Obligation Aguas Argentinas 6.625% ( XS1763161012 ) en USD

Aguas Argentinas

100 % ▲

Argentine

XS1763161012 ( en USD )

6.625% par an ( paiement semestriel )

01/02/2023 - Obligation échue

Prospectus brochure de l'obligation Aguas y Saneamientos Argentinos XS1763161012 en USD 6.625%, échue

Aguas y Saneamientos Argentinos (AySA) est une entreprise publique argentine responsable de la fourniture d'eau potable et de l'assainissement dans la région métropolitaine de Buenos Aires.

L'Obligation émise par Aguas Argentinas ( Argentine ) , en USD, avec le code ISIN XS1763161012, paye un coupon de 6.625% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 01/02/2023

OFFERING MEMORANDUM

Agua y Saneamientos Argentinos S.A.
U.S.$500,000,000
6.625% Notes due 2023
We are offering U.S.$500,000,000 aggregate principal amount of our 6.625% notes due 2023 (the "Notes"). The principal of the Notes will be
payable on February 1, 2023. Interest on the Notes will accrue at a rate of 6.625% per year and will be payable in arrears on February 1 and August 1
of each year, commencing on August 1, 2018.
We may redeem the Notes, in whole but not in part, at any time prior to February 1, 2021, at a redemption price based on a "make-whole"
premium, plus accrued and unpaid interest. We may also redeem the Notes, in whole or in part at any time after February 1, 2021 at the prices set forth
elsewhere in this offering memorandum plus accrued and unpaid interest. In addition, we may redeem the Notes, in whole but not in part, at a price
equal to 100% of their outstanding principal amount plus accrued and unpaid interest and any additional amounts upon the occurrence of certain changes
in Argentine tax law.
The Notes will constitute our direct, unsecured and unsubordinated obligations and will rank pari passu in right of payment with all our other
existing and future unsecured and unsubordinated indebtedness, except as otherwise provided by law. The Notes will be effectively subordinated to any
of our secured obligations to the extent of the value of the assets securing such obligations. Although 90% of our share capital is owned by the Republic
of Argentina ("Argentina"), the Notes do not benefit from any guarantee by Argentina.
Investing in the Notes involves risks. See "Risk Factors" commencing on page 28 of this offering memorandum for a discussion of certain risks
that you should consider in connection with an investment in the Notes.
Issue Price: 100.000%, plus accrued interest, if any, from February 1, 2018

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be
offered or sold within the United States (as defined in Regulation S under the Securities Act) or to, or for the benefit of, U.S. persons (as defined in
Regulation S), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly,
the Notes are being offered and sold by the initial purchasers only outside the United States to non-U.S. persons within the meaning of Regulation S
under the Securities Act. For a description of certain restrictions on resale or transfer, see "Transfer Restrictions" in this offering memorandum.
This offering memorandum does not constitute, and may not be used for the purpose of, and offer or solicitation by anyone in any jurisdiction in
which such offer of solicitation is not authorized to any person to whom it is unlawful to make such offer or solicitation, and no action is being taken to
permit an offering of the Notes or the distribution of this offering memorandum in any jurisdiction where such action is required.
Any offer or sale of Notes in any member state of the European Economic Area which has implemented directive 2003/71/EC (as amended, the
``Prospectus Directive'') must be addressed to Qualified Investors (as defined in the Prospectus Directive).
The Notes will constitute non-convertible notes (obligaciones negociables simples no convertibles en acciones) under the Argentine Negotiable
Obligations Law No. 23,576, as amended (the "Argentine Negotiable Obligations Law"), will rank pari passu in right of payment with all of our existing
and future unsecured and unsubordinated indebtedness, except as otherwise provided by law, will be issued and placed in accordance with such law,
Law No. 24,156, as amended and supplemented, and any other applicable law and/or regulation, and will have the benefits provided thereby and will
be subject to the procedural requirements therein set forth.
The Notes will be offered to the public in Argentina by means of an Argentine prospectus in the Spanish language. The issue of the Notes was
approved by our shareholders on November 16, 2017, and by our board of directors on November 16, 2017.
The issuance of the Notes has been authorized by the Ministry of Finance of Argentina pursuant to Authorization Letter No. IF 2017 28091714-
APN-MF, dated November 13, 2017.
We are not subject to the rules and regulations of the Argentine Securities Commission (the "Comisión Nacional de Valores" or the "CNV") and
therefore the public offer of the Notes in Argentina has not been registered with the CNV and the CNV has not passed upon the information contained
in the Spanish language version of this offering memorandum and has neither approved nor disapproved it.
We have applied to have the notes listed on the Official List of the Luxembourg Stock Exchange and admitted for trading on the Euro MTF
Market of such exchange. This offering memorandum constitutes a prospectus for purposes of Part IV of the Luxembourg law on prospectuses for
securities dated July 10, 2005, as amended.
The Notes will be issued in fully registered form in denominations of U.S.$150,000 and integral multiples of U.S.$1,000 in excess thereof and
will be registered in the name of a nominee of a common depositary for Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société
anonyme ("Clearstream, Luxembourg"), on or about February 1, 2018.
Global Coordinators and Joint Bookrunners

