Bond Argentia 7.5% ( USP04808AC88 ) in USD

Issuer Argentia
Market price 100 %  ▲ 
Country  Argentina
ISIN code  USP04808AC88 ( in USD )
Interest rate 7.5% per year ( payment 2 times a year)
Maturity 22/04/2026 - Bond has expired



Prospectus brochure of the bond Argentina USP04808AC88 in USD 7.5%, expired


Minimal amount 150 000 USD
Total amount 6 500 000 000 USD
Cusip P04808AC8
Detailed description Argentina is the second-largest country in South America, celebrated for its vast and diverse landscapes ranging from the towering Andes Mountains to the Patagonian steppes, and a rich cultural heritage encompassing the passionate tango, world-renowned *asado*, and a significant European influence.

The Bond issued by Argentia ( Argentina ) , in USD, with the ISIN code USP04808AC88, pays a coupon of 7.5% per year.
The coupons are paid 2 times per year and the Bond maturity is 22/04/2026








OFFERING MEMORANDUM

The Republic of Argentina

U.S.$2,750,000,000 6.250% Bonds Due 2019
U.S.$4,500,000,000 6.875% Bonds Due 2021

U.S.$6,500,000,000 7.500% Bonds Due 2026
U.S.$2,750,000,000 7.625% Bonds Due 2046


The Republic of Argentina (the "Republic" or "Argentina") is offering U.S.$2,750,000,000 6.250% Bonds due 2019 ("Series A"),
U.S.$4,500,000,000 6.875% Bonds due 2021 ("Series B"), U.S.$6,500,000,000 7.500% Bonds due 2026 ("Series C") and U.S.$2,750,000,000 7.625% Bonds
due 2046 ("Series D," and together with Series A, Series B and Series C, the "Bonds"). The Bonds are being offered as debt securities under an indenture to be
dated as of April 22, 2016 (the "Indenture"). Interest on the Bonds will accrue from April 22, 2016 and will be payable semiannually on April 22 and October 22
of each year. The first interest payment on the Bonds will be made on October 22, 2016. Series A will mature on April 22, 2019, Series B will mature on April
22, 2021, Series C will mature on April 22, 2026 and Series D will mature on April 22, 2046. A portion of the net proceeds from each series of Bonds in this
offering will be applied to settle claims with holders of certain outstanding debt securities of the Republic. See "Use of Proceeds."
The Bonds will be direct, general, unconditional and unsubordinated obligations of the Republic for which the full faith and credit of the Republic is
pledged. The Bonds rank and will rank without any preference among themselves and equally with all other unsubordinated public external indebtedness (as
defined below) of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the Bonds
ratably with payments being made under any other public external indebtedness of the Republic.
Application will be made to list the Bonds on the Official List of the Luxembourg Stock Exchange and the Mercado de Valores de Buenos Aires S.A.
("MERVAL") and to have the Bonds admitted for trading on the Euro MTF Market and Argentina's Mercado Abierto Electrónico S.A. ("MAE").
Investing in the Bonds involves risks that are described in the "Risk Factors" section beginning on page 15 of this offering memorandum.
You should consider these risks before investing in the Bonds.
The recently elected administration of the Republic declared a state of administrative emergency with respect to the national statistical
system on January 8, 2016. As a result, statistical information reported in this offering memorandum, including GDP (as defined below) data, is subject
to material revisions. See "Risk Factors--Risks Relating to the Republic--The credibility of several Argentine economic indices has been called into
question, which has led to a lack of confidence in the Argentine economy and could affect your evaluation of this offering and/or the market value of the
Bonds." Certain revised official data, which may materially differ from certain data included in this offering memorandum, is expected to be released
during 2016. For more information, see "Presentation of Statistical and Other Information-Certain Methodologies."
The Bonds will contain provisions, commonly known as "collective action clauses." Under these provisions, which differ from the terms of the
Republic's public external indebtedness issued prior to the date hereof, the Republic may amend the payment provisions of any series of debt securities issued
under the Indenture (including any series of the Bonds) and other reserved matters listed in the Indenture with the consent of the holders of: (1) with respect to a
single series of debt securities, more than 75% of the aggregate principal amount of the outstanding debt securities of such series; (2) with respect to two or more
series of debt securities, if certain "uniformly applicable" requirements are met, more than 75% of the aggregate principal amount of the outstanding debt
securities of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more series of debt securities, more than
66 2/3% of the aggregate principal amount of the outstanding debt securities of all series affected by the proposed modification, taken in the aggregate, and more
than 50% of the aggregate principal amount of the outstanding debt securities of each series affected by the proposed modification, taken individually. See
"Description of the Bonds--Meetings, Amendments and Waivers--Collective Action."
The Republic has agreed to file an exchange offer registration statement or, under specified circumstances, a shelf registration statement, pursuant to
the Registration Rights Agreement (as defined below) with respect to its offer to exchange (the "Exchange Offer") the Bonds for Exchange Bonds (as defined
below). If the Republic fails to comply with specified obligations under the Registration Rights Agreement, it will pay additional interest to the holders of each
series of the Bonds. See "Exchange Offer; Registration Rights."
___________________
Price to investors Series A: 100.000%, plus accrued interest, if any, from April 22, 2016
Price to investors Series B: 100.000%, plus accrued interest, if any, from April 22, 2016
Price to investors Series C: 100.000%, plus accrued interest, if any, from April 22, 2016
Price to investors Series D: 95.758%, plus accrued interest, if any, from April 22, 2016
___________________
The Bonds have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or the
securities laws of any other jurisdiction. Unless they are registered, the Bonds may be offered only in transactions that are exempt from registration
under the Securities Act or the securities law of any other jurisdiction. Accordingly, the Bonds are being offered only to Qualified Institutional Buyers
("QIBs") pursuant to Rule 144A under the Securities Act and persons outside the United States in reliance on Regulation S of the Securities Act. For
further details about eligible offerees and resale restrictions, see "Notice to Investors."
The Bonds are expected to be delivered to investors in book-entry form through the facilities of The Depository Trust Company ("DTC"), for the
accounts of its direct and indirect participants, including Euroclear Bank S.A./N.V. ("Euroclear"), as operator of the Euroclear System and Clearstream Banking,
société anonyme on or about April 22, 2016.
ANY OFFER OR SALE OF BONDS IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA WHICH HAS
IMPLEMENTED DIRECTIVE 2003/71/EC AND AMENDMENTS THERETO INCLUDING DIRECTIVE 2010/73/EU (THE "PROSPECTUS
DIRECTIVE") MUST BE ADDRESSED TO QUALIFIED INVESTORS (AS DEFINED IN THE PROSPECTUS DIRECTIVE).

