Obbligazione Buenos Aires Provincial 5.75% ( XS1433314231 ) in USD

Emittente Buenos Aires Provincial
Prezzo di mercato 100 USD  ⇌ 
Paese  Argentina
Codice isin  XS1433314231 ( in USD )
Tasso d'interesse 5.75% per anno ( pagato 2 volte l'anno)
Scadenza 15/06/2019 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Buenos Aires (province) XS1433314231 in USD 5.75%, scaduta


Importo minimo 150 000 USD
Importo totale 750 000 000 USD
Descrizione dettagliata Buenos Aires, provincia argentina, confina con la città di Buenos Aires a nord-est, le province di Santa Fe, Córdoba, La Pampa, Río Negro e la Repubblica dell'Uruguay a est.

The Obbligazione issued by Buenos Aires Provincial ( Argentina ) , in USD, with the ISIN code XS1433314231, pays a coupon of 5.75% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 15/06/2019









LUXEMBOURG LISTING PROSPECTUS










THE PROVINCE OF BUENOS AIRES
(A Province of Argentina)
USD 250,000,000 5.750% Notes Due 2019
USD 500,000,000 7.875% Notes Due 2027
___________________

The Province of Buenos Aires (the "Province") made an offer of USD 250,000,000 aggregate principal amount of its 5.750% Notes due
2019 (the "New 2019 Notes"). The Province also made an offer of USD 500,000,000 aggregate principal amount of its 7.875% Notes due 2027 (the
"New 2027 Notes" and, together with the New 2019 Notes, the "New Notes"). The New Notes were offered as additional debt securities under an
indenture dated June 9, 2015, pursuant to which, on June 15, 2016, the Province previously issued USD 500,000,000 aggregate principal amount of
its 5.750% Notes due 2019 (the "Initial 2019 Notes," and together with the New 2019 Notes, the "2019 Notes") and USD 500,000,000 aggregate
principal amount of its 7.875% Notes due 2027 (the "Initial 2027 Notes," and together with the New 2027 Notes, the "2027 Notes"). The Initial
2019 Notes and Initial 2027 Notes are referred to as the "Initial Notes," and collectively with the New Notes, the "Notes." The New 2019 Notes and
New 2027 Notes have the respective identical terms and conditions as the Initial 2019 Notes and Initial 2027 Notes, except for the issue date and
issue price, and will be respectively fungible with the Initial 2019 Notes and Initial 2027 Notes and constitute a single series and vote as a single
class of debt securities under the indenture, respectively, following expiration of the 40-day restricted period under Regulation S under the
Securities Act (as defined below). The Initial Notes and the New Notes of each respective series will have the same ISIN and Common Code
numbers, except that the New Notes offered and sold in compliance with Regulation S shall be issued and maintained under temporary ISIN and
Common Code numbers during a 40-day distribution compliance period commencing on the date of issuance of the New Notes. The New Notes
were issued and deposited with Euroclear Bank S.A/N.V., as operator of the Euroclear System ("Euroclear") and Clearstream Banking, société
anonyme ("Clearstream") on October 20, 2016.
After giving effect to the offering, an aggregate of USD 750,000,000 of 2019 Notes and an aggregate of USD 1,000,000,000 of 2027 Notes
are outstanding.
The Province will pay interest on the Notes on June 15 and December 15 of each year, beginning on December 15, 2016. The 2019 Notes
will mature on June 15, 2019 and the 2027 Notes will mature on June 15, 2027. The Province will pay the principal of (i) the 2019 Notes on June
15, 2019 and (ii) the 2027 Notes in three installments: 33.33% on June 15, 2025, 33.33% on June 15, 2026 and 33.34% on June 15, 2027.
The Notes are direct, general, unconditional and unsubordinated Public External Indebtedness (as defined below) of the Province, ranking
without any preference among themselves and equally with all other unsubordinated Public External Indebtedness of the Province. It is understood
that this provision shall not be construed so as to require the Province to make payments under the Notes ratably with payments being made under
any other Public External Indebtedness of the Province.
Application has been made to list the New Notes on the official list of Luxembourg Stock Exchange, and to have the New Notes admitted to
trading on the Euro MTF Market of the Luxembourg Stock Exchange, and the Province has applied to list the New Notes on the Mercado de
Valores de Buenos Aires S.A.("MERVAL") and the Argentine Mercado Abierto Electrónico S.A. ("MAE").
Investing in the New Notes involves risks that are described in the "Risk Factors" section beginning on page 9 of this Luxembourg
Listing Prospectus.
The New Notes contain provisions, commonly known as "collective action clauses." Under these provisions, which differ from the terms of
our public external indebtedness issued prior to June 9, 2015, we may amend the payment provisions of any series of debt securities issued under
the indenture (including the Notes) and other reserved matters listed in the indenture with the consent of the holders of: (1) with respect to a single
series of debt securities, more than 75% of the aggregate principal amount of the outstanding debt securities of such series; (2) with respect to two
or more series of debt securities, if certain "uniformly applicable" requirements are met, more than 75% of the aggregate principal amount of the
outstanding debt securities of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more series of
debt securities, more than 66 2/3% of the aggregate principal amount of the outstanding debt securities of all series affected by the proposed
modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding debt securities of each series affected
by the proposed modification, taken individually. See "Description of the New Notes--Meetings, Amendments and Waivers."
___________________
Price to investors for the New 2019 Notes: 103.086% plus accrued interest from June 15, 2016 to October 20, 2016, and accrued interest
from October 20, 2016 to the settlement date, if settlement occurs after that date.
Price to investors for the New 2027 Notes: 103.389% plus accrued interest from June 15, 2016 to October 20, 2016, and accrued interest
from October 20, 2016 to the settlement date, if settlement occurs after that date.
___________________