Citigroup
Deutsche Bank Securities
HSBC
Co-Manager
Credit Agricole CIB

The date of this offering memorandum is February 21, 2018.

TABLE OF CONTENTS
Page
Page

Notice to Investors ................................................... 3 Business ................................................................. 83
Available Information .............................................. 5 Regulatory Framework ........................................ 101
Enforcement of Civil Liabilities ............................... 6 Management ........................................................ 114
Forward-Looking Statements ................................... 8 Principal Shareholders ......................................... 125
Presentation of Financial and Other Information ..... 9 Description of the Notes ...................................... 128
Summary ................................................................ 11 Book-Entry; Delivery and Form .......................... 157
The Offering ........................................................... 21 Taxation ............................................................... 159
Summary Financial Data ........................................ 24 Plan of Distribution ............................................. 165
Risk Factors............................................................ 28 Transfer Restrictions ........................................... 170
Use of Proceeds ...................................................... 57 General Information ............................................ 171
Exchange Rates and Exchange Controls ................ 57 Summary of Significant Differences Between
Capitalization ......................................................... 58
Argentine GAAP and IFRS .............................. 172
Selected Financial Information .............................. 62 Legal Matters ....................................................... 176
Management's Discussion and Analysis of Financial Independent Accountants .................................... 177
Condition and Results of Operations ................... 66 Index to Our Financial Statements ....................... 178
Exhibit 1 Resolution 920-E/2017 ....................... E-1
2

