2. International Seminar Punta del Este – Uruguay October 26 – 28, 2005 Argentinean Public Debt change organization under regulator perpective and Caja de Valores involvement as clearing agent Luis María Corsiglia Caja de Valores - Argentina

3. Domestic Marketl The debt in the´90s Further to the´90s the Argentine sovereign debt market was designed after the US model based on 3 instruments: Treasury Notes in Pesos and Dollars (LETES) Treasury Bonds in Dollars (BONTES) Global Foreign Bonds in Dollars (Global) As a result of the restructuring process (Brady Plan) the following instruments were placed: Discount Par Bonds Floating Rate Bond The structure and design of the market dramatically changed further to the Default declaration and the later pesification of the national, provincial and municipal public debt.

4. Classified as per their conditions of issue: Applicable law: Argentina (Bontes, Bocones, PG, Boden, Exchange Bonds) Foreign (Global, Brady, Eurobonds, Exchange Bonds) Types of debt: Compulsory (Brady, Bocones) Voluntary (Global, Bontes, Eurobonds) Restructured (Par, Discount, Quasipar) Trading Market: International (Global, Brady, Exchange Bonds) Domestic (Bontes, Letes, Bocones, Boden, Exchange Bonds) Domestic Market The debt after year 2001

5. Further to year 2002, other instruments of monetary regulation issued by BCRA were added, accounting for a $ 26 billion stock BCRA Letras(LEBACs) In Pesos, CER-adjusted and Dollar-adjusted Pesos Short Term (under 24 months) BCRA Notes (NOBACs) In Pesos, Pesos + BADLAR* and CER-adjusted Pesos Long Term (from 1 to 4 years) Both are traded on MAE and BASE and placed through dutch auctions at a sole price *BADLAR: Buenos Aires Deposit Large Amount Rate Domestic Market The debt after year 2 001 (Cont)

6. Further to the public debt restructuring, the share issued in dollars diminished and conditions were simplified. Performing debt equals the relevance of the new exchange securities. Domestic Market The debt after 2 005 exchange

7. Map of bonds after the Exchange

8. Sovereign Debt Yield October 2005

9. Sovereign Debt Sovereign Debt issued in CER-adjusted Pesos Quotation above par Source BASE Own production Evolution of yields Further to the Exchange results

10. Sovereign Debt issued Sovereign Debt issued in Dollars Evolution of yields After the Exchange results

11. Sovereign Debt issued in CER-adjusted Sovereign Debt issued in CER-adjusted Pesos Evolution of yields As a result of addition of new instruments Above par quotation

12. Evolution of yields as A result of addition of new instruments Sovereign Debt issued i Sovereign Debt issued i n Dollars

13. The Republic Target and characteristics of the Eligible Debt To achieve sustainable debt dynamics To match the requirements of debt services and payment capacity of the new Argentine economic structure To create the conditions for the strengthening of fiscal previsibility To lower vulnerability from foreign shocks Total: U$S 81.800 million Including interests accrued and unpaid as of Dec. 31, 2001 (aprox. U$S 2.1 mm) 152 bonds –Amounting to 178 financial products 11 New Bonds 152 Eligible Bonds 8 Legislations 6 currencies New Bonds 4 Legislations 4 currencies Eligible Debt

14. Participants of the process Global Organizing Banks Exchange and Paying Agent Reception of old bonds, delivery of new bonds and execution of future payments Information Agent Information release during the exchange and reception of phone and internet consultation

15. Partícipants of the process Domestic organizing Banks Domestic Clearing Agent

16. Global Results Par 15,000 Offers on Par 20,318 Leak on Discount Bonds 5,318 * 1.792 in new Discount Bonds Quasi-Par 8,329 Offers on Par Bond 10,486 Leak on Discount Bond 2,156 * 1.039 in new Discount Bonds Source Mecon Exchanged Debt 62,24835,238 Par Bonds 15,000 Discount 11,909 QuasiPar 8,329 Leak Effect

17. Caja de Valores Role Individual Offers through Caja 97,240 Par Bonds 76,524 Discount Bonds 17,911 Quasipar 605 Global Offers sent to BoNY 10,053 Caja de Valores daily sent received offers grouped according to the selected bond Exchange Offers

18. International Links Euroclear Euroclear Clearstrea m DTC DTC CBLC Cavali Deceval Deceval Indeval Iberclear DCV DCV

19. CVSA links with Internationals Depositories C.V.S.A. is direct participant of: Euroclear (Brussels), Clearstream (Luxembourg), DTC (USA)

20. Operating reciprocal Accounts Iberclear (Spain): Since Nov´99; Monthly average of 40 orders. CBLC (Brazil): Since July´04 Authorized to receive orders.

21. Connections Caja de Valores S.A. DTCC Iberclear Euroclear CBLC Proprietary Systems Clearstream Sistema S.W.I.F.T. S.W.I.F.T ISO 15.022

22. Letters of Intent with Cavali ICLV S.A. (Peru) Depósito Central de Valores S.A.(Chile) Central Depository of Ukrania, NDU Progress in negotiation for the opening of reciprocal Accounts with INDEVAL (Mexico)

23. Amount of balances in our custody system of securities in CDs

24. Volumen of Custody Volumen of Custody as of October ´05 in CDs (P/V in millions) CLEARSTREAM 4,495 EUROCLEAR 8,617 DTC 1,886 CRYL 111,167 CVSA 48,212 _____________________________________ Overall Total 174,378

25. Luis M. Corsiglia corsiglia@cajval.sba.com.ar www.cajval.sba.com.ar