The New Notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction.
Unless they are registered, the New Notes may be offered only in transactions that are exempt from registration under the Securities Act or
the securities law of any other jurisdiction. Accordingly, the New Notes were offered only to Qualified Institutional Buyers ("QIBs")
pursuant to Rule 144A under the Securities Act and persons outside the United States in reliance on Regulation S of the Securities Act. For
further details about eligible offerees and resale restrictions, see "Notice to Investors."
The Province issued the New Notes in fully registered form, without interest coupons attached, only in denominations of USD 150,000 and
in integral multiples of USD 1,000 in excess thereof. The New Notes were registered in global form in the name of a nominee of a common
depositary for Euroclear and Clearstream. See "Description of the New Notes--Registration and Book-Entry System."
___________________

Joint Bookrunners

BBVA
BofA Merrill Lynch
HSBC
Local Co-Manager

Banco de la Provincia de Buenos Aires

___________________

The date of this Luxembourg Listing Prospectus is November 9, 2016.







TABLE OF CONTENTS
Page
Enforcement of Civil Liabilities .................................................................................................................................. iii
Defined Terms and Conventions ..................................................................................................................................iv
Presentation of Financial and Other Information ..........................................................................................................ix
Forward-Looking Statements .......................................................................................................................................ix
Summary........................................................................................................................................................................ 1
Risk Factors ................................................................................................................................................................... 9
Use of Proceeds ........................................................................................................................................................... 24
The Province of Buenos Aires ..................................................................................................................................... 25
The Provincial Economy ............................................................................................................................................. 29
Public Sector Finances ................................................................................................................................................. 48
Public Sector Debt ....................................................................................................................................................... 70
Banco Provincia ........................................................................................................................................................... 97
Description of the New Notes .................................................................................................................................... 106
Notice to Investors ..................................................................................................................................................... 121
Taxation ..................................................................................................................................................................... 125
Plan of Distribution ................................................................................................................................................... 132
Official Statements .................................................................................................................................................... 135
Validity of the New Notes ......................................................................................................................................... 135
General Information .................................................................................................................................................. 135