NOTICE TO INVESTORS
Unless otherwise indicated or the context otherwise requires, all references in this offering memorandum
to "AySA", "Company", "we", "our", "ours", "us" or similar terms refer to Agua y Saneamientos Argentinos
S.A.
This offering memorandum has been prepared by us solely for use in connection with the proposed
offering of the Notes described herein.
We reserve the right to reject any offer to purchase, in whole or in part, for any reason, or to sell less than
all of the Notes offered by this offering memorandum, Citigroup Global Markets Limited, Deutsche Bank
Securities Inc., HSBC Securities (USA) Inc. and Crédit Agricole Corporate and Investment Bank (together, the
"Initial Purchasers") will act as initial purchasers with respect to the offering of the Notes. This offering
memorandum does not constitute an offer to any other person or to the public in general to subscribe for or
otherwise acquire the Notes.
The Initial Purchasers make no representation or warranty, express or implied, as to the accuracy or
completeness of the information contained in this offering memorandum. Nothing contained in this offering
memorandum is, or shall be relied upon as, a promise or representation by the Initial Purchasers as to the past,
the present or future. We have furnished the information contained in this offering memorandum. The Initial
Purchasers have not independently verified the information contained herein (financial, legal or otherwise) and
assume no responsibility for the accuracy or completeness of such information. Neither the delivery of this
offering memorandum nor any sales made hereunder will, under any circumstances, imply that the information
contained herein is correct as of any date subsequent to the date of the cover of this offering memorandum.
Neither we nor the Initial Purchasers have authorized anyone to provide you with any information other
than that contained in this offering memorandum. We take no responsibility for, and can provide no assurance
as to the reliability of, any information that others may provide you.
Our board of directors hereby represents that, as of the date hereof, this offering memorandum contains
true, accurate and complete information regarding any material fact that may affect our financial condition and
results of operations as well as all other information that is required to be furnished to prospective investors in
respect of the Notes in accordance with applicable law and that there are no other facts the omission of which
would make this offering memorandum as a whole or any of such information or the expression of any opinions
or intentions expressed herein to be misleading. Prospective investors should not assume that the information
contained in this offering memorandum is accurate as of any date other than the date on the front of this offering
memorandum.
We are not, and the Initial Purchasers are not, making an offer to sell the Notes in any jurisdiction where
the offer is not permitted.
Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission nor the
CNV has approved or disapproved the Notes or passed upon or endorsed the merits of this offering or the
accuracy or adequacy of this offering memorandum. Any representation to the contrary is a criminal offense.
In making a decision to invest in the Notes, prospective investors must rely on their own examination of
our business and financial condition and the terms of the offering, including the merits and risks involved.
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 Notes under applicable legal investment or
similar laws or regulations. Investors should be aware that they may be required to bear the financial risks of
this investment for an indefinite period of time.
You must (i) comply with all applicable laws and regulations in force in any jurisdiction in connection
with the possession or distribution of this offering memorandum and the purchase, offer or sale of the Notes
and (ii) obtain any consent, approval or permission required to be obtained by you for the purchase, offer or
sale by you of the Notes under the laws and regulations applicable to you in force in any jurisdiction to which
you are subject or in which you make such purchases, offers or sales. Neither we nor the Initial Purchasers shall
have any responsibility therefor.
3

IN CONNECTION WITH THIS OFFERING, THE INITIAL PURCHASERS (OR PERSONS
ACTING ON BEHALF OF THE INITIAL PURCHASERS) MAY OVER-ALLOT NOTES OR
EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE
NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL.
HOWEVER, THERE IS NO ASSURANCE THAT THE INITIAL PURCHASERS (OR PERSONS
ACTING ON BEHALF OF THE INITIAL PURCHASERS) WILL UNDERTAKE STABILIZATION
ACTIONS. ANY STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH
ADEQUATE PUBLIC DISCLOSURE OF THE FINAL TERMS OF THE OFFER OF THE NOTES IS
MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT MUST END NO LATER THAN
THE EARLIER OF 30 DAYS AFTER THE ISSUE OF THE NOTES AND 60 DAYS AFTER THE
ALLOTMENT OF THE NOTES.

IMPORTANT NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC
AREA
The Notes are not intended to be offered, sold or otherwise made available to and should not be offered,
sold or otherwise made available to any retail investor in the European Economic Area. For these purposes,
(a) a retail investor means a person who is one (or more) of:
(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended,
"MiFID II");
(ii) a customer within the meaning of Directive 2002/92/EC, where that customer would not qualify
as a professional client as defined in point (10) of Article 4(1) of MiFID II; or
(iii) not a qualified investor as defined in the Prospectus Directive; and
(b) the expression "offer" includes the communication in any form and by any means of sufficient
information on the terms of the offer and the Notes to be offered so as to enable an investor to decide
to purchase or subscribe the Notes.
Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended,
the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors
in the European Economic Area has been prepared and therefore offering or selling the Notes or otherwise
making them available to any retail investor in the European Economic Area may be unlawful under the PRIIPS
Regulation.

4

AVAILABLE INFORMATION
The Indenture requires that we furnish to the Trustee (as defined herein) all notices of meetings of the
holders of Notes and other reports and communications that are generally made available to holders of the
Notes. At our request, the Trustee will be required under the Indenture to mail these notices, reports and
communications received by it from us to all record holders of the Notes promptly upon receipt.
We will make available to the holders of the Notes, at the corporate trust office of the Trustee at no cost,
copies of the Indenture as well as of this offering memorandum.
Copies of the Indenture as well as of this offering memorandum will also be available at our corporate
office located at Tucumán 752, 20th floor, City of Buenos Aires, Argentina.
We have applied to have the Notes listed on the Official List of the Luxembourg Stock Exchange and
admitted to trading on the Euro MTF Market of such exchange. This offering memorandum will be available,
free of charge, on the Luxembourg Stock Exchange website www.bourse.lu.

