Obbligazione Buenos Aires City 5.375% ( XS1649634034 ) in EUR

Emittente Buenos Aires City
Prezzo di mercato 100 EUR  ▲ 
Paese  Argentina
Codice isin  XS1649634034 ( in EUR )
Tasso d'interesse 5.375% per anno ( pagato 1 volta l'anno)
Scadenza 20/01/2023 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Buenos Aires XS1649634034 in EUR 5.375%, scaduta


Importo minimo 100 000 EUR
Importo totale 500 000 000 EUR
Descrizione dettagliata Buenos Aires è una città cosmopolita situata sulla costa orientale dell'Argentina, nota per la sua architettura europea, la sua vibrante cultura tango e la sua ricca storia.

The Obbligazione issued by Buenos Aires City ( Argentina ) , in EUR, with the ISIN code XS1649634034, pays a coupon of 5.375% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 20/01/2023







LUXEMBOURG LISTING PROSPECTUS











THE PROVINCE OF BUENOS AIRES
(A Province of Argentina)
EUR500,000,000 5.375% Notes Due 2023
___________________
The Province of Buenos Aires (the "Province") is offering EUR500,000,000 aggregate principal amount of its 5.375% Notes due 2023 (the "Notes"). The
Province will pay interest on the Notes on January 20 of each year, beginning on January 20, 2018. The Notes will mature on January 20, 2023.
The Notes will be 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 Notes on the Luxembourg Stock Exchange, and to have the Notes admitted to trading on the Euro MTF Market of the
Luxembourg Stock Exchange, and the Province will apply to list the Notes on the Bolsas y Mercados Argentinos S.A. ("ByMA") and the Mercado Abierto Electrónico
S.A. ("MAE").
Investing in the Notes involves risks that are described in the "Risk Factors" section beginning on page 18 of this Luxembourg Listing Prospectus.
The Notes will 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 without the consent of all holders of debt securities issued under the indenture. See "Description of the Notes--Meetings,
Amendments and Waivers."
___________________
Price to investors for the Notes: 99.455% plus accrued interest, if any, from July 20, 2017.
___________________
The 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 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 Notes are being offered only to Qualified Institutional Buyers ("QIBs") pursuant to Rule 144A under the Securities Act and
persons outside the United States in reliance on Regulation S of the Securities Act. For further details about eligible offerees and resale restrictions, see
"Notice to Investors."
The Province will issue the Notes in fully registered form, without interest coupons attached, only in denominations of EUR 100,000 and in integral multiples
of EUR 1,000 in excess thereof. The Notes will be registered in global form in the name of a nominee of a common depositary for Euroclear Bank S.A./N.V., as
operator of the Euroclear System ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream"). See "Description of the Notes--Registration and Book-
Entry System."
This Luxembourg Listing Prospectus constitutes a prospectus for purposes of Part IV of the Luxembourg law on prospectus for securities dated July 10, 2005,
as amended.
In connection with the issue of the Notes, the Initial Purchasers are not acting for anyone other than the Province and will not be responsible to
anyone other than the Province for providing the protections afforded to their clients nor for providing advice in relation to the offering.
THIS OFFERING MEMORANDUM HAS BEEN PREPARED ON THE BASIS THAT ANY OFFER OR SALE OF NOTES IN ANY MEMBER
STATE OF THE EUROPEAN ECONOMIC AREA ("EEA") WILL BE MADE PURSUANT TO AN EXEMPTION UNDER THE PROSPECTUS
DIRECTIVE FROM THE REQUIREMENT TO PUBLISH A PROSPECTUS FOR OFFERS OF NOTES. THE EXPRESSION PROSPECTUS
DIRECTIVE MEANS DIRECTIVE 2003/71/EC (AS AMENDED), AND INCLUDES ANY RELEVANT IMPLEMENTING MEASURE IN THE MEMBER
STATE CONCERNED.
___________________
Joint Bookrunners

Deutsche Bank
HSBC
Santander
Local Co-Manager
Banco de la Provincia de Buenos Aires
___________________
The date of this Luxembourg Listing Prospectus is July 20, 2017.