You should rely only on the information contained in this Luxembourg Listing Prospectus. The Province
has not, and the initial purchasers have not, authorized any other person to provide you with different information.
If anyone provides you with different or inconsistent information, you should not rely on it. The Province is not,
and the initial purchasers are not, making an offer to sell these securities in any jurisdiction where the offer or sale is
not permitted. You should assume that the information appearing in this Luxembourg Listing Prospectus is accurate
only as of the date on the front cover of this Luxembourg Listing Prospectus and may have changed since that date.
The Province is relying on an exemption from registration under the Securities Act for offers and sales of
securities that do not involve a public offering. By purchasing Notes, you will be deemed to have made the
acknowledgements, representations, warranties and agreements described under the section "Notice to Investors" in
this Luxembourg Listing Prospectus. You should understand that you will be required to bear the financial risks of
your investment for an indefinite period of time.
Neither the delivery of this Luxembourg Listing Prospectus nor any sale made hereunder will under any
circumstances imply that the information herein is correct as of any date subsequent to the date of the cover of this
Luxembourg Listing Prospectus.
This Luxembourg Listing Prospectus may only be used for the purposes for which it has been published.
This Luxembourg Listing Prospectus may not be copied or reproduced in whole or in part. It may be distributed and
its contents disclosed only to the prospective investors to whom it is provided. By accepting delivery of this
Luxembourg Listing Prospectus, you agree to these restrictions. See "Notice to Investors."
This Luxembourg Listing Prospectus is based on information provided by the Province and other sources
that the Province believes are reliable. The Province cannot assure you that this information is accurate or complete.
This Luxembourg Listing Prospectus summarizes certain documents and other information and the Province refers
you to them for a more complete understanding of what the Province discusses in this Luxembourg Listing
Prospectus. In making an investment decision, you must rely on your own examination of the Province and the
terms of the offering and the Notes, including the merits and risks involved.
After having made all reasonable inquires, the Province confirms that it accepts responsibility for the
information it has provided in this Luxembourg Listing Prospectus and assumes responsibility for the correct

i





reproduction of the information contained herein. To the best of the Province's knowledge, the information that it
has provided in this Luxembourg Listing Prospectus contains no material omissions likely to affect the import of the
Luxembourg Listing Prospectus.
The Province and the initial purchasers are not making any representation to any purchaser of Notes
regarding the legality of an investment in the Notes by such purchaser under any legal investment or similar laws or
regulations. You should not consider any information in this Luxembourg Listing Prospectus to be legal, business
or tax advice. You should consult your own attorney, business advisor and tax advisor for legal, business and tax
advice regarding an investment in the Notes.
You should contact the initial purchasers with any questions about the offering or for additional
information to verify the information contained in this Luxembourg Listing Prospectus.
None of the United States Securities and Exchange Commission, any state securities commission or any
other regulatory authority has approved or disapproved of the securities or passed upon or endorsed the merits of the
offering or the adequacy or accuracy of this Luxembourg Listing Prospectus. Any representation to the contrary is a
criminal offense.
This Luxembourg Listing Prospectus has been prepared on the basis that any offer of New Notes in any
Member State of the European Economic Area will be made pursuant to an exemption under the Prospectus
Directive from the requirement to publish a prospectus for offers of New Notes. The expression Prospectus
Directive means Directive 2003/71/EC (as amended), and includes any relevant implementing measure in the
Member State concerned.
In connection with the issue of the New Notes, the initial purchasers (or persons acting on behalf of the
initial purchasers) may over-allot New Notes or effect transactions with a view to supporting the market price of the
New Notes at a level higher than that which might otherwise prevail. However, stabilization action may not
necessarily occur. Any stabilization action may begin on or after the date on which adequate public disclosure of
the terms of the offer of the relevant New Notes is made and, if begun, may be ended at any time, but it must end no
later than 30 days after the date on which we received the proceeds of the issue, or no later than 60 days after the
date of allotment of the relevant New Notes, whichever is the earlier. Any stabilization action or over allotment
must be conducted by the relevant initial purchasers (or persons acting on their behalf) in accordance with all
applicable laws and rules and will be undertaken at the offices of the initial purchasers (or persons acting on their
behalf).
This Luxembourg Listing Prospectus constitutes a prospectus for purposes of Part IV of the Luxembourg
law dated July 10, 2005 on prospectuses for securities, as amended.


