Obligation Argentia 7.82% ( XS0501195134 ) en EUR

Argentia

100 % ▲

Argentine

XS0501195134 ( en EUR )

7.82% par an ( paiement semestriel )

29/12/2033

Prospectus brochure de l'obligation Argentina XS0501195134 en EUR 7.82%, échéance 29/12/2033

1 099 EUR

1 930 645 980 EUR

30/12/2025 ( Dans 106 jours )

L'Argentine, deuxième plus grand pays d'Amérique du Sud, est un vaste territoire caractérisé par sa diversité géographique allant des sommets andins aux plaines de la Pampa et aux steppes de Patagonie, ainsi que par sa riche culture mêlant influences européennes, tango, football et une gastronomie renommée autour de la viande et du vin.

L'instrument financier analysé est une obligation souveraine (Type : Obligation), émise par la République d'Argentine (Emetteur : Argentina), nation sud-américaine dont l'économie, historiquement volatile et sujette à des cycles de croissance et de récession marqués, s'appuie sur les marchés de capitaux internationaux pour financer ses besoins. Cette émission particulière, identifiée par le code ISIN XS0501195134 et dont le pays d'émission est l'Argentine, est actuellement cotée à 100% de son prix nominal sur le marché (Prix actuel sur le marché : 100%), ce qui signifie qu'elle se négocie à parité. Libellée en euros (Devise : EUR), elle offre un taux d'intérêt annuel brut de 7,82% (Taux d'intérêt : 7.82), avec une fréquence de paiement des coupons semestrielle (Fréquence de paiement : 2). La date de maturité de cette obligation est fixée au 29 décembre 2033 (Maturité : 29/12/2033). La taille totale de l'émission s'élève à 1 930 645 980 euros (Taille totale de l'émission : 1930645980), et l'investissement minimal requis pour l'acquisition est de 1 099 euros (Taille minimale à l'achat : 1099).

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the
action you should take, you are recommended to seek your own personal financial advice as soon as possible from your
stockbroker, bank, accountant, fund manager or other appropriate independent financial adviser. Questions about this
document should be directed to the information agent identified below.

Copies of this document shall not be furnished or transferred for any purpose unless permitted by applicable law, further details of
which are set out under "Jurisdictional Restrictions."
The Republic of Argentina
Invites the Owners of each Series of Bonds
listed in Annexes A-1 and A-2 and related claims (collectively, the "Eligible Securities") to submit offers
to exchange Eligible Securities for New Securities and, in certain cases, cash, on the terms and conditions described herein.
The aggregate Eligible Amount (as defined herein) of all Pre-2005 Eligible Securities (as defined herein) currently outstanding is
U.S.$18.3 billion, comprising U.S.$17.6 billion of principal and U.S.$0.7 billion of accrued but unpaid interest as of December
31, 2001, based on currency exchange rates in effect on December 31, 2003.
The Invitation will expire at 5:00 P.M. (New York City time) on June 7, 2010, unless extended or earlier
terminated by Argentina (such date and time, as the same may be extended, the "Expiration Date").
Large Holders (as defined herein) electing the Discount Option (as defined herein) who validly tender their
Eligible Securities (1) by no later than 5:00 P.M. (New York City time) on May 12, 2010, unless extended (such date and
time, as the same may be extended, the "Early Tender Deadline") will be eligible to receive the Total Consideration (as
defined herein), or (2) after the Early Tender Deadline but on or prior to the Expiration Date, will be eligible to receive the
Consideration (as defined herein). Small Holders (as defined herein) will be eligible to receive the Total Consideration
even if their tenders are received after the Early Tender Deadline, so long as they validly tender their Eligible Securities on
or prior to the Expiration Date.
All tenders will be irrevocable and may not be withdrawn except under certain limited circumstances as described
in this document.

You should read the whole of this document and any documents incorporated herein by reference. In particular, your
attention is drawn to the section entitled "Risk Factors" in this document, which contains a discussion of certain factors that should be
considered by a holder of Eligible Securities when considering whether or not to participate in the Invitation.

