AGREES

Law 26,699

Approve the Agreement between the Argentine Republic and the Andean Development Corporation on the Subscription of Shares of Ordinary Capital. Sanctioned: August 3, 2011 Enacted in Fact: August 19, 2011

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

Article 1-Approve the Agreement between the ARGENTINE REPUBLIC and the ANDEAN PROMOTION CORPORATION on the Subscription of Shares of Ordinary Capital, signed in the Autonomous City of Buenos Aires on 3 November 2009, consisting of SEVEN (7) clauses whose text forms an integral part of this measure as Annex I. The total amount of the contribution is USD HUNDRED AND EIGHTY-NINE MILLION NINE HUNDRED AND NINETY-SIX THOUSAND (U 189,996,000) cash payable in SEVEN (7) Annual and consecutive quotas, with the first quota to be paid in 2011.

ARTICLE 2-THE MINISTRY OF ECONOMY AND PUBLIC FINANCES through the SECRETARY OF FINANCE will instruct the CENTRAL BANK OF THE ARGENTINE REPUBLIC, as a depositary and agent of the country to the international financial institutions, to to execute in the name and on behalf of the ARGENTINE REPUBLIC, the payment of the contribution fees to the ANDEAN PROMOTION CORPORATION.

ARTICLE 3-In order to meet the emerging commitments in this law, the central bank of the Argentine Republic must have the corresponding counterpart funds, which must be provided by the FINANCE SECRETARIAT. The Ministry of the Economy and Public Finance has been included in the General Budget Law of the National Administration in the relevant financial years.

ARTICLE 4-Commune to the national executive branch. GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, ON THREE AUGUST OF THE YEAR TWO THOUSAND ELEVEN. -REGISTERED UNDER NO. 26,699-JULY C. C. COBOS. -PATRICIA S. FADEL. -Enrique Hidalgo. -Juan H. Estrada.

ANNEX I CONVENTION FOR THE SUBSCRIPTION OF SHARES OF ORDINARY CAPITAL

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SERIES "C" Between the Ministry of Economy and Public Finance, hereinafter referred to as "the Subscriber", represented by Minister Amado Boudou, and the Andean Development Corporation, hereinafter "the CAF", represented in this act by President Enrique Garcia, together with "the Parties", has agreed to celebrate the present in the following terms and conditions: 1. By Resolution No. 1848/2009 of 18 August 2009, the Directory of the Andean Development Corporation decided to make available to the shareholders of the Series "B" and "C" of the CAF the subscription of new shares of Ordinary Capital, in proportion to their participation in the subscribed capital up to that date and the amount, distribution and schedule of payments to be made in a manner similar to the proposal in Document D. CXXXV.D. 3/2009 presented by the Administration. 2. for this act, subscribes thirteen thousand three hundred and eighty (13,380) nominative actions of the Series "C", corresponding to the Ordinary Capital of the CAF, each with a patrimonial value to the present date of fourteen thousand two hundred dollars from the United States of America (US$ 14,200), for a total of one hundred and eighty-nine million nine hundred and ninety-six thousand dollars from the United States of America (USD 189,996,000.00), which will be paid in annual and consecutive quotas as follows: a) In 2011, an amount of nine million nine hundred and ninety-six thousand eight hundred dollars from the United States of America (US$ 9,996,800,00) corresponding to seven hundred and four (704) shares of the "C" Series; b) In the year 2012, an amount of Fourteen million nine hundred and ninety-five thousand hundred dollars from the United States of America (USD 14,995,200.00), corresponding to one thousand fifty-six (1,056) shares of the "C" Series; c) In the year 2013, an amount of twenty-five million Two hundred dollars from the United States of America (USD 25,006,200.00), corresponding to a thousand In the year 2014, a total of thirty million six hundred dollars from the United States of America (USD 30,004,600,00), corresponding to two thousand and thirteen (2,113) shares of the Series "C"; e) In the year 2015, an amount of thirty-five million dollars from the United States of America (US$ 35,003,000.00), corresponding to two thousand four hundred and sixty-five (2,465), actions of the "C" Series; f) In the year 2016, a amount of thirty-five million dollars from the United States of America (US$ 35,003,000.00), corresponding to two thousand four hundred and sixty-five (2,465) shares of the "C" Series; and g) In the year 2017, an amount of thirty-nine million nine hundred and eighty-seven hundred dollars from the United States of America (USD 39,987,200.00), corresponding to two thousand eight hundred and sixteen (2,816) shares in the "C" Series. 3. The payments referred to in numeral 2 shall be made before 30 September of each calendar year. The last of the payments shall not be made beyond 30 September 2017. 4. All payments will be made in dollars from the United States of America. 5. The CAF will give to the Subscriber the titles corresponding to the shares that it subscribes, as it makes the payments mentioned in the numeral 2 and for the quantity of shares that in the same, in each case, is mentioned. 6. This Convention shall enter into force on the date of the notification by which the Argentine Republic informs the Corporation that the necessary legal requirements for its entry into force have been fulfilled. 7. The disputes between the parties concerning the interpretation and application of this Convention shall, where possible, be resolved by means of friendly consultations between them.

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through the relevant institutional channels. In proof of conformity, two copies of the same tenor and the same effect are signed in the city of Buenos Aires, at the three days of the month of November of two thousand nine.

Date of publication: 25/08/2011

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