die Randbedingungen der GDP-Kicker per 31.12.2009 aus dem Umschuldungsprospekt 2010 S 39

Payment Cap ......................

The total amount to be paid during the life of the GDP-linked Securities (including payments deemed to have been made by Argentina during the period from June 2, 2005 to but excluding December 31, 2009), per unit of GDP-linked Security, will not exceed 0.48, measured per unit of currency. We refer to this amount as the "payment cap for GDP-linked Securities." For example, if you were to receive GDP-linked Securities in a notional amount equal to U.S.$1

million, the payment cap for your GDP-linked Securities would equal U.S.$480,000. See "Description of the New Securities—General Terms of the GDP-linked Securities" for details on the amount of payments made on 2005 GDP-linked Securities to but excluding December 31, 2009. The amount of the payment cap for the GDP-linked Securities remaining available as of December 31, 2009 (which we refer to as the "remaining payment cap") is as follows: 0.4060871, for U.S. dollar-denominated GDP-linked Securities; 0.4125113, for euro-denominated GDP-linked Securities; and 0.3979293, for peso-denominated GDP-linked Securities. The remaining payment cap represents the maximum amount of the cash payments that Argentina may be required to make under the GDP-linked Securities issued pursuant to the Invitation.

If the payment cap for a GDP-linked Security is reached in a payment year prior to the scheduled expiration of the GDP-linked Securities, the GDP-linked Securities will be deemed to have expired in such year.

If for any given year the aggregate payment due under a GDP-linked Security is greater than the amount remaining under the payment cap for that Security, then the remaining amount available under the payment cap for that GDP-linked Security will be payable to the holder of that security.