This document (including the documents incorporated by reference herein) constitutes a prospectus (the "Prospectus") within the
meaning of article 5 of European Union Directive 2003/71/EC (the "Prospectus Directive"). The Luxembourg Commission de
Surveillance du Secteur Financier (which we refer to as the "CSSF") has approved this Prospectus in compliance with the Prospectus
Directive. Argentina has, in accordance with the passporting provisions of the Prospectus Directive, requested the CSSF to provide a
certificate of approval and a copy of this Prospectus, together with a translation of the summary, if applicable, to the Österreichische
Finanzmarktaufsicht, being the relevant competent authority in Austria, the Bundesanstalt für Finanzdienstleistungsaufsicht, being the
relevant competent authority in Germany, the Stichting Autoriteit Financiële Markten, being the relevant competent authority in the
Netherlands, the Comisión Nacional del Mercado de Valores, being the relevant competent authority in Spain, and the Financial
Services Authority, being the relevant competent authority in the United Kingdom.

The Invitation is being made to holders of Eligible Securities in Austria, Germany, Italy, Luxembourg, the Netherlands, Spain and the
United Kingdom (the "EU Approved Offering Countries") and in the United States, Argentina and Switzerland (which together with the EU
Approved Offering Countries, are referred to as the "Approved Offering Countries"). In Italy, the Invitation will be made only pursuant to an
authorization granted by the Commissione Nazionale per le Società e la Borsa ("CONSOB") to publish an offer document pursuant to Article
102 of Legislative Decree No. 58 of February 24, 1998. Outside of the Approved Offering Countries, the Invitation is being made only to
persons to whom this Prospectus lawfully may be sent and to whom the Invitation lawfully may be made pursuant to other applicable
exemptions from the requirement to produce a prospectus under applicable securities laws. To determine if they may review this Prospectus or
participate in the Invitation, holders of Eligible Securities outside the Approved Offering Countries should carefully read the sections entitled
"Global Offering" and "Jurisdictional Restrictions."
(cover continues on next page)
------------------------------------
Global Coordinator
Barclays Capital
International Joint Dealer Managers
Barclays Capital
Citi
Deutsche Bank Securities
April 27, 2010.

(cover page continued)
If you own Pre-2005 Eligible Securities, you can elect to receive either of the following combinations of New Securities and, in
the case of the Par Option, a cash payment, which we refer to as the "Discount Option" and the "Par Option," respectively:
Discount Option Par
Option
Discounts
Pars
2017 Globals and
Cash Payment and
GDP-linked Securities
GDP-linked Securities
If you own 2005 Eligible Securities, the New Securities that you receive will be a function of the option that you elect (the
Discount Option or the Par Option). You will not receive any 2017 Globals, cash payment or GDP-linked Securities in the Invitation.
Series of 2005 Eligible
New Securities
New Securities
Securities Exchanged
in Discount Option
in Par Option
2005 Discounts
Discounts
Pars
2005 Pars
Discounts
Pars
2005 Quasi-Pars
Discounts
Pars
You may elect the Par Option for up to U.S.$50,000, 40,000, 30,000, Sfr.60,000, ¥5,000,000 or Ps. 150,000, as the case may be,
in outstanding principal amount of each series of Pre-2005 Eligible Securities or in Eligible Amount of each series of 2005 Eligible
Securities that you hold, but not more. We call this limit the "Par Option Limit per Holder." In addition, Argentina will not issue
more than U.S.$2 billion (or its equivalent in other currencies) of Pars pursuant to the Invitation and, therefore, tenders of Eligible
Securities electing the Par Option may be subject to proration. To the extent that a tender of Eligible Securities electing the Par Option
is prorated, it will be reallocated to the Discount Option.
A "series" of Eligible Securities refers to each issue of Eligible Securities listed in Annexes A-1 and A-2 to this document, all accrued
interest thereon and all claims or judgments relating to Eligible Securities of that series. A "series" of New Securities refers to each issue of
Discounts, Pars, 2017 Globals and GDP-linked Securities described in this document.
Application has been made to list each series of the New Securities on the Luxembourg Stock Exchange and to have the New Securities
admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange, and application will be made to list each series of the New
Securities on the Buenos Aires Stock Exchange and to have the New Securities admitted to trading on the Mercado Abierto Electrónico.
Several series of the Eligible Securities are listed on the Luxembourg Stock Exchange and admitted to trading on the regulated market of the
Luxembourg Stock Exchange. These series are identified on Annex A to this Prospectus.
Prior to the termination of the Invitation, Argentina is offering U.S.$1,000,000,000 principal amount of global bonds due 2017 for cash.
We refer to this offering as the "concurrent cash offering." The completion of the Invitation is conditioned on Argentina's receipt of the
proceeds from the concurrent cash offering and the other conditions described herein.
TENDER PROCEDURES. Investors holding Eligible Securities through a custodian or intermediary may need to contact their
custodian or intermediary in order to tender their Eligible Securities. Such custodians or intermediaries may impose their own
deadlines for instructions to be received from investors in the Eligible Securities with respect to the Invitation, which may be earlier
than the Early Tender Deadline and Expiration Date for the Invitation set out above. Investors holding the Eligible Securities through
custodians or intermediaries should therefore contact their custodians or intermediaries prior to these dates to ensure that they
successfully tender their Eligible Securities. Argentina shall not be liable for any errors or delays in completing the tender procedures
made by, or due to, such custodians and intermediaries.
This Prospectus and the related electronic acceptance notices and letters of transmittal are together referred to as the "Invitation
Materials." The transactions contemplated by the Invitation Materials are referred to as the "Invitation."
In this Prospectus, references to "we," "our" and "us" are to the Republic of Argentina, or "Argentina." References to "you" or "your"
are to holders of Eligible Securities. Terms not otherwise described herein have the meanings ascribed to them in this Prospectus.
(cover continues on next page)
ii