This offering memorandum constitutes a prospectus for purposes of Part IV of the Luxembourg law on prospectus securities dated July 10,
2005, as amended.
___________________
Global Coordinators and Joint Bookrunners
Deutsche Bank Securities HSBC J.P. Morgan Santander
Joint Bookrunners
BBVA Citigroup UBS Investment Bank
___________________
The date of this offering memorandum is May 4, 2016.



TABLE OF CONTENTS
Page
Enforcement of Civil Liabilities ............................................................................................................. iv
Defined Terms and Certain Conventions ............................................................................................... vi
Presentation of Statistical and Other Information.................................................................................. xii
Forward-Looking Statements ................................................................................................................. xv
Data Dissemination .............................................................................................................................. xvi
Summary ..................................................................................................................................................1
Risk Factors ............................................................................................................................................ 15
Use of Proceeds ...................................................................................................................................... 29
The Republic of Argentina ..................................................................................................................... 30
The Argentine Economy ......................................................................................................................... 38
Balance of Payments .............................................................................................................................. 76
Monetary System .................................................................................................................................. 101
Public Sector Finances ......................................................................................................................... 124
Public Sector Debt ................................................................................................................................ 156
Description of the Bonds ...................................................................................................................... 194
Registration Rights; Exchange Offer .................................................................................................... 211
Notice to Investors ................................................................................................................................ 213
Taxation ................................................................................................................................................ 215
Plan of Distribution .............................................................................................................................. 218
Official Statements ............................................................................................................................... 224
Validity of the Bonds............................................................................................................................ 225
General Information ............................................................................................................................. 226
Appendix ............................................................................................................................................. A-1


