

i s one t the Sea=.ritie• t th• . r i ••

ilesi9J1 ted

th . ratn

ftt en:CKf t o

in

tha

vithin . . .ntion.S 7.Saeal

Agency

Agre nt.

UWYQS '.r1lt.tn' COMPANY

• • rlac:al

A-6

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{l'Onl

of

r.v.uaa

ot

Security)

'l' lia ia

OM

ot

a

dulf authorized

i•sue o

HCUt"itie. o t

tha Jlapu )l.ia

called th • •s .aur i t t

)

isaued

and

to

b.a

iaw.cl

in one or aon

•-=1••

1n

vi th a fillcal Af1 ncy &9reu.nt, dated u of

bua in

ca l lN

tM

•PJ.IICIIl Aqr..aent•,T")-, rbe--: twe: : --n

tJle

bp\l):)lio and Bankarl

cc:.puy,

••

71acal Agent

(hat-oin

called the •ri .callglnt•) , Wlch tara include• aey

.uccNaor

f iacal

aqent

UD4ar

tha

l ' acal

Aqe.ncy

Aqretl lHnt),

copiu

ot vhiah J'iiiC&l

Ag1:'eU.Gnt ra

on

f i le and

avail.abl• to::

&t

the t ru • t ot t ice or

the Fiac.al

Agent in

the

Borough

of Kulh.lt tan, TM City t

Sev

York.

lfhia

Security

ia

ona

of tha

S&curiti

of the

s.ri••

de•19J1ate4 on th•

tac .

her.af( ,

lW t ed

in

avgr.qate

pt'im::ipal utNnt to u.s.. ]. 'rba r i •ca l ArJency

J.9rHUnt uy

uendlld.

tro• t1H to t b a in

accordanea

with the t e ru

thereof.

The

Securit1e•

vUl c::onatibau the

direct ,

unconditional,

unsecured and unaUbordinated

obli9ation• or·

the R•pul3Uc.

Each

.Sui••

vi l l nnJc R U1 pogau vi th aacb

other

Seri

without any

ona over

th• other by

reaaon of priorJ,ty

ot

date

ot

1•.ua

or cun-anc:y

ot

paymant

or otberwiM,

and

at l n a t a l l

other

present

am

tut\11"• wwac:ured and u.nwbo tad. bttarnal

Indabtadnat• (aa detinad J.n the l i .c&l Aqraeant) o

t:ha

Republlo.

Tha Secur i t iu

of

thia SU i u are i••uabl• cnly

in

fUlly

ra9i•terad

fora. 'l'be sec:w:i t iu a n i••uable in (the]

authorized

dll)oainationr•l ot

(c:urreney/U.S.$

[ami

(.ny integral =ultipl• theroot]. [integral xultiploG ot

(currencyfU.S.$ abov• tha t UO\U l t ]

J.

Unti l

a l l

a.aount• in re8p&at ot

tht

principal and

in taraat due

al\d to

botcOH due

on

or in raapaot ot

th la

Sec urity have been

paid,

tha Republic ahal l :ma.intain in the

BorQU9h

of

Manhattan,

Tbe

City

o t

Nw

York,

an

ott ica or

a.qancy vhua

Sacur i t iu uy" be

auc:endared tor

ot

tr n•t£

axchJlnga.

1 lsa

Republio ha• in i t ia l ly

appointK

tM corpon.t• ofCica

of the Fisca l

Aqent

• •

i t a

&98Zit

in th•

Borough

ot

MAnhattan,

Tlw

City

of

lfev York, ·

for •uch pu.rpoea and baa aqreed ta c:ususs to lMI kept a t aucb

off ice

a in \lbicb.

subject to

auch raasonable

l:W9llla.t ona it a&r praaarib«,

the

bpu Jl ic

v i l l

provide

tor the regilb:at1on Of

.Becut"iti

and ot

t r au ta ra

ot

securi t l •• · nw

ltepul)l1c

r a n r vu tbe ri9ht to vary

or

brl t inate

the appointment of 71acal

Aqant • • aacurlty

A 1

ARG0041

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raq ia tnr or

tnnafer q t or

to appoint addition.al or

otheX'

or t:raM.tar agenu or to •pprcv• any cbt.nqa

in t ha otfice thr 1:9b vbicb

any

uc:urit:J' : '* ] i l l t ra r

or

any

a9ant

aota, pro#act · that

tbera wil l

a l l ti.ae•

ha a

aecurity

in

t .H

ICrOU¢l

ot Xlnb ttan,

tb.a

City ot

N.v YoP:k•

to t be ptv?UiDM on t h l faca hareaf

·ccmetU:'.I11ng I'Ntl'iction.,

th• =-an•tar

of

• Sacul:'ity

a req.lat:rule on th1

rtqiataz: upon surranttar

of

IIUCh

Security

a t thtl

cot Porate

truat

office ot t:ha F seal

Aflcnt

duly

endorced by,

or

trt

vrJ

tttm

hultrwumt: ot tra.a..far

iD fora

attached Ml:ato duly

by,

the a:-qiaterlld

Bol:Sar t:barao-t

or

h i •

attorney

du ly

authorized

iD

vr i t in ; . Upcm

auah

aarend•r

ot

th ia S•cut"ity

for A91•traticm ot t ranater, th4t

bpubllc

•ts..ll

execute,

u d t he r1aca1 .AtJant

shal l

autMntic. te an4 in tlle

nue ot

the

dui'IJMtltd transtu-4l•

c;r

tra.nst•r-u•, on•

or

:eore nw

seaurtt.iatl, dated tha

data

at authcntie&'t.ion

·

thareot,

of anr authorized ancS ot .. l ike

ag9X1J9ata p:rinOip&l uount

Subj.ct to 'tMI provi•iona on the

taea

concerning tran.far

reat:rlction•, a t tha option of tha

reg1•tered HOlder

upoa

requut ccmfitlud in vrit inq,

s . cu r i t i u

u y

ba

for

Securitiea

of

an1

authorized

and of a l.UC. &9;raq&t. prir.ci,P&l amount, U;FOn

surrendtr of th • sacu:riti to M eXChanged

a t

the corporat.

truat office of the

Any

reg.l11t:.ration f

tranafar

o:r: exchange vil l effected upon the r iacal Aqent

being

a.atiafllt<l

vi tb t he 4oc:wlantl of t l t l •

a11cl

of

the paraon dng tha ra;wtllt and

aubject

to .ueh roaaonal>le

ragulatiozw

• •

the bpubl ic

may troa tb:te to t im• agrcaa

vith

the

7 aa l Aqeut.. tfhenavar any sacmrlt1•• artt •o.

aurrondera4

tor JWpUbli= shall •x•cuta,

mc1

the l"i .cal

.&qut

a utll

•uthwnt:l.cate

and 4eUvar, tbe

secw:i t iu Which the rec}iatuad

Holder

liAlcing

the

axch U\9•

ia antitl•ct. to r-.c:eiva..