(cover page continued)
We are responsible for the information contained in this Prospectus and the documents incorporated herein by reference. We have not
authorized anyone to give you any other information, and we take no responsibility for any other information that others may give you. Neither
the delivery of this Prospectus nor any exchange made hereunder shall, under any circumstances, create any implication that there has been no
change in our condition since the date of this Prospectus.
The New Securities, other than those governed by Argentine law, will contain provisions regarding acceleration (if applicable) and future
modifications to their terms. These provisions, which are commonly referred to as "collective action clauses," are described in the sections
entitled "Description of the New Securities--Default and Acceleration of Maturity" and "Description of the Securities--Collective Action
Clauses" on pages 118 and 120, respectively, of this document. Under those provisions, modifications affecting certain reserved matters,
including modifications to payment and other important terms, may be made to a single series of New Securities, other than those governed by
Argentine law, with the consent of the holders of 75% of the aggregate principal or notional amount outstanding of that series, and to multiple
series of New Securities, other than those governed by Argentine law, with the consent of the holders of 85% of the aggregate principal or
notional amount outstanding of all affected series and 66% in aggregate principal or notional amount outstanding of each affected series.
If your tendered Eligible Securities are the subject of a pending administrative, litigation, arbitral or other legal proceeding against
Argentina or you have obtained or obtain in the future a payment order, judgment, arbitral award or other such order against Argentina in
respect of your tendered Eligible Securities, then as a condition to your participation in the Invitation, you will be required to agree to terminate
any legal proceeding against Argentina in respect of your tendered Eligible Securities, release Argentina from all claims, including any
administrative, litigation or arbitral claims, and take extra steps and procedures in order to participate in the Invitation, as set out herein. The
exchange will constitute full performance and satisfaction by Argentina of any payment order, judgment, arbitral award or other such order you
have obtained, or may obtain in the future, against Argentina in respect of your tendered Eligible Securities.
Neither the U.S. Securities and Exchange Commission, or SEC, nor any other regulatory body has approved or disapproved of
these securities or passed upon the accuracy or adequacy of this document. Any representation to the contrary is a criminal offense.
This Prospectus does not constitute an offer to tender, or the solicitation of an offer to tender, securities in any jurisdiction where
such offer or solicitation is unlawful. The distribution of this Prospectus in certain jurisdictions may be restricted by law, and persons
into whose possession this Prospectus comes are requested to inform themselves about and to observe such restrictions.
If you have any questions on the procedure for tendering your Eligible Securities you should contact Georgeson S.r.l., the information
agent, at Via Emilia 88, 00187 Rome, Italy (telephone: 800.189.922), at 199 Water St., New York, NY 10038, United States (telephone:
+1.866.742.4029), at Prannerstrasse 8, 80333 Munich, Germany (telephone: 0800.000.1564), or at Vintners' Place, 68 Upper Thames Street,
London EC4V 3BJ, United Kingdom. If you are an institution, you should contact the information agent in Italy at +39.06.42.17.17.17 and
outside Italy at +39.06.42.17.17.77. The information agent will operate the Invitation Website (as defined herein), accept letters of transmittal
in electronic form from tendering holders and answer questions from holders regarding tender procedures.