This offering memorandum contains important information that should be read carefully before any
investment decision is made with respect to the Bonds.
The Republic is relying on an exemption from registration under the Securities Act for offers and sales
of securities that do not involve a public offering. By purchasing Bonds, you will be deemed to have made the
acknowledgments, representations, warranties and agreements described under the section "Notice to Investors"
in this offering memorandum. You should understand that you will be required to bear the financial risks of
your investment for an indefinite period of time.
This offering memorandum has been prepared on the basis that any offer of Bonds in any Member
State of the European Economic Area will be made pursuant to an exemption under the Prospectus Directive
from the requirement to publish a prospectus for offers of Bonds. The expression "Prospectus Directive" means
Directive 2003/71/EC (as amended, including by Directive 2010/73/EU), and includes any relevant
implementing measure in each Relevant Member State.
This offering memorandum is for distribution only to persons who (i) have professional experience in
matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling
within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial
Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement
to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act
2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused
to be communicated (all such persons together being referred to as "relevant persons"). This offering
memorandum is directed only at relevant persons and must not be acted on or relied on by persons who are not
relevant persons. Any investment or investment activity to which this offering memorandum relates is available
only to relevant persons and will be engaged in only with relevant persons.

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This offering memorandum may only be used for the purposes for which it has been published. This
offering memorandum may not be copied or reproduced in whole or in part. It may be distributed and its
contents disclosed only to the prospective investors to whom it is provided. By accepting delivery of this
offering memorandum, you agree to these restrictions. See "Notice to Investors."
The Republic is responsible for the information contained in this offering memorandum. The
information contained in this offering memorandum is, to the best of the Republic's knowledge, in accordance
with the facts and contains no omissions likely to affect its import. The Republic has not authorized anyone to
provide you with any other information and takes no responsibility for any other information that others may
give you. This offering memorandum does not constitute an offer of, or an invitation to purchase any of the
Bonds in any jurisdiction in which such offer or sale would be unlawful.
This offering memorandum is based on information derived from publications of, and
information supplied by, agencies of the Republic, as well as independent sources that the Republic
believes are reliable, although the accuracy and completeness of such third-party information cannot be
guaranteed. The Republic cannot assure you that the statistical and other information included in this
offering memorandum that has been provided by agencies of the Republic is accurate or complete. In
January 2007, the Instituto Nacional de Estadísiticas y Censos (the National Statistics and Census
Institute, or "INDEC"), which is the only institution in Argentina with the statutory authority to produce
official nationwide statistics, modified the methodology used to calculate certain of its indices. Since then,
the credibility of the data published by the INDEC has been called into question, particularly with
respect to its consumer price index ("CPI") and GDP, foreign trade data, poverty and unemployment
rates. On January 8, 2016, the Macri administration declared a state of administrative emergency with
respect to the national statistical system and the INDEC until December 31, 2016. The INDEC suspended
publication of certain statistical data until it completes a reorganization of its technical and
administrative structure to recover its ability to produce sufficient and reliable statistical information.
During this reorganization period, which is expected to last approximately six months, the INDEC
publishes official CPI figures published by the City of Buenos Aires and the Province of San Luis for
reference. For more information see "Presentation of Statistical and Other Information-Certain
Methodologies."
Neither the delivery of this offering memorandum nor any sale made hereunder will under any
circumstances imply that the information included herein is correct as of any date subsequent to the date
of the cover of this offering memorandum. You should not assume that since the date of this offering
memorandum there has been no material change in the information set forth herein or in the affairs of
the Republic or any of its agencies or public subdivisions. Any decision to invest in the Bonds must be
based solely on the information contained herein.
The initial purchasers make no representation or warranty, express or implied, as to the accuracy or the
completeness of the information contained in this offering memorandum. Nothing in this offering
memorandum is, or shall be relied upon as, a promise or representation by the initial purchasers as to the past or
future. The Republic has furnished the information contained in this offering memorandum.
Neither the Republic or any initial purchaser has expressed any opinion as to whether the terms of this
offering are fair. None of the Republic or any initial purchaser makes any recommendation that you purchase
the Bonds and no one has been authorized by the Republic or any initial purchaser to make such
recommendation. In making an investment decision, prospective investors must rely on their own examination
of the Republic and the terms of the offering, including the merits and risks involved. The Republic and the
initial purchasers are not making any representation to any investor of Bonds regarding the legality of an
investment in the notes under any legal investment or similar laws or regulations. Prospective investors should
not construe anything in this offering memorandum as legal, business or tax advice. Each prospective investor
should consult its own advisors as needed to make its investment decision and to determine whether it is legally
permitted to purchase the Bonds under applicable legal investment or similar laws or regulations.
This offering memorandum summarizes certain documents and other information, and the Republic
refers you to them for a more complete understanding of what the Republic discusses in this offering