1'ba 1\0V

s.cur ty upon

•uah

exctuanga •bal l be 1 0 date4

that:

neith•r CJ b

nor

l o " ot

intereat

aball t uUl t

tro

•ucn excbanqa..

( I t

t:ha security

11

a

pt rqnent

glgbt l Stcu; i ty .

inur t-Hotv1thata.ndinq

the

the exchat\9• ·of

thia Sacurity i • 1ubject to

.

c r ta in lb . ta t iona 11t in

the

Fi1cal kJ«ncy

and

em tha tace

beraof

•l

[.In tha evant. of a radempticm of the SltOUritiea

ot

thi•

in

par t ,

the Republia uat

be

required (1)

to the Qf or axchanQa any Seourity durinQ

• periocS a t

tba OftUing of

w ainu• 15

day•

m.rar., and

oontJ.R\JJ.nli

unti l ,

th • date notioe 11 giv.n

identifying th•

S4ac:Ur1tJ.aa to he rada Jied, or

{11) to

A-ll

ARG 0042

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r .g i t . r t:M ot

Ol"

exch•D;e t ny Security,

or

portion

tor re4u:ption.)

.1.11 iuu .d

upon

·any revi•tratJ.on

ot

tnJWfar or

oY'C b«n;e

ot Secur:it llb&ll

be

the v•U.d

obli.pt1.cm o f t h e Repablio avidenciJ,q the AJMt indebtedn•••

a d ent i t le4

to

t ha benefita thu

a.euritr

baa at.

th •

t iM ot auch

t

tran•fer or exohanqe.

Ho •arvice ahal l be Mda

for

any

%WJ1atr&tion ot tr nl l t • r excban9•, but

the

R•puhlic: uy

payunt

a

aWl

aufficient

to

cover

any

tax

or

other

gQvez:s»Hntal

char9• payable in

connection

tbuewi th ,

otb,ar thaD

an axcbanga in

connactlon vith a part ia l

zoKapt1on

or

a SKUrlty not

involvinq

any

of

a

far .

Prior dua prennblant of th IJ s.curity

tor

roglatration

of t.riiDI&ter, t:ha

Jtepubllc,

tb• Pi.eal A9ent and

any agent

of trua

Republic ar

the

ri•cal Agent aay

trt12.t tha

puaon in

wboaa nau

t:hia security

i l l rag1atend a• tho

ownu hereof for:

a l l purp0h11

1

vbathar or not th1•

security

a overdUe,

aftd nf l i ther t:ha Republic

nor

th•

Aqent

nar

any auc:h

aqont

. b a l l

tMt

attactod

hy notice to the

contrary.

In

any c:aae vhllre t:ht: due

date

o the paym11nt ·

t

t:h•

prinolp. l or

(and

i t

any(,·

on)) [or interest

on) any security[, or the

dAte

t1xect for

radaption

of any

security,) bca, any placa

wt=

any

ch•ck

in

tbaJ:"aof

i • to .ailed o r vbe.r• tl.lc.b sacur i ty i a to

a

for payaent

[or,

in

the

caaa

of payae.nta by

tranafer vheH

.w:h t ransfer 1• to

btl u4e] , a c1ay

on

wicb

banking . ln ; t i tu t iou

[ I t

t :b•

Btcu r i t i t l

are dtnQJ linatg<J in

y.s,

dollara. in••rt--in T.be City of [XC thn

Secprlt1•1 ore 41UPJiDJtwd Jn

I

curri QY qtbtt t h iD U.S.

nonor• . int l • r t - ln

[DOe

ot t1nano1al cantar cr the

country

in vhoac currency the aeou1'it1e& a'"• r.re

authorized

or

obliqatecl by lav to clo.e If tba sesur i t i as

are

denomlnotld

in • otbqr

than

u.s.

Qollart.

iner t -or

day on which

bu\klng inatitutiona

1n (nua

r

ncm-u.a. t DaDcial cant.ar) are

not

car.ryinq

out tt-anaaction•

in f tb l t

ot

non-u.s. currency]],

then

neh p.fl 'ent

Mw

not

bel

e

Olt

ew:h

c at• a t

ROb.

placa

but uy be aada on the

n a t

IIUCC8e41, cia{ a t

auch plao. Vhich

is not

a. day on

vhicb banking

n . t

tut ions u a authoriaec:t

or obl i9ated t y

lav

cla••• vlth the .... farce an4

• t f . c t

• • it aade on

the dabl for auch . ,_yunt in

reap.ct

ot any IUOh

dtllay.

ARG 0043

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.

tzU ma l l

to the Pi .ca A9ent at

1u ¢1n01pal

of t ie .

iD

tb t

I01 CJUtth

of MIJlh ttln, 1M Citr

or sew YOl:'lc

1

prior to

eacb

date

on

vhich

0.. 1 or

n

reapect of

the

S.ourl t iu at th i• a.rles tha l l

baaou

du&,

monlu i l l •ueh

uount:JI

11111ch (toqathar vith

&flY

&IIOilnts

tben

held

by the l iac&l .Agent an.1 avallalJle

tor

t iM

purpo.a) are

autf1c1ent

to

aate wc:h payent.

AJsr a.cmiu

providt4 ey th•

Rapsbllc

to

tha Aqant

t l la

Ol'l

or

in

%Upe¢

of tU

Jec\ll'it1

.. ot tbi• • t:"iN ard

unolahld a t the

and

ot

tva

yean

after

.uc:h

paynnt ahall

tuava btlco

..

dua

ahaU than be

returned to t:ba llapublic, and

upt;)n

the return

t

meh

aoniu

a l l liabiU-=1••

of

t lw

r iaeal

v th thereto ab.all

<:4t&ae,

YitboUt, hO'WVer,

1lalt1n9 i l l any

vay

any obl19 1:1on the Rapublio

may to

pay

tba prinaipal a t

(cr

pr&ldUJI,

it

any[, on)} t r i n t a r u t

on] thia security u th*

.O i l sbl.ll

due.

so lcmv • • alSY &ewrity r .uins wt•tandinq,

save

for

the excaptiou ut

forth

in

the

Fi110al

Aqancy l.qreeunt,

·

- l :ba Republic vi l l not create

or

pen i t

to SUbaitt, or

panait

Banco

central to

c:::reate

or peni t to

aubai•t, any li*fl,

pl.acSga, .artf;a9a, a.o\U:'ity in tarut , d•ltd of trus.t,

ebar;e

or other

eJ10Ulllbra.nce

01:' vhicl t has

tJw praatlc:&l effect o con1tltut:ing security in tereat

(•Lien•)

upon tha ...m,1•

or

any par t of i ta aaat t . or

r.v.nu.••

to

any

PWI11o

lxttrMl

Ia1lebtadneaa C

datined in

the r i •ca l Aqanay r the Republio or

BMco Central unloa•, a t the • a u

tim•

or prior thuoto ,

Rapublic'• under

th•

Secur tiaa either (i) are

•ecured equally

and ratak>ly thar .vi th , or ( i i )

t1ava

t h •

benetit ot such other cacurity, quarantea. in4tan1t.y or

other arrangQM.nt 11 .Mall approva4

ey

not l••s.