iii

TABLE OF CONTENTS
Table of Contents..........................................................................................................................................................iv
Introduction ...................................................................................................................................................................x
Data Dissemination.......................................................................................................................................................xi
Global Offering ............................................................................................................................................................xi
Invitation in Japan..........................................................................................................................................xii
Description of the Debt Restructuring Process and Determination of Terms of the Invitation .....................xii
Certain Legal Restrictions ..........................................................................................................................................xvi
Currency Exchange Rates..........................................................................................................................................xvii
FX Rate 2003 and FX Rate Launch.............................................................................................................xvii
FX Rate 2010...............................................................................................................................................xvii
Glossary of Key Terms.............................................................................................................................................xviii
Key Terms of the Invitation Applicable to all Tenders...............................................................................xviii
Key Terms of the Invitation Applicable Only to Tenders of 2005 Eligible Securities ................................xxi
Summary........................................................................................................................................................................1
The Republic of Argentina ..............................................................................................................................1
General...............................................................................................................................................1
The Economy; Public Sector Debt.....................................................................................................1
Selected Economic Information.......................................................................................................................5
Purpose of the Invitation..................................................................................................................................6
Summary Time Schedule for the Invitation.....................................................................................................6
Terms of the Invitation ..................................................................................................................................11
Total Consideration and Consideration for Tenders of Pre-2005 Eligible Securities ....................................11
Hypothetical Examples of Total Consideration for Tenders of Pre-2005 Eligible Securities........................15
Total Consideration and Consideration for Tenders of 2005 Eligible Securities...........................................16
Hypothetical Examples of Total Consideration for Tenders of 2005 Eligible Securities ..............................19
Limitation on Election of the Par Option.......................................................................................................21
Limitation on Issuance of Pars.......................................................................................................................21
No Limitation on Issuance of Discounts........................................................................................................21
Adjustments to the Principal Amount of Discounts.......................................................................................21
Adjustments to the Principal Amount of Pars Denominated in Pesos ...........................................................22
Conditions......................................................................................................................................................22
Financing Condition ......................................................................................................................................22
Cancellation Condition ..................................................................................................................................22
Other Conditions............................................................................................................................................23
Acceptance.....................................................................................................................................................23
Irrevocability; Limited Withdrawal Rights....................................................................................................23
Termination; Amendments ............................................................................................................................23
Brady Bonds ..................................................................................................................................................24
No Maximum or Minimum Size of Invitation ...............................................................................................24
Exchange Agent.............................................................................................................................................24
Tax Consequences .........................................................................................................................................24
Summary of Consideration for Pre-2005 Eligible Securities.........................................................................25
Summary of Consideration for 2005 Eligible Securities ...............................................................................26
Tender Procedures .........................................................................................................................................27
Delivery of Electronic Acceptance Notices ...................................................................................................27
Eligible Securities in Book-Entry Form ........................................................................................................28
Through Euroclear, Clearstream, Luxembourg or Clearstream Banking AG................................................28
Through Caja de Valores ...............................................................................................................................28
Through Other Clearing Systems...................................................................................................................28
Through a Custodian or Other Securities Intermediary .................................................................................29
Eligible Securities in Physical Form..............................................................................................................29
Delivery of Letters of Transmittal .................................................................................................................30
Holders located outside of Germany..............................................................................................................30
Additional Requirements for Holders located in Germany............................................................................31
iv

