----

----

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|       |                                                          | Page   |
|------------|---------------------------------------------------------------|--------|
|       |                                                          |   |
| ARTICLE 1. | DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION       | 2      |
|       |                                                          |   |
| 1.1        | Definitions                                                   | 2      |
|       |                                                          |   |
| 1.2        | Rules of Construction                                         | 19     |
|       |                                                          |   |
| 1.3        | Compliance Certificates and Opinions                          | 19     |
|       |                                                          |   |
| 1.4        | Form of Documents delivered to Trustee                        | 20     |
|       |                                                          |   |
| 1.5        | Acts of Holders; Record Dates                                 | 20     |
|       |                                                          |   |
| 1.6        | Notices, etc., to Trustee and Company                         | 21     |
|       |                                                          |   |
| 1.7        | Notice to Holders                                             | 21     |
|       |                                                          |   |
| 1.8        | Trust Indenture Act Deemed to Apply and Control               | 22     |
|       |                                                          |   |
| 1.9        | Waiver of Certain Covenants                                   | 23     |
|       |                                                          |   |
| 1.10       | Effect of Headings and Table of Contents                      | 23     |
|       |                                                          |   |
| 1.11       | Successors and Assigns                                        | 23     |
|       |                                                          |   |
| 1.12       | Separability Clause                                           | 23     |
|       |                                                          |   |
| 1.13       | Benefits of Indenture                                         | 23     |
|       |                                                          |   |
| 1.14       | Governing Law                                                 | 23     |
|       |                                                          |   |
| 1.15       | Legal Holidays                                                | 24     |
|       |                                                          |   |
| 1.16       | Conversion of Currency                                        | 24     |
|       |                                                          |   |
| 1.17       | Agent for Service; Submission to Jurisdiction                 | 24     |
|       |                                                          |   |
| 1.18       | Waiver of Immunity                                            | 25     |
|       |                                                          |   |
| 1.19       | Foreign Exchange Restrictions                                 | 25     |
|       |                                                          |   |
| 1.20       | Resignation and Appointment of Agents                         | 26     |
|       |                                                          |   |
| ARTICLE 2. | FORM OF NOTES                                                 | 27     |
|       |                                                          |   |
| 2.1        | Forms of the Notes                                            | 27     |
|       |                                                          |   |
| 2.2        | Further Issues                                                | 27     |
|       |                                                          |   |
| ARTICLE 3. | THE NOTES                                                     | 27     |
|       |                                                          |   |
| 3.1        | Title and Terms                                               | 27     |
|       |                                                          |   |
| 3.2        | Denominations                                                 | 28     |
|       |                                                          |   |
| 3.3        | Execution, Authentication, Delivery and Dating                | 28     |
|       |                                                          |   |
| 3.4        | Registration, Registration of Transfer and Exchange Generally | 28     |
|       |                                                          |   |
| 3.5        | Mutilated, Destroyed, Lost and Stolen Notes                   | 32     |
|       |                                                          |   |
| 3.6        | Payment of Interest; Interest Rights Preserved                | 32     |
|       |                                                          |   |
| 3.7        | Persons Deemed Owners                                         | 33     |
|       |                                                          |   |
| 3.8        | Cancellation                                                  | 33     |
|       |                                                          |   |
| 3.9        | Computation of Interest                                       | 33     |

----

|       |                                                                      | Page   |
|------------|---------------------------------------------------------------------------|--------|
|       |                                                                      |   |
| 3.10       | Common Code/ISIN Numbers                                                  | 33     |
|       |                                                                      |   |
| 3.11       | Prescription                                                              | 34     |
|       |                                                                      |   |
| 3.12       | Special Provision Regarding Title VI of the Argentine Income Tax Law      | 34     |
|       |                                                                      |   |
| ARTICLE 4. | SATISFACTION AND DISCHARGE                                                | 34     |
|       |                                                                      |   |
| 4.1        | Satisfaction and Discharge of Indenture                                   | 34     |
|       |                                                                      |   |
| 4.2        | Application of Trust Money                                                | 35     |
|       |                                                                      |   |
| ARTICLE 5. | REMEDIES                                                                  | 35     |
|       |                                                                      |   |
| 5.1        | Events of Default                                                         | 35     |
|       |                                                                      |   |
| 5.2        | Acceleration of Maturity; Rescission and Annulment                        | 37     |
|       |                                                                      |   |
| 5.3        | Collection of Indebtedness and Suits for Enforcement by Trustee           | 37     |
|       |                                                                      |   |
| 5.4        | Trustee May File Proofs of Claim                                          | 38     |
|       |                                                                      |   |
| 5.5        | Trustee May Enforce Claims Without Possession of Notes                    | 38     |
|       |                                                                      |   |
| 5.6        | Application of Money Collected                                            | 38     |
|       |                                                                      |   |
| 5.7        | Enforcement by Holders of Notes                                           | 39     |
|       |                                                                      |   |
| 5.8        | Unconditional Right of Holders to Receive Principal, Premium and Interest | 39     |
|       |                                                                      |   |
| 5.9        | Restoration of Rights and Remedies                                        | 39     |
|       |                                                                      |   |
| 5.10       | Rights and Remedies Cumulative                                            | 39     |
|       |                                                                      |   |
| 5.11       | Delay or Omission Not Waiver                                              | 40     |
|       |                                                                      |   |
| 5.12       | Control by Holders                                                        | 40     |
|       |                                                                      |   |
| 5.13       | Waiver of Past Defaults                                                   | 40     |
|       |                                                                      |   |
| 5.14       | Undertaking for Costs                                                     | 40     |
|       |                                                                      |   |
| 5.15       | Waiver of Stay or Extension Laws                                          | 41     |
|       |                                                                      |   |
| 5.16       | Knowledge of Default or Event of Default                                  | 41     |
|       |                                                                      |   |
| ARTICLE 6. | THE TRUSTEE                                                               | 41     |
|       |                                                                      |   |
| 6.1        | Certain Duties and Responsibilities                                       | 41     |
|       |                                                                      |   |
| 6.2        | Notice of Defaults                                                        | 42     |
|       |                                                                      |   |
| 6.3        | Certain Rights of Trustee                                                 | 42     |
|       |                                                                      |   |
| 6.4        | Not Responsible for Issuance of Notes                                     | 43     |
|       |                                                                      |   |
| 6.5        | May Hold Notes                                                            | 43     |
|       |                                                                      |   |
| 6.6        | Money Held in Trust                                                       | 43     |
|       |                                                                      |   |
| 6.7        | Compensation and Reimbursement                                            | 43     |
|       |                                                                      |   |
| 6.8        | Disqualification; Conflicting Interests                                   | 44     |
|       |                                                                      |   |
| 6.9        | Corporate Trustee Required; Eligibility                                   | 44     |
|       |                                                                      |   |
| 6.10       | Resignation and Removal; Appointment of Successor                         | 45     |

----

|       |                                                                   | Page   |
|------------|------------------------------------------------------------------------|--------|
|       |                                                                   |   |
| 6.11       | Acceptance of Appointment by Successor                                 | 46     |
|       |                                                                   |   |
| 6.12       | Merger, Conversion, Consolidation or Succession to Business            | 46     |
|       |                                                                   |   |
| 6.13       | Preferential Collection of Claims against Company                      | 46     |
|       |                                                                   |   |
| 6.14       | Trustee’s Application for Instructions from the Company          | 47     |
|       |                                                                   |   |
| 6.15       | Appointment of Co-Trustee                                              | 47     |
|       |                                                                   |   |
| ARTICLE 7. | HOLDERS’ LISTS AND REPORTS BY TRUSTEE                            | 48     |
|       |                                                                   |   |
| 7.1        | Company to Furnish Trustee Names and Addresses of Holders              | 48     |
|       |                                                                   |   |
| 7.2        | Preservation of Information; Communications to Holders                 | 49     |
|       |                                                                   |   |
| ARTICLE 8. | SUPPLEMENTAL INDENTURES                                                | 49     |
|       |                                                                   |   |
| 8.1        | Supplemental Indentures Without Consent of Holders                     | 49     |
|       |                                                                   |   |
| 8.2        | Supplemental Indentures With Consent of Holders                        | 50     |
|       |                                                                   |   |
| 8.3        | Execution of Supplemental Indentures                                   | 51     |
|       |                                                                   |   |
| 8.4        | Effect of Supplemental Indentures                                      | 51     |
|       |                                                                   |   |
| 8.5        | Conformity with Trust Indenture Act and the Negotiable Obligations Law | 51     |
|       |                                                                   |   |
| 8.6        | Reference in Notes to Supplemental Indentures                          | 51     |
|       |                                                                   |   |
| 8.7        | Notice of Supplemental Indentures                                      | 51     |
|       |                                                                   |   |
| 8.8        | Meetings of Holders                                                    | 51     |
|       |                                                                   |   |
| ARTICLE 9. | COVENANTS                                                              | 53     |
|       |                                                                   |   |
| 9.1        | Limitation on Liens                                                    | 53     |
|       |                                                                   |   |
| 9.2        | Limitations on Indebtedness                                            | 54     |
|       |                                                                   |   |
| 9.3        | Limitations on Asset Sales                                             | 55     |
|       |                                                                   |   |
| 9.4        | Limitation on Transactions with Shareholders and Affiliates            | 56     |
|       |                                                                   |   |
| 9.5        | Limitation on Restricted Payments                                      | 56     |
|       |                                                                   |   |
| 9.6        | Delivery of Financial Statements                                       | 57     |
|       |                                                                   |   |
| 9.7        | Notices of Default                                                     | 57     |
|       |                                                                   |   |
| 9.8        | Maintenance of Notes Listing                                           | 57     |
|       |                                                                   |   |
| 9.9        | Corporate Existence                                                    | 58     |
|       |                                                                   |   |
| 9.10       | Conduct of Business.                                                   | 58     |
|       |                                                                   |   |
| 9.11       | Maintenance of Properties                                              | 58     |
|       |                                                                   |   |
| 9.12       | Maintenance of Insurance                                               | 58     |
|       |                                                                   |   |
| 9.13       | Payment of Taxes and Other Claims                                      | 58     |
|       |                                                                   |   |
| 9.14       | Designation of Restricted and Unrestricted Subsidiaries.               | 58     |
|       |                                                                   |   |
| 9.15       | Limitation of Applicability of Certain Covenants                       | 60     |
|       |                                                                   |   |
| 9.16       | Limitations on Mergers, Consolidations, Sales and Conveyances          | 60     |

----

|        |                                                                                           | Page   |
|-------------|------------------------------------------------------------------------------------------------|--------|
|        |                                                                                           |   |
| 9.17        | Payment of Additional Amounts                                                                  | 61     |
|        |                                                                                           |   |
| 9.18        | Money for Note Payments to be Held in Trust                                                    | 63     |
|        |                                                                                           |   |
| 9.19        | Ranking of Notes                                                                               | 63     |
|        |                                                                                           |   |
| ARTICLE 10. | REDEMPTION OF NOTES                                                                            | 64     |
|        |                                                                                           |   |
| 10.1        | Applicability of Article                                                                       | 64     |
|        |                                                                                           |   |
| 10.2        | Redemption at the Company’s Option                                                       | 64     |
|        |                                                                                           |   |
| 10.3        | Repurchase at the Option of Holders Upon a Change of Control                                   | 64     |
|        |                                                                                           |   |
| 10.4        | Redemption for Taxation Reasons                                                                | 65     |
|        |                                                                                           |   |
| 10.5        | Market Purchases                                                                               | 66     |
|        |                                                                                           |   |
| 10.6        | Selection by Trustee of Notes to be Redeemed                                                   | 66     |
|        |                                                                                           |   |
| 10.7        | Notice of Redemption                                                                           | 66     |
|        |                                                                                           |   |
| 10.8        | Deposit of Redemption Price                                                                    | 67     |
|        |                                                                                           |   |
| 10.9        | Notes Payable on Redemption Date                                                               | 67     |
|        |                                                                                           |   |
| 10.10       | Notes Redeemed in Part                                                                         | 67     |
|        |                                                                                           |   |
| 10.11       | Redemptions and Purchases of the Notes                                                         | 67     |
|        |                                                                                           |   |
| ARTICLE 11. | DEFEASANCE AND COVENANT DEFEASANCE                                                             | 67     |
|        |                                                                                           |   |
| 11.1        | Company’s Option to Effect Defeasance or Covenant Defeasance                             | 67     |
|        |                                                                                           |   |
| 11.2        | Defeasance and Discharge                                                                       | 67     |
|        |                                                                                           |   |
| 11.3        | Covenant Defeasance                                                                            | 68     |
|        |                                                                                           |   |
| 11.4        | Conditions to Defeasance or Covenant Defeasance                                                | 68     |
|        |                                                                                           |   |
| 11.5        | Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions | 69     |
|        |                                                                                           |   |
| 11.6        | Reinstatement                                                                                  | 70     |
|        |                                                                                           |   |
| ARTICLE 12. | MISCELLANEOUS PROVISIONS                                                                       | 70     |
|        |                                                                                           |   |
| 12.1        | No Liability of Directors, Officers, Employees, Incorporators, Members, and Stockholders       | 70     |

----

| EXHIBIT A | Exhibit A-1 |
|-----------|-------------|
| EXHIBIT B | Exhibit B-1 |

| ANNEX A | Annex A-1 |
|---------|-----------|
| ANNEX B | Annex B-1 |
| ANNEX C | Annex C-1 |

----

| (1) | EMPRESA DISTRIBUIDORA Y COMERCIALIZADORA NORTE S.A., a sociedad anónima organized under the laws of the Republic of Argentina (the Company), having its legal domicile at Libertador 6363, City of Buenos Aires, Argentina; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | THE BANK OF NEW YORK MELLON, a New York banking corporation incorporated under the laws of New York, as trustee (the Trustee), paying agent (the Paying Agent) and co-registrar (the Co-Registrar); and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | BANCO SANTANDER RÍO S.A., an Argentine financial institution, incorporated as a sociedadanónima organized under the laws of the Republic of Argentina (Banco Santander Río), as registrar (the Registrar), transfer agent (the Transfer Agent) and paying agent in Argentina (the Paying Agent in Argentina) and representative of the Trustee in Argentina. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | WHEREAS, the creation of the Program (as defined below) was pursuant to resolutions adopted on August 5, 1994 at an extraordinary meeting of the Company’s shareholders, which were ratified by resolutions adopted on September 23, 1996 at an ordinary meeting of the Company’s shareholders; the CNV approved the creation of the Program by Resolution No. 130 dated November 5, 1996 for an aggregate principal amount of up to U.S. $300,000,000, and the Company created a Global Medium Term Note Program (the Program) for the issuance of obligaciones negociables (negotiable obligations) in an aggregate principal amount of up to U.S. $300,000,000 (or its equivalent in other currencies); WHEREAS, the maximum amount of the Program was increased to U.S. $600,000,000 (or its equivalent in other currencies) by resolutions adopted on September 15, 1997 at an extraordinary meeting of the Company’s shareholders, which was approved by the CNV by Certificate 193 on February 27, 1998; WHEREAS, as the initial term of the Program expired on November 5, 2001, the Company’s shareholders approved a five-year extension of its term to November 5, 2006 by resolutions adopted on June 7, 2001 at an extraordinary meeting of the Company’s shareholders, which was approved by the CNV by Resolution No. 286 dated September 4, 2001; WHEREAS, On February 23, 2006, the Company’s shareholders approved an additional five-year extension of the Program to March 23, 2011, which was approved by the CNV by Resolution No. 15,359 dated March 23, 2006; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | WHEREAS, pursuant to the Program the Company has duly authorized the execution and delivery of the 9.75% Notes due 2022 in an aggregate principal amount of U.S. $230,251,000 (the Notes) and this Indenture; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | WHEREAS, all things necessary to make the Notes, when duly issued and executed by the Company and authenticated by the Trustee and duly delivered hereunder, the valid obligations of the Company, and to make this Indenture a valid agreement of the Company, in accordance with their and its terms, have been done; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | WHEREAS, the Notes will initially be represented by global certificates in fully registered form and the Company has obtained the authorization of the CNV (as defined herein) for the public offer of such Notes in Argentina and has obtained or will obtain the authorization for their listing on the Buenos Aires Stock Exchange, admission for trading on the Mercado Abierto Electrónico S.A., listing on the Luxembourg Stock Exchange and admission for trading on the Euro MTF market of the Luxembourg Stock Exchange; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (E) | WHEREAS, (i) the purpose of EDENOR S.A. is to provide electric power distribution and commercial services within the Northern area of the City Buenos Aires and certain departments in the province of Buenos Aires, under the terms of the Concession Agreement governing this public utility, as well as advisory services and other activities and businesses related to the distribution and sale of electric power and (ii) the Company was incorporated as a sociedad anónima under the laws of Argentina on July 21, 1992 and registered with the Public Registry of Commerce on August 3, 1992, under No. 7041, Book 111, Volume A of “Sociedades Anónimas,” is domiciled in Argentina, has a term of duration of 95 years and its registered offices are located at Libertador 6363, City of Buenos Aires, Argentina C1107ADQ, and |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (F) | WHEREAS, the Trustee has agreed to act as Trustee under this Indenture on the following terms and conditions; |
|-----|---------------------------------------------------------------------------------------------------------------|

| 1.1  | Definitions |
|-----------|-------------|

----

|   | (a) | the disposition by the Company or any Restricted Subsidiary in the ordinary course of business of (i) Cash and Cash Equivalents or Permitted Investments, (ii) inventory and other assets acquired and held for resale in the ordinary course of business, (iii) damaged, worn out or obsolete assets, (iv) assets that are exchanged for or otherwise replaced in accordance with industry practice by comparable or superior assets within a reasonable time or (v) rights granted to others pursuant to leases or licenses; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the sale or discount of accounts receivable arising in the ordinary course of business in connection with the compromise or collection thereof of overdue and unpaid accounts receivable; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | dispositions of Receivables and Related Assets in connection with a Permitted Receivables Financing; |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (d) | the lease, assignment or sublease of any real or personal property in the ordinary course of business; |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (e) | a transaction permitted by Section 9.16 (Limitations on Mergers, Consolidations, Sales and Conveyances); |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (f) | any Restricted Payment permitted under Section 9.5 (Limitation on Restricted Payments) or any Permitted Investments; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (g) | dispositions of assets in any fiscal year with a fair market value in the aggregate not to exceed U.S. $5 million (or its equivalent in other currencies). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | any official currencies received or acquired in the ordinary course of business including, without limitation, Pesos, Euro, Dollars or any other currency of countries in which the Company or its Subsidiaries has material operations; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | U.S. Government Obligations or certificates representing an ownership interest in U.S. Government Obligations, or securities issued directly and fully guaranteed or insured by any member of the European Union, or any agency or instrumentality thereof (provided that the full faith and credit of such member is pledged in support of those securities) or other sovereign debt obligations (other than those of Argentina) rated “A” or higher or such similar equivalent or higher rating by at least one nationally recognized statistical rating organization as contemplated in Rule 436 under the Securities Act, in each case with maturities not exceeding one year from the date of acquisition; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Argentine Government Obligations (including those of the Central Bank), or quasi-currencies, bonds and other obligations issued, guaranteed or insured by any province or municipality of Argentina, or certificates representing an ownership interest in any of the foregoing with maturities not exceeding one year from the date of acquisition that, in each case, are in the good faith judgment of the Company marketable securities, taking into consideration the number of dealers providing regular pricing information regarding such securities and engaging in market-making activities with respect to such securities; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | (i) demand deposits, (ii) time deposits and certificates of deposit with maturities of one year or less from the date of acquisition, (iii) bankers’ acceptance with maturities not exceeding one year from the date of acquisition, and (iv) overnight bank deposits, in each case with any bank or trust company organized or licensed under the laws of Argentina or any state thereof that at the time of acquisition thereof has a local market credit rating of at least “BBB” (or the then equivalent grade) by S&P and the equivalent rating by Moody’s; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | (i) demand deposits, (ii) time deposits and certificates of deposit with maturities of one year or less from the date of acquisition, (iii) bankers’ acceptances with maturities not exceeding one year from the date of acquisition, and (iv) overnight bank deposits, in each case with any bank or trust company organized or licensed under the laws of the United States or any state thereof or under the laws of any member state of the European Union, or under the laws of any country in which the Company has operations in each case whose head office’s senior short term debt is rated Investment Grade by at least one nationally recognized statistical rating organization as contemplated in Rule 436 under the Securities Act; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | repurchase obligations with a term of not more than 30 days for underlying securities of the type described in clauses (b) and (c) above entered into with any financial institution meeting the qualifications specified in clause (e) above; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | commercial paper rated Investment Grade by at least one nationally recognized statistical rating organization as contemplated in Rule 436 under the Securities Act and maturing within six months after the date of acquisition; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | money market funds at least 95% of the assets of which consist of investments of the type described in clauses (a) through (g) above; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | corporate obligations that at the time of acquisition thereof have a local market credit rating of at least “BBB” (or the then equivalent grade) by S&P and the equivalent rating by Moody’s; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | substantially similar investments, of comparable credit quality, denominated in the currency of any jurisdiction in which the Company or its Subsidiaries conducts business. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|   | (a) | all obligations of such Person for borrowed money; |
|--------|-----|----------------------------------------------------|