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memorandum. In making an investment decision, you must rely on your own examination of the Republic and
the terms of the offering and the Bonds, including, without limitation, the merits and risks involved.
None of the U.S. Securities and Exchange Commission (the "SEC"), any state securities commission
or any other regulatory authority has approved or disapproved of the Bonds or passed upon or endorsed the
merits of this offering or the adequacy or accuracy of this offering memorandum. Any representation to the
contrary is a criminal offense.
In connection with the issue of the Bonds, the initial purchasers (or persons acting on behalf of the
initial purchasers) may over-allot Bonds or effect transactions with a view to supporting the market price of the
Bonds at a level higher than that which might otherwise prevail. However, there is no assurance that the initial
purchasers (or persons acting on their behalf) will undertake stabilization action. Any stabilization action may
begin on or after the date on which adequate public disclosure of the terms of the offer of the relevant Bonds is
made and, if begun, may be ended at any time, but it must end no later than 30 days after the date on which the
Republic received the proceeds of the issue, or no later than 60 days after the date of allotment of the relevant
Bonds, whichever is the earlier. Any stabilization action will be undertaken in accordance with applicable laws
and regulations.
The settlement of the Bonds will take place in two phases. Phase one, in respect of Bonds that will
generate net proceeds to Argentina in amounts sufficient to lift the pari passu injunction and to make payments
to other settling holders, will take place first. Once the injunction is lifted by operation of the March 2 Order, as
defined in this offering memorandum, phase two of the settlement of the Bonds will take place in respect of the
remaining Bonds to be issued pursuant to this offering memorandum. In order to permit each phase to result in
bonds being credited to investors, investors will receive confirmations that assign two distinct identifiers
(CUSIP, ISINs) to each series of Bonds in the relative amounts as determined by the Republic, in consultation
with the initial purchasers. Once both phases have closed on the settlement date, the second set of identifying
codes will be cancelled as soon as practicable after the closings and each series of Bonds will retain a single set
of identifier codes. The closing of phase one is not contingent on the closing of phase two. In the event that the
closing of phase two does not take place, the Bonds associated with the second set of identifying codes will not
be issued. Purchasers of the Bonds will still be liable for the purchase of Bonds attributable to phase one but
will not be required to pay for the purchase of Bonds attributable to phase two. See "Plan of Distribution--
Settlement" and "Risk Factors--Risks Relating to the Bonds-- The settlement of the Bonds will occur in two
phases and the settlement of the first phase is not conditioned upon the settlement of the second phase." Bonds
of each series issued in phase one will constitute a single series with the Bonds of the same series issued in
phase two for purposes of the Indenture.