Confidentiality of Beneficial Ownership Information ...................................................................................31
Holders in Luxembourg.................................................................................................................................31
Special Procedures for Eligible Securities Subject to Outstanding Judgments
or Pending Legal or Arbitral Proceedings .....................................................................................................31
The New Securities........................................................................................................................................33
Discounts ........................................................................................................................................33
2017 Globals ...................................................................................................................................35
Pars..................................................................................................................................................35
GDP-linked Securities.....................................................................................................................36
Common Terms of the New Securities ...........................................................................................40
Listing and Admission to Trading...................................................................................................43
Risk Factors ...................................................................................................................................................43
Risk Factors Relating to Argentina .................................................................................................43
Litigation.........................................................................................................................................44
Risks of Participating in the Invitation............................................................................................44
Risks Relating to the New Securities ..............................................................................................45
Risks Relating to GDP-linked Securities ........................................................................................45
Risks Relating to New Securities Governed by Argentine Law .....................................................46
Risks of Not Participating in the Invitation.....................................................................................46
Plan of Distribution........................................................................................................................................46
Dealer Manager Agreement ............................................................................................................46
International Joint Dealer Managers' Fee Payable by Tendering Holders of Pre-2005 Eligible
Securities ......................................................................................................................................46
Retail Processing Fee; Aggregator Fee ...........................................................................................47
Documents Obtainable by the Public.............................................................................................................47
Risk Factors ...................................................................................................................................................48
Risk Factors Relating to the Invitation ...........................................................................................48
Risks of Not Participating in the Invitation .....................................................................48
Risks of Participating in the Invitation ............................................................................48
Risk Factors Relating to Argentina .................................................................................................55
Litigation ..........................................................................................................................59
Risk Factors Relating to the New Securities ..................................................................................60
Risks Relating to GDP-linked Securities..........................................................................60
Risk Relating to all New Securities .................................................................................61
Risks Relating to New Securities Governed by Argentine Law.......................................63
Recent Developments ..................................................................................................................................................64
Terms of the Invitation ................................................................................................................................................66
Purpose of the Invitation................................................................................................................................66
Eligible Amounts...........................................................................................................................................66
Eligible Amount of Pre-2005 Eligible Securities .............................................................66
Eligible Amount of 2005 Eligible Securities....................................................................66
Options ..........................................................................................................................................................67
Limitation on Issuance and Allocation of the Par Option..............................................................................68
Limit on Issuance Pars .....................................................................................................68
Allocation of the Par Option.............................................................................................68
No Limitation on Issuance of Discounts ..........................................................................68
Discount Option.............................................................................................................................................68
Tenders of Pre-2005 Eligible Securities...........................................................................68
Total Consideration for Tenders of Pre-2005 Eligible Securities in Exchange for
Discounts .........................................................................................................................69
Consideration for Tenders After the Early Tender Deadline by Large Holders of
Pre-2005 Eligible Securities in Exchange for Discounts..................................................70
Par Option......................................................................................................................................................71
Tenders of Pre-2005 Eligible Securities...........................................................................71
Total Consideration for Tenders of Pre-2005 Eligible Securities in Exchange for Pars...71
Discount Option and Par Option for Holders of 2005 Eligible Securities .....................................................72
v

