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                                    DOCUMENTS

                                                                 LOAN NUMBER 8628-AR




                            Guarantee Agreement

                (Flood Risk Management Support Project for the Autonomous City of Buenos
                                                Aires)


                                                between


                                       ARGENTINE REPUBLIC


                                                  and


                          INTERNATIONAL BANK FOR RECONSTRUCTION
                                     AND DEVELOPMENT




                                  Dated   NOVe<rnb€f 1\0 , 201_0
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                                                            LOAN NUMBER 8628-AR



                            GUARANTEE AGREEMENT

        AGREEMENT, dated Novermbet ~0, 201~ entered into between
ARGENTINE REPUBLIC ("Guarantor") and INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT ("Bank") ("Guarantee Agreement") in
connection with the Loan Agreement of same date between the Bank and the
Autonomous City of Buenos Aires ("Borrower") ("Loan Agreement"). The Guarantor
and the Bank hereby agree as follows:

                 ARTICLE I - GENERAL CONDITIONS; DEFINITIONS

      Section 1.01. The General Conditions (as defined in the Appendix to the Loan
Agreement) constitute an integral part of this Agreement.

        Section 1.02. Unless the context requires otherwise, the capitalized terms used in
this Agreement have the meanings ascribed to them in the General Conditions or in the
Loan Agreement.

                            ARTICLE II - GUARANTEE

        Section 2.01. The Guarantor declares its commitment to the objective of the
Project. To this end, without limitation or restriction upon any of its other obligations
under the Guarantee Agreement, the Guarantor hereby unconditionally guarantees, as
primary obligor and not as surety merely, the due and punctual payment of all Loan
Payments payable by the Borrower pursuant to the Loan Agreement.


                 ARTICLE III -REPRESENTATIVE; ADDRESSES

        Section 3.01. The Guarantor's Representative is its Minister of Treasury and
Public Finances.

        Section 3.02. The Guarantor's Address is:
        Ministry of Treasury and Public Finances
        Hipolito Yrigoyen 250
        C 1086 AAB, Buenos Aires
        Argentina

        Cable:                  Telex:                   Facsimile:

        MINISTERIO
        DE HACIENDA             121942-AR                (5411) 4349-8815
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                       Section 3.03. The Bank's Address is:

                                   International Bank for
                                    Reconstruction and Development
                                   1818 H Street, N.W.
                                   Washington, D.C. 20433
                                   United States of America

                                   Cable:                           Telex:                           Facsimile:

                                   INTBAFRAD                        248423 (MCI) or                  (202) 477-6391
                                   Washington, D.C.                  64145 (MCI)


                                                                           rf~~-1-/-~-----rl-"efl"'---'--11_._()d;____ _, as of the day
                     AGREED at --'-w_en....:._c_:o;._::S'----f'tl...;...;.._'
             and year first above written.




                                                                ARGENTINE REPUBLI~                                              '


                                                                Bye                 Auth~~

                                                                Name:             AIEQQSO            Prat-~
                                                                Title:




                                                                INTERNATIONAL BANK FOR
                                                                RECONSTRUCTION AND DEVELOPMENT


                                                                By


                                                                Name:

                                                                Title:




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