th•n SS

2 /3 ' of t he

r .q iu t . red

t Securitie•

of any

Sgria•

then

aut•tandiD9-

I f

an EVant ot

oetault

a . d4tin•cl in tt.a

'1tC4l

Agency

Ac]raeaeJ'It)

oocurs

ancS iiJ oontinuir.q than

the

holders

not lea:ll l then

2S

pucent

in

principal

at QUllt ot

tha secur1ti•• of

tb i • seri••t

by

in

vritinq

to thg

Republic

ae the apocifiad

t tM

FiJcal A9ant, ahall

<l•clare

the principal

uount

of

a l l

the

S.cur i t ie•

ot

thi l l

Series

to

be Chze

and .,_y ble

• • ••t.

fcrlh.

1 1

th&

Fiscal

Agency

Al.l

r .v -an ts

ot:

pri.Jl.cipa.l, pr. .

UIIl,

MY.

and.

· intareat

on

th

Security by

tha

Republic

v i l l btt r:usde t ra t

ancl

alar ot, and vitbout vithbolc1iJI9 or d&duction o r or· on

aooount

of,

any pre1.nt or t.txa•,

dutiaa,

u1aanenu

cbat:f1CI ot whatever nature

bpcusec2

1

lc.vioct

collected,

withheld

or

11A t l t 4

by

or vithin

thll Rapul:)lio

or

any authority tb•rcin or t:h&r.at having pover to tax

ARG0044

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• • 0

(tocJ thc'

UDl

auch witbbolct .bq. or dactuctloa 11

lav.

In 8 ld l evant, th8

Mal l pay sw:h

A&li.Ucmal

.bOUDtll

u

v i l l rawl t

1D r .Odpt by the holden

of

sacurltlu

cf t:h.ill sari

or

tudl uounta

ot

principal,

Drelliua and

iDtera.t Vh1dl

voulcl haw been r.ca1Ve4·

by t h e

h ao·

web

vlthhaJ.cli.A9 or diM uat1oD

bMn

raq&lJ.nd,

uw t r

the

ucepticna

ae t forth

in the 7 i .ca l Aqanc;y J.cp:usa.bt.

so lcmg

u

any Security r d l i u out:abMing-, tha

cownuta to uiJ1taJ.D la and i ta

el.lqil)111ty

to

a u

t:ha 9taneral rUCNren

of ,

the

International

Xonetary

rune .

(%be

&Kuri t : l ot

th i •

s e r i - v i l l not

. ub j e c t

to any • inking tun4 and

vi l l

not

ba

r t4Uub le except u

4t•cribod

belov.]

sacuritiaw t th11 suiea u e tubjaat to

- - -

upm

not l u •

than 30

4ay•'

hotica

viven ••

baretii i t ter provide<l,

( l t

tpp11cobtt.

t nux t - (1 )

em

·

in any

yaar

COKMntti'ft9

vith

tbta year And

tmaliii vl 6 the

through

operation ot tha--.I2\lCincz

tund

tor th is ae r i n iF i ndpPt icm price tO 100 ot

the

prinaipal

nou.nt, (2) l

tat any

t iM

[on

or

atter

,

11 ] , u a wole or in part·, a t tha alection the

aapti )lic*

a t

t ha

rollavlnq

ndap t lon

pd.c:es

(e.xpra•hd

aa

peroentagu of tba pr.1Jsc1»al aiiOUltt ot

t h l

s . a t t iUe . to b4l

recSecnDed)

I f

rttcSacmed

(OD

or

betore

,

_t

a t ha iniSieatad,

Pr1¢o

and thft ' t l af te r a t a l:edaaption prlca

equal

to _ \ t tba

pr1nc1P41

uount ,

aDd

( l))

tmder

the

circuw.atancaa

ducr lbad

in

tba

next paragrapb at' a .J.'edoptlon

prlc;a

equal

to

lOOt

ot

tM

principal UO\Ult

ot tha S.CW:itie• to btl

ra4aaae4, in eaCh caM vith interest

(axcept

t tha reda:ption dat• i • an

In t . r

. Payment Data)

· to the : .a . .pt ion data,

tNt

in tens t inatallaenta on

Saeur l t iu t ha t a n

due

on

r

prior to

.w:h

reduptlon

date

v111 pqabla to

the

bolden ot IIUch SeoUr1tin of record

a t tha c lon

of

buainau Oft the nlavant IW::c:n:d Dat.a

referred to abOVeJ ptPYldtd, that i t.ha Adalption data

OCC Un

lMitvMD

a Racord

oau

DIS e lnt:aralt Pay:unt Data,

the intaralt due anc payahle vi l l be to the

bolde.r•

ot

A-l l

ARG 0045

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.

.

;.

such securi t ies o t

record

a t the

oloh

of

b a i n t n

on

auc:h

beard oat..

[Part ia l

rw:.apt1aM

mat. be

a an

uoo.nt not

J.aa than

u.s..

p: tnaipal

. .-.ouJlt B•curiU... .

· [u

eel tor a 1bkin ; tund tor

tha ot

t:h•

s.cu.ritiea ot th i l s . r i a .

t w

Rapublic vi l l , unti l

al l

s-=ur i t i..

t

thit l s . r iu an

or payPnt

thereof

providaJCl for ,

depoait vi th

tha rilfCA.l prior to

in

aach ysar

1

M rMncinq

in

_

a%ld .ndlnq

in _

an a-.aant

in cam autfiaieut

to rGaC on auch

[rao

l.s•

th&n u.s.$ uclnot mon ·than]

u.S.$

pd.nciiiil

uount

of Sacurit.i••

t

t:hi1

Ser iu

at: the ndup t ion

pr lca

apaaitied aboVa to r reduption

tllro'\lgh

operation ot

t.ba •inldng'

tuneS. ainbua uount

ct.

any &inkin.«J lund pyaent

as

Jh th is P&noCJl •Ph

i s herein

r.tarrect to • •

a

•w•Matory' ainkinq

tund

PIYJMI1t•,

and

any

payMnt

in axceaa

t

auch

ldni .u. e.aount

i s huein

retarred to

u

an •optioaal •1Dldnq

tU d

p fM l l t

.. } The

-

cuh --uount-ot any [aaDd&toey} 1int nq

tunc2

i •

aubject to

reduei:lon aa

P"Wlded

btllcw.

Each fund

payzant ahall

be

appli.cl to

the

-redapticn

of

S•curit i•• 1:n

t:hi•

Bo:rie. on INCh heraln

providttd.

