Conformed Copy - L3948 - Forestry Development Project - Supplemental Letter

Page 1 ARGENTINE REPUBLIC June 6, 1996 International Bank for Reconstruction and Development 1818 H Street, N.W. Washington, D.C. 20433 United States of America Re: Loan No. 3948-AR (Forestry Development Project) Monitoring Indicators Dear Sirs: Please refer to the Loan Agreement (Forestry Development Project) of even date herewith between the Argentine Republic (the Borrower) and the International Bank for Reconstruction and Development (the Bank). Whenever used in this letter, the terms defined in the Loan Agreement have the same meaning as therein set forth. With respect to Section 1.02 (g) of the Loan Agreement, please find in Annex A hereto the Monitoring Indicators. It is understood that the Monitoring Indicators may be adjusted from time to time by agreement between the Borrower, through the Secretar!a and the Bank in light of the implementation of the Project and such other factors as may be relevant at the time. Please confirm your agreement with the above and with Annex A hereto by signing this letter in the space provided. Very truly yours, ARGENTINE REPUBLIC By ______________________ Authorized Representative AGREED: INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT By _________________________________ Acting Regional Vice President Latin America and the Caribbean Region