|   | (b) | all obligations of such Person evidenced by bonds, debentures, Notes or other similar instruments; |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (c) | all obligations of such Person for the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | all obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar instruments, excluding obligations in respect of trade letters of credit or bankers’ acceptances issued in respect of trade payables; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | all obligations of such Person under Hedging Contracts; |
|--------|-----|---------------------------------------------------------|

|   | (f) | Disqualified Stock of such Person; |
|--------|-----|------------------------------------|

|   | (g) | all Indebtedness of others secured by any Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | all obligations of such Person under any receivables financing, including any Permitted Receivables Financing; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (i) | all Indebtedness of other Persons Guaranteed by such Person to the extent so Guaranteed. |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (a) | with respect to Indebtedness secured by a Lien on an asset of such Person but not otherwise the obligation, contingent or otherwise, of such Person, the lesser of (x) the fair market value of such asset on the date the Lien attached or (y) the amount of such Indebtedness; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | with respect to any Indebtedness issued with original issue discount, the face amount of such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | with respect to any Hedging Contract, the net amount payable if such Hedging Contract terminated at that time due to default by such Person; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | with respect to any sale of Receivables and Related Assets, the amount of the unrecovered capital or principal investment of the purchase excluding amounts representative of yield or interest earned on such investment; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | otherwise, the outstanding principal amount thereof. |
|--------|-----|------------------------------------------------------|

|   | (a) | pro forma effect will be given to any Indebtedness Incurred during or after the reference period to the extent the Indebtedness is outstanding or is to be Incurred on such date of determination as if the Indebtedness had been Incurred on the first day of the reference period; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | pro forma calculations of interest on Indebtedness bearing a floating interest rate will be made as if the rate in effect on such date of determination (taking into account any Hedging Contract applicable to the Indebtedness if the Hedging Contract has a remaining term of at least 12 months) had been the applicable rate for the entire reference period; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Interest Expense related to any Indebtedness no longer outstanding or to be repaid or redeemed on such date of determination, except for Interest Expense accrued during the reference period under a revolving credit to the extent of the commitment thereunder (or under any successor revolving credit) in effect on the transaction date, will be excluded; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | pro forma effect will be given to |
|--------|-----|-----------------------------------|

|   | (i)  | the creation, designation or redesignation of Restricted and Unrestricted Subsidiaries, |
|--------|-----------|-----------------------------------------------------------------------------------------|

----

|   | (ii) | the acquisition or disposition of companies, divisions or lines of businesses by the Company and its Restricted Subsidiaries, including any acquisition or disposition of a company, division or line of business since the beginning of the reference period by a Person that became a Restricted Subsidiary after the beginning of the reference period, and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the discontinuation of any discontinued operations but, in the case of Interest Expense, only to the extent that the obligations giving rise to Interest Expense will not be obligations of the Company or any Restricted Subsidiary following the transaction date |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | any direct or indirect advance, loan or other extension of credit to another Person; |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (b) | any capital contribution to another Person, by means of any transfer of cash or other property or in any other form; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (c) | any purchase or acquisition of Equity Interests or Indebtedness of another Person or other instruments or securities issued by another Person, including the receipt of any of the above as consideration for the disposition of assets or rendering of services; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any Guarantee of any obligation of another Person, but only when payment has been made thereunder or such arrangement would be classified and accounted for as a liability on the balance sheet of the guarantor. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | brokerage commissions and other fees and expenses related to such Asset Sale, including, without limitation, reasonable fees and expenses of counsel, accountants, currency exchange agents and investment bankers; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any required payment to the Republic of Argentina pursuant to the Concession Agreement or any provisions for taxes and all other governmental charges and claims of any nature whatsoever, payable as a result of such Asset Sale; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | payments required to be made as a result of such Asset Sale or to repay Indebtedness at the time of such Asset Sale that is secured by a Lien on the property or assets sold or is required to be repaid out of the proceeds of such Asset Sale; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | appropriate amounts to be provided as a reserve against liabilities associated with such Asset Sale, including pension and other post employment benefit liabilities, liabilities related to environmental, tax or regulatory matters and indemnification obligations associated with such Asset Sale, with any subsequent reduction of the reserve other than by payments made and charged against the reserved amount to be deemed a receipt of Cash and Cash Equivalent. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | Notes theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (b) | Notes for the payment or redemption of which money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside, segregated and held in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Notes; provided that, if such Notes are to be redeemed prior to the maturity thereof, written notice of such redemption has been duly given pursuant to this Indenture, or provision satisfactory to the Trustee shall have been made for giving such notice; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Notes in substitution for which other Notes shall have been authenticated and delivered, or which shall have been paid, pursuant to the terms of 3.6 (Payment of Interest; Interest Rights Preserved) (except with respect to any such Note as to which proof satisfactory to the Trustee is presented that such Note is held by a Person in whose hands such Note is a legal, valid and binding obligation of the Company), |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | any Investment in the Company or in a Restricted Subsidiary of the Company that is engaged in a Permitted Business; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (b) | any Investment in Cash and Cash Equivalents; |
|--------|-----|----------------------------------------------|

|   | (c) | any Investment by the Company or any Subsidiary of the Company in a Person, if as a result of such Investment, |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (i) | such Person becomes a Restricted Subsidiary of the Company engaged in a Permitted Business, or |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (ii) | such Person is merged or consolidated with or into, or transfers or conveys substantially all its assets to, or is liquidated into, the Company or one of its Restricted Subsidiaries engaged in a Permitted Business, |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Investments received as non-cash consideration in an Asset Sale made pursuant to and in compliance with Section 9.3 (Limitations on Asset Sales) or received as non-cash consideration in a refinancing of an existing Investment; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any Mandatory Investment; |
|--------|-----|---------------------------|

|   | (f) | (i) receivables owing to the Company or any of its Restricted Subsidiaries if created or acquired in the ordinary course of business, (ii) Hedging Contracts, Commodity Agreements and any Cash and Cash Equivalents or other cash management investments or liquid or portfolio securities pledged on collateral pursuant to Hedging Contracts or Commodity Agreements, (iii) endorsements for collection or deposit in the ordinary course of business, (iv) securities, instruments or other obligations (and related Hedging Contracts) received in compromise or settlement of debts created in the ordinary course of business, or by reason of a composition or readjustment of debts or reorganization of another Person, or in satisfaction of claims or judgments, and (v) securities, instruments or other obligations received in the ordinary course of business and related Hedging Contracts received in connection with mandatory or voluntary exchange offers set up by the federal, provincial or municipal government of Argentina; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | payroll, travel and other loans or advances to, or Guarantees issued to support the obligations of, officers and employees, in each case in the ordinary course of business; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | national, provincial or other Argentine Government Obligations (including those of the Central Bank), or quasi-currencies, bonds and other obligations issued, guaranteed or insured by any province or municipality of Argentina, or certificates representing an ownership interest in any of the foregoing; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Investments in securities of corporate issuers accounted for as marketable securities owned by the Company on the Issuance Date or purchased with the Net Cash Proceeds of any sale of such marketable securities or of any subsequent sales of marketable securities permitted to be purchased with the Net Cash Proceeds of marketable securities covered by this clause (i); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | in addition to Investments listed above, Investments in an aggregate amount, taken together with all other Investments made in reliance on this clause (j), not to exceed U.S. $10 million (or its equivalent in other currencies) (net of, with respect to the Investment in any particular Person made pursuant to this clause, the cash return thereon received after the Issuance Date as a result of any sale for cash, repayment, redemption, liquidating distribution or other cash realization not to exceed the amount of such Investments in such Person made after the Issuance Date in reliance on this clause); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | Investments in a Receivables Entity that are necessary or desirable to effect any Permitted Receivables Financing; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (l) | any Notes repurchased pursuant to or in accordance with the terms hereof. |
|--------|-----|---------------------------------------------------------------------------|

----

|   | (1) | that is designated a Receivables Entity by the Board of Directors, |
|--------|-----|--------------------------------------------------------------------|

|   | (2) | that does not engage in, and whose charter prohibits it from engaging in, any activities other than Permitted Receivables Financings and any activity necessary, incidental or related thereto, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | no portion of the Indebtedness or any other obligation, contingent or otherwise, of which |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (i) | is guaranteed by the Company or any Restricted Subsidiary, |
|--------|-----|------------------------------------------------------------|

|   | (ii) | is recourse to or obligates the Company or any Restricted Subsidiary in any way, or |
|--------|------|-------------------------------------------------------------------------------------|

|   | (iii) | subjects any property or asset of the Company or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | with respect to which neither the Company nor any Restricted Subsidiary has any obligation to maintain or preserve its financial condition or cause it to achieve certain levels of operating results, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|   | (a) | a corporation a majority of whose Capital Stock with voting power, under ordinary circumstances, to elect directors is at the time directly or indirectly owned by the Company, or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any other Person (other than a corporation) in which the Company, directly or indirectly at the date of determination thereof, has at least a majority ownership interest. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the then outstanding aggregate principal amount or liquidation preference, as the case may be, of such Indebtedness into |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the sum of the products obtained by multiplying: |
|--------|-----|--------------------------------------------------|

|   | (i) | the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal or liquidation preference, as the case may be, including payment at final maturity, in respect thereof, by |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------|

|   | Wholly-Owned means, with respect to any Subsidiary of any Person, such Subsidiary if all of the Outstanding Capital Stock in such Subsidiary (other than any directors’ qualifying shares or similar shares, ownership of which by a specified person is mandated by law) is owned by such Person or one or more Wholly-Owned Subsidiaries of such Person. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2  | Rules of Construction |
|-----------|-----------------------|

| (a) | the terms defined in this Article 1 or elsewhere in this Indenture have the meanings assigned to them; |
|-----|--------------------------------------------------------------------------------------------------------|

| (b) | all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with Argentine GAAP; |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| (d) | words in the singular include the plural, and words in the plural include the singular; |
|-----|-----------------------------------------------------------------------------------------|

| (e) | the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section, Annex, Exhibit or other subdivision; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | mentioning anything after “include”, “includes” or “including” does not limit what else might be included, and the use of “or” is not exclusive; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | provisions apply to successive events and transactions; |
|-----|---------------------------------------------------------|

| (h) | references herein to Sections, Annexes or Exhibits are references to Sections of or Annexes or Exhibits to this Indenture; |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (i) | unless the context otherwise requires, any reference to a statute, rule or regulation refers to the same (including any successor statute, rule or regulation thereto) as it may be amended from time to time; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | whenever in this Indenture there is referenced, in any context, the payment of principal, premium or interest, or any other amount under or with respect to any Note, that reference shall be deemed to include the payment of Additional Amounts to the extent that Additional Amounts are, were or would be payable in respect thereof. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3  | Compliance Certificates and Opinions |
|-----------|--------------------------------------|

----

| (a) | a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. |
|-----|-----------------------------------------------------------------------------------------------------------------------|

| 1.4  | Form of Documents delivered to Trustee |
|-----------|----------------------------------------|

| 1.5  | Acts of Holders; Record Dates |
|-----------|-------------------------------|

----

| 1.6  | Notices, etc., to Trustee and Company |
|-----------|---------------------------------------|

| (a) | the Trustee, by any Holder or by the Company, shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention Corporate Trust Department, |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | the Company, by the Trustee or by any Holder, shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company, Attention: Chief Financial Officer; or |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | either the Trustee or the Company, by the other party, shall be sufficient for every purpose hereunder if given by facsimile transmission, receipt, confirmed by telephone followed by an original copy delivered by guaranteed overnight courier to the Trustee, The Bank of New York, Corporate Trust Department—Global Finance Unit, 101 Barclay Street, Floor 4 East, New York, New York 10286 and to the Company, Libertador 6363, City of Buenos Aires, Argentina as the case may be; if to the Trustee at facsimile number 212-815-5802/3 or at any other facsimile number previously furnished in writing to the Company by the Trustee; and if to the Company at facsimile number (54-11) 4346-5325/5358 or at any other facsimile number previously furnished in writing to the Trustee by the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.7  | Notice to Holders |
|-----------|-------------------|

| (a) | in writing and mailed, first class postage prepaid, to each Holder of a Note at the address of such Holder as it appears in the Note Register, not earlier than the earliest date and not later than the latest date prescribed for the giving of such notice and any such notice shall be deemed to have been given on the date of such publication (as defined below); and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | for so long as applicable Argentine laws or regulations so require, in the case of Argentine Holders upon publication: |
|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in the Daily Bulletin of the Buenos Aires Stock Exchange or in the Bulletin of the MAE in Buenos Aires (so long as the Notes are listed on the Buenos Aires Stock Exchange or admitted to trading on the MAE, as the case may be); and/or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in a leading newspaper having general circulation in Buenos Aires (which is expected to be La Nación); and/or |
|--------|------|--------------------------------------------------------------------------------------------------------------------|

|   | (iii) | in the Official Gazette (Boletin Oficial) of the Republic of Argentina; |
|--------|-------|-------------------------------------------------------------------------|

| (c) | for so long as any Notes to which such notice relates are admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange and the rules of such exchange so require, upon publication in the English language in a leading newspaper having general circulation in Luxembourg (which is expected to be the d’Wort or the Tageblatt) or, if in any such case publication in Luxembourg is not practicable, in one other leading English language daily newspaper with general circulation in Europe, each such newspaper being published on each Business Day in morning editions, whether or not it shall be published in Saturday, Sunday or holiday editions, or alternatively, on the website of the Luxembourg Stock Exchange at http://www.bourse.lu. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.8  | Trust Indenture Act Deemed to Apply and Control |
|-----------|-------------------------------------------------|

----

| 1.9  | Waiver of Certain Covenants |
|-----------|-----------------------------|

| 1.10  | Effect of Headings and Table of Contents |
|------------|------------------------------------------|

| 1.11  | Successors and Assigns |
|------------|------------------------|

| 1.12  | Separability Clause |
|------------|---------------------|

| 1.13  | Benefits of Indenture |
|------------|-----------------------|

| 1.14  | Governing Law |
|------------|---------------|

| (a) | The Negotiable Obligations Law governs the requirements for the Notes to qualify as obligaciones negociables thereunder while such law, together with Argentine Law No. 19,550, as amended, and other applicable Argentine laws and regulations, govern the capacity and corporate authorization of the Company to execute and deliver the Notes and this Indenture and the authorization and other requirements of the CNV for the public offering of the Notes in Argentina. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | As to all other matters, this Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York, United States of America. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.15  | Legal Holidays |
|------------|----------------|

| 1.16  | Conversion of Currency |
|------------|------------------------|

| (a) | If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum due under this Indenture or under the Notes from one currency into another currency, the Company has agreed and each Holder agrees, to the fullest extent that the Company and each Holder may effectively do so, that the rate of exchange used shall be the rate at which, in accordance with normal banking procedures, such Holder could purchase the first currency with such other currency in the city that is the principal financial center of the country of issue of the first currency on the day, two Business Days preceding the day on which final judgment is given, which is also a day on which banks are open in Argentina. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | In the event of the winding-up of the Company at any time while any amount owing under the Notes and this Indenture, or any judgment or order rendered in respect thereof, shall remain outstanding, the Company shall indemnify and hold the Holders and the Trustee harmless against any deficiency arising or resulting from any variation in rates of exchange between (i) the date as of which the equivalent of the amount in the Required Currency due or contingently due under the Notes and this Indenture (other than under this clause (b)) is calculated for the purposes of such winding-up and (ii) the final date for the filing of proofs of claim in such winding-up. For the purpose of this clause (b), the final date for the filing of proofs of claim in the winding-up of the Company shall be the date fixed by the liquidator or otherwise in accordance with the relevant provisions of applicable law as being the latest practicable date at which liabilities of the Company may be ascertained for such winding-up before payment by the liquidator or otherwise in respect thereto. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | To the extent permitted by applicable law, the Company’s obligation in respect of any sum payable by the Company to a Holder shall, notwithstanding any judgment in a currency, (the Judgment Currency), other than that in which such sum is denominated in accordance with the applicable provisions of this Indenture, (the Security Currency), be discharged only to the extent that on the Business Day following receipt by such Holder of any sum adjudged to be so due in the Judgment Currency, such Holder may in accordance with normal banking procedures purchase the Security Currency with the Judgment Currency. If the amount of the Security Currency so purchased is less than the sum originally due to such Holder in the Security Currency, determined in the manner set forth above, the Company has agreed, as a separate obligation and notwithstanding any such judgment, to indemnify such Holder against such loss, and if the amount of the Security Currency so purchased exceeds the sum originally due to such Holder, such Holder agrees to remit to the Company such excess; provided that such Holder shall have no obligation to remit any such excess as long as the Company shall have failed to pay such Holder any obligation due and payable under this Indenture in which case any such excess may be applied to such obligations of the Company under this Indenture or the Notes. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.17  | Agent for Service; Submission to Jurisdiction |
|------------|-----------------------------------------------|

| (a) | Any suit, action or proceeding against the Company or its properties, assets or revenues with respect to the Notes or this Indenture (a Related Proceeding) may be brought in the Supreme Court of the State of New York, County of New York, Borough of Manhattan or in the United States District Court for the Southern District of New York, or in the courts of Argentina that sit in the City of Buenos Aires, or in accordance with the provisions of Section 38 of Decree No. 677/2001, as the person bringing such Related Proceeding may elect in its sole discretion. The Company has consented to the non-exclusive jurisdiction of each such court for the purpose of any Related Proceeding and has irrevocably waived any objection to the laying of venue of any Related Proceeding brought in any such court and to the fullest extent it may effectively do so and the defense of an inconvenient forum to the maintenance of any Related Proceeding or any such suit, action or proceeding in any such court. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | The Company has agreed that service of all writs, claims, process and summonses in any Related Proceeding brought against it in the State of New York may be made upon CT Corporation System (the Process Agent), and the Company irrevocably appointed the Process Agent as its agent and true and lawful attorney in fact in its name, place and stead to accept such service of any and all such writs, claims, process and summonses, and has agreed that the failure of the Process Agent to give any notice to it of any such service of process shall not impair or affect the validity of such service or of any judgment based thereon. The Company has agreed to maintain at all times an agent with offices in New York City to act as its Process Agent. Nothing in this Indenture shall in any way be deemed to limit the ability to serve any such writs, process or summonses in any other manner permitted by applicable law. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The Company irrevocably waives trial by jury in any legal action or proceeding relating to this Indenture or the Notes. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| 1.18  | Waiver of Immunity |
|------------|--------------------|