[ ' the

right to

Hdau

saeur tt

..

o t.his Bet"i••

optional

s inkin9 tunc

paYJNnt• 8ba11

not

CUJI\llativa and

to

tha

not ava11e4 of on any sinldnq fund

dattt

wil l

terminate.

Jl

· -

[H'ottd.th.-u.nc i.ng t.be

fOr9«Join9,

tba R.apublic:t r

not,

prior

to , Z'*Sema any Secu r i t i u of th ia s r ••

as [and optional

•L=iklnc;J payaent]

conts:spb.t.ed by th •

pracacUng pu=agraph a•

a part

o:t

or in

anttr.1ipation

t any

refunding operation by the

application,

directly

or

.

inctirectly, ot 110n1es })OrrWad bavi:nq an i n t e ru t coat

the Republin (calculated n

aooor4a.nce

vi th

accapt.m

tinanc:ittl practie•)

of

teas

than _,

par

annua.]

JSacur i t i • •

of

th ia

s . r i

..

aoquir.ac1 or redee.ed

by

th.•

Republ_c ot:hervisa

than

(1UJ)dAtory}

s I K nq

tund

papant•

aay be c:retitacl aga.inrt wbtequaDt (aar.datory

sinking lund p&yunta othecvi•• to h . :sade in the

invoraa

ordar

in

Vhic:h

become

due]

.]

[ ' I 'M

b}N} I l i c

i )

aay deliver

Oll t •bndin9

Sacur1t1•• t

thiS

Ser io (other than any previOWily

cal led

for rtldemption)

and

i i )

•r apply a•

a

cradi t

Se.curlt1t• of

th l• nri

Vhieb haVe

bMn

radanad othe.rvisa

than

throu Jb

. t lw

application

t £aan4ttory] •inkill9

tunc

paY'Ml\ta, 1n

each case in Ati•tact ion o a l l or .my pU t t any

[aandatory]

•ihk.in9: turd payzumt

and

the uount

of

web

(u"'-'atot'yJ •inking

tun4

pap1nt

shal l

be

reduc•d

&ecol'cUnqly.]

.A-12

ARG 0046

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[ tn the &l'O partial

s.curJ.ti••

ot

1Z1a S . r 1 t:o the • i kbq hAd· ar a t

the opt.IDD

of

the JApablic, tba Beaur1t. iu

to

he r ed • · •d

. u t l

be aeleattld by tM r.t.cal A9eftt DOt aora

than o daya

prier to nclDpti011 4ata trm tlul

outatandin9

6ecur:it1

not

prnioualJ

aallAcl

tor

bf

w ts • • tlut

Fiacal

Agent ahall

U . . fa ir and

appropriate

and 11hich

aay

prorida tor

the aalaotion tor

ct

portions

(

to U.S.$

or uy

i r t t t9ral Jdlltlpl•

tl:anaof') o

the

prlnoip&l uount ot

ot

a

danalli:nAtion

lUVU

than

u.s.t_ 1·

{Ttlb Security ah all ba 4, at.

t:U opt:ion ot

tha regiabrrad

Bolder

t l laAOf,

upon

tha occurran.c::., on a r

attft ' • ot a

lledeaption

I 'V*Dt ••

datin*l)

,

a t

tU radnpticm price.

equal

to 1DIJt

ot

the

princ ipa l

IU:IOUnt

o f

th i • v i th in t • r • • t

aocuued

t Mreon to

t l :•

4&t. ot

urptionJ prgyided,

bQYfYil:,

t:ha.t-the

r1@e

of t:h• raqlstw::-e4

Hol.dar

t..o pr••snt

thia security [ i t

t t iS iQn: i t y

iff •

paryMJ l t

g:lobol

acwrlcy.

i n s e r t - , o r evidence of ovnerabtp t tha

Sac:Ur1t1

repras-mte4

by t l l i •

penwumt

9lobal

Seccrit.y ••

hueinat ter provided).) tor mall , i f the

Jlapublia

q ivu

• Jfotio. ot JMmt (aa

horc.ina.ftar

u t iMd ) ,

te ra inata upon axpiratiou ot: the Option Pttrioc: (IS

detinecSJ

to

a\leb R.odeaption

Evant.

tn

the evant ot occ:urrenoa of

110ra

than

oae

R.a&nlption

each web Red.m:2pt1on •mall a dMJMd to

contor

upon the reqi•tare4 Holder ot th1e security a

aep4rate

riqht

ot

redamption.] ·

Rapublic

eqAaa

that,

i t Redeaption Ewnt

it v i l l promptly qiVII vr1 t tu notice thereot to the

Piaaal

AtJent

(a •aotica ot Redemption

Evant•J.

Promptly

attar raaeiving 8UCh NotieD ot :aedalption l t\ ant, th •

.Fuoal

Ac)ent l lba l l give VJ:it.tan

notioa

to

the

rQ9iatared Hold•:-

thls Slcw:'.ity (a •Motica of Rig-ht to 'render•) stating tha t a

R.aduption Event btu; occurred and « 1 oni

of noticw

(a •Red..;st ion Notice") to which the regia terad ·

Hold.er of t h i t security

aay

ale<lt

to cau•a redfl lptlon. 'I'M

Republia

uy , but

ahall

not

be

obliCJate.rl

to,

t ix

a

record

data

for the pu..-poae or c1ee.ruin1Jll1 the BQld•rs

ot

Becur1t1ea or tbi• ••ri.- •nt1tlad

•lect

to cauaa

rMuapt1on o t any \H:A

Boldft'

•1 -=- to

caWia

r.c:teption ot

t:hi• Becu;'it.J, deliver t:be Jfotla•, t09•t: wr vith.

the

c:artUicata or tb• seour i t iu

to J)e

Xedeaed Ut tbe

BCCU J: itY

it I P'XMnppt

qlpQol

St9griH. i ngr t - - , or avidance ot ovnerabip of the

Sacur1t • repz:uentad hy th i1 patQD4:mt global s.eur·1ty ru

.harwiJ.naft:er

to

tha

riac:al

AQent

vlthtn • period

of d.ayw (the •Option Pta:rtod•)

or

tha dAte the Hct.to•

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[ I f

t '•

Stcurl ty

i t

a

pamnont

q lMa l

B.tQJrity.

i n g r t - I t 1a uden too4

that,·

tba :ar. ;oin9

»t""Yil ioM

Hl.at i l1g to

reda.p1:1cm

t

t he op t ion a

reglatu'e4

J oldu

nd without ot:hewiP l.bdtlng- any r iqht

of

any other

nqiateJ:ed

Bolder t.o

act

bf

a p n t or proxy,

th•

l'iac&l ApJtt u y

t rea t

a paraon

authorli:tkl,

in a II JUla;o

•aU.factory

to the

l bca l Apnt, by

th t

u.s.