Adjustments to the Principal Amount of Discounts.......................................................................................72
Adjustments to the Principal Amount of Pars Denominated in Pesos ...........................................................73
Currency Denomination of New Securities ...................................................................................................73
Discounts and Pars ...........................................................................................................73
2017 Globals ....................................................................................................................74
GDP-linked Securities......................................................................................................74
Governing Law of the New Securities...........................................................................................................74
Discounts and Pars ...........................................................................................................74
2017 Globals ....................................................................................................................74
GDP-linked Securities......................................................................................................74
Summary of Consideration for Pre-2005 Eligible Securities.........................................................................74
No Maximum or Minimum Size of Invitation ...............................................................................................75
Financing Condition ......................................................................................................................................75
Cancellation Condition ..................................................................................................................................75
Other Conditions to the Invitation .................................................................................................................75
Expiration of Invitation; Termination; Amendments.....................................................................................76
Irrevocability; Limited Withdrawal Rights....................................................................................................76
Acceptance of Tenders ..................................................................................................................................77
Minimum Tender Amount .............................................................................................................................78
Tender Procedures .........................................................................................................................................78
Eligible Securities in Book-Entry Form ...........................................................................79
Eligible Securities Held through a Custodian or Other Securities Intermediary ..............81
Eligible Securities in Physical Form ................................................................................81
Delivery of Letters of Transmittal ....................................................................................82
Holders in Luxembourg....................................................................................................83
Special Procedures for Eligible Securities Subject to Outstanding Judgments
or Pending Legal or Arbitral Proceedings ........................................................................84
Procedures for Holders of Certain Strippable Securities ..................................................84
Procedures for Holders of Tax Credit Certificates ...........................................................85
Effectiveness of Tenders ..................................................................................................85
Representations, Warranties and Undertakings Relating to Tenders
of Eligible Securities ........................................................................................................86
Special Tender Procedures for Large Holders to Obtain the Total Consideration ...........91
Special Tender Procedures With Respect to the Allocation of the Par Option.................92
The New Securities or Cash Payment, if applicable, to Which You Are Entitled Upon
Settlement of the Invitation will be Credited to the Same Account at a Principal
Clearing System from which the Corresponding Eligible Securities Were Tendered......92
Procedures for Withdrawal of Tenders ..........................................................................................................93
Procedures Upon Rejection of Tenders or Termination of Invitation............................................................94
Irregularities...................................................................................................................................................94
Announcements .............................................................................................................................................94
Settlement ......................................................................................................................................................95
Contracts (Rights of Third Parties) Act 1999 ................................................................................................96
Governing Law and Jurisdiction....................................................................................................................96
Market for the Eligible Securities and New Securities ..................................................................................96
Terms of the Invitation; Methodology; No Recommendation.......................................................................97
Repurchases of Eligible Securities that Remain Outstanding; Subsequent Exchange Offers........................97
Terms of the Invitation Applicable Only to Holders of 2005 Eligible Securities ..........................................98
Options; Limits.................................................................................................................98
Discount Option ...............................................................................................................98
Total Consideration for Tenders of 2005 Eligible Securities in Exchange for Discounts 99
Consideration for Tenders After the Early Tender Deadline by Large Holders of 2005
Eligible Securities in Exchange for Discounts...............................................................102
Par Option ......................................................................................................................102
Total Consideration for Tenders of 2005 Eligible Securities in Exchange for Pars .......103
Adjustments to Total Consideration and Consideration to reflect Settlement Delays....105
vi