| (a) | To the extent that the Company or any of its revenues, assets or properties shall be entitled, with respect to any Related Proceeding any time brought against the Company or any of its revenues, assets or properties in the courts identified above, to any immunity from suit, from the jurisdiction of any such court, from attachment prior to judgment, from attachment in aid of execution of judgment, from execution of a judgment or from any other legal or judicial process or remedy, and to the extent that in any such jurisdiction there shall be attributed such an immunity, the Company has irrevocably agreed not to claim and has irrevocably waived such immunity to the fullest extent permitted by law (including, without limitation, the Foreign Sovereign Immunities Act of 1976 of the United States). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The Company has agreed that final judgment in any such suit, action or proceeding brought in such a court will be conclusive and binding on it and may be enforced in any court to the jurisdiction of which the Company is subject by a suit upon such judgment; provided that service of process is effected upon the Company in the manner specified above or as otherwise permitted by law. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.19  | Foreign Exchange Restrictions |
|------------|-------------------------------|

| (a) | In the event of any foreign exchange restriction or prohibition in Argentina, the Company shall make any and all payments of any Note in U.S. Dollars to be made outside Argentina by: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | purchasing, with pesos, “Bonos Externos Globales de la República Argentina” issued by Argentina and payable in U.S. Dollars or any other public or private securities issued in Argentina and denominated in U.S. Dollars, or any other securities (collectively, the Securities) and selling such instruments outside Argentina for Dollars; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any other legal mechanism for the acquisition of Dollars in any exchange market. |
|--------|------|----------------------------------------------------------------------------------|

| (b) | In addition, in the event of any foreign exchange restriction or prohibition in Argentina, any Holder of Notes may, to the extent legally permitted, elect to receive the payment in an amount equivalent to the peso amount necessary for purchasing Securities and the reasonable and customary cost of transferring and selling such Securities outside Argentina for U.S. Dollars in an amount equivalent to the sums due and payable under the Notes. Such payment will discharge and satisfy the Company’s payment obligations to such Holders on such payment date. In each case, all reasonable and customary costs, including any taxes, relative to such operations to obtain foreign currency will be borne by the Company. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c) | In addition, in the event of any restriction or prohibition in Argentina to pay in foreign currency any obligations under the Notes to any Holder of Notes that is a resident in Argentina, the Company shall make its best efforts to obtain the corresponding authorization of the Central Bank to make such payments in U.S. Dollars. However, if such authorization cannot be obtained after reasonable attempts, the Company shall pay such Holder the Peso equivalent amount of the foreign currency amount due on the relevant payment date, or to the extent the Depositary or its nominee, as the Holder of Notes, does not accept Pesos, then the Company will make such payments of Peso equivalents directly to the Depositary participants holding a beneficial interest in the Notes. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Such payments in Pesos will be calculated using the U.S. $/Peso exchange rate quoted by Reuters Screen “ARSVH=” ASK SIDE (Valor Hoy Mercado) at 12:00 p.m. New York City time on the payment date; provided that (i) if the U.S. $/ Peso exchange rate does not appear on such Reuters Screen, the U.S. $/ Peso exchange rate shall mean, with respect to the payment date, the U.S. $/ Peso exchange rate which appears on Bloomberg L.P. (Bloomberg Screen (ARS currency)-ASK SIDE-PCS Composite (NY)) at 12:00 p.m. New York City time on such payment date. Such payment in Pesos will fully discharge and satisfy the Company’s payment obligation to such holder on the payment date and shall not constitute an Event of Default. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.20  | Resignation and Appointment of Agents |
|------------|---------------------------------------|

----

----

| 3.4  | Registration, Registration of Transfer and Exchange Generally |
|-----------|---------------------------------------------------------------|

| (a) | The Company shall cause to be kept at the Corporate Trust Office of the Trustee and any Paying Agent a register (the Note Register) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration and transfer of Notes. The Co-Registrar shall maintain the definitive record of all registration and transfer of the Notes. Banco Santander Río, as the trustee representative in Argentina is hereby appointed as local Registrar for the purpose of registering the Global Note. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Upon surrender of any Note for registration of transfer at an office of the Registrar, and subject to the other provisions of this Section 3.4, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount, each such Note bearing such legends as are required by this Indenture. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c) | Notwithstanding any other provisions of this Indenture or the Notes, transfers and exchanges of Notes and beneficial interests therein of the kinds specified in this Section 3.4(b) shall be made only in accordance with this Section 3.4(b). Transfers and exchanges subject to this Section 3.4(b) shall also be subject to the other provisions of this Indenture that are not inconsistent with this Section 3.4(b). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Restricted Global Note to Regulation S Global Note. If a participant of the Depositary holding a beneficial interest in the Restricted Global Note wishes at any time to transfer such interest in whole or in part to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Regulation S Global Note, such transfer may be effected only in accordance with the provisions of this clause (b)(i) and Section 3.4(c) and subject to the Applicable Procedures. Upon receipt by the Co-Registrar, of (A) an order given by such participant of the Depositary holding a beneficial interest in the Restricted Global Note directing that the principal amount represented by such Regulation S Global Note be increased by a specified amount and that the principal amount represented by such Restricted Global Note be reduced by an equal amount and (B) a Regulation S Certificate duly executed by such participant of the Depositary holding such beneficial interest or his attorney in fact duly authorized in writing, then the Co-Registrar shall reduce the principal amount of such Restricted Global Note and increase the principal amount of such Regulation S Global Note by such specified principal amount. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Regulation S Global Note to Restricted Global Note. If the participant in the Depositary holding a beneficial interest in the Regulation S Global Note wishes at any time to transfer such interest in such Note in whole or in part to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Restricted Global Note, such transfer may be effected only in accordance with this clause (b)(ii) and Section 3.4(c) and subject to the Applicable Procedures. Upon receipt by the Co-Registrar, of (A) an order of the Depositary holding a beneficial interest in the Regulation S Global Note directing that the principal amount represented by such Regulation S Global Note be reduced by a specified amount and that the principal amount represented by such Restricted Global Note be increased by an equal amount and (B) a Restricted Notes Certificate duly executed by such participant of the Depositary holding such beneficial interest or his attorney in fact duly authorized in writing, then the Co-Registrar shall reduce the principal amount of such Regulation S Global Note and increase the principal amount of such Restricted Global Note by such specified principal amount. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | Non-Global Note for Non-Global Note. If issued, a Non-Global Note may be transferred, in whole or in part, to a Person who takes delivery in the form of another Non-Global Note, provided that a Non-Global Note that bears a Securities Act Legend may be transferred, in whole or in part, only (A) if the Company shall have received a Restricted Notes Certificate duly executed by the transferor Holder or his attorney duly authorized in writing, in which case the transferee Holder shall take delivery in the form of a Restricted Note or (B) if the Company shall have received a Regulation S Certificate duly executed by the transferor Holder or his attorney duly authorized in writing, in which case the transferee Holder shall take delivery in the form of a Regulation S Note. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Global Note for Non-Global Note. A Global Note may be exchanged, in whole but not in part, for one or more Non-Global Notes only as provided in Section 3.4(d). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | Non-Global Note for Global Note. Non-Global Notes may be exchanged, in whole or in part, for beneficial interests in a Global Note, provided that a Non-Global Note that bears a Securities Act Legend may be transferred, in whole or in part, only (A) if the Company shall have received a Restricted Notes Certificate duly executed by the transferor Holder or his attorney duly authorized in writing, in which case the transferee Holder shall take delivery in the form of a Restricted Note or (B) if the Company shall have received a Regulation S Certificate duly executed by the transferor Holder or his attorney duly authorized in writing, in which case the transferee Holder shall take delivery in the form of a Regulation S Note. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Restricted Notes and their Successor Notes shall bear a Restricted Notes Legend and Regulation S Notes and their Successor Notes shall bear a Regulation S Legend, subject to the following: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Subject to the following clauses of this Section 3.4(c), a Note that is issued in exchange for a Global Note or any interest therein shall bear the Securities Act Legend borne by such Global Note. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Subject to the following clauses of this Section 3.4(c), a new Non-Global Note that is issued in exchange for either a Non-Global Note or a Global Note or any portion thereof, upon transfer or otherwise, shall bear the Securities Act Legend borne by such other Note. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Securities that are sold or otherwise disposed of pursuant to an effective registration statement under the Securities Act shall not bear a Securities Act Legend. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | After the applicable restricted period under Rule 144(k), as notified to the Trustee by the Company in writing a new Note that does not bear a Securities Act Legend may be issued in exchange for or in lieu of a Note (other than a Global Note) or any portion thereof that bears such a legend if the Trustee has received an Unrestricted Notes Certificate duly executed by the Holder of such legended Note or his attorney duly authorized in writing, and after such date and receipt of such certificate, the Trustee shall authenticate and deliver such a new Note in exchange for or in lieu of such other Note as provided in this Article 3. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | A new Note that does not bear a Securities Act Legend may be issued in exchange for or in lieu of a Note (other than a Global Note) or any portion thereof that bears such a legend if, in the Company’s judgment, placing such a legend upon such new Note is not necessary to ensure compliance with the registration requirements of the Securities Act, and the Trustee, at the written direction of the Company, shall authenticate and deliver such a new Note as provided in this Article 3. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (vi) | Notwithstanding the foregoing provisions of this Section 3.4(c), a Successor Note of a Note that does not bear a particular form of Securities Act Legend shall not bear such form of legend unless the Company has reasonable cause to believe that such Successor Note is a “restricted security” within the meaning of Rule 144, in which case the Trustee, at the written direction of the Company, shall authenticate and deliver a new Note bearing a Restricted Notes Legend in exchange for such Successor Note as provided for in this Article 3. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | The following provisions shall apply only to Global Notes: |
|-----|------------------------------------------------------------|

|   | (i) | Each Global Note authenticated under this Indenture shall be registered in the name of the Depositary or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Note shall constitute a single Note for all purposes of this Indenture. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Notwithstanding any other provision in this Indenture or the Notes, no Global Note may be exchanged in whole or in part for Notes registered, and no transfer of a Global Note in whole or in part may be registered, in the name of any Person other than the Depositary or a nominee thereof unless: |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | the Depositary has notified the Company that it is unwilling or unable to continue as depositary for such Global Note or has ceased to be a clearing agency registered under the Exchange Act, and, in either case, the Company thereupon fails to appoint a successor depositary within 120 days after the date of such notice; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the Depositary so requests following an Event of Default; |
|--------|-----|-----------------------------------------------------------|

|   | (C) | the owner of an interest in a Global Note requests such exchange in writing delivered through the Depositary following an Event of Default; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | the Company executes and delivers a Company Order stating that all Global Notes shall be exchanged in whole for Non-Global Notes. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | A Global Note may not be exchanged for a Non-Global Note other than as provided in Section 3.4(d)(ii) above. |
|--------|-------|--------------------------------------------------------------------------------------------------------------|

|   | (iv) | Non-Global Notes issued in exchange for a Global Note or any portion thereof pursuant to clause (ii) above shall be issued in definitive, fully registered form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Note or portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depositary shall designate and shall bear any Securities Act Legends required hereunder. Any Global Note to be exchanged in whole shall be surrendered by the Depositary to the Trustee, as Registrar, for cancellation. Upon any such surrender or adjustment, the Trustee shall authenticate and deliver the Non-Global Note issuable on such exchange to or upon the order of the Depositary or an authorized representative thereof. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | All Non-Global Notes issued in exchange for a Global Note or any portion thereof shall be registered in such names as the Depositary shall instruct (which instruction shall reflect the instruction of the Holder of the Notes) the Trustee or the Paying Agent (without any liability on the Trustee’s or the Paying Agent’s part). Every Note authenticated and delivered in exchange for or in lieu of a Global Note or any portion thereof, pursuant to Sections 3.3 (Execution, Authentication, Delivery and Dating), 3.4 Registration, Registration of Transfer and Exchange Generally), 8.5 (Conformity with Trust Indenture Act and the Negotiable Obligations Law) or 10.11 (Redemptions and Purchases of the Notes) hereof or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Note. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (vi) | In the event of the occurrence of any of the events specified in clause (ii) above, the Company will promptly make available to the Trustee a reasonable supply of Non-Global Notes in definitive, fully registered form, without interest coupons. The Company will pay the cost of preparing, printing, packaging and delivering the Non-Global Notes. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | the Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered in the Notes Register at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as provided for in this clause 3.6(a). Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to he mailed, first-class postage prepaid, to each Holder at his address as it appears in the Note Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (b); or |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | the Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause 3.6(b), such manner of payment shall be deemed practicable by the Trustee. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a) | Claims filed in Argentina courts against the Company for payment of principal in respect of the Notes (including Additional Amounts), including actions to enforce judgments obtained from a New York court, shall be prescribed unless made within ten years of the due date for payment of such principal. Claims for the payment of interest, including actions to enforce judgments obtained from a New York court, shall be prescribed unless made within four years of the due date for payment of such interest. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Claims filed in the courts of the State of New York will be subject to the applicable statute of limitations for such claims. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

| (a) | Holders of Notes who elect to receive payment of principal and/or interest or the redemption price, if any, in Argentina, must file an application at the specified domicile of the Paying Agent in Argentina between the fifth and the third Business Day prior to the relevant Interest Payment Date or redemption date therefor or at maturity in order to receive such payment on the relevant Interest Payment Date or redemption date or at maturity. Such filing shall be made by completing an application for payment, which is available at the specified domicile of the Paying Agent in Argentina. The Paying Agent must notify the Trustee in writing no later than two Business Days prior to such relevant payment date that such election has been made together with all relevant information regarding the Notes. In the event that any such Holder shall fail to make such filing between the fifth and third Business Day prior to the relevant Interest Payment Date or redemption date or at maturity, as applicable, such Holder shall be entitled to receive the relevant payment on the third Business Day after such filing with the Paying Agent has taken place. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Notwithstanding any other provision in Section 3.6 (Payment of Interest; Interest Rights Preserved), all payments to be made by the Paying Agent in Argentina with respect to Notes shall be in cash or by wire transfer to an account of the Holder in a bank located in Argentina (provided that the Holder has provided the Paying Agent in Argentina with sufficient information concerning such account and bank not less than five Business Days prior to the relevant Interest Payment Date or redemption date therefore or maturity). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Any Holder of the Notes subject to Title VI of the Argentine Income Tax Law (text of 1997 as restated) must (i) present its Notes exclusively to the Paying Agent in Argentina and (ii) comply with the preceding paragraphs in order to receive payments of principal and/or interest thereof or the redemption price thereof. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | either: |
|-----|---------|

|   | (i) | all Notes previously issued, authenticated and delivered (other than (A) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.6 (Payment of Interest; Interest Rights Preserved), (B) Notes for whose payment money has previously been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.2 (Redemption at the Company’s Option) or (C) Notes that have been subject to defeasance under Article 11 (Defeasance and Covenant Defeasance) have been delivered to the Trustee for cancellation; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | all such Notes not previously delivered to the Trustee for cancellation: |
|--------|------|--------------------------------------------------------------------------|

----

|   | (A) | have become due and payable; or |
|--------|-----|---------------------------------|

|   | (B) | will become due and payable at their Stated Maturity within one year; or |
|--------|-----|--------------------------------------------------------------------------|

|   | (C) | are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | the Company has paid or caused to be paid all other sums payable hereunder by the Company; and |
|-----|------------------------------------------------------------------------------------------------|

| (c) | the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | default in the payment of any principal of any of the Notes when the same shall become due and payable, whether at maturity, upon redemption, by declaration, by prepayment or otherwise and such default continues for five calendar days; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | default in the payment of any interest or Additional Amounts, if applicable, when the same shall become due and payable, whether at maturity, upon redemption, by declaration, by prepayment or otherwise and such default continues for thirty (30) calendar days; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | any failure to comply with the provisions of Section 9.16 (Limitations on Mergers, Consolidations, Sales and Conveyances); |
|-----|----------------------------------------------------------------------------------------------------------------------------|

----

| (d) | any failure on the part of the Company to duly observe or perform any of the covenants or agreements of the Company under this Indenture (other than those referred to in (a) and (b) above) for a period of more than 30 calendar days after the date on which written notice thereof requiring the Company to remedy the same shall have been given to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount Outstanding of the Notes; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | there occurs with respect to any Indebtedness of the Company or its Restricted Subsidiaries having a principal amount of U.S. $30 million (or its equivalent in other currencies) or more in the aggregate for all such Indebtedness of all such Persons (i) an event of default that results in the acceleration of the maturity of such Indebtedness or (ii) failure to make a principal payment when due and such defaulted payment is not made, waived or extended within the applicable grace period; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | there shall have been a revocation, cancellation, termination or suspension for more than twenty (20) consecutive days of the Concession Agreement; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | there shall have been entered against the Company or any of its Restricted Subsidiaries a final judgment, decree or order by a court of competent jurisdiction from which no appeal may be taken or, within the applicable period to appeal, is taken for the payment of money, or the forfeiture of property with an aggregate value in excess of U.S. $30 million (or its equivalent in other currencies) and 60 calendar days shall have passed since the entry of the order without it being satisfied, discharged or stayed (a Judgment); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | a distress, attachment, execution, seizure before judgment or other legal or extrajudicial process is levied, enforced or sued out on or against any part of the property, assets or revenues of the Company or any of its Restricted Subsidiaries, which, if executed or consummated, would have a material adverse effect on the Company’s ability to make scheduled principal and interest payments on the Notes, unless (i) such distress, attachment, execution, seizure before judgment or other legal or extrajudicial process is discharged or stayed within 90 days of notice to the Company or such Restricted Subsidiary, as the case may be, or (ii) if such distress, attachment, execution, seizure before judgment or legal or extrajudicial process shall not have been discharged or stayed within such 90-day period, the Company or such Restricted Subsidiary, as the case may be, shall have contested in good faith by appropriate proceedings such distress, attachment, execution, seizure before judgment or legal process; provided that if such distress, attachment, execution, seizure before judgment or legal process shall not have been discharged or stayed within 365 days of notice to the Company or such Restricted Subsidiary, as the case may be, the Company or such Restricted Subsidiary shall have posted a bond or other appropriate collateral which shall have substituted such distress, attachment, execution, seizure before judgment or other legal or extrajudicial process within such time period; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary shall, after the Issuance Date: |
|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (i) | make a general assignment for the benefit of its creditors, |
|--------|-----|-------------------------------------------------------------|

|   | (ii) | be adjudicated bankrupt or insolvent, or |
|--------|------|------------------------------------------|

|   | (iii) | (A) file a voluntary petition in bankruptcy or a petition or an answer seeking reorganization or an arrangement with creditors pursuant to a “concurso preventivo de acreedores,” (B) seek approval of its creditors for an “acuerdo preventivo extrajudicial” through any means, including the distribution of an offering circular or similar disclosure materials to creditors in connection with such “acuerdo preventivo extrajudicial,” (C) file for court endorsement of an “acuerdo preventivo extrajudicial,” (D) apply for or consent to the appointment (in a similar court proceeding) of a receiver, trustee, liquidator or the like for itself or its property or (E) make a similar court filing seeking to take advantage of any applicable Insolvency Law; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | after the Issuance Date and without its application, approval or consent, a proceeding shall be instituted in any court of competent jurisdiction, seeking in respect of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary adjudication in bankruptcy, reorganization, dissolution, winding up, liquidation, a composition or arrangement with creditors, the appointment of a trustee, a receiver, liquidator or the like of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or of all of the assets thereof or other like relief in respect of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary under any applicable bankruptcy or Insolvency Law, and either |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | such proceeding shall not be actively contested by the Company or such Restricted Subsidiary in good faith, or |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (ii) | any order, judgment or decree shall be entered by any court of competent jurisdiction to effect any of the foregoing; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------|

| (k) | any condemnation, seizure, compulsory purchase or expropriation, or taking into custody or control, by any governmental authority or agency of assets or share capital of the Company or its Restricted Subsidiaries which, in the aggregate, would be likely to have a material adverse effect upon the business and results of operations of the Company and its Restricted Subsidiaries taken as a whole; or |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (l) | a general moratorium shall be agreed or declared in respect of the payment or performance of the obligations of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2  | Acceleration of Maturity; Rescission and Annulment |
|-----------|----------------------------------------------------|

| 5.3  | Collection of Indebtedness and Suits for Enforcement by Trustee |
|-----------|-----------------------------------------------------------------|

| (a) | a default occurs in the payment of interest on any Note when such interest becomes due and payable and such default continues for a period of 30 days; or |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | a default occurs in the payment of the principal of (or premium, if any, on) any Note at the Maturity thereof, |
|-----|----------------------------------------------------------------------------------------------------------------|