5

ENFORCEMENT OF CIVIL LIABILITIES
We are a sociedad anónima organized under the laws of Argentina. All of our assets are located outside
the United States and all of our directors, executive officers and controlling persons reside outside of the United
States, and all of the experts named in this offering memorandum also reside outside of the United States. As a
result, it may not be possible for investors to effect service of process within the United States upon such
persons or to enforce against them or against us judgments predicated upon the civil liability provisions of the
federal securities laws of the United States or the laws of other jurisdictions.
To the fullest extent permitted by applicable law, we will irrevocably submit to the jurisdiction of any
New York state or any U.S. federal court sitting in the City of New York, Borough of Manhattan, and any
appellate court thereof, in any suit, action or proceeding arising out of or relating to the Notes or our failure or
alleged failure to perform any obligations under the Notes, and we will irrevocably agree that all claims in
respect of any such suit, action or proceeding may be heard and determined in such New York state or U.S.
federal court. We will irrevocably waive, to the fullest extent we may effectively do so, the defense of an
inconvenient forum to the maintenance of any suit, action or proceeding and any objection to any proceeding
whether on the grounds of venue, residence or domicile. To the extent that we have or hereafter may acquire
any immunity (sovereign or otherwise) in respect of our obligations under the Notes or the Indenture from
jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to
judgment, attachment in aid of execution, execution or otherwise) with respect to ourselves or our property
(except for property considered of the public domain or dedicated to the purpose of an essential public service
or otherwise exempt from attachment or seizure under applicable Argentine law), we will irrevocably waive
such immunity in respect of our obligations under the Indenture and/or the Notes, and, without limiting the
generality of the foregoing, we agree that the waivers set forth in the Indenture shall have the fullest scope
permitted under the Foreign Sovereign Immunities Act of 1976 of the United States, as amended (the
"Immunities Act"), and are intended to be irrevocable. Notwithstanding the foregoing, we reserve the right to
plead sovereign immunity under the Immunities Act with respect to actions or proceedings brought against it
under U.S. federal securities laws or any state securities laws, and our appointment of a process agent is not
intended to extend to such actions or proceedings. However, under the Immunities Act, it may not be possible
to enforce in the United States a U.S. judgment against us. In addition, under the laws of the Republic of
Argentina ("Argentina"), it may not be possible to obtain in Argentina recognition or enforcement of a U.S.
judgment and any attachment or other form of execution (before or after judgment) on the property, will be
subject to the applicable provisions of the Código Procesal Civil y Comercial de la Nación Argentina (the
"Code of Civil and Commercial Procedure of Argentina"). See "Description of the Notes--Governing Law"
and "--Submission to Jurisdiction."
A judgment obtained against us in a foreign court may be enforced in the Supreme Court of Argentina.
Based on existing law, the Supreme Court 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 Supreme Court 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) with respect
to personal property if such was transferred 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 considered final according to the law of the country in which it
was issued);
· is not against Argentine public policy; and
6

