das sind wohl die Kernaussagen.....) all holders of Eligible Securities, a payment equal to the amount of principal amount outstanding of its securities plus a fifty percent (50%) of the principal amount (Offer Base). In any case, the amount payable may exceed amount recognized by any judgment with respect to such securities more corresponding to the application of legal interest as of January 31 legal update 2016. The Base Offer will be implemented and implemented through:

ARTICLE 4 .- Authorize the implementing authority to make amendments and / or addenda to

cancellation agreements referred to in the preceding article while not affecting

object or their economic conditions, as well as to perform all acts

to settle the debt with the holders of Eligible Securities (and / or its

representatives) estuvieren not covered by the agreements referred Cancellation

in the preceding article, including the signing of agreements and other instruments.

In order to implement the signing of the agreements referred to in paragraph

above, the Enforcement Authority may offer:

a) all holders of Eligible Securities, a payment equal to the amount of

principal amount outstanding of its securities plus a fifty percent (50%) of the

principal amount (Offer Base). In any case, the amount payable may exceed

amount recognized by any judgment with respect to such securities more

corresponding to the application of legal interest as of January 31 legal update

2016.

The Base Offer will be implemented and implemented through:

i)                 the signing of debt cancellation; Y

ii)                 

"2016 - YEAR OF THE BICENTENNIAL OF THE DECLARATION OF NATIONAL INDEPENDENCE"

ii) a national and international offer of cash payment on delivery of Titles

Eligible public ( "cash tender offer," according to its name in English).

With respect to holders of Eligible Securities who initiated

claims before the District Court for the Southern District of New York, UNITED

STATES OF AMERICA, grouped in a class action is authorized to agree on a

additional sum to cover the administrative costs required to notify

who they are included in the respective class, under the terms of the Agreement

provided for in paragraph 4 of Annex I.

b) Those holders of Eligible Securities whose claims were

included in court orders issued by the District Court for the District

Southern New York, UNITED STATES, dated February 23, 2012,

and amended as of November 21, 2012 (the "Order" Pari Passu "Original") and

dated October 30, 2015 (the "Order" Pari Passu "Me Too" and together with the

Order "Pari Passu" Original, the "Pari Passu Orders"), the provisions of the Offer Base

provided for in paragraph a) above or, at its option, the following proposal (the "Offer

"Pari Passu" "):

i) those holders of Eligible Securities which they would be achieved by

Orders "Pari Passu" which they come down with a monetary judgment, delivered with

prior to 1 February 2016, that it finds the debt arising from Titles

Eligible public under his tenure, a payment equal to seventy percent

(70%) of legal claims (including the amount recognized in that judgment and

legal interest from the date of judgment until January 31

2016) and

ii) to those holders of Eligible Securities which they would be achieved by

Orders "Pari Passu" not they come down with a monetary judgment, delivered with

prior to 1 February 2016, that it finds the debt arising from Titles

"2016 - YEAR OF THE BICENTENNIAL OF THE DECLARATION OF NATIONAL INDEPENDENCE"

Eligible public under his tenure, a payment equal to seventy percent

(70%) of legal claims (including principal amounts due plus

accrued according to the contractual interest rate and the statutory rate of interest -

"Statutory interest rate" - on the contractual interest rate until 31 January

2016, under the laws of the State of New York, UNITED STATES

AMERICA).

ARTICLE 5 .- The payments under the provisions of Articles 3 and 4 ° shall be made

dictated before a judicial order of the competent federal courts

UNITED STATES available to and involving the automatic lifting of

Orders "Pari Passu" in the terms of the so-called Tentative Order 62.1 (in language

English, "62.1 Indicative Ruling") issued by the District Court for the Southern District of New

York, UNITED STATES OF AMERICA, dated February 19, 2016 and Order

the Court of Appeals for the Second Circuit that country on February 24

2016 and with the proviso that reaches all the precautionary measures ( "injunctions")

issued against the ARGENTINA REPUBLIC by such courts.