ii





ENFORCEMENT OF CIVIL LIABILITIES
The Province is a political subdivision of 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 Province.
To the fullest extent permitted by applicable law, the Province will irrevocably submit to the non-exclusive
jurisdiction of any New York state or 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 the Province's
failure or alleged failure to perform any obligations under the Notes, and the Province 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. The Province will irrevocably waive, to the fullest extent it 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 the Province has or hereafter may
acquire any sovereign or other immunity from jurisdiction of such courts (whether through service of notice,
attachment prior to judgment, attachment in aid of execution, execution or otherwise), the Province will, to the
fullest extent permitted under applicable law, including the U.S. Foreign Sovereign Immunities Act of 1976 (the
"Foreign Sovereign Immunities Act"), irrevocably waive such immunity in respect of any such suit, action or
proceeding. However, under the Foreign Sovereign Immunities Act, it may not be possible to enforce in the United
States a U.S. judgment against the Province. In addition, under the laws of 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 and revenues of the Province will be subject to the applicable provisions
of the Código Procesal Civil y Comercial de la Nación Argentina, or the "Code of Civil and Commercial Procedure
of Argentina." See "Description of the New Notes--Governing Law" and "--Submission to Jurisdiction."
A judgment obtained against the Province 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) over a movable property if it has
been moved to Argentina during or after the time the trial was held before a foreign court;
was issued after serving due notice and giving an opportunity to the defendant to present its case;
is not subject to further appeal;
is not against Argentine public policy; and
is not incompatible with another judgment previously or simultaneously issued by an Argentine Court.
In a March 2014 decision, the Supreme Court of Argentina held that the enforcement of a foreign judgment
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 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, as the one sought by the plaintiff, could not be granted as it would be clearly contrary to such
legislation.

iii





Attachment prior to judgment or attachment in aid of execution will not be ordered by courts of Argentina
or the Province with respect to public property if such property is located in Argentina and is included within the
provisions of Articles 234 and 235 of the Argentine Civil and Commercial Code or directly provides an essential
public service.


DEFINED TERMS AND CONVENTIONS
Certain Defined Terms
All references in this Luxembourg Listing Prospectus to:
The "Province," "we," "our" and "us" are to the Province of Buenos Aires, the issuer;
"Banco Provincia" are to Banco de la Provincia de Buenos Aires, the Bank of the Province of Buenos
Aires;
The "Central Bank" are to the Banco Central de la República Argentina, the Central Bank of the Republic
of Argentina;
"INDEC" are to the Instituto Nacional de Estadística y Censos, the National Institute of Statistics and
Censuses;
"ANSeS" are to the Administración Nacional de la Seguridad Social, the National Social Security
Administration;
"City of Buenos Aires" are to the Ciudad Autónoma de Buenos Aires, the Autonomous City of Buenos
Aires;
"Argentina" are to the Republic of Argentina; and
The "federal government" are to the non-financial sector of the central government of Argentina, excluding
the Central Bank.
The terms set forth below have the following meanings for purposes of this Luxembourg Listing
Prospectus:
"BADLAR" is the weighted average interest rate paid by private banks in Argentina for deposits in
Argentine Pesos on amounts greater than ARS 1.0 million for periods of 30-35 days.
"Boden" were bonds that the federal government began to issue in 2002, originally to compensate
individuals and financial institutions affected by emergency measures adopted by the federal government
during the 2001 economic crisis. Subsequently, other Boden issued by the federal government and not
related to the compensation of those affected by the 2001 crisis and related emergency measures. Currently,
there are no Boden outstanding.
"Bogar" are bonds issued by the federally administered Fondo Fiduciario para el Desarrollo Provincial
(Trust Fund for Provincial Development) in order to restructure debt obligations of Argentina's provinces,
including the Province. The Province's debt obligations in respect of Bogar bonds were consolidated with
other provincial debts under the Programa Federal de Desendeudamiento de las Provincias Argentinas
(Argentine Provincial Indebtedness Federal Refinancing Program).
"CER," or Coeficiente de Estabilización de Referencia, is a unit of account adopted on February 3, 2002,
the value in pesos of which is indexed to consumer price index (the "CPI"). 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.