Dapoaitaty

to

taka action in

o

th1a perunent 9lobal

aeourit.y

• •

t.btt registared

Balder of auch

portion t

Web

security

u 4 may aalca &rr&h Jnanta aatiafactory to i t , th •

Republic

and t h • u.s. O.poaitary in oonMCt1on vit s th i •

pa r t i a l

ra4upt ion_of th l t l

pe rNMn t

9lobal

[IJ\HJ:t

description

t

thoH

eventa, it any, vhich

conatitute

a .dupt icn •l · ·

[ I f

netic• of

raduption

hu bean ginn ln. tha

ll&Mar sat for th herein, the saauri t iu ao

to r .dH.Dtad

shal l

becoN

due

and payable on

the

n d n p t i o n

aptte:lfied in auch notice and upo.n p.ruantation and turrendar

t the

seauri t iq

if thw

8eqgr1ty 1 • • R'rMntmt qlobo,l

security. tnsm- , o r t 0\manhip of tha

Saau: 'i t i••

npretontetd by

thia

penanut r;lobal

••ti .etactory

to

the ] a t

the plac• or

place•

specified in II JCh notio•r s .euri t l•• -.ball be paid and

ra.cttued by llepUblio a t

tha

pl&cat, in t h a 1HZUaU cmd

aurrenoy an4

a t

tha

radeaptlon

prica bar•in spec:itied

tOCJetar

vitb

accrued

i n t a ru t

(u:nlu•

t:ba redemption

i1

an

:tftter..t: Payaant Dat.) to tha date. f roa

and

at tar

the

red.oalqation

data,

1f

110niu

fa r

the

x.dusption

t

securlt l•• e&lled

for

reduption shall

have

bean aada

·

available

a t

the

corporate truat office of tha Fiac&l AtJent

for redemption on

the

reduptiorl

date, the

sawri t iea oall14

for nctaJiption chal l ceaaa to btlar in t .a ru t , &1 4 tM only

r1C)bt

of the

bolder

ot •ucb secnzritl•• .-hall be to n c c l w

payaent t tha

riiCI..ption

pric. tog - :her vi h

accli:Utt4

i n tc 'N t (unl•••

tb•

redurption

date

1• an In tarut . PaJII.nt

Date) to tb• dat . as aforeuid. I f tor

tbe radaption ot t h t lecUriti•• a n not u.de ava1labl• f or

payment until at tar

tM

d&t•, the sec:urltiea

ARG0048

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· cal led tor ahal.l not c:e H t.o bair i n t . ru t un t i l

lldCh 1101'Slu

hava

b e e .o

availabl•·l

[J.Dy

.sacurity

vbicb

Ul

to be n.d . . -ed only

in

par t

aball aurreJUtarad vith,

if t:ha

bpW)Uc or

tb1

ri&eal

Agent ao ·dua

by,

or a

written

inatnzJMnt of

tnmaf . r

in tw:ll aatistaotory to

dl• Republic

an4 the

Fi•cal AQent ·duly

aDCUte4

by, tha holder

thareor or

.w:h

JsolcSU'•

attop\alr duly aut.boz:'bad in vri t lng, .ncs the

RapU )lio

. t laU exeCuta, an4 ·t:M

rise :.

A9ent

llha11

M

4.t1ver

to tlMt

regi•tm:a4

Jlolder

ot auch

·

sacu.r1ty

vitho\lt:

aervic•

cbarqa,

a

n•w

security

s .aur1t lu

' thi•

se.riu,

of

any autboriz•d

clanosination

4a

nquirecl

by

aucb Hol4u', in principal .uow1t a q U l

to and in ezcbaDCl• for t.b• llDZ'edMucS

por tMm

at tbe

principal

ot the SeQlri ty

ao nrrt.Ddue4.)

A . . . - tbg o t rag Jitulld

boldAn

of Seeuriti.ea a

t.bia sar i u y

be -at-any-tiM and

froa u o t iM

to uk•, qlva

or

t lce

any r.qu.est,

·da.and, authorisation,

41reat1on, coruumt,

or otb•r aatlcm proVidri

by

tho

"l.cal

A;enCY

tha s .curi t ia . ot thia .

ae r iu

to

be

. .a

9iven

or

t:alte.n

D re; t . terl ld bolder. of

S.CW:ltin of

th i •

Bari••

en" to llocU.ty, or

ow le . an t

t:ba t a r u of the

Sec:uriti l&

ot th1• Sar1ea

or

tha P1&ea.l

Aqmay

Agreoent ·a•

hareiMft.ar provided.

'tba lisc:al Aqent

. ay a t

any

t a .

cal l

a

.J.ng

of

b o l d u •

of

s.curitiea o th i • $U aa

ten

any .uch purpo4Je to ·be

ba ld a t

auch

this u 4

a t

•u m place the Fiacal

.Ag ant •bal l

Jlctica ot avery

ot

bolder•

of

sacurit iu of

tllia sarle•,

•ttt intJ the

ti:aa and

the

plac:a

of

auob and

in qenaral

tent• t: ut aation

propc;aae4 to be t ak . a •t •ueh

xaating

aba l be qivan aa

provided 1n th.- tenaa

of

th t

Seaut'itloa

at th i s soriea, no't

le • •

than

30 nor

110ra than

'a

dty•

prior to

tba· data

f or

t h •

au t inq .

In

ca a t any t1JM t h • llapublio or tha

nqistara4

hOlder• or l n & t to\" in pri.naipal

amount of tha outat&ndinq

SactJritill4

ot thu Ger es

(Gs

dat' inad in t l l l i l ' iac:al

AtJanay

AgrMJlltllt) wball h V11

tba Fiacal

Agant to ca l l a DHting o t tlM

ragiatarild

holden

ot Seouri t iu of thi.a sari•• tor an.y

•uch purpoae, by

vr.ltten requaat

• • t t in9

:forth

in

r•uonable

datal l

tha.

action

propotJtt4

to

be

tu.n

a t the

tinq, tha

Ft.

cal

Aqant

sha l l ca l l

well

&Mtl.ng tor •u.oh pu.rpoaea by 9iv.Lng notiaa.

theraof.