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ENFORCEMENT OF CIVIL LIABILITIES
The Republic is a sovereign state. Consequently, it may be difficult for investors or a trustee to obtain,
or realize in the United States or elsewhere upon, judgments against the Republic. In addition, as described
below, pursuant to Argentine law, many assets of the Republic are entitled to immunity from attachment or
foreclosure, including all funds dedicated to the payment of expenditures approved as part of the national
budget.
To the fullest extent permitted by applicable law, the Republic will irrevocably submit to the exclusive
jurisdiction of any New York state or U.S. federal court sitting in the Borough of Manhattan, City of New York,
and the courts of the Republic and, in each case, any appellate court thereof (each, a "Specified Court") in any
suit, action or proceeding arising out of or relating to the Bonds or the Republic's failure or alleged failure to
perform any obligations under the Bonds against it or its properties, assets or revenues (a "Related
Proceeding"), subject to its Reserved Right (as defined below). The Republic will irrevocably and
unconditionally waive, to the fullest extent permitted by law, any objection that it may have to Related
Proceedings brought in a Specified Court whether on the grounds of venue, residence or domicile or on the
ground that the Related Proceedings have been brought in an inconvenient forum (except for any Related
Proceedings relating to the securities laws of the United States or any state thereof).
Subject to its Reserved Right, to the extent that the Republic or any of its revenues, assets or properties
are entitled, in any jurisdiction in which any Specified Court is located, in which any Related Proceeding may at
any time be brought against it or any of its revenues, assets or properties, or in any jurisdiction in which any
Specified Court is located in which any suit, action or proceeding may at any time be brought for the purpose of
enforcing or executing any judgment issued in any Related Proceeding (the "Related Judgment"), to any
immunity from suit, from the jurisdiction of any such court, from set-off, from attachment prior to judgment,
from attachment in aid of execution of judgment, from execution of a judgment or from any other legal or
judicial process or remedy, and to the extent that in any such jurisdiction there shall be attributed such an
immunity, the Republic irrevocably waives such immunity to the fullest extent permitted by the laws of such
jurisdiction, including the United States Foreign Sovereign Immunities Act of 1976 (the "FSIA") (and consents
to the giving of any relief or the issue of any process in connection with any Related Proceeding or Related
Judgment as permitted by applicable law, including the FSIA), provided, however, that such waiver shall not
extend to and the Republic shall be immune in respect of and in relation to any suit, action or proceeding or
enforcement of any Related Judgment against:
(i)
any reserves of the Banco Central de la República Argentina (the Central Bank of Argentina, or
the "Central Bank");
(ii) any property in the public domain located in the territory of the Republic, including property
that falls within the purview of Sections 234 and 235 of the Civil and Commercial Code of the
Republic;
(iii) any property located in or outside the territory of the Republic that provides an essential public
service;
(iv) any property (whether in the form of cash, bank deposits, securities, third party obligations or
any other methods of payment) of the Republic, its governmental agencies and other
governmental entities relating to the performance of the budget, within the purview of Sections
165 through 170 of Law No. 11,672, Ley Complementaria Permanente de Presupuesto (t.o.
2014);
(v)
any property entitled to the privileges and immunities of the Vienna Convention on Diplomatic
Relations of 1961 and the Vienna Convention on Consular Relations of 1963, including, but not
limited to, property, premises and bank accounts used by the missions of the Republic;
(vi) any property used by a diplomatic, governmental or consular mission of the Republic;

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(vii) taxes, duties, levies, assessments, royalties or any other governmental charges imposed by the
Republic, including the right of the Republic to collect any such charges;
(viii) any property of a military character or under the control of a military authority or defense
agency of the Republic;
(ix) property forming part of the cultural heritage of the Republic; or
(x)
property entitled to immunity under any applicable sovereign immunity laws.
This waiver of sovereign immunity constitutes only a limited and specific waiver for the purpose of the
Bonds and under no circumstances shall it be interpreted as a general waiver by the Republic or a waiver with
respect to proceedings unrelated to the Bonds. The Republic reserves the right to plead sovereign immunity
under the FSIA with respect to actions brought against it under the U.S. federal securities laws and the
appointment of an authorized agent does not extend to such actions or any state securities laws (the "Reserved
Right"). See "Description of the Bonds--Governing Law" and "--Submission to Jurisdiction."
A judgment obtained against the Republic in a foreign court may be enforced in the courts of
Argentina. Based on existing law, the courts of Argentina will enforce such a judgment in accordance with the
terms and conditions of the treaties entered into between Argentina and the country in which the judgment was
issued. In the event there are no such treaties, the courts of Argentina will enforce the judgment if it:
· complies with all formalities required for the enforceability thereof under the laws of the
country in which it was issued;
· has been translated into Spanish, together with all related documents, and it satisfies the
authentication requirements of the laws of Argentina;
· was issued by a competent court, according to Argentine principles of international law, as a
consequence of a personal action (action in personam) or a real action (action in rem) over a
movable property if it has been moved to Argentina during or after the time the trial was held
before a foreign court;
· was issued after serving due notice and giving an opportunity to the defendant to present its
case;
· is not subject to further appeal;
· is not against Argentine public policy; and
· is not incompatible with another judgment previously or simultaneously issued by an
Argentine Court.
In a March 2014 decision, the Supreme Court of Argentina held that the enforcement of a foreign
judgment granted to a holder of Untendered Debt (as defined below) for payment of all amount due thereunder
did not satisfy one of the requirements set forth in the Code of Civil and Commercial Procedure of the Republic
(i.e., that a foreign judgment cannot contravene Argentine law principles of public policy). This ruling was
based on the fact that enforcement as requested by the plaintiff would imply that such plaintiff, through an
individual action filed before a foreign court, could circumvent the public debt restructuring process set forth by
the Government through emergency legislation enacted in accordance with the Argentine Constitution after the
debt securities subject to the foreign judgment were issued. In addition, the Supreme Court of Argentina held
that such norms were part of Argentine public policy and, therefore, that the enforcement of a foreign judgment,
as the one sought by the plaintiff, could not be granted as it would be clearly contrary to such legislation. See
"Risk Factors--Risks Relating to the Bonds--It may be difficult for you to obtain or enforce judgments against
the Republic."