iv





The "Conurbano Bonaerense" is an industrialized and heavily populated urban area surrounding the City of
Buenos Aires. The scope and coverage of this area are defined by federal government agencies to represent
a diverse demographic sample of Argentina's urban population based upon various socio-economic
variables, which are used in the development and implementation of national public policies. The area
consists of several municipalities of the Province that surround the City of Buenos Aires and does not
include the City of Buenos Aires. Approximately 63.5% of the Province's population resides within the
Conurbano Bonaerense.
"Eurobonds" are bonds issued by the Province in the international capital markets since 1995, including
securities issued under the Province's USD 3.2 billion Euro Medium-Term Note program (EMTN
Program) established in 1998.
"Exchange Bonds" are the three series of bonds--Step-Up Long Term Par Bonds due 2035, Step-Up
Medium Term Par Bonds due 2020, and Discount Bonds due 2017--issued by the Province pursuant to the
restructuring exchange offer launched in November 2005 to holders of its then outstanding Eurobonds.
Approximately 93.7% of the principal amount of the then outstanding Eurobonds were tendered and
cancelled pursuant to the exchange offer, which expired in December 2005. The exchange offer closed in
January 2006. Subsequently, the Province issued additional amounts of Step-Up Long Term Par Bonds in
order to cancel a portion of the remaining outstanding Eurobonds, increasing the percentage of
then-outstanding Eurobonds cancelled to 97.6%.
"Exports" are calculated based upon statistics reported to Argentina's customs agency upon departure of
goods originated in the Province on a free-on-board (FOB) basis.
The "Greater Buenos Aires" is a regional area within the Province, which includes the Conurbano
Bonaerense and seven municipalities that surround the Conurbano Bonaerense. This definition is used for
statistical purposes to refer to the largest urban area of the Province.
"Gross domestic product," or "GDP," is a measure of the total value of final products and services
produced in Argentina or the Province, as the case may be, in a specific year.
The "inflation rate," or "rate of inflation," 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
12 months prior. The CPI in Argentina is calculated by INDEC. However, as a result of widespread
concerns regarding the credibility of INDEC's calculations during at least part of the period under analysis,
we will present information on alternative measures of CPI inflation, using the CPI calculated by the
INDEC, the CPI calculated by the government of the City of Buenos Aires and the CPI calculated by the
Province of San Luis, the last two based on a weighted basket of consumer goods and services that reflects
the pattern of consumption of households that reside in those jurisdictions. All references in this
Luxembourg Listing Prospectus to CPI are to the INDEC CPI, the City of Buenos Aires CPI or the
Province of San Luis CPI, as indicated therein.
"Mercosur" refers to the Mercado Común del Sur, which is a regional trade agreement among Argentina,
Brazil, Paraguay, Uruguay and Venezuela.
The "primary balance" refers to the difference between the Province's current and capital expenditures and
current and capital revenues. The primary balance excludes interest expenses and borrowings and
repayments of the Province's debt.
The "underemployment rate" represents the percentage of the Province's labor force that has worked fewer
than 35 hours during the week preceding the date of measurement and seeks to work more than that
amount. The "labor force" refers to the sum of the population of the five main urban areas of the Province
(Greater Buenos Aires, Bahía Blanca-Cerri, Greater La Plata, Mar del Plata-Batán and San Nicolás-Villa
Constitución) that has worked a minimum of one hour with compensation or 15 hours without