----

| 5.4  | Trustee May File Proofs of Claim |
|-----------|----------------------------------|

| 5.5  | Trustee May Enforce Claims Without Possession of Notes |
|-----------|--------------------------------------------------------|

| 5.6  | Application of Money Collected |
|-----------|--------------------------------|

| (a) | FIRST: To the payment of all amounts due to the Trustee under Section 6.7 (Compensation and Reimbursement and Indemnification). |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (b) | SECOND: To the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest on the Notes and Additional Amounts, if any, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal (and premium, if any) and interest, respectively. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c) | THIRD: The balance, if any, to the Company (without prejudice to, or liability in respect of, any question as to how such payment to the Company shall be dealt with as between the Company and any other Person) or to such party as a court of competent jurisdiction shall direct in writing. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.7  | Enforcement by Holders of Notes |
|-----------|---------------------------------|

| (a) | such Holder previously shall have given to the Trustee written Notice of Default and of the continuance thereof, |
|-----|------------------------------------------------------------------------------------------------------------------|

| (b) | the Holders of not less than 25% of the aggregate principal amount of the Notes then Outstanding of the affected Notes shall have made written request upon the Trustee to institute such action or proceedings in its own name as Trustee under this Indenture and shall have offered to the Trustee Security or an indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | the Trustee for 30 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to this Indenture. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.8  | Unconditional Right of Holders to Receive Principal, Premium and Interest |
|-----------|---------------------------------------------------------------------------|

| 5.9  | Restoration of Rights and Remedies |
|-----------|------------------------------------|

| 5.10  | Rights and Remedies Cumulative |
|------------|--------------------------------|

----

| 5.11  | Delay or Omission Not Waiver |
|------------|------------------------------|

| 5.12  | Control by Holders |
|------------|--------------------|

| (a) | such direction shall not be in conflict with any rule of law or with this Indenture or shall not be adverse in any material respect to the Trustee; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and |
|-----|-----------------------------------------------------------------------------------------------------------------------|

| (c) | such right shall not impair the right of any individual Holder to file suits against the Company in accordance with Article 29 of the Negotiable Obligations Law. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.13  | Waiver of Past Defaults |
|------------|-------------------------|

| (a) | in the payment of the principal of (or premium, if any) or interest on any Note; or |
|-----|-------------------------------------------------------------------------------------|

| (b) | in respect of a covenant or provision hereof which under Section 8.2 (Supplemental Indentures With Consent of Holders) cannot be modified or amended without the consent of the Holder of each Note affected. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.14  | Undertaking for Costs |
|------------|-----------------------|

----

----

| (a) | the Trustee may rely and will be protected in acting or refraining from acting upon any resolution of the Board of Directors, Company Order, Officers’ Certificate or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | any request, direction, order or demand of the Company mentioned in this Indenture will be sufficiently evidenced by a Company Order (unless other evidence in respect thereof is specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by an Officer or an assistant secretary of the Company; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | the Trustee may consult with counsel and experts and any advice or opinion of Counsel or expert will be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it under this Indenture in good faith and in accordance with such advice or Opinion of Counsel or expert, as the case may be; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | in the administration of this Indenture, whenever the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may request and, in the absence of bad faith, rely upon a certificate signed by an Officer; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | the Trustee will be under no obligation to exercise any of the trusts or powers vested in it by this Indenture at the request, order or direction of any of the Holders of Notes pursuant to the provisions of this Indenture, unless such Holder of Notes have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred therein or thereby; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | the Trustee will not be liable for any action taken or omitted by it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | prior to the occurrence of an Event of Default under this Indenture and after the curing or waiving of all Events of Default, the Trustee will not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing so to do by the Holders of not less than a majority of the aggregate principal amount of the Notes affected then outstanding; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to proceeding, the reasonable expenses of every such investigation will be paid by the Company or, if paid by the Trustee or any predecessor trustee, will be repaid by the Company upon demand; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (h) | the Trustee may perform the services required to be rendered by it hereunder either directly or through attorneys-in-fact or agents not regularly in its employ and the Trustee shall not be liable for any misconduct or negligence on the part of any such attorney or agent appointed by it with due care hereunder; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | the Trustee shall have no liability for interest on, or have any responsibility to invest, any monies received by it pursuant to any of the provisions of this Indenture or the Notes; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | except as otherwise specifically provided herein, (i) all references in this Indenture to the Trustee shall be deemed to refer to the Trustee in its capacity as Trustee and in its capacities as Registrar and Paying Agent and (ii) every provision of this Indenture relating to the conduct or affecting the liability or offering protection, immunity or indemnity to the Trustee shall be deemed to apply with the same force and effect to the Trustee acting in its capacities as co-Registrar and Paying Agent. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k) | Notwithstanding any provision herein to the contrary, in no event shall the Trustee be liable for any failure or delay in the performance of its obligations under this Indenture because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations or the like which prohibit the providing of the services contemplated by this Indenture, and other causes beyond its control whether or not of the same class or kind as specifically named above. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (l) | In respect of this Indenture, the Trustee shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and the Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information. Each other party agrees to assume all risks arising out of the use of electronic methods to submit instructions, directions, reports, notices or other communications or information to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (m) | To secure the obligations owed to the Trustee pursuant to Section 6.7, the Trustee shall have a lien prior on all money or property held or collected by it in its capacity as Trustee, and may withhold or set-off any amounts due and owing to it under this Indenture from any money or property held or collected by it in its capacity as Trustee. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 6.8  | Disqualification; Conflicting Interests |
|-----------|-----------------------------------------|

| (a) | eliminate such interest within 90 days; |
|-----|-----------------------------------------|

| (b) | if this Indenture has been qualified under the Trust Indenture Act, apply to the SEC for permission to continue as trustee with respect to the Notes; or |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. |
|-----|------------------------------------------------------------------------------------------------------------------------------------|

| 6.9  | Corporate Trustee Required; Eligibility |
|-----------|-----------------------------------------|

| 6.10  | Resignation and Removal; Appointment of Successor |
|------------|---------------------------------------------------|

| (a) | No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until (i) the CNV has approved such appointment and (ii) the acceptance of appointment by the successor Trustee under Section 6.11 (Acceptance of Appointment by Successor). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The Trustee may resign at any time by giving written notice thereof to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The Trustee may be removed at any time by Act of the Holders of a majority in principal amount of the Notes then Outstanding, delivered to the Trustee and to the Company. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | If at any time: |
|-----|-----------------|

|   | (i) | the Trustee shall fail to comply with Section 6.8 (Disqualification; Conflicting Interests) after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Note for at least six months; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | the Trustee shall cease to be eligible under Section 6.9 (Corporate Trustee Required; Eligibility) and shall fail to resign after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Note for at least six months; or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any reason, the Company, by a Board Resolution, shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then Outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Trustee shall be appointed by Act of the Holders of a majority in principal amount of the Notes then Outstanding delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee and supersede the successor Trustee appointed by the Company. If no successor Trustee shall have been so appointed by the Company or the Holders and accepted appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | The Company shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to all Holders in the manner provided in Section 1.7 (Notice to Holders) and to the CNV including by publication in the leading daily newspaper in Luxembourg or, alternatively, on the website of the Luxembourg Stock Exchange at http://www.bourse.lu. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office (including the address of its representative in Argentina). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.11  | Acceptance of Appointment by Successor |
|------------|----------------------------------------|

----

----

| (a) | all rights and powers, conferred or imposed upon the Trustee shall be conferred or imposed upon and may be exercised or performed by such separate trustee or co-trustee; and |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder. |
|-----|------------------------------------------------------------------------------------------------------------------|

| 7.1  | Company to Furnish Trustee Names and Addresses of Holders |
|-----------|-----------------------------------------------------------|

| (a) | semi-annually, not more than 15 days after each Record Date, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders as of such Record Date; and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | at such other times as the Trustee may reasonably request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.2 | Preservation of Information; Communications to Holders |
|-----|--------------------------------------------------------|

| (a) | The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 (Company to Furnish Trustee Names and Addresses of Holders) and the names and addresses of Holders received by the Trustee and the representative of the Trustee in Argentine in its capacity as Co-Registrar and Registrar, respectively.  The Trustee may destroy any list furnished to it as provided in Section 7.1 (Company to Furnish Trustee Names and Addresses of Holders) upon receipt of a new list so furnished. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Notes, and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Every Holder of Notes, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.1 | Supplemental Indentures Without Consent of Holders |
|-----|----------------------------------------------------|

| (a) | to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Notes; or |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | to add to the covenants of the Company for the benefit of the Holders or otherwise provide additional rights to the Holders, or to surrender any right or power herein conferred upon the Company; or |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | to secure or guarantee the Notes; or |
|-----|--------------------------------------|

| (d) | to comply with any requirements of the SEC in order to effect and maintain the qualification of this Indenture under the Trust Indenture Act; or |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | to provide for uncertificated Notes in addition to or in place of certificated Notes, or |
|-----|------------------------------------------------------------------------------------------|

| (f) | to evidence the appointment of a co-trustee pursuant to Section 6.15 (Appointment of Co-Trustee) hereof; or |
|-----|-------------------------------------------------------------------------------------------------------------|

| (g) | to modify the restrictions on and procedures for resales and other transfers of this Note to reflect any change in applicable law or regulation (or the interpretation thereof) or in practices relating to the resale or transfer of restricted Notes generally; provided that such action pursuant to this clause (g) shall not adversely affect the interests of Holders in any material respect; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | to cure any ambiguity, omission, defect or inconsistency; or |
|-----|--------------------------------------------------------------|

| (i) | to make any change that does not, in the opinion of the Trustee, adversely affect the rights of any Holder in any material respect. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.2 | Supplemental Indentures With Consent of Holders |
|-----|-------------------------------------------------|

| (a) | extend the final maturity of the Notes or the date on which any installment of principal is due, |
|-----|--------------------------------------------------------------------------------------------------|

| (b) | reduce the principal amount of the Notes, |
|-----|-------------------------------------------|

| (c) | reduce the rate or extend the time of payment of interest on the Notes, |
|-----|-------------------------------------------------------------------------|

| (d) | change the obligation to pay Additional Amounts, |
|-----|--------------------------------------------------|

| (e) | change the currency of payment of principal of or interest on the Notes (including Additional Amounts), |
|-----|---------------------------------------------------------------------------------------------------------|

| (f) | change the governing law, |
|-----|---------------------------|

| (g) | impair or affect the right of any Holder of Notes to institute suit for the payment thereof, |
|-----|----------------------------------------------------------------------------------------------|

| (h) | change any prepayment provision that would alter the pro rata sharing of payments required thereby, |
|-----|-----------------------------------------------------------------------------------------------------|

| (i) | modify the number of Holders necessary to waive an Event of Default, |
|-----|----------------------------------------------------------------------|

| (j) | reduce the percentage in principal amount of Notes then Outstanding that is required for the adoption of a resolution at a meeting of Holders of the Notes, |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k) | reduce the percentage in principal amount of Notes then Outstanding that is required form a quorum at a meeting of Holders of the Notes, |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|

| (l) | reduce the percentage in principal amount of Notes then Outstanding that is required to request the calling of a meeting of Holders of the Notes, or |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (m) | modify the provisions of this Indenture with respect to modification and waiver, except to increase any percentage or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Note affected thereby. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.3 | Execution of Supplemental Indentures |
|-----|--------------------------------------|

| 8.4 | Effect of Supplemental Indentures |
|-----|-----------------------------------|

| 8.5 | Conformity with Trust Indenture Act and the Negotiable Obligations Law |
|-----|------------------------------------------------------------------------|

| 8.6 | Reference in Notes to Supplemental Indentures |
|-----|-----------------------------------------------|

| 8.7 | Notice of Supplemental Indentures |
|-----|-----------------------------------|

| 8.8 | Meetings of Holders |
|-----|---------------------|

| (a) | A meeting of Holders of Notes may be called at any time and from time to time pursuant to Section 14 of the Negotiable Obligations Law and this Section 8.8 to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other actions provided by this Indenture to be made, given or taken by Holders of the Notes.  In addition, the Company may at any time call a meeting of Holders of the Notes to enter into a supplemental indenture as provided in Article 8, or to obtain a waiver of any provision of this Indenture or the Notes.  The meetings will be held in the City of Buenos Aires; provided, however, that each of the Company and the Trustee may determine to hold any such meeting simultaneously in the City of Buenos Aires and in New York City and/or any other city by any means of telecommunications which permits the participants to hear and speak to each other, and any such simultaneous meeting shall be deemed to constitute a single meeting for purposes of the quorum and voting percentages applicable to such meeting.  In addition, the Company shall upon the written request of the Trustee or of Holders of at least 5% in aggregate principal amount of Notes at the time Outstanding call such a meeting and such meeting shall be convened within 40 days from the date such request is received by the Company.  If a meeting is held pursuant to the request of the Holders, the agenda for such meeting shall be that set forth in the request made by such Holders, provided, however, that matter not included in the agenda may be included if approved by Holders of each of the Notes.  In the event the Board of Directors of the Company fails to call such meeting at the request of Holders, the meeting may be called by the CNV or by a competent court.  The Trustee by and through its designated representative may attend any meeting called pursuant to this Section 8.8(a). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | For so long as applicable Argentine laws and regulations so require, notice of any meeting, setting forth the date, time and place of such meeting and the agenda therefore (which shall describe in general terms the action proposed to be taken at such meeting), shall be called by publications in the Official Gazette of the Republic of Argentina (Boletín Oficial de la República Argentina), the Buenos Aires Stock Exchange Daily Bulletin and in a newspaper of wide circulation in Argentina (expected to be La Nación) during five (5) days within a period of no more than 30 days nor less than 10 days before the day scheduled for the meeting.  Notices will also be published in a daily leading newspaper having general circulation in Luxembourg, so long as the Notes are admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange, and the rules of such exchange so require.  In addition, notice of any meeting under this Section 8.8 shall be provided to the Trustee in the manner provided for in Section 1.6 (Notices, etc., to Trustee and Company) of this Indenture. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | To be entitled to vote at any meeting of Holders of Notes a Person shall be (i) a Holder of one or more Notes as of the record date in accordance with the Negotiable Obligation Law, or (ii) a Person appointed by an instrument in writing as proxy by such Holder of one or more Notes; provided that a person appointed as chairman of a meeting may not be appointed as proxy. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | The Holders, whether present or represented by proxy, entitled to vote 60% in aggregate principal amount of the Notes at the time Outstanding (or such greater percentage as may be required under applicable Argentine law) will initially be required for a quorum at any such meeting.  In the absence of a quorum at any such meeting, the meeting may be adjourned for a period of not less than 10 days nor more than 30 days, as determined by the chairman of the meeting, except in the case of ordinary meetings where the first and second call meeting may be held on the same day.  At any meeting adjourned for lack of quorum, the persons entitled to vote 30% of the aggregate principal amount of the Notes at the time Outstanding (or such greater percentage as may be required under applicable Argentine law) shall constitute a quorum at any such reconvened adjourned meeting.  Notice of reconvening of any adjourned meeting shall be given as provided above, except that such notice need only be published for only 3 days and not less than 8 days prior to the date on which the meeting is scheduled to be reconvened.  Notice of the reconvening of any adjourned meeting shall state expressly the aggregate principal amount of Notes that shall constitute a quorum at such meeting, |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Any Holder of Notes who has executed an instrument in writing appointing a Person as proxy shall be deemed to be present for the purposes of determining a quorum and be deemed to have voted; provided that such Holder shall be considered as present and voting only with respect to the matters covered by such instrument in writing.  Any resolution passed or decision taken at any meeting of Holders of Notes duly held in accordance with this Section 8.8 shall, if otherwise in compliance with this Indenture, be binding on all the Holders, whether or not present or represented at the meeting. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | The appointment of any proxy shall be proved by having the signature of the Person executing the proxy certified by any notary public, bank, trust company satisfactory to the Company or judicially certified in the manner provided under Argentine law.  The holding of Notes shall be proved by the Notes Register maintained in accordance with Section 3.7 (Persons Deemed Owners) or by a certificate or certificates of the Trustee; provided that the holding of a beneficial interest in a Global Note shall be proved by a certificate or certificates of the Depositary. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | At any such meeting at which the proper quorum is present, any resolution to modify or amend, or to waive compliance with, any of the provisions of Notes or this Indenture shall be effectively passed and decided if approved by the persons entitled to vote not less than a majority of the aggregate principal amount then Outstanding of Notes present at the meeting, except for those provisions requiring consent of all Holders of Notes as described under Section 8.2 (Supplemental Indentures With Consent of Holders). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (h) | A representative of the Trustee shall act as the temporary chairman of the meeting.  If the Trustee fails to designate a representative to act as temporary chairman of the meeting, the Company shall designate a member of the Supervisory Committee to act as temporary chairman of the meeting.  If the Company fails to designate such a Person, the CNV or competent court shall designate a Person to act as chairman.  The permanent chairman of the meeting shall be elected by vote of the Holders of a majority in the then Outstanding aggregate principal amount of the Notes represented at the meeting.  At any meeting of Holders of Notes, each Holder of Notes or proxy shall be entitled to one vote for each U.S. $1.00 principal amount of the Notes held or represented by such Holder of Notes; provided that no vote shall be cast or counted at any meeting in respect of any Note challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding.  The chairman of the meeting shall have no right to vote except as a Holder of Notes or proxy.  Any meeting of Holders of Notes duly called at which a quorum is present may be adjourned from time to time, and the meeting may be held as so adjourned with the presence of the same Holders of Notes that were present in the initial meeting without further notice. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.1 | Limitation on Liens |
|-----|---------------------|

