Bond Argentia 6.875% ( US040114HL72 ) in USD

Argentia

100 % ⇌

Argentina

US040114HL72 ( in USD )

6.875% per year ( payment 2 times a year)

26/01/2027 - Bond has expired

Prospectus brochure of the bond Argentina US040114HL72 in USD 6.875%, expired

1 000 USD

3 749 835 000 USD

040114HL7

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 US040114HL72, pays a coupon of 6.875% per year.
The coupons are paid 2 times per year and the Bond maturity is 26/01/2027

Final Prospectus
424B3 1 d314222d424b3.htm FINAL PROSPECTUS
Table of Contents
Filed Pursuant to Rule 424(b)(3)
Registration No. 333-216627
PROSPECTUS
The Republic of Argentina
Offers to exchange its
6.250% Bonds Due 2019 (the "New 2019 Bonds") for 6.250% Bonds Due 2019
(the "2019 Bonds"),
6.875% Bonds Due 2021 (the "New 2021 Bonds") for 6.875% Bonds Due 2021
(the "2021 Bonds"),
7.500% Bonds Due 2026 (the "New 2026 Bonds") for 7.500% Bonds Due 2026
(the "2026 Bonds"),
7.625% Bonds Due 2046 (the "New 2046 Bonds") for 7.625% Bonds Due 2046
(the "2046 Bonds"),
6.625% Bonds Due 2028 (the "New 2028 Bonds") for 6.625% Bonds Due 2028
(the "2028 Bonds"),
7.125% Bonds Due 2036 (the "New 2036 Bonds") for 7.125% Bonds Due 2036
(the "2036 Bonds"),
5.625% Bonds Due 2022 (the "New 2022 Bonds") for 5.625% Bonds Due 2022
(the "2022 Bonds") and
6.875% Bonds Due 2027 (the "New 2027 Bonds") for 6.875% Bonds Due 2027
(the "2027 Bonds")

Terms of the Offers

· The offers commence on March 14, 2017 and expire at 5:00
· The Republic believes that the exchange of New Bonds for

p.m., New York City time, on April 12, 2017, unless we

Bonds will not be a taxable exchange for U.S. federal
extend it.
income tax purposes.

· The Republic is offering to exchange the Bonds (as defined
· You may withdraw tenders of Bonds at any time prior to

herein) that it sold in transactions exempt from registration
the expiration of the offers.

under the Securities Act of 1933 for new registered New

Bonds (as defined herein).

· The Republic will not receive any proceeds from the offers.

· The offers is subject to certain conditions that the Republic
· The Republic will pay certain expenses incidental to the

may waive in its discretion.
offers.

· The terms of the New Bonds are identical to the terms of
· The Republic expects to list the New Bonds on the

the Bonds, except for the transfer restrictions and
Luxembourg Stock Exchange
registration rights relating to the Bonds.

You should read this prospectus carefully. You should not assume that the information in this prospectus is accurate as of any date
other than the date on the front of this prospectus.
The Republic is not making an offer to exchange New Bonds for Bonds in any jurisdiction where the offers are not permitted.
Neither the Securities and Exchange Commission (the "SEC") nor any other regulatory body has approved or disapproved these
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Final Prospectus
securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this prospectus is March 14, 2017.
Table of Contents
TABLE OF CONTENTS

Defined Terms and Certain Conventions
ii
Presentation of Statistical and Other Information
viii
Enforcement of Civil Liabilities
xi
Forward-Looking Statements
xiii
Summary of The Offers
1
The New Bonds
6
Use of Proceeds
11
Recent Developments
12
The Republic of Argentina
35
The Argentine Economy
43
Balance of Payments
80
Monetary System
104
Public Sector Finances
128
Public Sector Debt
159
The Offers
198
Description of the New Bonds
208
Taxation
227
Plan of Distribution
230
Data Dissemination
231
Official Statements
231
Validity of the Securities
231
Authorized Representative
231
General Information
231
Tables and Supplemental Information
A-1
Each broker-dealer that receives New Bonds for its own account pursuant to the offers must acknowledge that it will deliver a prospectus in
connection with any resale of those New Bonds. However, by so acknowledging and by delivering a prospectus, a broker-dealer will not be
deemed to admit that it is an "underwriter" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"). This prospectus,
as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of New Bonds received in
exchange for Bonds where those Bonds were acquired by that broker-dealer as a result of market-making activities or other trading activities. The
Republic has agreed that, for a period of 120 days after the expiration date of the offers, broker-dealers shall be authorized to deliver (or, to the
extent permitted by law, make available) this prospectus for use in connection with any resale of that sort. See "Plan of Distribution."