v





compensation during the week preceding the date of measurement plus the population that is unemployed
but actively seeking employment.
The "unemployment rate" represents the percentage of the Province's labor force that has not worked a
minimum of one hour with compensation or 15 hours without compensation during the week preceding the
date of measurement and is actively seeking employment.
Currency of Presentation and Exchange Rates
Unless otherwise specified, references in this Luxembourg Listing Prospectus to "dollars," "U.S. dollars,"
"USD" 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 "pesos" and "ARS" are
to Argentine pesos.
The Province publishes most of its economic indicators and other statistics in pesos. Since February 2002,
the peso floats against other currencies, although the Central Bank purchases or sells U.S. dollars on the currency
exchange market on a regular basis in order to minimize fluctuations in the value of the peso.
After several years of variations in the nominal exchange rate, in 2012, there was a devaluation of
approximately 14% of the peso against the U.S. dollar. This was followed by a further devaluation of the peso
against the U.S. dollar that exceeded 30% in 2013 and 2014, including a fall of approximately 23% in January 2014.
In 2015, there was a devaluation of approximately 52% of the peso against the U.S. dollar, including a 10%
devaluation from January 1, 2015 to September 30, 2015 and a 38% devaluation in the last quarter of 2015, which
was mainly experienced after December 16, 2015, as a consequence of a significant economic reform implemented
by the current federal administration. Within the context of a very high inflation rate and increased indebtedness
with elevated fiscal deficits during those years, the economy faced increasing capital flight and declining
international reserves. The response from the previous federal administration was to impose severe capital and
currency controls aimed at constraining the demand for U.S. dollars. As a consequence, an active unofficial U.S.
dollar trading market developed, which reflected a peso/U.S. dollar exchange rate substantially different from the
official peso/U.S. dollar exchange rate, but international reserves still did not increase.
The current federal administration has implemented a broad program of economic reforms directed at
stabilizing the economy and eliminating certain distortions. In that regard, on December 17, 2015, the current
federal administration lifted the capital and currency controls to let the peso float freely. As a result, the peso
depreciated 36% against the U.S. dollar, although it did not reach the levels indicated by the unofficial exchange rate
market. This devaluation reflected the decline in the value of the peso as a result of the active unofficial U.S. dollar
trading market over the previous month. Since such devaluation, the peso/U.S. dollar exchange rate has remained
stable within the parameters of a normalized exchange rate market. During the following months of 2016, the new
government eliminated most of the remaining foreign exchange restrictions, including certain currency controls.
See "Exchange Controls" and "Risk Factors--Risks Relating to the Province--Presidential and legislative elections
in Argentina may create uncertainties that could impact the Argentine and provincial economies and the securities
market."


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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 again 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,




2010 ....................................................................
3.986 3.794 3.913 3.976
2011 ....................................................................
4.304 3.972 4.130 4.303
2012 ....................................................................
4.917 4.305 4.551 4.917
2013 ....................................................................
6.518 4.923 5.479 6.518
2014 ....................................................................
8.556 6.543 8.119 8.552
2015 ....................................................................
13.763 8.554 9.269 13.005
2016

January ...........................................................
13.941 13.069 13.655 13.904
February .........................................................
15.584 14.088 14.815 15.584
March .............................................................
15.919
14.246 14.961 14.582
April ...............................................................
14.779 14.140 14.410 14.258
May ................................................................
14.262 13.963 14.138 14.013
June ................................................................
15.056 13.757 14.141 14.920
July .................................................................
15.193 14.572 14.909 15.045
August ............................................................
15.099 14.653 14.850 14.901
September ......................................................
15.402 14.884 15.101 15.263