ARG 49

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a .cur l t iu

thia

SU. lu

tb

or (11) r i t l l the

c:onNUt

n9i8Ul: 'ed

holA en

ot

uot u thaD

st-2/:tt · •1 111

anreqata

pr lbcipl nount

t t:ha

&aaur1tl

. . o r t h l s s . r i

..

tb8ll

tb8

[an4 tha I'Uoal A9entcl,.r.Jn: sty,

...

d

m

JNpplalmt. the

t e r u or

provi•ions

iD

the Saaurit:iail

ot tha

a iu, 1u

any

var, u d the holden o f &eaurit i••

of

t:hJ.s a . r i.. M f au:., tak8

or

cp.w

any

p,quaat, d n • M ,

•utbor.Uation, ctUecticm, notic:., v&iver or othu

aat ora provided. by tha r iscal .&qocy J.cFaU16nt. or tba ·

s.o=it:l

.. ot thiS

s . r iu to

be u d e ,

4iiven,

or

by

heldara

of

sacurit1.. of

thl8

ser1u;

prpyldsd,

hgvayar,

that

no INCh

aation

u y , vitb.out

tha

coMent: of the

registered

holdtlr

o t each Secud.ty, (A) ctwaga

tlM

dua ·di te

tor

tha payaant of

the principal of

or u y in.tall.JMant

or

1nt1ra.t em any Security, (B) the principal amount t

uy

s.aurity,

tha portion

ncn principal a.ount

wicb 1a

payabla upon acceleration of

the

ot auc h SeDUrity

or tba 1nt.reat. ra ta

thareon, . (C) chaJJga

t:ha coin

or

in Wiell

ar tl1e

raquir .d plaoea at .Wicb

paYJUtnt

vi th

raspeet

to in teru t or principal 1n

ra•p&ct

ot

Sacouritiu of th1a

h r 1 u i s papb la ,

(D)

reduce the

proportion

tha prl.Daipal uount

of Sacurltiaa of thia

serlea the vote or conaant of tba

holcle.ra

ot vbich i •

MOUIJU'l'

to

J&Qdity, u.en4

or wppluumt tb l •

AgraOHnt

or

tha

1:arJU and of

the

saaari t1e. or tbia

s e r i u

or

to

»aka,

taka

or

give

any

requut ,

daand,

direct ion, .notic., conaent, vaivar cr other action

banby or th.reb;y to be aade, takaD or

ginn,

or (Z)

the obli9ation ot

the Jtepublio to pay

additional

'111• :riacal .Agent an4 tbe R•public aay aqree,

vithout

the

conaant

ot

tha

raqistered

holdera of aecurittu

of th i •

s.ri••

to 1) any JIOdification ot any of

tlHa l"'i•c.l

•vanc.T

A;re.aent wiell i s ot

a

toraal;. alnor or

technical natura 1• .a44l to

correct:

• u n i f M t •n-or al\4

11) any other

rao4ific:ation C•xcept

• • Jlentionad in the

ri•oal Aqenoy Agretatnt), and auy vaiver or author1&at1on ot

any breach o r proposed breaoh, o t

any

of

the pz:-ovl•iona

of

tha f iacal

Aqancy

Aqreaunt Vhich

is

in the opinion ot tha

P1emtl

Agant

not

aatar ia l ly

prejudicial

to tb •

intereJJta

ot

th •

holder•

ot sacuri t iea.

Any

•uch

lDOdi'fication,

autho:daation or

waiver u a l l

btl bindin;

on

tbe

holc tt-•

ot Becuritie• of

t: ai•

s u i • •

anc ,

1t

the Agent

so

sUCh

•bal l btl

not1t1e4 to the r l 9b tue4 or

seouri t iM

th1•

sari.. a •oon as

prACticable•

.Ul

DOticu

to the

r•vi•tared

holder•

·

ot

s.cmrltiea V111

publialuHl La web

publioat.iOM at

IIUCh

location•

• •

any ot the

Sacurit t .•

are

lu ted

for the p""1od

A-14

ARG0050

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.

llo rafanncto hera.ift

to

tba Fi.&c.al A9•ncy Ag'reema )t

M 4

110

provi•ion ot t:bia

:kcurity or

t

tlMI

r.tacal Aq•ncy

Aqreaent

llhall •lt:ar

or ;bpair

thtt

obligation

ot

tba

Rt.public t:o pay the principal.

of (and

preai.U11,

i t

any(,

on))

[an4 i n t u u t on]

tbia

kcul: 'ity • tM. tU.._If_, _ plaoa

and

rat:-• and i l l the coin or currency, praa.cribed..__

Cl•Jlaa

aqaiDat

t :H t r

pa)'Jicnt in

reapect

of

ua sacurit.f.u

t

thu seri••

and inter••t paYJatnt•

1M procrJ.b.4 and baooH void unl•••

vithin 10 ). 'UUW in the cue

t

prinotr . l)

UlCl

5

y eu . in

tb• t . in terut ) trOll the appr:opr

a t .

'Relevant Data in

r•apect

there t

f t i •

aball

be

iov-rn4Jd

by and col\at.rllocf

in accordance v1t:h the lava of

tha

Stat• t )few York, axaept

vith resp.ot to

authorization and

execution

by

tbe Repllbl.1c,

'lbe

ha•

in

the

l'iae&l

ACJency

irrevoc:ably •ubzlltted.

to the juriwJiction

r any Jlav York

atat.e or federal court •i t t1nq in

tbe aoroll1Jh

of

'l'ha C1ty o f Dav York and the

courta

of th •

l tapublic

Of

tt:ra

eourt••) over

a.,y

•ui

,. ac:t:icm, or

procndiJ1CJ againat

i t

or i t • prapertie1, ••••u or ravenut.S

vith reopeot to

th&

S&curiti.ca

of

th is BUist or th& riaeal

Aqanay

(a

.Ralatad Prooe.41J\9•).

'1'he

llepublie ha•

in

th•

·

Ji8Cal

Aganay

Agreuen'c

niv.t<

any

objection

to

Ralate4 Prooce41Jtq•

in aucb

courts W.t tar

on

t h • o

wnue,

re•idauc. Or dozioUe

or

on

th.a

qt 'UDd t h a t tha

Relate4

have

bHn bz:'ou9ht ln an

ll'\convaniant

rcmm. -:t •

Repu.blio A91 u&

that

t inal non-appulahle

:}u SglMnt 1D any

such

Relat.e4

t b • •aetatc4

Judgunt )

8ball be conelualv. &n4

upon

i t and

uy

be antorc.d in

any

Court. or in an)

other

oourta 1:0

the of

Vhicb

tba

Jlapublio 11 r

u y

be •Ubje.ct

(t:M

•other eourta•J, by a au.f.t upon 1uch · ju4gunt .

ARG005l

'•

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. .