v





DEFINED TERMS AND CERTAIN CONVENTIONS
Certain Defined Terms
All references in this offering memorandum to the "Government" are to the non-financial sector of the
federal government of Argentina, excluding the Central Bank, Banco de la Nación Argentina and Banco de
Inversión y Comercio Exterior (Foreign Investment and Trade Bank, or "BICE"). References to "Ministry of
Treasury" are to the Ministry of Treasury and Public Finances.
The terms set forth below have the following meanings for purposes of this offering memorandum:
· 2005 Debt Exchange refers to the restructuring and exchange of public debt that had been in
default since the end of 2001 undertaken by the Government between January and May of
2005.
· 2010 Debt Exchange refers to the restructuring and exchange of public debt that had been in
default since the end of 2001 undertaken by the Government between April and
December 2010.
· BADLAR rate is an average rate published by the Central Bank based on a survey of financial
institutions in Argentina regarding the nominal annual interest rate in peso-denominated time
deposits of more than Ps. 1.0 million from 30 to 35 days.
· Defaulted debt or debt in default as of any given date refers to all of Argentina's public
indebtedness on which Argentina is not paying principal or interest as of such date, plus any
past due principal and interest payments calculated at contractual rates.
· Gross domestic product ("GDP"), means the total value of final products and services
produced in Argentina during the relevant period.
· Ley de Normalización de la Deuda Pública y Acceso al Crédito (the "Debt Authorization
Law") means Law No. 27,249 passed by Congress on March 31, 2016 repealing, among other
laws and legislation, Laws Nos. 26,017, 26,547 and 26,886 which prohibited the Republic
from making any payment or settlement on Untendered Debt (the "Lock Laws"), and Law
No. 26,984 (the "Sovereign Payment Law"), and authorizing the Republic to settle with
certain holders of its Untendered Debt, continue negotiating with all holders of its Untendered
Debt and issue the Bonds offered hereby to raise the funding required to effect the settlements
with claimants described herein. See "Use of Proceeds."
· Non-performing debt refers to public indebtedness of Argentina that was formally subject to
the moratorium declared by the Government in December 2001, other than "Untendered
Debt." Argentina's non-performing debt encompasses all the public debt in which Argentina
is in default as of any given date (other than Untendered Debt), including past due principal
and interest payments calculated at contractual rates. Non-performing debt also includes the
following:
(i)
certain debt obligations on which the Government has continued to make payments on
a case-by-case basis (such as in cases of extreme necessity (e.g., for senior citizens
75 years of age or older) or when the provision of essential services is threatened),
despite being formally subject to the suspension of debt payments; and
(ii)
certain obligations that resulted from the advance payment of tax obligations by certain
companies. These advance tax payments gave rise to claims against the Government
for the amount of the payment. The Government considers these claims additional
public indebtedness of Argentina and they are treated as such in the Government's
accounts. These claims, however, are discharged when the tax obligation that gave rise
to the advanced payment actually becomes payable, at which time the tax obligation is

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cancelled. Accordingly, although formally subject to the suspension of payments, the
Government's obligations in respect of these claims are not in default.
· Untendered Debt means, with respect to data included herein through 2015, defaulted debt in
respect of securities that were eligible for, but not tendered in, the 2005 Debt Exchange and
the 2010 Debt Exchange. References to Untendered Debt in this offering memorandum do
not constitute, and shall not be read or construed to constitute a waiver of any defenses
available to the Republic with respect to the enforcement of any claim thereunder. See
"Preservation of Defenses." Any amounts of Untendered Debt set forth in this offering
memorandum have been defined to include only unpaid principal plus accrued and unpaid
interest at contractual rates through its originally scheduled maturity. Such amounts do not
include penalty or default interest.
For purposes of this offering memorandum, the following terms, which refer to various public debt
instruments, have the meanings set forth below:
·
BAADE. "Argentine Saving Bond for Economic Development" and the "Saving Promissory Note
for Economic Development" are both to be issued by the Ministry of Treasury and to be
denominated in U.S. dollars, maturing in 2016 and accruing interest at a 4% rate. Funds obtained
from the issuance of these bonds will be used to finance public investment projects in strategic
sectors like infrastructure and hydrocarbons.