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DEFINED TERMS AND CERTAIN CONVENTIONS
Certain Defined Terms
All references in this prospectus 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").
The terms set forth below have the following meanings for purposes of this prospectus:

· April 2016 Transaction, refers to the April 22, 2016, U.S.$16.5 billion issuance of new debt securities in the international capital

markets by the Republic, of which U.S.$9.3 billion were applied to satisfy settlement payments in connection with agreements with
holders of Untendered Debt.
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· April Bonds, refers to the 2019 Bonds, the 2021 Bonds, the 2026 Bonds and the 2046 Bonds.

· 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.

· Bonds, refers to the April Bonds together with the January Bonds and July Bonds.

· 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, or GDP, means the total value of final products and services produced in Argentina during the relevant period.

· January Bonds, refers to the 2022 Bonds together with the 2027 Bonds.

· July Bonds, refers to the 2028 Bonds together with the 2036 Bonds.

· 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 and issue debt
securities to raise the funding required to effect the settlements with holders of its Untendered Debt.

· 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 cancelled. Accordingly, although formally subject to the suspension of payments, the Government's obligations in
respect of these claims are not in default.

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· New April Bonds, refers to the New 2019 Bonds, the New 2021 Bonds, the New 2026 Bonds and the New 2046 Bonds .

· New Bonds refers to the New April Bonds together with the New January Bonds and the New July Bonds.

· New January Bonds, refers to the New 2022 New Bonds together with the New 2027 Bonds.

· New July Bonds, refers to the New 2028 Bonds together with the New 2036 Bonds.

· Settlement Proposal refers to the proposal, published by the Republic on February 5, 2016 in the Ministry of Treasury and Public
Finances' website, to settle all claims on Untendered Debt, including bonds in litigation in the United States, subject to two conditions:
first, obtaining approval by the Argentine Congress, and second, lifting the pari passu injunctions. The Settlement Proposal
contemplated two frameworks for settlement. The "pari passu option," which was extended as an option to plaintiffs holding pari passu
injunctions granted by courts of the United States, provided for payment equal to the full amount of money judgment or an accrued

claim value less a specified discount. The "standard option," which remains open to all holders of Untendered Debt, whether or not they
had pari passu injunctions, provides for payment equal to 100% of the outstanding principal amount of the relevant debt securities plus
up to 50% of that original principal as interest. Any eligible holder of Untendered Debt may agree to the terms of the standard option,
in accordance with the procedures set forth and published by the Ministry of the Treasury and, in accordance with such terms, becomes
party to a binding agreement in principle with the Republic once the amounts to be paid are reconciled and the agreement is
countersigned by the Republic.

· 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 prospectus do not
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Final Prospectus
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 prospectus

have been defined in this prospectus to include unpaid principal plus accrued and unpaid interest at contractual rates through
December 31, 2015, including penalty or default interest. In settling outstanding disputes with holdout creditors pursuant to the
Settlement Proposal, the Republic took into consideration interest accrued after the originally scheduled maturity of each defaulted
series of securities (other than interest subject to statute of limitations), as well as default interest. For information regarding the
Republic's Settlement Proposal to settle all claims on the Untendered Debt, see "Public Sector Debt--Legal Proceedings."

· 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.
For purposes of this prospectus, 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 the 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.

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· 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 offers 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.

· 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.
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· 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.

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Preservation of Defenses
Nothing in this prospectus, or in any communication from the Republic, 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 or for any other purpose. All
defenses available to the Republic relating to any applicable statute of limitations or otherwise are expressly preserved for all purposes. This
prospectus 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 or for any other purpose
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.
Delivery of Documents
We are delivering copies of this prospectus in electronic form through the facilities of The Depository Trust Company ("DTC"). By
tendering Bonds a holder will represent, warrant and agree that it has received this prospectus. The Republic will make paper copies of the
prospectus available to holders of Bonds through the agent appointed by the Republic for the purposes of these offers. You may also obtain paper
copies of the prospectus by contacting the Luxembourg listing agent at its address specified on the inside back cover of this prospectus.
Currency of Presentation
Unless otherwise specified, references in this prospectus 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
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December 17, 2015. The peso has since floated freely with limited intervention by the Central Bank, and the nominal exchange rate experienced
moderate variations. On December 31, 2016, the exchange rate was Ps. 15.85 to U.S.$1.00.

