Investor Roadshow Presentation January 2005

GCAB Represents the Major Bondholder GroupsWorldwideGCAB Steering CommitteeCo-Chair, Nicola Stock, TFACo-Chair, Hans Humes, ABCAdvisorsSub-Committees! Financial - Bear Stearns! Legal - White & Case! Financial / Economic! LegalArgentinaBondholdersCommittee (ABC)Task ForceArgentina (TFA)Bank of TokyoMitsubishiShinsei BankSwiss BankersAssociation(Observer Status)ABRA(Observer Status)! 90 institutionalmembers in the USand Europe! $10 billion inholdings! 420,000 retailmembers! Holders of primarilynon-US Dollardenominatedbonds, residing inItaly! $14.5 billion inholdings! BTM and Shinsei represent interests ofholders of Japanese Samurai bonds for $1.8billion! 40,000 retail members! Additional $1.2 billion in holdings of YenEurobonds (which do not share the samefiduciary commissioned bank provisions asthe Samurai bonds)! Representsinterests of Swissretail holders! $10 billion inholdings! More than 50,000retail investors! Representsinterests ofestimated 35,000retail investors inGermany, Austria,Switzerland andthe Netherlands.! $1.2 billion inholdingsGCAB General Membership Category - Added in July 2004! Institutional and retail investors globally! More than $1 billion in holdings3