· Bocones. Bonds that the Government began issuing in 1991 to restructure its obligations to
pensioners and suppliers and to settle reparations of members of family of victims of the military
dictatorship.
· Bogar. Bonds issued by the Provincial Development Fund to restructure debt obligations of the
provinces. These bonds are guaranteed by the Government and secured by a pledge of certain
provincial tax revenues.
- Bogar 2018. Bogar with maturity date in 2018.
- Bogar 2020. Bogar with maturity date in 2020.
· Bonacs. Bonds that the Government began issuing in 2015 for general purposes of the
Government, with a floating interest rate (LEBACs and others) and maturity in 2016.
· Bonads. Dollar denominated bonds payable in pesos (dollar linked) that the Government began
issuing in 2014 for general purposes of the Government.
· Bonares. Bonds that the Government began issuing in 2006 for general purposes of the
Government and in exchange for CER-index linked bonds.
· Global Bond. Government bonds issued in the international capital markets under the
Government's shelf registration statements filed with the SEC.
· LEBACs. Short-term notes issued by the Central Bank. They are denominated principally in
pesos.
· National Guaranteed Loans. Tax-secured loans that the Government exchanged for previously
outstanding Government bonds as part of a voluntary debt exchange offer that took place in 2001.
Holders of National Guaranteed Loans retained the right to recover their original bonds upon
default.
· NOBACs. Medium-term notes issued by the Central Bank denominated only in pesos.

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· Promissory Notes Pesos 2019. Promissory notes issued in pesos at an annual floating interest rate
equal to the BADLAR rate plus 250 basis points with an amount equal to the BADLAR rate to be
capitalized during the first two years and paying 250 basis points interest rate during such period,
and paying the full floating interest rate thereafter, maturing in 2019.
· 2033 Discount Bonds. Discount bonds due December 2033 denominated in U.S. dollars, euros,
Japanese yen and pesos issued by Argentina in its 2005 Debt Exchange and the discount bonds
due December 2033 denominated in U.S. dollars issued by Argentina for cash subsequent to the
2005 Debt Exchange.
· 2033 Discount Bonds (2010). Discount bonds due December 2033 denominated in U.S. dollars,
euros, Japanese yen and pesos issued by Argentina in its 2010 Debt Exchange.
· 2017 Globals. U.S. dollar-denominated Global Bonds due 2017 issued in the international capital
markets pursuant to the 2010 Debt Exchange.
· 2035 GDP-Linked Securities. Long-term Government Treasury securities denominated in U.S.
dollars, euros, Japanese yen and pesos issued in the international capital markets pursuant to the
2005 Debt Exchange and expiring no later than December 2035.
· 2035 GDP-Linked Securities (2010). Long-term Government Treasury securities denominated in
U.S. dollars, euros, Japanese yen and pesos issued in the international capital markets pursuant to
the 2010 Debt Exchange and expiring no later than December 2035.
· 2038 Par Bonds. Long-term Government Treasury bonds denominated in U.S. dollars, euros,
Japanese yen and pesos issued in the international capital markets pursuant to the 2005 Debt
Exchange.
· 2038 Par Bonds (2010). Long-term Government Treasury bonds denominated in U.S. dollars,
euros, Japanese yen and pesos issued in the international capital markets pursuant to the 2010
Debt Exchange.
· 2045 Quasi-Par Bonds. Long-term Government Treasury bonds denominated in pesos issued in
the international capital markets pursuant to the 2005 Debt Exchange.
Preservation of Defenses
Nothing in this offering memorandum, or in any communication from the Republic relating to the
offering or otherwise, constitutes an acknowledgment or admission of the existence of any claim or any liability
of the Republic to pay that claim or an acknowledgment that any ability to bring proceedings in any jurisdiction
in respect of such claim or any limitation period relating thereto has been revived or reinstated, or an express or
implied promise to pay any such claim (or part thereof). Whether or not a claim exists, the Republic may in its
sole discretion and only if written notice to that effect is received from a duly authorized officer of the Republic,
attribute a value to such claim for purposes of the Republic's Settlement Proposal. All defenses available to the
Republic relating to any applicable statute of limitations or otherwise are expressly preserved for all purposes.
This offering memorandum may not be relied upon as evidence of the Republic's agreement that a claim exists,
or of the Republic's willingness, ability or obligation to pay any claim. Any attribution of any value to any
claim for purposes of the Republic's Settlement Proposal will not be considered an acknowledgment of the
existence or validity of that claim and any consideration given by or on behalf of the Republic to the proponent
of that claim will be consideration only for the agreement by the proponent of that claim to cease all actions or
proceedings in respect of that claim and to irrevocably assign and transfer to the Republic all rights, if any, with
respect to such claim and to undertake to complete any and all formalities or requirements necessary to ensure
that if such claim existed neither the proponent nor any successor or assignee of the proponent (other than the
Republic) is able to evidence or allege such claim to remain in existence or to be a liability of the Republic.