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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

4.552

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
2016

16.039
13.069
14.779
15.850
January 2017

16.053
15.808
15.907
15.912
February 2017

15.835
15.368
15.598
15.455
March 2017(3)

15.501
15.388
15.541
15.501

(1)
Central Bank reference exchange rates (Communication A 3500 of Central Bank).
(2)
Average of daily closing quotes.
(3)
Through March 7, 2017.
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 March 7, 2017, the peso-dollar reference exchange rate was Ps. 15.50 to U.S.$1.00.
Exchange Controls
In response 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 currency exchange control measures, including restrictions on the free disposition of funds deposited
in banks and restrictions on the transfer of funds abroad, subject to certain exceptions.
In addition to the above measures, on February 8, 2002, the Government and the Central Bank made certain transfers of funds abroad to
service principal and/or interest payments on foreign indebtedness subject to prior authorization. From 2011 until the Macri administration took
office in December 2015, the Government increased controls on the sale of foreign currency and the acquisition of foreign assets by local residents,
limiting the possibility of transferring funds abroad. In 2012, the Government adopted an import procedure under which any import of products
required the pre-approval of local authorities in the form of a Declaración Jurada Anticipada de Importación (Advance Sworn Import Declaration,
or "DJAI"). The DJAI was a precondition for the importer to gain access to the foreign exchange market to pay for imported products, which was,
in effect, a material barrier to the import of goods into Argentina, as any alternative method of payment significantly increased the costs of such
transactions.

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Together with the regulations established in 2012 that subjected certain foreign exchange transactions to prior approval by the Argentine tax
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authorities or the Central Bank, the measures taken by the Fernández de Kirchner administration significantly curtailed access to the Mercado
Único y Libre de Cambio (the "MULC"). In response, an unofficial U.S. dollar trading market developed in which the peso-U.S. dollar exchange
rate differed substantially from the official peso-U.S. dollar exchange rate.
Current Regulations
As of December 2016, in line with the economic reforms implemented by the newly elected Macri administration, the Ministry of Finance
and the Central Bank issued regulations that eliminated most substantially all of the foreign exchange restrictions imposed since 2011. Following
an initial set of measures adopted in December 2015 with the aim of increasing capital inflows, the Government and the Central Bank introduced
additional measures to eliminate a significant portion of the restrictions affecting the trade balance. In this regard, on August 8, 2016 the Central
Bank introduced further material changes to the foreign exchange regime and established, as of August 9, 2016, a new foreign exchange regime by
means of Communication "A" 6037 (as amended) that significantly eases access to the MULC. On December 30, 2016, the Central Bank further
eased foreign exchange controls by eliminating the mandatory repatriation of proceeds from export services. On January 4, 2017, the Ministry of
the Treasury eliminated the mandatory minimum stay period applicable to (i) the inflow of funds to the local foreign exchange market arising from
certain foreign indebtedness and (ii) any entry of funds to the foreign exchange market by non-residents.

