Argentina Announces the Results of the Exchange for Global Bonds `12.

Business Editors

BUENOS AIRES--(BUSINESS WIRE)--Feb. 8, 2001

The Republic of Argentina ("Argentina") announced today that it expects to issue US$1,593,952,000 aggregate principal amount of its 12.375% unsecured, SEC-registered Global Bonds due 2012 ("New Global Bonds") pursuant to Argentina's invitation (the "Invitation") to holders of certain of Argentina's outstanding bonds (the "Eligible Bonds") to exchange those bonds for New Global Bonds. Argentina will also pay an aggregate amount in cash of US$34,167,456 pursuant to the Invitation with respect to accrued but unpaid interest and rounded amounts as described in the prospectus supplement. The definitive principal amount of New Global Bonds to be issued in exchange for Eligible Bonds is subject to final confirmation by the Exchange Agent. Capitalized terms used but not defined in this press release are defined in a prospectus supplement, dated February 1, 2001 (the "Prospectus Supplement") relating to the Invitation.

The Invitation expired on Wednesday, February 7, 2001 at 3:00 P.M., New York City time. The New Global Bond Issue Price (which is the initial price for the Invitation) is US$100 per US$100 principal amount, with a coupon of 12.375% to yield 12.375%, or 720basis points, over the bid-side yield of the 5.75% U.S. Treasury Bond due August 15, 2010, as reported on Telerate page 500 before 9:00 a.m., New York City time, on February 7, 2001.

Argentina received offers to exchange approximately US$4 billion in aggregate original principal amount of Eligible Bonds for New Global Bonds. The chart below contains the aggregate original principal amount of each series of Eligible Bonds accepted for exchange, the aggregate principal amount of New Global Bonds to be issued in exchange therefor and the Clearing Price for each series of Eligible Bonds.

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Series of      Clearing Price   Eligible Bonds     New Global Bonds
Eligible Bonds                  to be Exchanged     to be Issued

Bontes 2001       US$100.50       US$1,595,869        US$1,603,000
Bontes 2002        US$99.20      US$11,656,000       US$11,560,000
Bontes 2003       US$102.50      US$48,893,000       US$50,114,000
Bontes 2004        US$99.70     US$260,660,138      US$259,867,000
Bontes 2005       US$101.30     US$279,042,991      US$282,662,000
Bontes TV          US$95.70      US$75,670,000       US$72,415,000
FRBs               US$93.70     US$533,045,000      US$359,585,000
SPANs             US$103.00      US$16,253,000       US$16,740,000
Global Bonds 2003  US$96.80      US$14,230,000       US$13,772,000
Global Bonds 2005  US$99.00      US$91,818,000       US$90,892,000
Global Bonds 2006  US$97.70       US$9,675,000        US$9,447,000
AR$ Eurobonds 2002 AR$97.20      AR$70,370,000       US$68,397,000
AR$ Eurobonds 2007 AR$93.50      AR$96,360,000       US$90,090,000
Bocon Pre 3 Bonds  AR$47.50      AR$16,828,788        US$7,992,000
Bocon Pre 4 Bonds  US$51.65      US$27,348,042       US$14,123,000
Bocon Pro 1 Bonds  AR$65.30     AR$354,019,963      US$231,162,000
Bocon Pro 2 Bonds  US$70.00      US$19,333,896       US$13,531,000

The scheduled Settlement Date for the Invitation is February 21, 2001.

Copies of the prospectus supplement describing the Invitation may be obtained from either of the joint lead managers at one of the telephone numbers listed below, or from Deutsche Bank Luxembourg SA, 2, Boulevard Konrad Adenauer, L-1115 Luxembourg, as the Luxembourg exchange agent, at telephone [phone].

If an electronic letter of transmittal was submitted directly, that holder may review its individual allocation of New Global Bonds and cash at the Invitation Website which can be accessed through https://www.gs.com/fi/eexchange/start.gscgi/11000 or https://www.ssmb.com/exchange, using the same user name and password it used in submitting the electronic letter of transmittal.

Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, USA, telephone [phone] (inside the U.S.) or collect 1-212-902-2515 (outside the U.S.); and Salomon Smith Barney, 388 Greenwich Street, New York, New York 10013, USA, telephone [phone] (inside the U.S.) or collect 1-212-723-6108 (outside the U.S.) are acting as joint lead managers for the Invitation.

The co-managers for the Invitation are JP Morgan - Argentina; Deutsche Bank S.A.; BankBoston N.A.; Citibank, N.A.; Banco de Galicia y Buenos Aires S.A.; BBVA Banco Frances S.A.; Banco Rio de la Plata S.A.; ING Bank N.V.; Bank of America N.T. & S.A.; HSBC Bank Argentina S.A.; and ABN AMRO Bank N.V.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities referenced in this communication in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The distribution of materials relating to the Invitation, and the transactions contemplated by the Invitation, may be restricted by law in certain jurisdictions. If materials relating to the Invitation come into your possession, you are required by Argentina to inform yourself of and to observe all of these restrictions. The materials relating to the Invitation do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the Invitation be made by a licensed broker or dealer and any joint lead manager or any co-manager or any affiliate of any joint lead manager or any co-manager is a licensed broker or dealer in that jurisdiction, the Invitation shall be deemed to be made by such joint lead manager, such co-manager or such affiliate on behalf of Argentina in that jurisdiction.

NETHERLANDS: This offer is only extended to individuals or legal entities who or which trade or invest in securities in the conduct of their profession or trade.