Summary of Consideration for 2005 Eligible Securities ................................................105
Description of the New Securities .............................................................................................................................106
General Terms Common to All New Securities ..........................................................................................106
General Terms of the Discounts ..................................................................................................................107
General Terms of the 2017 Globals.............................................................................................................108
General Terms of the Pars ...........................................................................................................................108
General Terms of the GDP-linked Securities ..............................................................................................109
Payments......................................................................................................................................................113
Paying Agents and Transfer Agent..............................................................................................................114
Class Voting; Fungibility.............................................................................................................................114
Rights Upon Future Offers ..........................................................................................................................115
Further Issues...............................................................................................................................................116
Additional Amounts.....................................................................................................................................116
Seniority.......................................................................................................................................................117
Negative Pledge...........................................................................................................................................117
Default and Acceleration of Maturity ..........................................................................................................118
Prescription..................................................................................................................................................119
Meetings ......................................................................................................................................................119
Collective Action Clauses............................................................................................................................120
Waiver of Default and Acceleration of Maturity............................................................120
Modifications .................................................................................................................121
Special Terms of New Securities Governed by Argentine Law ..................................................................123
Notices.........................................................................................................................................................124
Governing Law ............................................................................................................................................124
Jurisdiction, Consent to Service, Enforceability and Immunities from Attachment....................................124
Registration and Book-Entry System...........................................................................................................126
U.S. dollar-denominated New Securities (other than U.S. dollar-denominated New
Securities governed by Argentine law) and euro-denominated New Securities ............126
Peso-denominated New Securities and U.S. dollar-denominated New Securities
governed by Argentine law ............................................................................................126
Definitive Securities ....................................................................................................................................126
Clearance and Settlement ..........................................................................................................................................128
The Clearing Systems ..................................................................................................................................128
Clearstream, Luxembourg ..............................................................................................128
Euroclear ........................................................................................................................128
CRYL .............................................................................................................................129
Caja de Valores ..............................................................................................................129
Settlement ....................................................................................................................................................129
U.S. dollar-denominated New Securities (other than U.S. dollar-denominated New
Securities governed by Argentine law) and euro-denominated New Securities ............129
Peso-denominated New Securities and U.S. dollar-denominated New Securities governed
by Argentine law............................................................................................................130
Secondary Market Trading ..........................................................................................................................130
Trading between Euroclear and/or Clearstream, Luxembourg Participants ...................130
Trading between CRYL Participants..............................................................................130
Trading between Caja de Valores Participants...............................................................130
Trading between Euroclear, Clearstream, Luxembourg and
Caja de Valores Participants...........................................................................................130
Taxation.....................................................................................................................................................................131
Argentine Federal Income Tax Consequences.............................................................................................131
U.S. Federal Income Tax Consequences .....................................................................................................132
Luxembourg Tax Consequences..................................................................................................................140
Austrian Tax Consequences.........................................................................................................................143
Germany ......................................................................................................................................................148
The Netherlands...........................................................................................................................................157
Spain ............................................................................................................................................................157
vii

United Kingdom ..........................................................................................................................................157
EU Savings Income Taxation Directive ......................................................................................................158
Plan of Distribution ...................................................................................................................................................159
Dealer Manager Agreement.........................................................................................................................159
Expenses ......................................................................................................................................................161
Exchange Agent...........................................................................................................................................161
Listing and Admission to Trading ...............................................................................................................161
Jurisdictional Restrictions..........................................................................................................................................162
Argentina .....................................................................................................................................................162
Austria .........................................................................................................................................................162
Bahrain ........................................................................................................................................................162
Belgium .......................................................................................................................................................163
Canada (Ontario and Québec Only).............................................................................................................163
Cayman Islands............................................................................................................................................165
Channel Islands (Jersey Only) .....................................................................................................................165
Denmark ......................................................................................................................................................165
European Economic Area ............................................................................................................................165
France ..........................................................................................................................................................166
Germany ......................................................................................................................................................166
Hong Kong ..................................................................................................................................................166
Ireland..........................................................................................................................................................167
Italy..............................................................................................................................................................167
Japan ............................................................................................................................................................167
Luxembourg.................................................................................................................................................168
Monaco ........................................................................................................................................................168
The Netherlands...........................................................................................................................................168
The Netherlands Antilles .............................................................................................................................168
Portugal........................................................................................................................................................168
Russia ..........................................................................................................................................................169
Singapore.....................................................................................................................................................169
Spain ............................................................................................................................................................169
Switzerland ..................................................................................................................................................170
United Kingdom ..........................................................................................................................................170
Uruguay .......................................................................................................................................................170
Forward-Looking Statements ....................................................................................................................................171
Validity of the New Securities...................................................................................................................................171
Official Statements ....................................................................................................................................................172
Authorized Representative.........................................................................................................................................172
Further Information ...................................................................................................................................................172
Ratings.........................................................................................................................................................172
Yield and Price of the New Securities .........................................................................................................173
Total Amount of Issue .................................................................................................................................174
Authorization ...............................................................................................................................................174
Interests of Related Persons.........................................................................................................................174
Listing and Admission to Trading; Listing Agent; Exchange Agent...........................................................175
Documents Incorporated by Reference........................................................................................................175
Responsibility Statement .............................................................................................................................177
Documents Filed with the Luxembourg Stock Exchange............................................................................177
Documents Relating to the New Securities..................................................................................................177
No Representations Other than those in this Prospectus..............................................................................177
No Investment Advice .................................................................................................................................177
Disclaimer....................................................................................................................................................178
Notices.........................................................................................................................................................178
Issuer Contact Information ..........................................................................................................................178
Clearing .......................................................................................................................................................178
Discounts........................................................................................................................178
viii