· 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
did not satisfy one of the requirements set forth in the Code of Civil and Commercial Procedure of Argentina
(i.e., that a foreign judgment cannot contravene Argentine law principles of public policy), given the fact that
an enforcement as such requested by the plaintiff would imply that such plaintiff, pursuant to an individual
action filed before a foreign court, would circumvent the public debt restructuring process set forth by the
Federal Government through emergency legislation enacted in accordance with the Argentine federal
constitution (the "Argentine Constitution"). 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, such as the one
sought by the plaintiff, could not be granted as it would be clearly contrary to such legislation.
IN ACCORDANCE WITH ARGENTINE LAW, IT IS POSSIBLE TO TAKE LEGAL ACTIONS
AGAINST US DIRECTLY, BUT ATTACHMENT OR OTHER FORM OF EXECUTION ON THE
PROPERTY OF US THAT IS USED FOR THE PROVISION OF PUBLIC SERVICES WILL NOT BE
ORDERED. FURTHERMORE, ATTACHMENT PRIOR TO JUDGMENT OR ATTACHMENT IN
AID OF EXECUTION WILL NOT BE ORDERED BY COURTS OF ARGENTINA WITH RESPECT
TO PUBLIC PROPERTY IF SUCH PROPERTY IS LOCATED IN ARGENTINA AND IS INCLUDED
WITHIN THE PROVISIONS OF ARTICLES 234, 235 AND 237 OF THE ARGENTINE CIVIL AND
COMMERCIAL CODE OR DIRECTLY PROVIDES AN ESSENTIAL PUBLIC SERVICE SUCH AS
THOSE SERVICES PROVIDED BY US AND, AS A RESULT, IT IS UNLIKELY THAT AN
ARGENTINE COURT WILL ORDER OR RECOGNIZE AN ATTACHMENT AGAINST OUR
PROPERTY OR ASSETS.

7

FORWARD-LOOKING STATEMENTS
This offering memorandum contains forward-looking statements. Words such as "believe", "anticipate",
"may", "will", "aim", "continue", "plan", "expect", "intend", "target", "estimate", "project", "predict",
"forecast", "should" and similar expressions are intended to identify forward-looking statements, but are not
the exclusive means of identifying these statements. We have based these forward-looking statements on our
current beliefs, expectations and projections about future events, financial trends, business strategy, competitive
position, business environment, potential growth, effects of regulations and competition, and other
circumstances affecting our business. Many important factors, in addition to those discussed in this offering
memorandum, could cause our results to differ substantially from those anticipated in our forward-looking
statements, including:
·
local, regional and national business, economic, political, social, legal or other conditions in
Argentina and elsewhere in Latin America or changes in either developed or other emerging markets;
·
inflation and interest rates fluctuations in Argentina;
·
government regulations in Argentina;
·
adverse legal or regulatory disputes or proceedings;
·
exchange rate fluctuations, including a significant devaluation of the peso;
·
exchange controls, restrictions on transfers abroad and restrictions on capital inflows and outflows;
·
the availability of financing on reasonable terms, including as a result of conditions in regional and
global markets;
·
changes in capital markets which may affect the policies or attitudes regarding the granting of loans
to or investment in Argentine companies;
·
increases in the cost of funding or inability to obtain funding on acceptable terms;
·
an increase in our cost and expenses; and
·
the risk factors discussed under "Risk Factors".
Examples of these forward-looking statements include:
·
projections of capital expenditures, capital structure or other financial items or ratios;
·
statements about our future financial performance or economic conditions in Argentina; and
·
statements of assumptions underlying these statements.
You should not place undue reliance on forward-looking statements, which are based on our current
expectations. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties
and assumptions. Our future results may differ materially from those expressed in forward-looking statements.
Many of the factors that will determine our performance are beyond our ability to control or predict. All
forward-looking statements and risk factors included in this offering memorandum are made as of the date on
the front cover of this offering memorandum, based on information available to us as of such date, and we
assume no obligation to update publicly or to revise any forward-looking statement or risk factor after we
distribute this offering memorandum because of new information, future events or other factors. In light of the
risk and uncertainties described above, the forward-looking events and circumstances discussed in this offering
memorandum might not occur, which could result in a material adverse effect on our financial performance.
8