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PRESENTATION OF STATISTICAL AND OTHER INFORMATION
All annual information presented in this prospectus is based upon January 1 to December 31 periods, unless otherwise indicated. Totals in
some tables in this prospectus may differ from the sum of the individual items in those tables due to rounding.
Unless otherwise stated, prices and figures are stated in current values of the currency presented, and references in this prospectus 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.
Information in this prospectus that is identified as being derived from a publication of the Republic or one of its respective agencies or
instrumentalities is included as public official statements made on the authority of the Republic. Certain statistical information included in this
prospectus is preliminary and is subject to change, completion or amendment.
INDEC
Statistical information reported in this prospectus has been derived from official publications of, and information supplied by, a number of
agencies, including the INDEC and the Dirección General de Estadística y Censos de la Ciudad de Buenos Aires (General Directorate of Statistics
and Census of the City of Buenos Aires).
During the Fernández de Kirchner administration, the INDEC--the only institution in Argentina with the statutory authority to produce
official nationwide statistics--underwent institutional and methodological reforms that gave rise to controversy regarding the reliability of the
information that it produced, including CPI, GDP, unemployment and poverty data. Reports published by the International Monetary Fund ("IMF")
have stated that their staff uses alternative measures of inflation for macroeconomic surveillance, including data produced by private sources,
which have shown inflation rates considerably higher than those published by the INDEC between 2007 and 2015. The IMF also censured
Argentina for failing to make sufficient progress, as required under the Articles of Agreement of the IMF, in adopting remedial measures to
address the quality of official data, including CPI and GDP data. In February 2014, the INDEC released a new inflation index, known as the Indice
de Precios al Consumidor Nacional Urbano (National Urban Consumer Price Index, or "CPI Nu"), which was intended to measure prices on
goods across the country and replaced the previous index that only measured inflation in the City of Buenos Aires and its surrounding areas.
Although this new methodology was expected to bring inflation statistics closer to those estimated by private sources, differences between official
inflation data and private estimates remained.
On January 8, 2016, based on its determination that the INDEC had failed to produce reliable statistical information, particularly with respect
to CPI, GDP and foreign trade data, as well as poverty and unemployment rates, President Macri declared a state of administrative emergency for
the national statistical system and the INDEC until December 31, 2016. The INDEC suspended publication of certain statistical data pending
reorganization of its technical and administrative structure to recover its ability to produce reliable statistical information. The INDEC published
official CPI figures published by the City of Buenos Aires and the Province of San Luis for reference for the first four months of 2016. In
June 2016, the INDEC began publishing an official inflation rate using its new methodology for calculating the CPI.
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On June 29, 2016, the INDEC published (the "INDEC Report") a revised calculation of the 2004 gross domestic product ("GDP"), which
forms the basis of Argentina's real GDP calculation for every year thereafter. Among other adjustments, in calculating GDP for 2004 the INDEC
made changes to the composition of GDP that resulted in a downward adjustment of approximately 10% for that year. In calculating real GDP for
subsequent years based on the revised 2004 GDP, the INDEC used deflators that are consistent with its revised

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methodology to calculate inflation. By understating inflation in the past, the INDEC had overstated growth in real terms. For more information,
see "--Certain Methodologies."
On November 9, 2016, the IMF Executive Board lifted its censure on the Republic, noting that the Republic has resumed the publication of
data in a manner consistent with its obligations under the Articles of Agreement of the IMF.
As of the date of this prospectus, the INDEC has published the INDEC Report (which includes GDP data), the CPI for May, June, July,
August, September, October, November and December 2016, and January 2017 and certain revised foreign trade and balance of payment statistics
for the years 2010 through 2015 since the state of administrative emergency was declared on January 8, 2016, which are included in this
prospectus.
The INDEC is currently implementing a number of measures to produce reliable statistical information that include, among others,
investments in basic statistical collection procedures, the expansion of social statistics and the strengthening of economic development statistics. In
this context, the INDEC is planning a series of initiatives that are expected to improve the reliability of basic statistics, including conducting a
national household expenditure survey for the period 2017-2018, extending the basket of goods and prices covered to include locations across
Argentina (previously limited to the greater Buenos Aires area) for purposes of calculating CPI, a mining census in 2017, an economic activity
census and an agricultural census in 2018, in all cases to be carried out prior to next national census scheduled for 2020.
In relation to the revision and production of historical statistical information, in particular related to poverty, the INDEC, in its September
2016 Incidence Report on Poverty and Indigence, states that it continues to have reservations with respect to statistical series between January 2007
and December 2015, except for any information that has been restated in the relevant 2016 reports.
The INDEC's reservations result from the inability to obtain adequate historical data that would allow for the completion of series left
incomplete prior to the declaration of statistical emergency. Accordingly, reports on poverty and indigence levels for the missing periods and dates
cannot be reconstructed primarily to the lack of reliable data for the relevant periods and as of the relevant dates. In furtherance of the authority
delegated to the INDEC by Decrees No. 181/15 and 55/16, the INDEC has commissioned studies to determine the adequacy of the process for
obtaining data, the process for the analysis of such data, the elaboration of indicators and its publication procedures.
National Public Accounts
Historically, transfers from the Central Bank and the Fondo de Garantía de Sustentabilidad (the "FGS") to the Government were recorded as
current fiscal revenue under "other non-tax revenue." Starting in 2016 (and on a pro forma basis for 2015), the Government now classifies income
generated by the Central Bank and the FGS as financial revenue that does not form part of the calculation of the primary fiscal balance. See "Public
Sector Finances--Introduction."
Certain Methodologies
CER and CVS. Certain data included in this prospectus has been adjusted for inflation based on the Coeficiente de Estabilización de
Referencia (Stabilization Coefficient, or "CER"), or the Coeficiente de Variación Salarial ("CVS"). CERs are units of account whose value in
pesos is indexed to consumer price inflation. Following the declaration of a state of administrative emergency for the national statistical system and
the INDEC in January 2016, the INDEC suspended its publication of the CPI index that had been used to determine the value of CERs in pesos
since February 2014. Accordingly, between January 12 and June 2, 2016, the Government issued a series of resolutions designating either the CPI
calculated by the government of the City of Buenos Aires or the CPI calculated by the Province of San Luis as the index to be used by the Central
Bank to