Pars.................................................................................................................................179
2017 Globals ..................................................................................................................179
GDP-linked Securities....................................................................................................179
Annex A1 Pre-2005 Eligible Securities................................................................................................................ A-1
Annex A2 2005 Eligible Securities .................................................................................................................... A-17
Annex B Principal Payment Schedule for U.S. dollar-denominated Discounts and Pars........................................B-1
Annex C1 Pre-2005 Eligible Securities: Additional Information .........................................................................C-1
Annex C2 2005 Eligible Securities: Additional Information..............................................................................C-16
Annex D Interest Payments on 2005 Discounts and 2005 Pars and Capitalized Interest on Discounts ................. D-1
Annex E1 Tender Procedures: Eligible Securities Held by a Direct Participant ...................................................E-1
Annex E2 Tender Procedures: Eligible Securities Held through a Securities Intermediary ..................................E-2
Annex F1 Sample Calculations of Total Consideration and Consideration
for Pre-2005 Eligible Securities............................................................................................................ F-1
Annex F2 Sample Calculations of Total Consideration and Consideration
for 2005 Eligible Securities .................................................................................................................. F-3
Annex G Sample Calculations Related to Payments on GDP-linked Securities .................................................... G-1
Annex H Form of Letter of Transmittal ................................................................................................................. H-1
Annex I Form of Paper Letter of Transmittal to be Submitted by Investors in Germany.........................................I-1

ix

INTRODUCTION
We are responsible for the information contained in this Prospectus and the documents incorporated
herein by reference. We have not authorized anyone to give you any other information, and we take no
responsibility for any other information that others may give you. Neither the delivery of this Prospectus nor
any exchange made hereunder shall, under any circumstances, create any implication that there has been no
change in our condition since the date of this Prospectus.
Argentina is furnishing this document to you solely for use in the context of the Invitation and for
Luxembourg listing purposes.
Argentina is a foreign sovereign state. Consequently, it may be difficult for you to obtain or realize upon
judgments of courts or arbitral awards in the United States and other jurisdictions against Argentina.
The New Securities that Argentina issues to tendering holders of Eligible Securities in the United States are
being offered under Argentina's registration statement (file no. 333-163784) initially filed with the United States
Securities and Exchange Commission (the "SEC") under Schedule B of the Securities Act of 1933, as amended (the
"Securities Act"), on December 16, 2009, and declared effective by the SEC on April 13, 2010.
None of Argentina, the global coordinator, any international joint dealer manager, the information agent or
the exchange agent has expressed any opinion as to whether the terms of the Invitation are fair. In addition, none of
the clearing systems through which you may tender your Eligible Securities has expressed any opinion as to whether
the terms of the Invitation are fair. None of Argentina, the global coordinator, any international joint dealer
manager, the information agent or the exchange agent makes any recommendation that you tender your Eligible
Securities for exchange or refrain from doing so pursuant to the Invitation, and no one has been authorized by
Argentina, any international joint dealer manager, the information agent or the exchange agent to make any such
recommendation. You must make your own decision as to whether to tender Eligible Securities in exchange for
New Securities or refrain from doing so, and, if you do tender Eligible Securities, the principal amount of Eligible
Securities to tender and which of the Discount Option or the Par Option to elect.
All references in this document to the website relating to the Invitation (which we refer to as the "Invitation
Website"), are to the website created and maintained by the information agent, which can be accessed through the
Internet address http://www.argentina2010offer.com. These references are inserted as inactive textual references to
this "uniform resource locator" or "URL" and are for your informational reference only. Access to the Invitation
Website by holders in certain non-U.S. jurisdictions will be subject to certain restrictions in compliance with
exemptions from regulatory approval being relied on by Argentina in such jurisdictions. See "Jurisdictional
Restrictions" below. Information on the Invitation Website is not incorporated by reference in this document.
Argentina does not assume responsibility for the information that appears on the Invitation Website, other than the
Invitation Materials and other information that Argentina has authorized for display on the Invitation Website under
the information agent agreement.
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