| (a) | Liens for taxes, assessments or governmental charges or claims or fines not yet due or which are being contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of the Company or such Restricted Subsidiary, as the case may be, to the extent required by Argentine GAAP; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Liens created by any Restricted Subsidiaries over their assets solely in favor of the Company or another Restricted Subsidiary; |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (c) | deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Liens arising by reason of (1) any judgment, decree or order of any court, so long as such Lien is being contested in good faith and any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree or order shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired; (2) any embargo preventivo or any other interlocutory or temporary attachment order or measure in connection with an action or proceeding during the pendency of such action or proceeding; (3) security for payment of workers’ compensation or other insurance or obligations arising from other social security laws; and (4) operation of law in favor of warehousemen, landlords, mechanics, material men, laborers, employees or suppliers or other similar liens imposed by law or by contract incurred in the ordinary course of business for sums which are not yet delinquent or are being contested in good faith by negotiations or by appropriate proceedings which suspend the collection thereof, and, in each case, for which adequate reserves are maintained on the books of the Company or such Restricted Subsidiary, as the case may be, to the extent required by Argentine GAAP; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | leases or subleases granted to others, easements, rights of way, zoning and similar covenants and restrictions and other similar encumbrances or title defects, which do not materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the Company and its Restricted Subsidiaries; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Liens on property that secure Indebtedness Incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of such property and which attach no later than 90 days after the date of such purchase or the completion of construction or improvement; provided that no such Lien shall extend to or cover any physical assets or equipment other than the physical assets or equipment being acquired, constructed or improved; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (g) | Liens on property at the time the Company or any of its Restricted Subsidiaries acquires such property, including any acquisition by means of a merger or consolidation of such Person with or into the Company or a Restricted Subsidiary; provided that such Liens are not created in contemplation of such acquisition and do not extend to any other property of the Company or any Restricted Subsidiary existing immediately prior to such acquisition; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | escrow deposits, trusts or similar accounts created or established pursuant to the Restructuring Indenture, the 2017 Indenture, this Indenture or for the payment of debt service obligations under the Notes, including without limitation, any deposits or accounts created and any encumbrances or interests granted in such deposits or accounts, in each case, in connection with or in furtherance of the application of the proceeds of this offering as described under “Use of Proceeds” in the Offering Memorandum; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | any banker’s right of set-off arising from operation of law with respect to deposits made in the ordinary course of business by the Company; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | Liens securing obligations under Hedging Contracts; |
|-----|-----------------------------------------------------|

| (k) | Liens in existence on the Issuance Date and any renewals or extensions thereof, so long as (A) such renewal or extension Lien does not extend to any property other than that originally subject to the Liens being renewed or extended and (B) the principal amount of the Indebtedness secured by such Lien, if applicable, is not increased; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (l) | Liens to secure any Permitted Refinancing Indebtedness which is Incurred to refinance any Indebtedness which has been secured by a Lien permitted under this Section 9.1; provided that such new Liens are not materially more favorable to the lienholders with respect to such Liens than the Liens in respect of the Indebtedness being refinanced, and do not extend to any property or assets other than property or assets securing the Indebtedness refinanced by such Permitted Refinancing Indebtedness; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (m) | Liens on Receivables and Related Assets securing Permitted Indebtedness described in Section 9.2(h); |
|-----|------------------------------------------------------------------------------------------------------|

| (n) | Liens arising or deemed to arise from a Sale and Leaseback Transaction; |
|-----|-------------------------------------------------------------------------|

| (o) | Liens created or established in order to comply with any applicable rule, regulation, order, resolution, decree, directive or instruction of any federal, provincial or municipal government of Argentina, or any agency or instrumentality thereof, in connection with the conduct of a Permitted Business; and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (p) | Liens on any debt securities of the Company or a Restricted Subsidiary repurchased by the Company and securing Indebtedness the proceeds of which are used exclusively for the repurchase of other debt securities of the Company or a Restricted Subsidiary; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | Limitations on Indebtedness |
|-----|-----------------------------|

----

| (a) | Indebtedness outstanding on the Issuance Date, including any Notes issued on the Issuance Date; |
|-----|-------------------------------------------------------------------------------------------------|

| (b) | Permitted Refinancing Indebtedness; |
|-----|-------------------------------------|

| (c) | Subordinated Indebtedness; |
|-----|----------------------------|

| (d) | Indebtedness Incurred for purposes of, and substantially all of the proceeds of which are applied to,  financing of Regulatory Capital Expenditures; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Indebtedness in respect of Hedging Contracts; |
|-----|-----------------------------------------------|

| (f) | Indebtedness with respect to letters of credit, bankers’ acceptances and similar obligations issued in the ordinary course of business and not supporting Indebtedness, including performance bonds and letters of credit supporting performance bonds; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | Indebtedness of the Company or any of its Restricted Subsidiaries owed to the Company or any of its Restricted Subsidiaries so long as such Indebtedness continues to be owed to the Company or a Restricted Subsidiary and which, if the obligor is the Company and such Indebtedness is owed to such Restricted Subsidiary, is subordinated in right of payment and priority to the Notes, pursuant to a Subordination Agreement |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | Indebtedness under any one or more Permitted Receivables Financings, the combined aggregate principal amount of which does not exceed U.S. $35 million (or its equivalent in other currencies) at any time Outstanding; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | Indebtedness Incurred for general corporate purposes in an aggregate principal amount not to exceed U.S. $60 million (or its equivalent in other currencies) at any time Outstanding. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | Limitations on Asset Sales |
|-----|----------------------------|

| (a) | the Asset Sale is for fair market value, as determined in good faith by the Board of Directors; |
|-----|-------------------------------------------------------------------------------------------------|

| (b) | at least 75% of the value of the consideration therefrom is in the form of Cash and Cash Equivalents; provided that (i) any non-cash consideration received is for fair market value and (ii) the receipt of such non-cash consideration is otherwise permitted under this Indenture; and |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | immediately before and immediately after giving effect to such Asset Sale, no Default or Event of Default shall have occurred and be continuing. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9.4 | Limitation on Transactions with Shareholders and Affiliates |
|-----|-------------------------------------------------------------|

| (a) | any transaction between the Company and any of its Restricted Subsidiaries or between Restricted Subsidiaries of the Company; |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

| (b) | any transaction or payment required pursuant to Argentine laws and regulations to be made on terms different than in comparable arm’s-length transactions; or |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | the performance by any of the Company or its Restricted Subsidiaries of its obligations under the terms of any agreement or instrument in effect on the Issuance Date and disclosed in the Offering Memorandum under the heading “Related Party Transactions.” |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.5 | Limitation on Restricted Payments |
|-----|-----------------------------------|

| (a) | declare or pay any dividend or return of capital or make any distribution on or in respect of Equity Interests of the Company or any Restricted Subsidiary to Holders of such Equity Interests other than (i) any dividends or distributions in the form of Qualified Equity Interests of the Company, (ii) dividends, distributions or returns of capital payable to the Company or a Restricted Subsidiary, (iii) dividends, distributions or returns of capital made on a pro rata basis to the Company and its Restricted Subsidiaries on the one hand, and minority Holders of Equity Interests of a Restricted Subsidiary on the other hand or (iv) any payments permitted to be made pursuant to Section 9.4 (Limitation on Transactions with Shareholders and Affiliates); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | purchase, redeem or otherwise acquire or retire for value any Equity Interests of the Company; |
|-----|------------------------------------------------------------------------------------------------|

| (c) | repay, redeem, repurchase, defease or otherwise acquire or retire for value, or make any payment on or with respect to, any Subordinated Indebtedness, other than (i) scheduled payments of interest or principal (provided no Default or Event of Default shall have occurred and be continuing), (ii) any intercompany Indebtedness between or among the Company and/or any Restricted Subsidiaries or (iii) any payments permitted to be made pursuant to Section 9.4 (Limitation on Transactions with Shareholders and Affiliates); or |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | make any Investments (other than Permitted Investments); |
|-----|----------------------------------------------------------|

----

| (x) | no Default has occurred and is continuing; and |
|-----|------------------------------------------------|

| (y) | the Company could incur at least U.S.$1.00 of Indebtedness under the Leverage Ratio test set forth in Section 9.2 (Limitations on Indebtedness) hereof. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.6 | Delivery of Financial Statements |
|-----|----------------------------------|

| (a) | as soon as available, but in any event within 120 days after the end of each fiscal year (December 31) of the Company, a copy of the consolidated balance sheet of the Company as of the end of such year and the related consolidated statements of income and cash flows for such fiscal year, audited by independent accountants selected by the Company and of internationally recognized standing; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | as soon as available, but in any event within 75 days after the end of each of the first three fiscal quarters of the Company, a copy of the unaudited consolidated balance sheet of the Company as of the end of each such quarter and the related unaudited consolidated statements of income and cash flows of the Company for such quarter and the portion of the fiscal year through such date; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | concurrently with the delivery of the financial statements for each fiscal year and the second fiscal quarter of the Company referred to in clauses (a) and (b), respectively above, a certificate of the Company’s general manager or Chief Financial Officer certifying the calculation of the Leverage Ratio and the Interest Expense Coverage Ratio; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | concurrently with the delivery of the financial statements referred to in clause (a) above, a certificate of the general manager or chief financial officer of the Company stating whether, to the best of such officer’s knowledge, anything came to his or her attention to cause him or her to believe that there existed on the date of such statements a Default or an Event of Default, and if so, specifying the nature and period of existence thereof. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.7 | Notices of Default |
|-----|--------------------|

| 9.8 | Maintenance of Notes Listing |
|-----|------------------------------|

----

| 9.9 | Corporate Existence |
|-----|---------------------|

| 9.10 | Conduct of Business. |
|------|----------------------|

| 9.11 | Maintenance of Properties |
|------|---------------------------|

| 9.12 | Maintenance of Insurance |
|------|--------------------------|

| 9.13 | Payment of Taxes and Other Claims |
|------|-----------------------------------|

| 9.14 | Designation of Restricted and Unrestricted Subsidiaries. |
|------|----------------------------------------------------------|

| (a) | The Company may designate any Subsidiary, including a newly acquired or created Subsidiary, to be an Unrestricted Subsidiary under this Indenture if: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Restricted Subsidiary is not a Significant Subsidiary; |
|--------|-----|------------------------------------------------------------|

----

|   | (ii) | no Default or Event of Default shall have occurred and be continuing at the time of and after giving effect to such designation; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | such Subsidiary does not own any Capital Stock of the Company or any Restricted Subsidiary or hold any Indebtedness of, or any Lien on any property of, the Company or any Restricted Subsidiary; and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the Subsidiary is not party to any transaction or arrangement with the Company or any Restricted Subsidiary that would not be permitted under Section 9.4 (Limitation on Transactions with Shareholders and Affiliates). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | (i) | A Subsidiary previously designated an Unrestricted Subsidiary which fails to meet the qualifications set forth in paragraph (a) above will be deemed to become at that time a Restricted Subsidiary, subject to the consequences set forth in paragraph (d). |
|-----|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | The Company may designate an Unrestricted Subsidiary to be a Restricted Subsidiary if the designation would not cause a Default |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------|

| (c) | Upon a Restricted Subsidiary becoming an Unrestricted Subsidiary: |
|-----|-------------------------------------------------------------------|

|   | (i) | all existing Investments of the Company and the Restricted Subsidiaries therein valued at the Company’s proportional share of the fair market value of its assets less liabilities will be deemed made at that time; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | all existing Indebtedness of the Company or a Restricted Subsidiary held by it will be deemed incurred at that time, and all Liens on property of the Company or a Restricted Subsidiary held by it will be deemed incurred at that time; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | all existing transactions between it and the Company or any Restricted Subsidiary will be deemed entered into at that time; and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | it will cease to be subject to the provisions of this Indenture and the Notes as a Restricted Subsidiary. |
|--------|------|-----------------------------------------------------------------------------------------------------------|

| (d) | Upon an Unrestricted Subsidiary becoming, or being deemed to become, a Restricted Subsidiary: |
|-----|-----------------------------------------------------------------------------------------------|

|   | (i) | all of its Indebtedness and Disqualified Stock will be deemed incurred at that time for purposes of Section 9.2 (Limitations on Indebtedness); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Investments therein previously charged under Section 9.5 (Limitation on Restricted Payments), as adjusted to reflect any change in the Company’s proportional share of the fair market value of its assets less liabilities, will be credited thereunder; and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | it will thenceforward be subject to the provisions of this Indenture and the Notes as a Restricted Subsidiary. |
|--------|-------|----------------------------------------------------------------------------------------------------------------|

----

| 9.15 | Limitation of Applicability of Certain Covenants |
|------|--------------------------------------------------|

| 9.16 | Limitations on Mergers, Consolidations, Sales and Conveyances |
|------|---------------------------------------------------------------|

| (a) | the surviving or transferee Person (if not the Company) is a sociedad anónima organized under the laws of Argentina; |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (b) | the surviving or transferee Person (if not the Company) shall have expressly assumed, by a document executed and delivered to the Trustee in form and substance reasonably satisfactory to the Trustee, all of the obligations of the Company under the Notes and this Indenture; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | immediately after giving effect to such transaction or series of transactions on a pro forma basis, (A) no Default or Event of Default shall have occurred and be continuing, and (B) the Leverage Ratio of the Company or such surviving entity will be equal to or lower than the Leverage Ratio of the Company immediately prior to such transaction, as certified by the Company’s auditors; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | the rating of the Notes by any Rating Agency shall not have been downgraded as a result of such transaction or series of transactions within sixty (60) days of the public announcement of such transaction or series of transactions; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | the surviving or transferee Person shall have delivered to the Trustee an Officers’ Certificate stating that such merger, consolidation, sale, assignment, transfer or other conveyance or disposition complies with this covenant and this Indenture. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9.17 | Payment of Additional Amounts |
|------|-------------------------------|

| (a) | to or on behalf of a Holder or beneficial owner of a Note that is liable for Argentine Taxes in respect of such Note by reason of having a present or former connection with an Argentine Tax Jurisdiction other than merely the holding or owning of such Note or the enforcement of rights with respect to such Note or the receipt of income or any payments in respect thereof; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | to or on behalf of a Holder or beneficial owner of a Note in respect of Argentine Taxes that would not have been imposed but for the failure of the Holder or beneficial owner of a Note to comply with any certification, identification, information, documentation or other reporting requirement (within 45 calendar days following a written request from the Company to the Holder or beneficial owner, as applicable, for compliance) if such compliance is required by applicable law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Argentine Taxes; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | to or on behalf of a Holder or beneficial owner of a Note in respect of any estate, inheritance, gift, sales, transfer, personal assets or similar tax, assessment or other governmental charge; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | to or on behalf of a Holder or beneficial owner of a Note in respect of Argentine Taxes payable otherwise than by withholding from payment of principal of, premium, if any, or interest on the Notes; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | to or on behalf of a Holder or beneficial owner of a Note in respect of any Taxes that are imposed on a payment to an individual and are required to be made pursuant to European Council Directive 2003/48/E on the taxation of savings income or any other directive implementing the conclusions of the ECOFIN Council meetings of November 26 and 27, 2000, December 13, 2001, and January 21, 2003, or any law implementing or complying with, or introduced in order to conform to, such a directive; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | to or on behalf of a Holder or beneficial owner of a Note in respect of any Taxes that would not have been imposed if presentation for payment of the relevant notes had been made to a paying agent other than the paying agent to which the presentation was made; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | to or on behalf of a Holder or beneficial owner of a Note in respect of Argentine Taxes that would not have been imposed but for the fact that the Holder presented such Note for payment (where presentation is required) more than 30 days after the later of : |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the date on which such payment became due and |
|--------|-----|-----------------------------------------------|

----

|   | (ii) | if the full amount payable has not been received by the Trustee on or prior to such due date, the date on which, the full amount is received and notice of such receipt has been given to the Holders by the Trustee; or |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | any combination of items (a) to (g) above; |
|-----|--------------------------------------------|

----

| 9.18 | Money for Note Payments to be Held in Trust |
|------|---------------------------------------------|

| (a) | hold all sums held by it for the payment of the principal of (and premium, if any) or interest, or any other amounts due on Notes, in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | give the Trustee notice of any default by the Company (or any other obligor upon the Notes) in the making of any payment of principal (and premium, if any) or interest or any other amounts due on the Notes; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | at any time during the continuance of any such default, upon the written request of the Trustee, immediately pay to the Trustee all sums so held in trust by such Paying Agent. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.19 | Ranking of Notes |
|------|------------------|

----

| 10.1 | Applicability of Article |
|------|--------------------------|

| 10.2 | Redemption at the Company’s Option |
|------|------------------------------------------|

| (a) | At any time on or after October 25, 2018 and prior to maturity, upon not less than 30 nor more than 60 days’ notice to the Trustee, the Company may redeem all or part of the Notes.  These redemptions will be in amounts of U.S. $2,000 or integral multiples of U.S. $1,000 in excess thereof at the following redemption prices (expressed as percentages of their principal amount at maturity) plus, in each case, accrued and unpaid interest and Additional Amounts, if any, to the redemption date, if redeemed during the 12-month period commencing on October 25 of the years set forth below. This redemption is subject to the right of holders of record on the relevant regular Record Date that is prior to the Redemption Date to receive interest due on an Interest Payment Date. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Year                |   | Redemption Price |     |
|---------------------|--------|-----------------------|----------|
| 2018                |   |                  | 104.8750 | % |
| 2019                |   |                  | 102.4375 | % |
| 2020                |   |                  | 101.2188 | % |
| 2021 and thereafter |   |                  | 100.0000 | % |

| (b) | Subject to the foregoing, in the case of any Optional Redemption of less than all of the Notes, such Notes will be redeemed, to the extent permitted under applicable law and securities exchange rules, on a pro rata basis.  If any Notes are to be redeemed only in part, the notice of redemption relating to such Notes shall state the portion of the principal amount thereof to be redeemed.  Notes in principal amount equal to the unredeemed portion thereof will be issued in the name of the holder thereof upon cancellation of the original Notes.  Interest, if any, will cease to accrue on the Notes or portions thereof called for redemption on the later of the redemption date or the date on which the relevant redemption price is effectively paid to holders of Notes or portions thereof called for redemption. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Repurchase at the Option of Holders Upon a Change of Control |
|------|--------------------------------------------------------------|

----

| (a) | accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; |
|-----|--------------------------------------------------------------------------------------------------------------|

| (b) | deposit with the Trustee an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | Redemption for Taxation Reasons |
|------|---------------------------------|

