Estimate required rates of return (WACC) for the cash flows originating in Argentina, from a local perspective and from a US $ perspective.

Sensitivity Table Assumptions WACC G 10.0% 0.0% 10.0% 0.0% 10.0% 0.0% Exhibits 2-4 Analysis of Sensitivity of DCF to Variations in WACC and Growth Rate in Perpetuity Argentina - Free Cash Flow (in 000's USD) 1999 2000 2001 2002 $7,331 $7.617 $7.990 $8.462 1997 $6.930 1998 $7.117 2003 $8.816 2004 $9,169 Terminal Value 91,691,543 W A 84206 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% 19.0% 20.0% 21.0% 22.0% 23.0% 24.0% 25.0% Argentina - DCF Sensitivity Analysis (in 000's USD) Nominal Growth Rate in Perpetuity 1% 3% 5% 7% $89.434 $104,371 $131,258 $154.785 $193,995 $80,074 $91,115 $109,516 $124.238 $146,320 $72,435 $80.814 $93.981 $103.856 $117.682 $66,086 $72,582 $82,325 $89,285 $98,565 $60.729 $65,854 $73.256 $78,346 $84.889 $56,149 $60,253 $65.998 $69,828 $74,616 $52,192 $55,520 $60.057 $63,006 $66,611 $48,739 $51,467 $55,104 $57.419 $60, 196 $45,701 $47.959 $50.911 $52.756 $54.937 $43,009 $44,893 $47.316 $48,806 $50,546 $40.606 $42,191 $44.198 $45,417 $46,823 $38,451 $39.792 $41.469 $42,475 $43,625 $36,506 $37,648 $39.060 $39,898 $40,847 $34,742 $35,721 $36,917 $37,620 $38,412 $33.137 $33.979 $34.999 $35,594 $36.259 $31,670 $32,398 $33,272 $33,778 $34,340 9% $507,677 $256.730 $172.984 $131,043 $105,828 $88,978 $76,911 $67.834 $60.752 $55,068 $50,401 $46,499 $43,185 $40,334 $37.854 $35,676 Sensitivity Table Assumptions WACC G 10.0% 0.0% 10.0% 0.0% 10.0% 0.0% Exhibits 2-4 Analysis of Sensitivity of DCF to Variations in WACC and Growth Rate in Perpetuity Argentina - Free Cash Flow (in 000's USD) 1999 2000 2001 2002 $7,331 $7.617 $7.990 $8.462 1997 $6.930 1998 $7.117 2003 $8.816 2004 $9,169 Terminal Value 91,691,543 W A 84206 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% 19.0% 20.0% 21.0% 22.0% 23.0% 24.0% 25.0% Argentina - DCF Sensitivity Analysis (in 000's USD) Nominal Growth Rate in Perpetuity 1% 3% 5% 7% $89.434 $104,371 $131,258 $154.785 $193,995 $80,074 $91,115 $109,516 $124.238 $146,320 $72,435 $80.814 $93.981 $103.856 $117.682 $66,086 $72,582 $82,325 $89,285 $98,565 $60.729 $65,854 $73.256 $78,346 $84.889 $56,149 $60,253 $65.998 $69,828 $74,616 $52,192 $55,520 $60.057 $63,006 $66,611 $48,739 $51,467 $55,104 $57.419 $60, 196 $45,701 $47.959 $50.911 $52.756 $54.937 $43,009 $44,893 $47.316 $48,806 $50,546 $40.606 $42,191 $44.198 $45,417 $46,823 $38,451 $39.792 $41.469 $42,475 $43,625 $36,506 $37,648 $39.060 $39,898 $40,847 $34,742 $35,721 $36,917 $37,620 $38,412 $33.137 $33.979 $34.999 $35,594 $36.259 $31,670 $32,398 $33,272 $33,778 $34,340 9% $507,677 $256.730 $172.984 $131,043 $105,828 $88,978 $76,911 $67.834 $60.752 $55,068 $50,401 $46,499 $43,185 $40,334 $37.854 $35,676