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 A UU 10.0% 10.0% 10.0% 1997 $6,930 10.0% 11.0% 12.0% 13.0% W 14.0% A 15.0% 16.0% 17.0% 18.0% 19.0% 20.0% 21.0% 84206 0.0% 0.0% 0.0% 1998 Exhibits 2-4 Analysis of Sensitivity of DCF to Variations in WACC and Growth Rate in Perpetuity $7,117 Argentina - Free Cash Flow (in 000's USD) 1999 2000 $7,331 $7,617 2001 2002 $7,990 $8,462 Argentina - DCF Sensitivity Analysis (in 000's USD) Nominal Growth Rate in Perpetuity 5% 22.0% 23.0% 24.0% $33,137 25.0% $31,670 $32,398 $33,272 2003 $8,816 1% 3% 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 $45,701 $47,959 $50,911 $52,756 $43,009 $44,893 $40,606 $42,191 $44,198 $41,469 $39,060 $39,898 $60,196 $54,937 $47,316 $48,806 $50,546 $45,417 $46,823 $38,451 $39,792 $42,475 $43,625 $46,499 $36,506 $37,648 $40,847 $43,185 $34,742 $35,721 $38,412 $40,334 $36,917 $37,620 $33,979 $34,999 $35,594 $36,259 $33,778 $34,340 $35,676 $37,854 9% $507,677 $256,730 $172,984 $131,043 $105,828 $88,978 $76,911 $67,834 $60,752 $55,068 $50,401 2004 Terminal Value 91,691.543 $9,169