Mpuhlio

baa b the Plae&l Aqencr

\q l :euut

t ha t CiJ u:rvice o f a l l write, p r o o N • and aU»JJIWW..

in

DJ

b l a t . d

or·

art

a.ct:ioa e»: proc:Mdi.."'a9 .to

.utorce r uawu any

bl.atad

.na'P•Dt a p M t

it

in tba

suta

of Jrav

rcmc

•Y t - a d e

upcn

. .noo

de

1a Jlaci6n

az:v.atina, prenntlr loc:abcl a' ' Park Avanua,

wav

York,

Hav York 10111, e d , it RCh periOD u r.ot •a1J1taira4 l:Jy the

RapUhlic: u

a

avant

for

sudJ pgrpo1e,

the

Rapublicr

v111

appoint cr Olrporation

Syat .a

to act u ib a.qant tor c:uch

purpoa•·

1 0

tha

extant

tha t

the

hPabl ic

or

•ny

o

it..-

raveaun, u..u

or

propertiM &ball b-. in IU1Y

juriadicticm

in vhicb any &tpaaitied Court located. in

vhioh

any

Procltding RY • t any be

aqainat

it

cr

AnY

i t • reveua••,

a1nt•

or

propart1oa,

or

in

any juri1d1ot1cn

in

Vb Cb. any Spao1%1r.4 or other

COUrt i • located

in

vllic::b eray suit, action or pnx:aedinq

u y

a1: any thw

btl lu:y t

tolely

for

tha

po.rpoaa ot antorcing_

cr u6c::utJl\v cmy .a. ted

J a d ; a n t ,

to any

bmmnity trm.

auJ.t , tha jU¥"i•41CJt1on

of ellJ .uch court , troa •et-ott

troa

prior

to jUdSJMnt, t r

&ttacbae.nt

i l : aid

ot

•x&WtioD or: j\lCSgJient, froa e.xecution ot

• jucSvmant or

b:oa

any

oth . r legal or judicia l p ro c t l l o r

r .Mdy,

and

to

t h •

extent

that in AnY

such :lurinict.ion there •hal l J:J•

•ttr1wt4J4 web·

an

· Jaaunlty, th6 JlapU.blic l:a• irravooably

not

ta

alalx

ancS h u i r r .vocably

waiw4

eueh

ll 'lunJ.ty

to tha tuJ.leat

ex t c t

peni t te4 )1y the. lav. of •uQb

jurisdict ion (aDd

conant . qenerally tor tha ot

th•

l"or:aicp Tnun1t1••

Act

to

the

ot re l i • t

or the i a n e o t

any

proeua

in

comusc:tion vith .ny R•lated

or

Related

provided that such

ahal l not ba oftaot i f t

(1)

vi th

ra•pect u ,

tbe

1uaaaa \ lhieh

cor

.

i tu te

..

{ anl labla

r•••rv•• purwant to :Art ale 6

ot the

convertib

11ty Lav (the •canvurtibll i y La

I")

, 'ehe

amount, cOJIPo•it:ion and inv•atB.ent

or which vi l

be

retltlCUd CD the b&lanoa llheet

an4

&C COUntil)(l

• t a t ean t of

Banco central c:onaistantly pnpare4

pursuant

to

Articla

5 or

tba Convertibility

L&v and

(11)

vith

to

property ot

tb • public

cScu.ln

located

in

the

t trritory

ot Tha Jtepublio

ot

or

property

Ollne4 Jtapubllc 1ooatod

in i t •

t e r r i t oq

vbich

iii.

da41catec1 to

t lw

JXUllo•• o t an ·

••.ont-.Jal public:

nrvice,

and provided turthar

tha t

&Uch

aFHUnt u4 waJ.var, illat)far •• i t to

any ·

jur.lsdicticm other tban a

jur1adict1ou

i l l vbicb a spmc:ified

court

located, i • qiven aolely

for

th•

purpon

of

enabling tha

riacal

Agant cr a holder of Securities ot tbia

s . r iea

to enforce or executa a

Ralate4

JU49'Ull1:• 'l'he va1vor

ot .baunit ln rafene4

ta harein ®n&tit\ltel

on r &

l ia i

end

ap.a tia vaiver for

the pu:rpoae ot

the. a.cur t i • • ot

thia .S.r.t•• al\4 the

l 'iacal

A9ftaont

and un4ar

no

A-18

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.

cil:cuaatal'ce• At

it:

be - a v••*cal waiver

t

tJw atp:ah ta Cl: a WYU

vltb

to

JJZ CI018tf1ngw

UDnlat.s 1:tl

the

t ha

Sari = tha Piacal

A AOY

¥

it._ .

ODl_. i:he

ccti l ica. ta of

aut:heftt1catJ.

baa bean by the J'Ucal by f t t l •ignature,

t:hU ••aurity u a l l DOt be antitl iMI to any under t be

r iacal Agency . l ; r :MMat r be va114

= obliptcrY

for any

.

A-1t

ARG0053

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Security 11 the book8

o t tlM

TrUate-

vith

tu U pover or

.ubat i tut1on

n

tbl t

n te4c

Siqneture:

ARG0054

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EXHIBIT 2

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EXHIBIT 3

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EXHIBIT 4

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GOVERNMENT DEBT

Law

No. 26,886

Restructuring

process

of

government-issued debt.

Enacted: Septem ber 11, 2013

Promulgated: September 20,2013

The Senate and Chamber

of

Representatives

of

Argentina, Meeting in Congress, etc. sign into

Law:

ARTICLE 1 -

The Federal Executive Branch is authorized, through the Ministry

of

Economy and Public Finance,

to carry out all acts necessary for the conclusion

of

the restructuring process

of

government-issued debt eligible for

the swap provided by Decree No. 1,735 dated December 9 2004, and supplementary regulations, that were not

submitted to the same nor to the swap provided by Decree No. 563 dated Apri l26, 2010, as provided by Article 65

of

the Law

of

Financial Administration and Oversight Systems

of

the Federal Government No. 24,156 and

modifications thereof, for the purpose of adjusting debt service to the payment possibilities

of

the National :state in

the medium and long term.

i

ARTICLE

2 -

The fmancial terms and conditions to be offered are prohibited from being more favorable than those

offered to creditors in the debt restructuring provided by Decree No. 563/10.

ARTICLE 3 - Government-issued debt issued as a consequence

of

the provisions

of

this law, the provisions

of

Articles 7 and 10

of

Law No. 23,928 and modifications thereof,

as

applicable, shall be exempted.

ARTICLE

4 - Holders

of

government-issued debt that are eligible for the swap provided under Decree No.

1,735/04 and supplementary regulations who wish to participate in any restructuring operation carried out within the

framework

of

the provisions of this law, shall waive all rights under the referenced government-issued debt,

including rights recognized by any court or administrative ruling, arbitral award or decision

of

any authority, and

release the Argentine Republic from any court, administrative or arbitral action or any other type

of

action that has

been filed or may be filed in the future in relation to the referenced government-issued debt or the obligations

of

the

Argentine Republic that may arise therefrom, including any action for the purpose

of

receiving services related to

capital or interest from the referenced government-issued debt.

It is forbidden to offer to holders

of

government-issued debt who have filed court, administrative or arbitral actions

or actions of any other type treatment more favorable than that given to those who have not done so.

ARTICLE

5 -

The Ministry

of

Economy and Public Finance will inform the Federal Congress

of

the results

of

the

provisions

of

this law on a quarterly basis.

ARTICLE 6 - Government-issued debt eligible pursuant to the provisions

of

Decree No. 1,735/04 deposited for

any reason due to an order from courts of any instance, authority or jurisdiction, whose holders did not observe the

provisions

of

the swap provided by the aforementioned decree or the provisions < >f Decree No. 563/10, or who did

not expressly state in the respective legal proceedings their wish not to abide by the same, shall be automatically

replaced by 2038 Par Value Step-Up Bonds

of

the Argentine Republic, under the conditions established for

assignment, liquidation, and issuance

of

such bonds by Decree No.