TABLE OF CONTENTS
Page
Enforcement of Civil Liabilities .................................................................................................................................. iii
Defined Terms and Conventions ................................................................................................................................... v
Presentation of Financial and Other Information ........................................................................................................... x
Forward-Looking Statements ........................................................................................................................................ x
Summary........................................................................................................................................................................ 1
Recent Developments .................................................................................................................................................... 7
The Offering ................................................................................................................................................................ 16
Risk Factors ................................................................................................................................................................. 18
Use of Proceeds ........................................................................................................................................................... 33
The Province of Buenos Aires ..................................................................................................................................... 34
The Provincial Economy ............................................................................................................................................. 38
Public Sector Finances ................................................................................................................................................. 60
Public Sector Debt ....................................................................................................................................................... 82
Banco Provincia ......................................................................................................................................................... 108
Description of the Notes ............................................................................................................................................ 117
Notice to Investors ..................................................................................................................................................... 132
Taxation ..................................................................................................................................................................... 136
Plan of Distribution ................................................................................................................................................... 144
Official Statements .................................................................................................................................................... 147
Validity of the Notes .................................................................................................................................................. 147
General Information .................................................................................................................................................. 147




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.

i





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
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 this 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
this 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 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 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 Notes, the initial purchasers (or persons acting on behalf of the initial
purchasers) may over-allot Notes (provided that, in the case of any Notes to be admitted to trading on the
Luxembourg Stock Exchange, the aggregate principal amount of Notes allotted does not exceed 105 per cent of the
aggregate principal amount of the Notes subject to the offering) 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, stabilization 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 Notes is made and, if begun, may cease at any time, but it must end no later than the
earlier of 30 days after the issue date of the Notes and 60 days after the date of allotment of the Notes. Any
stabilization action or overallotment must be conducted by the initial purchasers (or persons acting on their behalf)
in accordance with applicable laws and regulations.


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 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.




iv





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.
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.

v





"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 and San Nicolás-Villa
Constitución) that has worked a minimum of one hour with compensation or 15 hours without
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.

vi





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, "JPY" are to Japanese Yen 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 in order to minimize fluctuations in the value of the peso.
After several years of variations in the nominal exchange rate, there was a devaluation of approximately
14% of the peso against the U.S. dollar in 2012. 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 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 by approximately 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 has floated
freely with limited intervention by the Central Bank, and the nominal exchange rate experienced moderate
variations. During 2016 and 2017, the government eliminated substantially all of the remaining foreign exchange
restrictions, including certain currency controls. See "Exchange Controls" and "Risk Factors--Risks Relating to the
Province--The current administration has implemented significant changes in economic and other policies and
announced additional measures, and the unsuccessful or lack of implementation of such additional measures could
impact the Argentine and provincial economies and the securities market."
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.

vii







Exchange rates(1)

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




2011 ....................................................................
4.304
3.972
4.130
4.303
2012 ....................................................................
4.917
4.305
4.551
4.917
2013 ....................................................................
6.518
4.923
5.479
6.518
2014 ....................................................................
8.556
6.543
8.119
8.552
2015 ....................................................................
13.763
8.554
9.269
13.005
2016 ....................................................................
16.039
13.069
14.779
15.850
2017




January ...........................................................
16.053
15.808
15.907
15.912
February ..........................................................
15.835
15.368
15.598
15.455
March ..............................................................
15.669
15.382
15.524
15.382
April ................................................................
15.453
15.174
15.422
15.427
May .................................................................
16.142
15.269
15.698
16.142
June .................................................................
16.599


15.851
16.117
16.599

(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 July 3, 2017 the peso-dollar reference exchange rate was ARS 16.682 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. Furthermore, on May
19, 2017, the Central Bank issued Communication "A" 6244, effective as of July 1, 2017, which further simplifies
provisions on exchange controls that have been adopted by the Central Bank since 2016 and introduces some
reforms on credit policy and exchange controls. See "Risk Factors--Risks Related to the Province--The current
administration has implemented significant changes in economic and other policies and announced additional
measures, and the unsuccessful or lack of implementation of such additional measures could impact the Argentine
and provincial economies and the securities market."

viii





Current Regulations
As of December 2016, in line with the economic reforms implemented by the Macri administration, the
Ministry of Treasury and the Central Bank issued regulations that eliminated 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 federal government and the Central Bank introduced a set of new measures to
eliminate a significant portion of the restrictions affecting the trade balance. In this regard, on August 8, 2016 the
Central Bank introduced 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 Argentine foreign exchange market (the "MULC"). On December 30, 2016, the Central Bank further eased
foreign exchange controls by eliminating the mandatory repatriation of proceeds from the export of services. On
January 4, 2017, the federal Ministry of Treasury reduced to zero days 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. On January 20, 2017, the Secretary of
Commerce increased the term within which the proceeds from the export of goods must be transferred and settled
through the MULC from five to ten years. In addition, on May 19, 2017, the Central Bank eliminated most of the
foreign exchange restrictions in place by means of Communication "A" 6244, effective as of July 1, 2017.



ix