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

Financial Information
Our fiscal year ends on December 31 of each year. This offering memorandum includes information
extracted from our audited annual financial statements as of and for each fiscal years ended December 31, 2016
and 2015 (our "Audited Annual Financial Statements").
Our Audited Annual Financial Statements have been prepared in accordance with Argentine Generally
Accepted Accounting Principles ("Argentine GAAP") as issued by the Federación Argentina de Consejos
Profesionales de Ciencias Económicas ("FACPCE") and approved by the Professional Association of
Economic Sciences of the Autonomous City of Buenos Aires ("Consejo Profesional de Ciencias Económicas
de la Ciudad de Buenos Aires" or "CPCECABA"). Our Audited Annual Financial Statements for the year
ended December 31, 2016 have been audited by Bértora & Asociados S.R.L. ("Bértora"), our independent
auditors, whose report dated November 13, 2017, is included in this offering memorandum. Such report
contains qualifications and emphasis-of-a-matter paragraphs to which we refer and investors should familiarize
themselves with them. Bértora did not audit our annual financial statements for the year ended December 31,
2015, which are included in our Audited Annual Financial Statements for comparison purposes. The financial
statements for the year ended December 31, 2015 were audited by Roberto Quian & Asociados, whose report
is dated August 17, 2016. Such report contains qualifications and emphasis-of-a-matter paragraphs to which
we refer and investors should familiarize themselves with them. See Risk Factors, "Our auditors for the fiscal
year ended December 31, 2015 have included a qualification and a paragraph of emphasis in their report to
our Audited Financial Statements for the year ended December 31, 2015."
We have not prepared any financial statement for any period or as of any date after December 31, 2016.
However, we have included in this offering memorandum certain limited financial information for the nine
months ended September 30, 2017 and 2016 but our independent auditors have not performed a limited review
for such periods. The limited financial information for the periods ended September 30, 2017 and 2016 included
in this offering memorandum were prepared based upon a number of assumptions, estimates and business
decisions that are inherently subject to significant business and economic conditions and contingencies, many
of which are beyond our control. The limited financial information contained in this offering memorandum for
the periods ended September 30, 2017 and 2016 is not meant to be a comprehensive statement of our unaudited
financial results for these periods and our actual results may differ from these estimates. As of the date of this
offering memorandum, we are not required under applicable Argentine law to prepare interim financial
statements.
We have determined that, as of the date of this offering memorandum, the Argentine peso does not qualify
as a currency of a hyperinflationary economy according to Argentine GAAP. In a hyperinflationary economy,
financial information is adjusted by applying a general price index and expressed in the measuring unit (the
hyperinflationary currency) current at the end of the reporting period. Therefore, our Audited Annual Financial
Statements and our unaudited financial information for the periods ended September 30, 2017 and 2016
included herein were not restated in constant currency. For more information, see "Management's Discussion
and Analysis of Financial Condition and Results of Operations--Factors Affecting our Results of Operations--
The Argentine Economy". Notwithstanding the above, in recent years, certain macroeconomic variables
affecting our business, such as the cost of labor, the exchange rate of the Argentine peso to the U.S. dollar and
costs and expenses associated with inputs necessary to run our business that are denominated in pesos, have
experienced significant annual increases, which should be considered in the assessment and interpretation of
our financial performance reported in this offering memorandum. See "Risk Factors--Risks Relating to
Argentina--Continuing high inflation may have a negative effect on the Argentine economy and on our
financial performance." Argentine inflation could therefore affect the comparability of the different periods
presented herein.
Currency Information
Unless otherwise specified, references to "U.S.$" and "U.S. dollars" are to United States dollars.
References to "Ps." and "pesos" are to Argentine pesos. This offering memorandum contains translations of
9

various peso amounts into U.S. dollars at specified rates solely for the convenience of the reader. You should
not consider these translations to be representations that the peso amounts actually represent these U.S. dollars
amounts or could be converted into U.S. dollars at the rate indicated. Unless otherwise indicated, we have
translated U.S. dollar amounts in this offering memorandum at the exchange rate of Ps.17.31 to U.S.$1.00,
which was the selling rate published by Banco de la Nación Argentina ("Banco Nación") on September 30,
2017. See "Exchange Rates and Exchange Controls" for information regarding the rates of exchange between
the peso and the U.S. dollar.
Rounding
Certain figures included in this offering memorandum have been rounded for ease of presentation.
Percentage figures included in this offering memorandum have in some cases been calculated on the basis of
such figures prior to rounding. For this reason, certain percentage amounts in this offering memorandum may
vary from those obtained by performing the same calculations using the figures in the financial statements.
Certain numerical figures shown as totals in this offering memorandum, due to rounding, may not be an
arithmetic aggregation of the figures that precede them.
10

Document Outline

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