1

73 5/04 and supplementary regulations.

The Ministry

of

Economy and Public Finance is authorized to issue any supplementary rules necessary to implement

the replacement provided in this article.

ARTICLE

7 - Articles 2, 3 and 4

of

Law No. 26,017 are suspended until the Federal Congress declares the

termination

of

the restructuring process for the government-issued debt under the referenced law.

ARTICLE

8 -

This law will enter into effect on the day

of

its publication in the Official Bulletin.

ARTICLE 9 -

Be it notified to the Federal Executive Branch.

ISSUED IN THE HALL OF SESSIONS OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, ON THE

ELEVENTH DAY OF THE MONTH OF SEPTEMBER IN THE YEAR TWO THOUSAND THIRTEEN.

-REGISTERED UNDER NUMBER 26,886-

AMADO BOUDOU.- JULIAN A.

DOMINGUEZ.-

Gervasio Bazzano.- Juan H. Estrada.

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Translat ions, Inc.

STATEOFNEWYORK

ss

COUNTY OF NEW YORK

CERTIFICATION

This is to certify that the attached translation is, to the best

of my

knowledge and belief, a true

and accurate translation from Spanish into English of the attached Law No. 26,886, enacted on

September 11,2013.

Sworn to and subscribed before me

,20

_3

Ken Hetzel, Project Manager

Geotext Translations, Inc.

LYNDA GREEN

NOTARY

PUBUC.STATE

OF

NEW

N

YORK

0

·

1

GR620540

1

Qualif ied In N

My Commission Ex York ounty

res May 11

2 1

7

259 West

30th Street, 17th

Floor, New

York, NY 10001, U.S.A. tel 1 .212.631.7432

fax

1 .212.631.7778

220 Montgomery

Street Ste. 438, San Francisco

CA 94104

U.S.A tel

+1.415.576.9500 fax +1.415.520.0525

\ f \ l cc .ch• nrTtnn 1025 Connect icut Avenue,

Suite 1000,

Washington,

DC

20036,

U.S.A.

Tel +1.202.828.1267 Fax +1.202.828.1271

8-11 St.

John's

Lane,

London

EC1 M

4BF,

United l<ingdom

Tel

+44.20.7553.41 00 Fax+44.20.7990.9909

75 Boulevard Haussmann, F- 75008 Paris,

France

tel +33.1 .42.68.51 .47

fax

+33.1 .77

.72.90.25

20th Floor, Central Tower, 28 Queen's

Road,

Central,

Hong

l<ong tel +852.2159.9143 fax

+852.301

0.0082

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Esta

norma

fue

consultada

traves de

InfoLEG,

base de datos

del

Centro de Documentaci6n e Informacion, f\1inisterio de

Economia

y Finanzas Publicas.

DEUDA PUBLICA

Ley 26.886

Proceso de

reestructuraci6n

de

tftulos publicos.

Sancionada:

Septiembre 11

de

2013

Promulgada: Septiembre

20

de 2013

El Senado y Camara de Diputados de Ia Nacion Argentina reunidos en Congreso, etc. sancionan con fuerza de

Ley:

ARTICULO °

Autorlzase al Poder Ejecutivo nacional, a

traves

del Ministerio de Economfa y Finanzas Publicas, a

realizar todos

aquellos actos necesarios para Ia conclusion del proceso de reestructuracion de los tltulos publicos que

fueran elegibles para el canje

dispuesto

en el Decreta N° 1.735

del

9 de diciembre de 2004 y: sus normas

complementarias que no hubiesen sido presentados al mismo ni al canje dispuesto por el Decreta N°

563

de fecha 26

de abril de

2010,

en los terminos del articulo 65 de Ia ley 24.156 de Administracion Financiera y de los Sistemas de

Control del Sector Publico Nacional y sus modificatorias, con el fin de adecuar los servicios de dicha deuda a las

posibilidades de pago del Estado nacional en el mediano y largo plazo.

ARTICULO

-

Los terminos y condiciones financieros que se ofrezcan no podran

ser

mejores que los ofrecidos a

los acreedores en

Ia

reestructuracion de deuda dispuesta

por

el Decreta N°

563/10.

ARTICULO 3° Exceptuase a los tltulos de deuda publica que se emitan como consecuencia de lo dis puesto en Ia

presente ley, de lo dispuesto en los a rtlculos

y

10

de Ia ley 23.928 y sus modificaciones, de corresponder.

ARTICULO 4° - Los

tenedores

de

tltulos

publicos

que

fueran elegibles para el canje

dispuesto

en el Decreta

O

1.735/04

y sus normas complementarias

que

deseen

participar

de cualquier operacion de reestructuracion que se

rea lice en el marco de

lo dispuesto

en Ia

presente

ley,

deberan

renunciar a

todos

los derechos que les correspondan

en virtud de los referidos

tltulos,

inclusive a aquellos derechos que hubieran sido reconocidos por cualquier sentencia

judicial o

administrativa,

laudo

arbitral

o decision de cualquier otra

autoridad,

y renunciar y liberar a 1a Republica

Argentina de cualquier accion judicial, administrativa, arbitral o de cualquier otro tipo, iniciada o que pudiere iniciarse

en el

futuro

con relacion a los referidos

tltulos

o a las obligaciones de

Ia

Republica Argentina que surjan de los

mismos, incluyendo cualquier accion

destinada

a percibir servicios de capital o

intereses

de dichos tltulos.

Prohlbese

ofrecer

a los

tenedores

de deuda publica

que

hubieran iniciado acciones judiciales,

administrativas,

arbitrales

ode

cualquier

otro

tipo un

trato

mas favorable que a aquellos

que

nolo

hubieran hecho.

ARTICULO 5°

El Ministerio de Economla y Finanzas Publicas informara

trimestralmente

al Honorable Congreso de

Ia Nacion los resultados de lo dispuesto en Ia presente.

ARTICULO 6°

-

Los bonos del Estado nacional elegibles de acuerdo a lo dispuesto

por

el Decreta N° 1.735/04,

depositados por cualquier causa o titulo a Ia orden de tribunales de cualquier'instancia, competencia y urisdiccion,

cuyos

titulares

no hubieran

adherido

al canje

dispuesto

por el decreta antes citado o el

dispuesto

por el Decreta N°

563/10,

o no hubieran

manifestado,

en forma

expresa,

en las respectivas actuaciones judiciales, su

voluntad

de no

adherir a los mismos, quedaran reemplazados, de pleno derecho, por los

Bonos

de Ia Republica Argentina a

Ia

Par

en Pesos Step Up 2038 , en las condiciones establecidas para Ia asignacion, liquidacion y emision de tales bonos por

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