(1)
Central Bank reference exchange rates (Communication A 3500 of Central Bank).
(2)
Average of daily closing quotes.
Source: Central Bank.
Currency conversions, including conversions of pesos into U.S. dollars, are included for the convenience of
the reader only and should not be construed as a representation that the amounts in question have been, could have
been or could be converted into any particular denomination, at any particular rate or at all.
As of October 11, 2016 the peso-dollar reference exchange rate was ARS 15.19 to USD 1.00
(Communication A 3500 of Central Bank).
Exchange Controls
Due to the deterioration of the Argentine economy and financial system in 2001, the inability of Argentina
to service its public external debt and the decreased level of deposits in the financial system, the federal 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 Central Bank made certain transfers of funds
abroad to service principal and/or interest payments on foreign indebtedness subject to prior authorization of the
Central Bank. Some of the restrictions adopted by the Central Bank were eliminated whereas additional foreign
exchange regulations were imposed between 2012 and 2015.
Since the current federal administration led by Mauricio Macri took office in December 2015, the Central
Bank issued Communication "A" 5850, as amended, which eliminated a significant portion of the foreign exchange
restrictions imposed in 2012. Further restrictions were also lifted or relaxed pursuant to Communication "A" 6037
(as amended), issued by the Central Bank on August 8, 2016, effective as of August 9, 2016. See "Risk Factors--
Risks Related to the Province--The Presidential and legislative elections in Argentina may create uncertainties that
could impact the Argentine and provincial economies and the securities market."

vii





The primary changes related to the foreign exchange market that have been implemented after the last
presidential elections include, among others: (i) the elimination of the requirement to mandatorily transfer and settle
the proceeds from new foreign financial indebtedness incurred by the financial sector, the non-financial private
sector and local governments through the Mercado Único y Libre de Cambios (Foreign Exchange Market, or
"MULC"); (ii) the possibility of Argentine residents to make capital contributions and purchase equity in companies
constituted abroad through the MULC without an amount limit, to the extent of said investment (a) is directly or
indirectly linked to the development of productive activities and non-financial services; and (b) can be deemed a
foreign "direct investment," as per Communication "A" 4237, as amended, and other requirements set forth in
Communication "A" 6037 are met; (iii) pursuant to Communication "A" 6037, as amended, the mandatory
minimum stay period of 120 consecutive days applies only if the foreign indebtedness proceeds entered Argentina;
(iv) in the case of partial or total prepayment of principal corresponding to foreign financial indebtedness, access to
the MULC is permitted subject to the mandatory minimum period mentioned above; (v) the ability to purchase
foreign currency without specific allocation (atesoramiento) or prior approval by Argentine residents that are
individuals, legal entities from the private sector organized in Argentina and not authorized to deal in foreign
exchange, certain trusts and other estates domiciled in Argentina, as well as Argentine local governments has been
restored; (vi) the reduction from 30% to 0% of a mandatory, non-transferable and non-interest bearing deposit of the
amount of certain transactions involving foreign currency inflows for a 365 calendar day period; (vii) the
elimination of the requirement of a minimum holding period (72 business hours) related to the purchase and sale of
securities authorized to be listed or negotiated in different local and international stock exchange markets; (viii) the
replacement of the Declaración Jurada Anticipada de Importación (Advance Sworn Import Declaration, or "DJAI")
with a new import procedure that requires certain filings and import licenses for certain goods (including textiles,
footwear, toys, domestic appliances and automobile parts), which, unlike the previous system, does not contemplate
discretionary federal government approval of payments for the import of products through the MULC; and (ix)
access to the MULC for payment of principal, debt service, services, profits, dividends and non-financial non-
produced assets is granted upon fulfillment of Central Bank's reporting regime set forth by Communication "A"
3602 and Communication "A" 4237, as applicable.
Communication "A" 6037 (as amended) amended rules on the following topics: (i) MULC general rules,
(ii) payment of Argentine imports of goods and other payments, (iii) services, income, current transfers and non-
financial assets, (iv) financial indebtedness, (v) foreign offshore assets of Argentine residents, (vi) financial
derivatives, and (vii) exchange transactions with non-residents.
For further information in relation to all exchange restrictions and controls investors should seek advice
from their legal advisors and analyze the regulations of the Central Bank, Decree No. 616/2005, Resolution of the
Ministry of Treasury and Public Finances No. 365/2005 and the Foreign Exchange Criminal Regime (Law No.
19,359, as amended), as further supplemented and amended.




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