----

| 10.5 | Market Purchases |
|------|------------------|

| 10.6 | Selection by Trustee of Notes to be Redeemed |
|------|----------------------------------------------|

| (a) | if the Notes are listed on one or more securities exchanges, in compliance with the requirements, if any, of the principal securities exchange on which the Notes are listed (as set forth in an Officers’ Certificate delivered by the Company to the Trustee); or |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | if the Notes are not so listed or if such requirements are not so certified, on a pro rata basis, by lot or by such method as the Trustee deems fair and appropriate. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.7 | Notice of Redemption |
|------|----------------------|

| (a) | the Redemption Date; |
|-----|----------------------|

| (b) | the Redemption Price; |
|-----|-----------------------|

| (c) | a brief statement setting forth the Company’s right to effect such redemption and, if any conditions to such redemption apply, the Company’s basis therefor; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | if less than all the Notes then Outstanding are to be redeemed, the identification (and, in the case of partial redemption of any Notes, the principal amounts) of the particular Notes to be redeemed; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | that on the Redemption Date the Redemption Price will become due and payable upon each such Note to be redeemed and that interest thereon will cease to accrue on and after said date; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | unless all of the Notes are Global Notes, the place or places where such Notes are to be surrendered for payment of the Redemption Price. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.8 | Deposit of Redemption Price |
|------|-----------------------------|

| 10.9 | Notes Payable on Redemption Date |
|------|----------------------------------|

| 10.10 | Notes Redeemed in Part |
|-------|------------------------|

| 10.11 | Redemptions and Purchases of the Notes |
|-------|----------------------------------------|

| 11.1 | Company’s Option to Effect Defeasance or Covenant Defeasance |
|------|--------------------------------------------------------------------|

| 11.2 | Defeasance and Discharge |
|------|--------------------------|

----

| (a) | the rights of Holders of such Notes to receive, solely from the trust fund described in Section 11.4 (Conditions to Defeasance or Covenant Defeasance) and as more fully set forth in such Section 11.4 (Conditions to Defeasance or Covenant Defeasance), payments in respect of the principal of (and premium, if any) and interest and Additional Amounts, if any, on such Notes when such payments are due; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | the Company’s obligations with respect to such Notes under Sections 3.4 (Registration, Registration of Transfer and Exchange Generally), 3.5 (Mutilated, Destroyed, Lost and Stolen Notes), 3.6 (Payment of Interest; Interest Rights Preserved); |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | the rights, powers, trusts, duties and immunities of the Trustee hereunder, and |
|-----|---------------------------------------------------------------------------------|

| (d) | this Article 11. |
|-----|------------------|

| 11.3 | Covenant Defeasance |
|------|---------------------|

| (a) | the Company shall be released from its obligations under Article 9 (Covenants); and |
|-----|-------------------------------------------------------------------------------------|

| (b) | the occurrence of an event specified in Section 5.1(d) (Events of Default) (with respect to Article 9) shall not be deemed to be an Event of Default on and after the date the conditions set forth below are satisfied (hereinafter, covenant defeasance). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.4 | Conditions to Defeasance or Covenant Defeasance |
|------|-------------------------------------------------|

| (a) | The Company shall irrevocably have deposited or caused to be deposited with the Trustee funds in trust, for the benefit of Holders of the Notes, cash in U.S. Dollars or U.S. Government Obligations, or a combination thereof, sufficient, in the opinion of a recognized firm of independent certified public accountants, to pay and discharge the principal of and each installment of interest (and Additional Amounts) on such Notes on the Stated Maturity of such principal or installment of Interest in accordance with the terms of this Indenture and of the Notes; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | in the case of defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the United States Internal Revenue Service a ruling (that in each case applies to defeasance) or (ii) since the date of this Indenture there has been a change in the applicable United States federal income tax law, in either case to the effect that the Holders of the outstanding Notes will not recognize income, gain or loss for United States federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | in the case of covenant defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the respective outstanding Notes will not recognize income, gain or loss for United States federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and or covenant defeasance had not occurred; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | no Event of Default or event which with the giving of notice, lapse of time or satisfaction or any other condition or any combination of the foregoing would become an Event of Default shall have occurred and be continuing on the date of such deposit or will occur as a result of such deposit or, insofar as Events of Default resulting from bankruptcy or insolvency events are concerned, at any time during the period ending on the 121st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | such defeasance or covenant defeasance shall not cause the Trustee to have a conflicting interest as defined in this Indenture and for purposes of the Trust Indenture Act with respect to any securities of the Company; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which it is bound; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | the Company shall have delivered to the Trustee an Officers’ Certificate stating that all conditions precedent provided for relating to either defeasance or covenant defeasance, as the case may be, have been complied with and no violations under instruments or agreements governing any other outstanding Indebtedness of the Company would result as a consequence of such defeasance or covenant defeasance, as the case may be; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | the Company has delivered to the Trustee, subject to certain exceptions set forth in this Indenture, an opinion of its Argentine counsel to the effect that after two years following the deposit, the trust funds deposited in accordance with Argentine law No.  24,441 will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally under the laws of Argentina; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | the Company shall have paid or duly provided for payment of all amounts then due to the Trustee pursuant to the terms of this Indenture. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|

| 11.5 | Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions |
|------|------------------------------------------------------------------------------------------------|

----

| 11.6 | Reinstatement |
|------|---------------|

| 12.1 | No Liability of Directors, Officers, Employees, Incorporators, Members, and Stockholders |
|------|------------------------------------------------------------------------------------------|

----

| By:                                     |        |
|-----------------------------------------|--------------------------------------|
|                                    |                                 |
| Title:                        |        |
|                                    |
| THE BANK OF NEW YORK MELLON, as Trustee |
|                                    |
| By:                                     |        |
|                                    |                                 |
| Title:                                  |        |

| By:                |        |
|--------------------|--------------------------------------|
|               |                                 |
| Title:   |        |

----

----

----

| By:             |        |
|-----------------|--------------------------------------|
|            | Name:                      |   |
|            | Title:                               | Member of the Board of Directors |
|            |                                 |   |
| By:   |        |
|            | Name:                                |   |
|            | Title:                               | Member of the Statutory Audit Committee |

----

| The Bank of New York Mellon, |
|------------------------------|
| AS TRUSTEE                   |
|                         |
| By:                |        |
|                         | (Authorized Signatory Name) |
|                         | Name: |
|                         | Title: |

----

| Date ofDecrease/Increase |   | Decrease in PrincipalAmount at Maturity |   | Increase in PrincipalAmount at Maturity |   | Total PrincipalAmount at MaturityFollowing suchDecrease/Increase |   | Notation Made by oron Behalf of Trustee |
|-------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------|--------|--------------------------------------------------------------------------------------|--------|-------------------------------------------------------------|
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   |                                                        |
|                          |   |                                              |   |                                              |   |                                                                                 |   | ]                                                           |

----

|   | 1. | This Note is a negotiable obligation under Argentine Law No. 23,576, as amended (the Negotiable Obligations Law).  This Note is one of a duly authorized issue of Notes of the Company designated as its    9.75% Notes due 2022 (herein called the Notes) issued and to be issued under an Indenture, dated as of October 25, 2010 (herein called the Indenture), between the Company, The Bank of New York Mellon, as Trustee (herein called the Trustee, which term includes any successor trustee under the Indenture) and Banco Santander Río S.A. (as representative of the Trustee in Argentina, Registrar, Transfer and Paying Agent and herein called the Paying Agent, which term includes any successor paying agent under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered.  References to Sections herein are references to Sections of the Indenture. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | In accordance with Section 10.2 (Redemption at the Company’s Option) of the Indenture, at any time on or after October 25, 2018 and prior to maturity, upon not less than 30 nor more than 60 days’ notice, the Company may redeem all or part of the Notes.  These redemptions will be in amounts of U.S. $2,000 or integral multiples of U.S. $1,000 in excess thereof at the following redemption prices (expressed as percentages of their principal amount at maturity) plus, in each case, accrued and unpaid interest and Additional Amounts, if any, to the redemption date, if redeemed during the 12-month period commencing on October 25 of the years set forth below. This redemption is subject to the right of holders of record on the relevant regular Record Date that is prior to the Redemption Date to receive interest due on an Interest Payment Date. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Year                |   | Redemption Price |     |
|---------------------|--------|-----------------------|----------|
| 2018                |   |                  | 104.8750 | % |
| 2019                |   |                  | 102.4375 | % |
| 2020                |   |                  | 101.2188 | % |
| 2021 and thereafter |   |                  | 100.0000 | % |

|   | 3. | In the event of redemption of this Note in part only, a new Note or Notes for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | In accordance with Section 10.3 (Repurchase at the Option of Holders Upon a Change of Control) of the Indenture, if a Change of Control occurs, each Holder of the Notes will have the right to require the Company to repurchase all or any part (in any integral multiple of U.S. $1,000) of that Holder’s Notes pursuant to an offer (the Change of Control Offer) made by the Company on the terms set forth in the Indenture.  In the Change of Control Offer, the Company will offer to purchase such Holder’s Notes at a purchase price in cash equal to 100% of the aggregate principal amount of such Notes to be repurchased plus accrued and unpaid interest and Additional Amounts, if any, on such Notes to be repurchased to the date of purchase, subject to the rights of Holders of such Notes on the relevant record date to receive interest due on the relevant Interest Payment Date (the Change of Control Payment).  Within 30 days following a Change of Control, the Company will mail a notice to each holder describing the transaction or transactions that constitute the Change of Control and offering to repurchase the applicable Notes on a date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the Change of Control Payment Date), pursuant to the procedures required by the Indenture and described in such Change of Control Offer Notice.  To the extent that the provisions of any securities laws or regulations to be issued in the future conflict with the Change of Control provisions of the Indenture, the Company will make the Change of Control Offer in accordance with the applicable provisions of the securities laws and regulations (and the terms set forth herein that do not conflict with such provisions) and will not be deemed to have breached its obligations under the Change of Control provisions of the Indenture by virtue of such compliance. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5. | On the Change of Control Payment Date, the Company will, to the extent lawful: |
|--------|----|--------------------------------------------------------------------------------|

|   | a. | accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; |
|--------|----|--------------------------------------------------------------------------------------------------------------|

|   | b. | deposit with the Trustee an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6. | The Trustee will promptly deliver to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any.  The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7. | The Company will not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant to the Indenture as described under Section 10.2 (Redemption at the Company’s Option) of the Indenture, unless and until there is a default in payment of the applicable redemption price. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8. | The Company may redeem the Notes at its option in whole, but not in part, at any time, on giving not less than 30 nor more than 60 days’ written notice (which will be irrevocable) to the Trustee and, if applicable,  to the CNV, in writing and to the Luxembourg Stock Exchange, if the rules of such exchange so require, such notice to be given by publication in the English language in a leading newspaper having general circulation in Luxembourg (which is expected to be the d’Wort or the Tageblatt), or, alternatively, on the website of the Luxembourg Stock Exchange at http://www.bourse.lu.  The notes may be redeemed at a redemption price equal to 100% of the outstanding principal amount thereof, together with any accrued but unpaid interest and any Additional Amounts to the date fixed for redemption, if, as a result of any change in, or amendment to, the laws (or any regulations or rulings issued thereunder) of the Republic of Argentina or any political subdivision of or any taxing authority in the Republic of Argentina (each an ArgentineTax Jurisdiction) or any change in the application, administration or official interpretation of such laws, regulations or rulings, including, without limitation, the holding of a court of competent jurisdiction, the Company has or will become obligated to pay Additional Amounts with respect to a payment on or in respect of the Notes, which change or amendment becomes effective on or after the date of issuance of the Notes (or, in the case of a successor Person to the Company, as of the date such Person assumes the obligations of the Company), and the Company determines in good faith that such obligation cannot be avoided by its taking reasonable measures available to it. No such notice of redemption may be given earlier than 60 days prior to the earliest date on which we would be obligated to pay such Additional Amounts were a payment in respect of the Notes then due.  Prior to the distribution of any notice of redemption pursuant to this paragraph, the Company will deliver to the Trustee a certificate signed by a duly authorized officer stating that it has or will become obligated to pay Additional Amounts as a result of such change or amendment, and that such obligation cannot be avoided by its taking reasonable measures available to it. The Company will also deliver to the Trustee, prior to the distribution of such notice, an opinion of counsel to the effect that as a result of such change or amendment the Company will be obligated to pay Additional Amounts. The Trustee will be entitled to accept such certificate and such opinion as sufficient evidence of the satisfaction of the conditions precedent contained in the second preceding sentence, in which event it will be conclusive and binding on the holders. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 9. | The Indenture contains provisions for defeasance at any time of (i) the entire indebtedness of this Note or (ii) certain covenants and Events of Default with respect to this Note, in each case upon compliance with certain conditions set forth therein. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10. | The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of all Notes then Outstanding.  The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes at the time Outstanding, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11. | No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12. | As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Note Register, upon surrender of this Note for registration of transfer at the office of the Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes executed by the Company and authenticated and delivered by the Trustee, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 13. | The Notes are issuable only in registered form without coupons in denominations of U.S. $2,000 and integral multiples of U.S. $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of a different authorized denomination, as requested by the Holder surrendering the same. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14. | No service charge shall be made for any registration of transfer or exchange of Notes, but the Company, the Trustee or the Paying Agent may require (i) payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Sections 3.3 (Execution, Authentication, Delivery and Dating), 3.4 (Registration, Registration of Transfer and Exchange Generally), 8.5 (Conformity with Trust Indenture Act and the Negotiable Obligations Law) or 10.11 (Redemptions and Purchases of the Notes) of the Indenture not involving any transfer and (ii) appropriate endorsements and transfer documents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15. | Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered in the Notes Register as the owner of this Note for the purpose of receiving payment of principal of (and premium, if any) and, subject to Section 3.4 (Registration, Registration of Transfer and Exchange Generally) of the Indenture, interest on such Note and for all other purposes whatsoever, whether or not this Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16. | All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

----

|   | 17. | THE NEGOTIABLE OBLIGATIONS LAW GOVERNS THE LEGAL REQUIREMENTS FOR THIS NOTE TO QUALIFY AS AN “OBLIGACIÓN NEGOCIABLE” THEREUNDER WHILE SUCH LAW, TOGETHER WITH ARGENTINE LAW NO. 19,550, AS AMENDED AND OTHER ARGENTINE LAWS AND REGULATIONS, GOVERN THE CAPACITY AND CORPORATE AUTHORIZATION OF THE COMPANY TO EXECUTE AND DELIVER THIS NOTE AND THE INDENTURE AND THE AUTHORIZATION OF THE CNV FOR THE PUBLIC OFFERING OF THIS NOTE IN ARGENTINA.  AS TO ALL OTHER MATTERS, THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 18. | Each of the following events with respect to the Notes shall be an event of default (Events of Default) in connection with the Notes: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | default in the payment of any principal of any of the Notes when the same shall become due and payable, whether at maturity, upon redemption, by declaration, by prepayment or otherwise and such default continues for five calendar days; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | default in the payment of any interest or Additional Amounts, if applicable, when the same shall become due and payable, whether at maturity, upon redemption, by declaration, by prepayment or otherwise and such default continues for thirty (30) calendar days; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | any failure to comply with the provisions of Sections 9.16 (Limitations on Mergers, Consolidations, Sales and Conveyances); |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------|

|   | d. | any failure on the part of the Company to duly observe or perform any of the covenants or agreements of the Company under the Indenture (other than those referred to in (a) and (b) above) for a period of more than 30 calendar days after the date on which written notice thereof requiring the Company to remedy the same shall have been given to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount Outstanding of the Notes; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | there occurs with respect to any Indebtedness of the Company or its Restricted Subsidiaries having a principal amount of U.S. $30 million (or its equivalent in other currencies) or more in the aggregate for all such Indebtedness of all such Persons (i) an event of default that results in the acceleration of the maturity of such Indebtedness or (ii) failure to make a principal payment when due and such defaulted payment is not made, waived or extended within the applicable grace period; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | there shall have been a revocation, cancellation, termination or suspension for more than twenty (20) consecutive days of the Concession Agreement; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | g. | there shall have been entered against the Company or any of its Restricted Subsidiaries a final judgment, decree or order by a court of competent jurisdiction from which no appeal may be taken or, within the applicable period to appeal, is taken for the payment of money, or the forfeiture of property with an aggregate value in excess of U.S. $30 million (or its equivalent in other currencies) and 60 calendar days shall have passed since the entry of the order without it being satisfied, discharged or stayed (a Judgment); |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | h. | a distress, attachment, execution, seizure before judgment or other legal or extrajudicial process is levied, enforced or sued out on or against any part of the property, assets or revenues of the Company or any of its Restricted Subsidiaries, which, if executed or consummated, would have a material adverse effect on the Company’s ability to make scheduled principal and interest payments on the Notes, unless (i) such distress, attachment, execution, seizure before judgment or other legal or extrajudicial process is discharged or stayed within 90 days of notice to the Company or such Restricted Subsidiary, as the case may be, or (ii) if such distress, attachment, execution, seizure before judgment or legal or extrajudicial process shall not have been discharged or stayed within such 90-day period, the Company or such Restricted Subsidiary, as the case may be, shall have contested in good faith by appropriate proceedings such distress, attachment, execution, seizure before judgment or legal process; provided that if such distress, attachment, execution, seizure before judgment or legal process shall not have been discharged or stayed within 365 days of notice to the Company or such Restricted Subsidiary, as the case may be, the Company or such Restricted Subsidiary shall have posted a bond or other appropriate collateral which shall have substituted such distress, attachment, execution, seizure before judgment or other legal or extrajudicial process within such time period; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | i. | the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary shall, after the Issuance Date: |
|--------|----|--------------------------------------------------------------------------------------------------------------------|

|   |   i. | make a general assignment for the benefit of its creditors, |
|--------|-----------|-------------------------------------------------------------|

|   |  ii. | be adjudicated bankrupt or insolvent, or |
|--------|-----------|------------------------------------------|

|   | iii. | (A) file a voluntary petition in bankruptcy or a petition or an answer seeking reorganization or an arrangement with creditors pursuant to a “concurso preventivo de acreedores,” (B) seek approval of its creditors for an “acuerdo preventivo extrajudicial” through any means, including the distribution of an offering circular or similar disclosure materials to creditors in connection with such “acuerdo preventivo extrajudicial,” (C) file for court endorsement of an “acuerdo preventivo extrajudicial,” (D) apply for or consent to the appointment (in a similar court proceeding) of a receiver, trustee, liquidator or the like for itself or its property or (E) make a similar court filing seeking to take advantage of any applicable Insolvency Law; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | j. | after the Issuance Date and without its application, approval or consent, a proceeding shall be instituted in any court of competent jurisdiction, seeking in respect of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary adjudication in bankruptcy, reorganization, dissolution, winding up, liquidation, a composition or arrangement with creditors, the appointment of a trustee, a receiver, liquidator or the like of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or of all of the assets thereof or other like relief in respect of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary under any applicable bankruptcy or Insolvency Law, and either |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  i. | such proceeding shall not be actively contested by the Company or such Restricted Subsidiary in good faith, or |
|--------|----------|----------------------------------------------------------------------------------------------------------------|

|   | ii. | any order, judgment or decree shall be entered by any court of competent jurisdiction to effect any of the foregoing; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | k. | any condemnation, seizure, compulsory purchase or expropriation, or taking into custody or control, by any governmental authority or agency of assets or share capital of the Company or its Restricted Subsidiaries which, in the aggregate, would be likely to have a material adverse effect upon the business and results of operations of the Company and its Restricted Subsidiaries taken as a whole; or |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | l. | a general moratorium shall be agreed or declared in respect of the payment or performance of the obligations of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19. | If an Event of Default occurs and is continuing with respect to the Notes, the Trustee may and, at the direction or request of the holders of not less than 25% of the then outstanding aggregate principal amount of the Notes shall, by notice in writing to the Company, declare the principal amount of, and interest accrued on, the Notes to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable upon the date that such written notice is received by or on behalf of the Company. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 20. | After a declaration of acceleration of the Notes, but before a judgment or decree of the money due in respect of the Notes has been obtained, the holders of not less than a majority of the then outstanding aggregate principal amount of the Notes, may rescind, by written notice to the Trustee, an acceleration and its consequences if all existing Events of Default (other than the nonpayment of principal and interest and any Additional Amounts on the Notes, which have become due solely by virtue of such acceleration) have been cured or waived and if the rescission would not conflict with any judgment or decree.  No such rescission shall affect any subsequent Event of Default or impair any right consequent thereto. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21. | The Company covenants that if: |
|--------|-----|--------------------------------|