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calculate the CER. On June 15, July 13, August 12 and September 13, October 13, November 10, December 15, 2016, January 11, February 9 and
March 9, 2017, the INDEC published the inflation rates for May, June, July, August, September, October, November and December 2016, and
January and February 2017, respectively, using its new methodology for calculating the CPI. On June 16, 2016, the Government announced that
beginning on June 26, 2016 it would resume using the INDEC CPI to calculate the CER. The nominal amount of a CER-based financial instrument
is converted to a CER-adjusted amount and interest on the financial instrument is calculated on the CER-adjusted balance. CVSs are units of
account whose value in pesos is determined based on changes in an index of public and private sector wages. The nominal amount of a CVS-based
financial instrument is converted to a CVS-adjusted amount and interest on the financial instrument is calculated on the CVS-adjusted balance.
Adjustments and payments on the Republic's debt indexed to the CER and CVS are not subject to restatement or revision.
Exports. Exports are calculated based upon (i) for purposes of foreign trade, statistics reported to Argentine customs upon departure of goods
from Argentina on a FOB basis and (ii) for purposes of the balance of payments accounts, statistics collected on a FOB basis.
Imports. Imports are calculated based upon (i) for purposes of foreign trade, statistics reported to Argentine customs upon entry of goods into
Argentina on a cost, insurance and freight included basis ("CIF basis") and (ii) for purposes of the balance of payments accounts, statistics collected
on a free on board ("FOB basis") at a given departure location.
Inflation. The rate of inflation or inflation rate provides an aggregate measure of the rate of change in the prices of goods and services in the
economy. The inflation rate is generally measured by the rate of change in the CPI between two periods unless otherwise specified. The annual
percentage rate of change in the CPI as of a particular date is calculated by comparing the index as of that date against the index as of the date
twelve months prior. The CPI in Argentina is calculated by the INDEC. However, as a result of widespread concerns regarding the credibility of the
INDEC's calculations that resulted in the declaration of a state of administrative emergency in January 2016, alternative measures of CPI inflation
are presented in this prospectus for certain periods using the CPI calculated by the government of the City of Buenos Aires (the "City of Buenos
Aires CPI") and by the government of the Province of San Luis (the "Province of San Luis CPI") for certain periods. The CPI for May, June, July,
August, September, October, November and December 2016, and January and February 2017 were published by the INDEC on June 15, July 13,
August 12, September, October 13, November 10, December 15, 2016, January 11, and February 9 and March 9, 2017, respectively, based on the
INDEC's new methodology for calculating the CPI. The City of Buenos Aires CPI and Province of San Luis CPI are based on a weighted basket
of consumer goods and services that reflects the pattern of consumption of households that reside in the City of Buenos Aires and the Province of
San Luis, respectively. All references in this prospectus to "CPI" are to the "INDEC CPI," the "City of Buenos Aires CPI" or "the Province of San
Luis CPI," as indicated herein. References to "constant 2004 prices" in this prospectus relate to data that was revised by the INDEC and included
in the INDEC Report.
Underemployment rate. Underemployment rate represents the percentage of Argentina's labor force that has worked fewer than 35 hours
during the week preceding the date of measurement and seeks to work more.
Unemployment rate. Unemployment rate represents the percentage of Argentina's labor force that has not worked a minimum of one hour
with remuneration or 15 hours without remuneration during the week preceding the date of measurement. The "labor force" refers to the sum of the
population in major urban centers across Argentina that has worked a minimum of one hour with remuneration or 15 hours without remuneration
during the week preceding the date of measurement plus the population that is unemployed but actively seeking employment.

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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 New Bonds or the Republic's failure or alleged
failure to perform any obligations under the New 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).
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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;

(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;

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(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 New 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 New 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").
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;
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Document Outline

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