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Currency of Presentation
Unless otherwise specified, references in this offering memorandum to "pesos" and "Ps." are to
Argentine pesos, references to "U.S. dollars" and "U.S.$" are to the currency of the United States of America,
references to "euros," "" and "EUR" are to the currency of the European Union, references to "CHF" are to
Swiss francs and references to "Japanese yen" or "JPY" are to Japanese yens.
Exchange Rates and Exchange Controls
The Republic publishes most of its economic indicators and other statistics in pesos. Beginning in
February 2002, the peso was allowed to float against other currencies. After several years of fluctuations in the
nominal exchange rate, the peso lost approximately 14% of its value against the U.S. dollar in 2012. Despite
increased Central Bank intervention and measures to limit Argentine residents' access to foreign currency, the
peso devalued by 32.6% and 31.3% against the U.S. dollar in 2013 and 2014, respectively. In December 2015,
the Macri administration eliminated a significant portion of the foreign exchange restrictions and the Central
Bank returned to a free-float policy with interventions designed to enhance the operation of the foreign
exchange market. Immediately after a significant portion of the foreign exchange controls were lifted on
December 16, 2015, the peso devalued by approximately 40%, as the peso-U.S. dollar exchange rate reached
Ps. 13.76 to U.S. $1.00 on December 17, 2015. The peso has since floated freely with limited intervention by
the Central Bank.
Exchange Rates
The following table sets forth the annual high, low, average and period-end "reference" exchange rates
for the periods indicated, expressed in pesos per U.S. dollar and not adjusted for inflation. There can be no
assurance that the peso will not depreciate or appreciate in the future. The Federal Reserve Bank of New York
does not report a noon buying rate for pesos.

Exchange rates(1)

High
Low
Average(2)
Period end
Year ended December 31,




2011 ................................................................
4.304
3.972
4.130
4.303
2012 ................................................................
4.917
4.305
4.551
4.917
2013 ................................................................
6.518
4.923
5.479
6.518
2014 ................................................................
8.556
6.543
8.119
8.552
2015 ................................................................
13.763
8.554
9.269
13.005
Month




January 2016...................................................
13.941
13.069
13.655
13.904
February 2016 .................................................
15.584
14.088
14.815
15.584
March 2016.....................................................
15.919
14.246
14.961
14.582


(1)
Central Bank reference exchange rates (Communication A 3500 of Central Bank).
(2)
Average of daily closing quotes.
Source: Central Bank.
Currency conversions, including conversions of pesos into U.S. dollars, are included for the
convenience of the reader only and should not be construed as a representation that the amounts in question
have been, could have been or could be converted into any particular denomination, at any particular rate or at
all.
As of April 7, 2016, the peso-dollar reference exchange rate was Ps. 14.525 to U.S.$1.00.
Exchange Controls
Due to the deterioration of the Argentine economy and financial system in 2001, the inability of the
Republic to service its public external indebtedness and the decreased level of deposits in the financial system,
the Government issued Decree No. 1,570/2001 on December 3, 2001, which established certain monetary and

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Document Outline