|   | (a) | a default occurs in the payment of interest on any Note when such interest becomes due and payable and such default continues for a period of 30 days; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a default occurs in the payment of the principal of (or premium, if any, on) any Note at the Maturity thereof, |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of this Note, (i) the aggregate amount then due and payable on this Note for principal (and premium, if any) and interest, (ii) to the extent that payment of default interest shall be legally enforceable, interest on any overdue principal (and premium, if any) and interest, at the default interest rate applicable to this Note, and (iii) such further amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 22. | If the Company fails to pay such amounts immediately upon demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the amounts so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other successor obligor of this Note and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor of the Notes, wherever situated. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 23. | If an Event of Default occurs and is continuing, the Trustee may, in its discretion, proceed to protect and enforce its rights and the rights of the Holders by such appropriate judicial proceedings as the Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in the Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 24. | The Trustee shall not be bound to institute any proceedings or take any other actions described in the two preceding paragraphs unless (a) it shall have been so directed by the Holders of a majority in aggregate principal amount of Notes then Outstanding pursuant (and subject) to Section 5.12 (Control by Holders) of the Indenture and (b) it shall have received an indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such direction. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 25. | In case of any judicial proceeding relative to the Company (or any other obligor upon the Notes), its property or its creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act, the Negotiable Obligations Law and Law 24,522, as amended, in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7 (Compensation and Reimbursement) of the Indenture. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 26. | No provision of the Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 27. | All rights of action and claims under the Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes in respect of which such judgment has been recovered. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 28. | No Holder of any Note will have any right by virtue of or by availing itself of any provision of the Indenture or the Notes to institute any suit, action or proceeding in equity or at law, or otherwise, upon or under or with respect to the Indenture, or the Notes, or for any remedy thereunder, unless: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | such Holder previously shall have given to the Trustee written Notice of Default and of the continuance thereof, |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (b) | the Holders of not less than 25% of the aggregate principal amount of the Notes then Outstanding shall have made written request upon the Trustee to institute such action or proceedings in its own name as Trustee under the Indenture and shall have offered to the Trustee an indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the Trustee for 30 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to the Indenture. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 29. | Notwithstanding any other provision in the Indenture and any provision of this Note, the right of any Holder of any Note to receive payment of the principal of and interest on this Note (including Additional Amounts) on or after the respective due dates expressed in this Note, or to institute suit (including any “acción ejecutiva individual” pursuant to Article 29 of the Negotiable Obligations Law) for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the prior consent of such Holder.  To that effect, any beneficial owner of Global Notes will have the right to obtain evidence of its beneficial ownership interest in a Global Note in accordance with Argentine Decree 677/01, as amended (including for initiating summary proceedings (acción ejecutiva) in the manner provided by the Negotiable Obligations Law), and for such purposes, such beneficial owner will be treated as the owner of that portion of the Global Note which represents its beneficial ownership interest therein. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 30. | If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under the Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such ease, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 31. | Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in the last paragraph of Section 3.6 (Payment of Interest; Interest Rights Preserved) of the Indenture, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32. | No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 33. | The Holders of a majority in principal amount of the Notes then Outstanding shall, upon offering to the Trustee indemnity satisfactory to it, have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, provided that: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | such direction shall not be in conflict with any rule of law or with the Indenture or shall not be adverse in any material respect to the Trustee; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (c) | such right shall not impair the right of any individual Holder to file suits against the Company in accordance with Article 29 of the Negotiable Obligations Law. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 34. | Subject to Section 5.2 (Acceleration of Maturity; Rescission and Annulment) of the Indenture, the Holders of not less than a majority in principal amount of the Notes then Outstanding may on behalf of the Holders of all the Notes waive any past Default hereunder and its consequences, except a Default: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in the payment of the principal of (or premium, if any) or interest on any Note; or |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (b) | in respect of a covenant or provision which under Section 8.2 (Supplemental Indentures With Consent of Holders) of the Indenture cannot be modified or amended without the consent of the Holder of each Note affected. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 35. | Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of the Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 36. | In any suit for the enforcement of any right or remedy under the Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this paragraph nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company or the Trustee. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 37. | To the extent that the Company or any of its revenues, assets or properties shall be entitled, with respect to any Related Proceeding any time brought against the Company or any of its revenues, assets or properties in the courts identified above, to any immunity from suit, from the jurisdiction of any such court, from attachment prior to judgment, from attachment in aid of execution of judgment, from execution of a judgment or from any other legal or judicial process or remedy, and to the extent that in any such jurisdiction there shall be attributed such an immunity, the Company has irrevocably agreed not to claim and has irrevocably waived such immunity to the fullest extent permitted by law (including, without limitation, the Foreign Sovereign Immunities Act of 1976 of the United States).  The Company has agreed that final judgment in any such suit, action or proceeding brought in such a court will be conclusive and binding on it and may be enforced in any court to the jurisdiction of which the Company is subject by a suit upon such judgment; provided that service of process if effected upon the Company in the manner specified above or as otherwise permitted by law. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 38. | The Company will not, and will not permit any of its Restricted Subsidiaries to incur, assume or suffer to exist, any Lien upon its property, assets or revenues, whether now owned or hereafter acquired, securing any Indebtedness of any Person, unless the Notes are equally and ratably secured by such Liens, other than the following (Permitted Liens): |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Liens for taxes, assessments or governmental charges or claims or fines not yet due or which are being contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of the Company or such Restricted Subsidiary, as the case may be, to the extent required by Argentine GAAP; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Liens created by any Restricted Subsidiaries over their assets solely in favor of the Company or another Restricted Subsidiary; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Liens arising by reason of (1) any judgment, decree or order of any court, so long as such Lien is being contested in good faith and any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree or order shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired; (2) any embargo preventivo or any other interlocutory or temporary attachment order or measure in connection with an action or proceeding during the pendency of such action or proceeding; (3) security for payment of workers’ compensation or other insurance or obligations arising from other social security laws; and (4) operation of law in favor of warehousemen, landlords, mechanics, material men, laborers, employees or suppliers or other similar liens imposed by law or by contract incurred in the ordinary course of business for sums which are not yet delinquent or are being contested in good faith by negotiations or by appropriate proceedings which suspend the collection thereof, and, in each case, for which adequate reserves are maintained on the books of the Company or such Restricted Subsidiary, as the case may be, to the extent required by Argentine GAAP; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | leases or subleases granted to others, easements, rights of way, zoning and similar covenants and restrictions and other similar encumbrances or title defects, which do not materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the Company and its Restricted Subsidiaries; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Liens on property that secure Indebtedness Incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of such property and which attach no later than 90 days after the date of such purchase or the completion of construction or improvement; provided that no such Lien shall extend to or cover any physical assets or equipment other than the physical assets or equipment being acquired, constructed or improved; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Liens on property at the time the Company or any of its Restricted Subsidiaries acquires such property, including any acquisition by means of a merger or consolidation of such Person with or into the Company or a Restricted Subsidiary; provided that such Liens are not created in contemplation of such acquisition and do not extend to any other property of the Company or any Restricted Subsidiary existing immediately prior to such acquisition; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (h) | escrow deposits, trusts or similar accounts created or established pursuant to the Restructuring Indenture, the 2017 Indenture, the Indenture or for the payment of debt service obligations under the Notes, including, without limitation, any deposits or accounts created and any encumbrances or interests granted in such deposits or accounts, in each case, in connection with or in furtherance of the application of the proceeds of this offering as described under “Use of Proceeds” in the Offering Memorandum; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any banker’s right of set-off arising from operation of law with respect to deposits made in the ordinary course of business by the Company; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | Liens securing obligations under Hedging Contracts; |
|--------|-----|-----------------------------------------------------|

|   | (k) | Liens in existence on the Issuance Date and any renewals or extensions thereof, so long as (A) such renewal or extension Lien does not extend to any property other than that originally subject to the Liens being renewed or extended and (B) the principal amount of the Indebtedness secured by such Lien, if applicable, is not increased; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | Liens to secure any Permitted Refinancing Indebtedness which is Incurred to refinance any Indebtedness which has been secured by a Lien permitted under this paragraph; provided that such new Liens are not materially more favorable to the lienholders with respect to such Liens than the Liens in respect of the Indebtedness being refinanced, and do not extend to any property or assets other than property or assets securing the Indebtedness refinanced by such Permitted Refinancing Indebtedness; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | Liens on Receivables and Related Assets securing Permitted Indebtedness described in Paragraph 40(h) hereof; |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (n) | Liens arising or deemed to arise from a Sale and Leaseback Transaction; |
|--------|-----|-------------------------------------------------------------------------|

|   | (o) | Liens created or established in order to comply with any applicable rule, regulation, order, resolution, decree, directive or instruction of any federal, provincial or municipal government of Argentina, or any agency or instrumentality thereof, in connection with the conduct of a Permitted Business; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | Liens on any debt securities of the Company or a Restricted Subsidiary repurchased by the Company and securing Indebtedness the proceeds of which are used exclusively for the repurchase of debt securities of the Company or a Restricted Subsidiary; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 39. | The Company will not, and will not permit any of its Restricted Subsidiaries to, Incur any Indebtedness; provided that the Company or any Restricted Subsidiary may Incur Indebtedness if, on the date of the Incurrence, after giving effect to the Incurrence and the receipt and application of the proceeds therefrom, no Default has occurred and is continuing and the Leverage Ratio is not greater than 3.75 or less than zero and the Interest Expense Coverage Ratio is not less than 2.0. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 40. | Notwithstanding the foregoing, the Company and its Restricted Subsidiaries may Incur the following Indebtedness if, on the date of the Incurrence, after giving effect to the Incurrence and the receipt and application of the proceeds therefrom, no Default has occurred and is continuing (Permitted Indebtedness): |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | Indebtedness outstanding on the Issuance Date, including any Notes issued on the Issuance Date; |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (b) | Permitted Refinancing Indebtedness; |
|--------|-----|-------------------------------------|

|   | (c) | Subordinated Indebtedness; |
|--------|-----|----------------------------|

|   | (d) | Indebtedness Incurred for purposes of, and substantially all of the proceeds of which are applied to,  financing of Regulatory Capital Expenditures; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Indebtedness in respect of Hedging Contracts; |
|--------|-----|-----------------------------------------------|

|   | (f) | Indebtedness with respect to letters of credit, bankers’ acceptances and similar obligations issued in the ordinary course of business and not supporting Indebtedness, including performance bonds and letters of credit supporting performance bonds; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Indebtedness of the Company or any of its Restricted Subsidiaries owed to the Company or any of its Restricted Subsidiaries so long as such Indebtedness continues to be owed to the Company or a Restricted Subsidiary and which, if the obligor is the Company and such Indebtedness is owed to such Restricted Subsidiary, is subordinated in right of payment and priority to the Notes, pursuant to a Subordination Agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Indebtedness under any one or more Permitted Receivables Financings, the combined aggregate principal amount of which does not exceed U.S.$35 million (or its equivalent in other currencies) at any time outstanding; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Indebtedness Incurred for general corporate purposes in an aggregate principal amount not to exceed U.S. $60 million (or its equivalent in other currencies) at any time outstanding. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 41. | The Company will not, and will not permit any of its Restricted Subsidiaries to, make any Asset Sale unless: |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (a) | the Asset Sale is for fair market value, as determined in good faith by the Board of Directors; |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (b) | at least 75% of the value of the consideration therefrom is in the form of Cash and Cash Equivalents; provided that (i) any non-cash consideration received is for fair market value and (ii) the receipt of such non-cash consideration is otherwise permitted under the Indenture; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | immediately before and immediately after giving effect to such Asset Sale, no Default or Event of Default shall have occurred and be continuing. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 42. | Within 270 days after the receipt of any Net Cash Proceeds from an Asset Sale (other than a Sale and Leaseback Transaction), the Company or any Restricted Subsidiary shall, at its election, apply the Net Cash Proceeds of such Asset Sale to (i) purchase, prepay or redeem Indebtedness of the Company or any Restricted Subsidiary or (ii) (A) acquire or commit to acquire all or substantially all of the assets of a Permitted Business or a majority of the Voting Stock of another Person that thereupon becomes a Restricted Subsidiary engaged in a Permitted Business; or (B) acquire or commit to acquire assets that are to be used by the Company or a Restricted Subsidiary in a Permitted Business; provided that if the Company receives Net Cash Proceeds from Asset Sales in an aggregate amount in excess of U.S. $20 million in any fiscal year, the Company shall apply such excess, to the extent not otherwise applied as permitted in this paragraph within the following fiscal year, for the purposes set forth in clauses (i) or (ii) above. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 43. | The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, renew, amend or extend any transaction or arrangement including the purchase, sale, lease or exchange of property or assets, or the rendering of any service, with any Affiliate of the Company (other than Sociedad Anónima Centro de Movimiento de Energía (SACME)) except upon terms not less favorable to the Company or such Restricted Subsidiary than those that could be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of the Company. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 44. | If any such transaction or series of related transactions has an aggregate value in excess of U.S. $15 million, prior to such transaction, the Company will obtain a favorable written opinion from (i) the audit committee of the Company, which committee shall include at least two independent members of the Board of Directors and (ii) at least one independent consultant that the terms of the transaction are consistent with those that could be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of the Company. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 45. | Paragraphs 51 and 52 do not apply to: |
|--------|-----|---------------------------------------|

|   | (a) | any transaction between the Company and any of its Restricted Subsidiaries or between Restricted Subsidiaries of the Company; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any transaction or payment required pursuant to Argentine laws and regulations to be made on terms different than in comparable arm’s-length transactions; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the performance by any of the Company or its Restricted Subsidiaries of its obligations under the terms of any modification or replacement of such agreement in effect on the Issuance Date and disclosed in the Offering Memorandum under the heading “Related Party Transactions.” |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 46. | The Company will not and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, take any of the following actions (each, a Restricted Payment): |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | declare or pay any dividend or return of capital or make any distribution on or in respect of Equity Interests of the Company or any Restricted Subsidiary to Holders of such Equity Interests other than (i) any dividends or distributions in the form of Qualified Equity Interests of the Company, (ii) dividends, distributions or returns of capital payable to the Company or a Restricted Subsidiary, (iii) dividends, distributions or returns of capital made on a pro rata basis to the Company and its Restricted Subsidiaries on the one hand, and minority Holders of Equity Interests of a Restricted Subsidiary on the other hand or (iv) any payments permitted to be made pursuant to Section 9.4 (Limitation on Transactions with Shareholders and Affiliates) of the Indenture; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | purchase, redeem or otherwise acquire or retire for value any Equity Interests of the Company; |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (c) | repay, redeem, repurchase, defease or otherwise acquire or retire for value, or make any payment on or with respect to, any Subordinated Indebtedness, other than (i) scheduled payments of interest or principal (provided no Default or Event of Default shall have occurred and be continuing), (ii) any intercompany Indebtedness between or among the Company and/or any Restricted Subsidiaries or (iii) any payments permitted to be made pursuant to Section 9.4 (Limitation on Transactions with Shareholders and Affiliates) of the Indenture; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | make any Investments (other than Permitted Investments); |
|--------|-----|----------------------------------------------------------|

|   | 47. | The Company will furnish to the Trustee: |
|--------|-----|------------------------------------------|

|   | (a) | as soon as available, but in any event within 120 days after the end of each fiscal year (December 31) of the Company, a copy of the consolidated balance sheet of the Company as of the end of such year and the related consolidated statements of income and cash flows for such fiscal year, audited by independent accountants selected by the Company and of internationally recognized standing; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | as soon as available, but in any event within 75 days after the end of each of the first three fiscal quarters of the Company, a copy of the unaudited consolidated balance sheet of the Company as of the end of each such quarter and the related unaudited consolidated statements of income and cash flows of the Company for such quarter and the portion of the fiscal year through such date; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | concurrently with the delivery of the financial statements for each fiscal year and the second fiscal quarter of the Company referred to in clauses (a) and (b), respectively above, a certificate of the Company’s general manager or Chief Financial Officer certifying the calculation of the Leverage Ratio and the Interest Expense Coverage Ratio; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | concurrently with the delivery of the financial statements referred to in clause (a) above, a certificate of the general manager or chief financial officer of the Company stating (i) whether, to the best of such officer’s knowledge, anything came to his or her attention to cause him or her to believe that there existed on the date of such statements a Default or an Event of Default, and if so, specifying the nature and period of existence thereof. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 48. | Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 49. | The Company will use reasonable efforts to notify the Trustee by facsimile or electronic mail (receipt confirmed telephonically or by electronic mail or electronic mail receipt) promptly after it becomes aware of the occurrence of any Event of Default, or any condition or event which with the giving of notice, lapse of time or satisfaction of any other condition or any combination of the foregoing would, unless cured or waived, become an Event of Default. Each notice given pursuant to this paragraph shall be accompanied by a certificate of an Officer of the Company setting forth the details of the occurrence referred to therein and stating what action the Company proposes to take with respect thereto. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 50. | The Company will use its reasonable best efforts to obtain and maintain a listing on the Buenos Aires Stock Exchange, the admission to trading on the Mercado Abierto Electrónico S.A., a listing on the Luxembourg Stock Exchange and the admission to trading on the Euro MTF market of the Luxembourg Stock Exchange.  In the event that the Notes are admitted to trading on Euro MTF, the Company will use commercially reasonable efforts to maintain such listing; provided that the Company may terminate such listing and delist the Notes from Euro MTF if it determines that the provisions of the European Transparency Obligations Directive (2003/2004/COD) or other applicable legislation becomes unduly onerous or burdensome, in which case the Company will use commercially reasonable efforts to obtain an alternative admission to listing, trading and/or quotation for the Notes by another listing authority, exchange and/or system within or outside the European Union, as it may decide and to the extent feasible. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 51. | Except as otherwise permitted under the Indenture and referred to below under Section 9.16 (Limitations on Mergers, Consolidations, Sales and Conveyances) of the Indenture, the Company, at all times, will do all things necessary to preserve and keep in full force and effect its corporate existence and preserve and keep in full force and effect in all respects all material licenses and permits necessary to the proper conduct of its business and its rights (charter and statutory) and franchises and such rights and franchises of its Restricted Subsidiaries necessary to the proper conduct of the business of the Company and such Subsidiaries, as a whole. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 52. | The Company and its Restricted Subsidiaries will not engage in any business other than a Permitted Business. |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | 53. | The Company will cause all material tangible properties used in the conduct of its business or the business of any of its Significant Subsidiaries to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements and improvements thereof, all as in the Company’s judgment may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that this covenant will not prevent the Company or any of its Subsidiaries from discontinuing the operation or maintenance of any of such properties if such discontinuance is desirable in the conduct of its business and the business of its Subsidiaries taken as a whole and not adverse in any material respect to the holders of the Notes. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 54. | The Company will, and will cause each of its Subsidiaries to, maintain insurance in such amounts and covering such risks as is usually carried by electricity distribution companies, subject to any applicable laws and regulations of Argentina. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 55. | The Company will, and will cause each of its Subsidiaries to, pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all taxes, assessments and governmental charges levied or imposed upon the Company or its Subsidiaries; provided, however, that neither the Company nor any Subsidiary will be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim which is being contested in good faith and, if appropriate, by appropriate legal proceedings, provided that adequate reserves with respect thereto are maintained on the books of the Company or such Subsidiary, as the case may be, to the extent required by Argentine GAAP. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 56. | The Company may designate any Subsidiary, including a newly acquired or created Subsidiary, to be an Unrestricted Subsidiary under the Indenture if: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the Restricted Subsidiary is not a Significant Subsidiary; |
|--------|-----|------------------------------------------------------------|

|   | (b) | no Default or Event of Default shall have occurred and be continuing at the time of and after giving effect to such designation; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | such Subsidiary does not own any Capital Stock of the Company or any Restricted Subsidiary or hold any Indebtedness of, or any Lien on any property of, the Company or any Restricted Subsidiary; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the Subsidiary is not party to any transaction or arrangement with the Company or any Restricted Subsidiary that would not be permitted under Section 9.4 (Limitation on Transactions with Shareholders and Affiliates) of the Indenture. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | the Company may designate an Unrestricted Subsidiary to be a Restricted Subsidiary if the designation would not cause a Default. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | 58. | Upon a Restricted Subsidiary becoming an Unrestricted Subsidiary: |
|--------|-----|-------------------------------------------------------------------|

|   | (a) | all existing Investments of the Company and the Restricted Subsidiaries therein valued at the Company’s proportional share of the fair market value of its assets less liabilities will be deemed made at that time; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | all existing Indebtedness of the Company or a Restricted Subsidiary held by it will be deemed incurred at that time, and all Liens on property of the Company or a Restricted Subsidiary held by it will be deemed incurred at that time; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | all existing transactions between it and the Company or any Restricted Subsidiary will be deemed entered into at that time; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | it will cease to be subject to the provisions of the Indenture and the Notes as a Restricted Subsidiary. |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | 59. | Upon an Unrestricted Subsidiary becoming, or being deemed to become, a Restricted Subsidiary: |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (a) | all of its Indebtedness and Disqualified Stock will be deemed incurred at that time for purposes of Section 9.2 (Limitations on Indebtedness) of the Indenture; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Investments therein previously charged under Section 9.5 (Limitation on Restricted Payments) of the Indenture, as adjusted to reflect any change in the Company’s proportional share of the fair market value of its assets less liabilities, will be credited thereunder; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | it will thenceforward be subject to the provisions of the Indenture and the Notes as a Restricted Subsidiary. |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

----

|   | 60. | Notwithstanding the foregoing, the obligations of the Company and its Restricted Subsidiaries to comply with the covenants described above under the Sections 9.2 (Limitations on Indebtedness), 9.3 (Limitations on Asset Sales), 9.4 (Limitations on Transactions with Affiliates) and 9.5 (Limitation on Restricted Payments) (collectively, the Suspended Covenants) will be suspended and cease to have any further effect during the period (the Suspended Period) from and after the first date that either (a) the Company attains from at least one of the Rating Agencies, a rating on its long-term debt denominated in currencies other than pesos that is Investment Grade or (b) the Leverage Ratio (as certified by the Company’s auditors) is equal to or lower than 3.0 and until, as applicable, the date (the Reversion Date) on which either (i) none of the Rating Agencies provide the Company’s non-Peso denominated long-term debt an Investment Grade rating or (ii) the Leverage Ratio is greater than 3.0.  On the Reversion Date, the Company and its Restricted Subsidiaries’ obligation to comply with the Suspended Covenants shall be reinstated; provided, however, that the Suspended Covenants will not be of any effect with regard to actions of the Company or its Restricted Subsidiaries taken during the Suspension Period, and no Event of Default will be deemed to have occurred as a result of a failure to comply with the Suspended Covenants during the Suspension Period. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 61. | On the Reversion Date, all Indebtedness incurred while the Suspended Covenants were suspended will be classified to have been incurred pursuant to one of the paragraphs set forth in Section 9.2 (Limitations on Indebtedness) of the Indenture (to the extent such Indebtedness would be permitted to be incurred thereunder as of the Reversion Date and after giving effect to Indebtedness outstanding on the Reversion Date).  To the extent such Indebtedness would not be so permitted to be incurred pursuant to Section 9.2 (Limitations on Indebtedness) of the Indenture such Indebtedness will be deemed to have been outstanding on the Issuance Date, so that it is classified as permitted under paragraph (a) of Section 9.2 (Limitations on Indebtedness) of the Indenture. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 62. | The Company will not enter into any merger, consolidation, spin-off or reorganization with any Person (whether or not the Company is the surviving or continuing Person) or sell, assign, transfer or otherwise convey or dispose of all or substantially all of its and its Restricted Subsidiaries’ assets, taken as a whole, whether by one transaction or a series of transactions, to any Person unless: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the surviving or transferee Person (if not the Company) is a sociedad anónima organized under the laws of Argentina; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the surviving or transferee Person (if not the Company) shall have expressly assumed, by a document executed and delivered to the Trustee in form and substance reasonably satisfactory to the Trustee, all of the obligations of the Company under the Notes and the Indenture; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | immediately after giving effect to such transaction or series of transactions on a pro forma basis, (A) no Default or Event of Default shall have occurred and be continuing, and (B) the Leverage Ratio of the Company or such surviving entity will be equal to or lower than the Leverage Ratio of the Company immediately prior to such transaction, as certified by the Company’s auditors; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the rating of the Notes by any Rating Agency shall not have been downgraded as a result of such transaction or series of transactions within sixty (60) days of the public announcement of such transaction or series of transactions; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the surviving or transferee Person shall have delivered to the Trustee an Officers’ Certificate stating that such merger, consolidation, sale, assignment, transfer or other conveyance or disposition complies with this covenant and the Indenture. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 63. | Upon the occurrence of any of the transactions permitted by the preceding paragraph, the surviving or transferee Person (if not the Company) will succeed to and become substituted for the Company, and may exercise every right and power of the Company, with the same effect as if it had been named in the Notes and the Indenture.  Following such transaction, the Company will be released from its liability as obligor on the Notes and under the Indenture. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 64. | In the event of any such sale, assignment, transfer, conveyance or disposition, the Company, as the predecessor entity, may be dissolved, wound-up or liquidated at any time thereafter. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 65. | All payments of principal, premium or interest by the Company in respect of the Notes will be made without deduction or withholding for or on account of any present or future taxes, penalties, fines, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf any Argentine Tax Jurisdiction (Argentine Taxes), unless the Company is compelled by law to deduct or withhold such Argentine Taxes. In any such event, the Company will pay such additional amounts (Additional Amounts) in respect of Argentine Taxes as may be necessary to ensure that the amounts received by holders and beneficial owners of such Notes after such withholding or deduction will equal the respective amounts that would have been received in respect of such Notes in the absence of such withholding or deduction, except that no such Additional Amounts will be payable: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | to or on behalf of a holder or beneficial owner of a Note that is liable for Argentine Taxes in respect of such Note by reason of having a present or former connection with an Argentine Tax Jurisdiction other than merely the holding or owning of such Note or the enforcement of rights with respect to such Note or the receipt of income or any payments in respect thereof; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | to or on behalf of a holder or beneficial owner of a Note in respect of Argentine Taxes that would not have been imposed but for the failure of the holder or beneficial owner of a Note to comply with any certification, identification, information, documentation or other reporting requirement (within 45 calendar days following a written request from the Company to the holder or beneficial owner, as applicable, for compliance) if such compliance is required by applicable law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Argentine Taxes; to or on behalf of a holder or beneficial owner of a Note in respect of any estate, inheritance, gift, sales, transfer, personal assets or similar tax, assessment or other governmental charge; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | to or on behalf of a holder or beneficial owner of a Note in respect of any estate, inheritance, gift, sales, transfer, personal assets or similar tax, assessment or other governmental charge; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | to or on behalf of a holder or beneficial owner of a Note in respect of Argentine Taxes payable otherwise than by withholding from payment of principal of, premium, if any, or interest on the Notes; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | to or on behalf of a holder or beneficial owner of a Note in respect of any Taxes that are imposed on a payment to an individual and are required to be made pursuant to European Council Directive 2003/48/E on the taxation of savings income or any other directive implementing the conclusions of the ECOFIN Council meetings of November 26 and 27, 2000, December 13, 2001, and January 21, 2003, or any law implementing or complying with, or introduced in order to conform to, such a directive; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | to or on behalf of a holder or beneficial owner of a Note in respect of any Taxes that would not have been imposed if presentation for payment of the relevant notes had been made to a paying agent other than the paying agent to which the presentation was made; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | g. | to or on behalf of a holder or beneficial owner of a Note in respect of Argentine Taxes that would not have been imposed but for the fact that the holder presented such Note for payment (where presentation is required) more than 30 days after the later of |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  i. | the date on which such payment became due and |
|--------|----------|-----------------------------------------------|

|   | ii. | if the full amount payable has not been received by the Trustee on or prior to such due date, the date on which, the full amount having been so received, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | h. | any combination of items (a) to (g) above; |
|--------|----|--------------------------------------------|

----

|   | 66. | The Company will pay any present or future stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including interest and penalties with respect thereto, imposed by any Argentine Tax Jurisdiction in respect of the execution, issue, registration or delivery of the Notes or any other document or instrument referred to hereunder and any such taxes, charges or duties imposed by any jurisdiction as a result of, or in connection with, the enforcement of the Notes and/or any other such document or instrument. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 67. | The Company covenants that if the Company or the Trustee or any Paying Agent is required by law to make any deduction or withholding on payments of principal of or interest on the Notes for or on account of any Argentine tax, duty, assessment or other governmental charge, the Company shall, at least 10 Business Days prior to the first payment on which such deduction or withholding is applicable, (and at least 10 Business Days prior to each succeeding payment date or any redemption date or maturity date if there has been any change with respect to the matters set forth in the below-mentioned Officer’s Certificate) deliver to the Trustee (with a copy to any other Paying Agent) an Officer’s Certificate specifying the amount so required to be deducted or withheld and certifying that the Company shall pay such deduction or withholding. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 68. | The Company hereby covenants to indemnify the Trustee (and each other Paying Agent) for, and to hold the Trustee harmless against any loss, liability or expense incurred without negligence or bad faith on the Trustee’s part arising out of actions taken or omitted by any of them in reliance on any Officer’s Certificate furnished pursuant to this Section or the failure of the Trustee to receive on a timely basis such Officer’s Certificate or any information or documentation requested by it or otherwise required by applicable laws or regulations to be obtained, furnished or filed in respect of any tax, duty, assessment or other governmental charge pursuant to the foregoing provisions of Section 9.17 (Payment of Additional Amounts) of the Indenture. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 69. | The indemnification obligations of the Company under Section 9.17 (Payment of Additional Amounts) of the Indenture shall survive the payment of the Notes, the termination of the Indenture and the resignation or removal of the Trustee. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 70. | If the Company shall at any time act as its own Paying Agent, it will, on or before each payment date of the principal of (and premium, if any) or interest on any of the Notes, segregate and hold in trust for the benefit of the Persons entitled to such payment a sum sufficient to pay the principal (and premium, if any) or interest due until such sums shall he paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 71. | Whenever the Company shall have one or more Paying Agents, it will, prior to each payment date of the principal of (and premium, if any) or interest on any Notes, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.  Principal and interest shall be considered paid on the date due if on such date the Trustee or Paying Agent (other than the Company or an Affiliate of the Company) holds in accordance with the Indenture U.S. Dollars designated for and sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of the Indenture. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 72. | The Company will cause each Paying Agent, other than the Trustee, to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of Section 9.18 (Money for Note Payments to be Held in Trust) of the Indenture, that such Paying Agent will: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | hold all sums held by it for the payment of the principal of (and premium, if any) or interest, or any other amounts due on Notes, in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | give the Trustee notice of any default by the Company (or any other obligor upon the Notes) in the making of any payment of principal (and premium, if any) or interest or any other amounts due on the Notes; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | at any time during the continuance of any such default, upon the written request of the Trustee, immediately pay to the Trustee all sums so held in trust by such Paying Agent. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 73. | The Company may at any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same term as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 74. | Any money deposited with the Trustee or any Paying Agent, or held by the Company, in trust for the payment of the principal of (and premium, if any) or interest on any Note which remains unclaimed for three years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of this Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper customarily published on each Business Day and of general circulation in the city of Buenos Aires, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 75. | Claims filed in Argentina courts against the Company for payment of principal in respect of the Notes (including Additional Amounts), including actions to enforce judgments obtained from a New York court,  shall be prescribed unless made within ten years of the due date for payment of such principal.  Claims for the payment of interest, including actions to enforce judgments obtained from a New York court, shall be prescribed unless made within four years of the due date for payment of such interest.. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 76. | Claims filed in the courts of the State of New York will be subject to the applicable statute of limitations for such claims. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | 77. | In the event of any foreign exchange restriction or prohibition in Argentina, the Company shall make any and all payments of any Note in U.S. Dollars to be made outside Argentina by: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | purchasing, with pesos, “Bonos Externos Globales de la República Argentina” issued by Argentina and payable in Dollars or any other public or private securities issued in Argentina and denominated in U.S. Dollars, or any other securities (collectively, the Securities) and selling such instruments outside Argentina for U.S. Dollars; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any other legal mechanism for the acquisition of U.S. Dollars in any exchange market. |
|--------|-----|---------------------------------------------------------------------------------------|

----

|   | (c) | In addition, in the event of any foreign exchange restriction or prohibition in Argentina, any Holder of Notes may, to the extent legally permitted, elect to receive the payment in an amount equivalent to the Peso amount necessary for purchasing Securities and the reasonable and customary cost of transferring and selling such Securities outside Argentina for U.S. Dollars in an amount equivalent to the sums due and payable under the Notes. Such payment will discharge and satisfy the Company’s payment obligations to such Holders on such payment date. In each case, all reasonable and customary costs, including any taxes, relative to such operations to obtain foreign currency will be borne by the Company. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | In addition, in the event of any restriction or prohibition in Argentina to pay in foreign currency any obligations under the Notes to any Holder of Notes that is a resident in Argentina, the Company shall make its best efforts to obtain the corresponding authorization of the Central Bank to make such payments in U.S. Dollars.  However, if such authorization cannot be obtained after reasonable attempts, the Company shall pay such Holder the Peso equivalent amount of the foreign currency amount due on the relevant payment date, or to the extent the Depositary or its nominee, as the Holder of Notes, does not accept Pesos, then we will make such payments of Peso equivalents directly to the Depositary participants holding a beneficial interest in the Notes. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Such payments in Pesos will be calculated using the U.S. $/ Peso exchange rate quoted by Reuters Screen “ARSVH=” ASK SIDE (Valor Hoy Mercado) at 12:00 p.m. New York City time on the payment date; provided that (i) if the U.S. $/ Peso exchange rate does not appear on such Reuters Screen, the U.S. $/ Peso exchange rate shall mean, with respect to the payment date, the U.S. $/ Peso exchange rate which appears on Bloomberg L.P. (Bloomberg Screen (ARS currency)-ASK SIDE-PCS Composite (NY)) at 12:00 p.m. New York City time on such payment date. Such payment in Pesos will fully discharge and satisfy the Company’s payment obligation to such holder on the payment date and shall not constitute an Event of Default. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 78. | Any suit, action or proceeding against the Company or its properties, assets or revenues with respect to the Notes or the Indenture (a Related Proceeding) may be brought in the Supreme Court of the State of New York, County of New York, or in the United States District Court for the Southern District of New York, or in the courts of Argentina that sit in the City of Buenos Aires, or in accordance with the provisions of Section 38 of Decree No. 677/2001, as the person bringing such Related Proceeding may elect in its sole discretion.  The Company has consented to the non-exclusive jurisdiction of each such court for the purpose of any Related Proceeding and has irrevocably waived any objection to the laying of venue of any Related Proceeding brought in any such court and to the fullest extent it may effectively do so and the defense of an inconvenient forum to the maintenance of any Related Proceeding or any such suit, action or proceeding in any such court. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 79. | The Company has agreed that service of all writs, claims, process and summonses in any Related Proceeding brought against it in the State of New York may be made upon CT Corporation System (the Process Agent), and the Company irrevocably appointed the Process Agent as its agent and true and lawful attorney in fact in its name, place and stead to accept such service of any and all such writs, claims, process and summonses, and has agreed that the failure of the Process Agent to give any notice to it of any such service of process shall not impair or affect the validity of such service or of any judgment based thereon. The Company has agreed to maintain at all times an agent with offices in New York City to act as its Process Agent. Nothing in the Indenture shall in any way be deemed to limit the ability to serve any such writs, process or summonses in any other manner permitted by applicable law. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 80. | The Company irrevocably waives trial by jury in any legal action or proceeding relating to the Indenture or the Notes. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

----

|   | 81. | The Company will ensure that its obligations under the Notes will at all times constitute direct, unconditional and unsubordinated obligations of the Company ranking at least pari passu in priority of payment, in right of security upon liquidation and in all other respects among themselves and with all other unsecured indebtedness of the Company now or hereafter outstanding, except to the extent that such other indebtedness may be preferred by mandatory provisions of applicable law or subordinated by its terms. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 82. | As used herein, |
|--------|-----|-----------------|

----

| COMMON CODE No(s).   |        |
|--------------------------------|--------------------------------------|

| ISIN No(s).   |        |
|-------------------------|--------------------------------------|

| CERTIFICATE No(s). |        |
|--------------------|--------------------------------------|

----

|   | (i) | at the time the buy order was originated, the Transferee was outside the United States or the Owner and any person acting on its behalf reasonably believed that the Transferee was outside the United States, or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the transaction is being executed in, on or through the facilities of the Eurobond market, as regulated by the International Notes Market Association or another designated offshore Notes market and neither the Owner nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | no directed selling efforts have been made in the United States by or on behalf of the Owner or any affiliate thereof; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (E) | the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (A) | the transfer is occurring after October 25, 2011 and is being effected in accordance with the applicable amount, manner of sale and notice requirements of Rule 144; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the transfer is occurring after October 25, 2012, and the Owner is not, and during the preceding three months has not been, an affiliate of the Company. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (Print the name of the Undersigned, as such term is defined in the        |
|---------------------------------------------------------------------------|
| second paragraph of this certificate.)                                    |
|                                                                      |
| By:                                                             |        |
|                                                                      | Name: |
|                                                                      | Title: |
|                                                                      |
| (If the Undersigned is a corporation, partnership or fiduciary, the title |
| of the person signing on behalf of the Undersigned must be stated.)       |

----

| COMMON CODE No(s).   |        |
|--------------------------------|--------------------------------------|

| ISIN No(s).   |        |
|-------------------------|--------------------------------------|

| CERTIFICATE No(s).   |        |
|--------------------------------|--------------------------------------|

|   | (A) | the Specified Notes are being transferred to a person that the Owner and any person acting on its behalf reasonably believe is a “qualified institutional buyer” within the meaning of Rule 144A, acquiring for its own account or for the account of a qualified institutional buyer; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the Owner and any person acting on its behalf have taken reasonable steps to ensure that the Transferee is aware that the Owner may be relying on Rule 144A in connection with the transfer. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (A) | the transfer is occurring after October 25, 2011 and is being effected in accordance with the applicable amount, manner of sale and notice requirements of Rule 144; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the transfer is occurring after October 25, 2012, and the Owner is not, and during the preceding three months has not been, an affiliate of the Company. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (Print the name of the Undersigned, as such term is defined in the        |
|---------------------------------------------------------------------------|
| second paragraph of this certificate.)                                    |
|                                                                      |
| By:                                                             |        |
|                                                                      | Name: |
|                                                                      | Title: |
|                                                                      |
| (If the Undersigned is a corporation, partnership or fiduciary, the title |
| of the person signing on behalf of the Undersigned must be stated.)       |

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| COMMON CODE No(s).   |        |
|--------------------------------|--------------------------------------|

| ISIN No(s).   |        |
|-------------------------|--------------------------------------|

| CERTIFICATE No(s).   |        |
|--------------------------------|--------------------------------------|

| (Print the name of the Undersigned, as such term is defined in the        |
|---------------------------------------------------------------------------|
| second paragraph of this certificate.)                                    |
|                                                                      |
| By:                                                                       |        |
|                                                                      | Name: |
|                                                                      | Title: |
|                                                                      |
| (If the Undersigned is a corporation, partnership or fiduciary, the title |
| of the person signing on behalf of the Undersigned must be stated.)       |

----