Obligation Buenos Aires City 9.95% ( XS1244682487 ) en USD

Buenos Aires City

100 % ▼

Argentine

XS1244682487 ( en USD )

9.95% par an ( paiement semestriel ) - Obligation en défaut, paiements suspendus

08/06/2021 - Obligation échue

Prospectus brochure de l'obligation Buenos Aires XS1244682487 en USD 9.95%, échue

150 000 USD

899 500 000 USD

Buenos Aires est une ville cosmopolite située sur le littoral de l'Argentine, connue pour son architecture européenne, sa culture vibrante, son tango emblématique et sa riche histoire.

L'obligation, identifiée par le code ISIN XS1244682487, est un instrument de dette émis par la Ville de Buenos Aires, une entité sub-souveraine de la République Argentine, dont le contexte économique et financier est régulièrement marqué par des fluctuations et des restructurations de dettes souveraines et sub-souveraines. Cette émission, libellée en dollars américains (USD), représentait un montant nominal total de 899 500 000 USD, avec un taux de coupon annuel de 9,95%, payable semi-annuellement (deux fois par an) avant le défaut. La taille minimale d'acquisition pour cette obligation était de 150 000 USD, indiquant qu'elle ciblait principalement des investisseurs institutionnels ou à haut patrimoine. Cependant, l'actif financier est actuellement classé en défaut, et les paiements de coupons ont été suspendus. La maturité de l'obligation, fixée au 8 juin 2021, étant déjà échue, les investisseurs détenant cette ligne obligataire se trouvent donc face à une créance en souffrance sur un émetteur en défaut, et la cotation affichée à 100% de son prix nominal sur le marché, pour un tel instrument non performant et ayant dépassé sa date de remboursement, reflète davantage la valeur nominale de la créance que la liquidité ou la certitude de recouvrement dans le contexte actuel de défaut.

LUXEMBOURG LISTING PROSPECTUS

The Province of Buenos Aires
(A Province of Argentina)
USD 899,475,908
9.95% Notes Due 2021
(the "Notes")
___________________
The Province of Buenos Aires (the "Province") will pay interest on the Notes on June 9 and December 9 of each year, beginning on
December 9, 2015. The Notes will mature on June 9, 2021. The Province will pay the principal of the Notes in two installments: 50% of the
outstanding principal amount on June 9, 2020 and the remaining outstanding principal amount on June 9, 2021. The 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 June 9, 2015 and on June 11, 2015.
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 Notes on the official list of 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 has applied to list the Notes on the Mercado de Valores de
Buenos Aires S.A. and the Argentine Mercado Abierto Electrónico S.A.
Investing in the Notes involves risks that are described in the "Risk Factors" section beginning on page 8 of this Luxembourg
Listing Prospectus.
The 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 the date hereof, 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 Notes--Meetings, Amendments and Waivers."
___________________
Price to investors: 98.764%, plus accrued interest, if any, from June 9, 2015
___________________
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 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."
___________________
Joint Bookrunners
BNP PARIBAS
BofA Merrill Lynch
Local Co-Manager
Banco de la Provincia de Buenos Aires
___________________
The date of this Luxembourg Listing Prospectus is July 30, 2015.

TABLE OF CONTENTS
Page
Enforcement of Civil Liabilities .................................................................................................................................. iii
Defined Terms and Conventions ..................................................................................................................................iv
Presentation of Financial and Other Information ........................................................................................................ vii
Forward-Looking Statements ..................................................................................................................................... vii
Summary........................................................................................................................................................................ 1
Risk Factors ................................................................................................................................................................... 7
Use of Proceeds ........................................................................................................................................................... 16
The Province of Buenos Aires ..................................................................................................................................... 17
The Provincial Economy ............................................................................................................................................. 21
Public Sector Finances ................................................................................................................................................. 39
Public Sector Debt ....................................................................................................................................................... 59
Banco Provincia ........................................................................................................................................................... 81
Description of the Notes .............................................................................................................................................. 90
Notice to Investors ..................................................................................................................................................... 104
Taxation ..................................................................................................................................................................... 108
Plan of Distribution ................................................................................................................................................... 114
Official Statements .................................................................................................................................................... 117
Validity of the Notes .................................................................................................................................................. 117
General Information .................................................................................................................................................. 117

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 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.
In connection with the issue of the Notes, the initial purchasers (or persons acting on behalf of the initial
purchasers) may over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a
level higher than that which might otherwise prevail. However, there is no assurance that the initial purchasers (or
persons acting on their behalf) will undertake stabilization action. Any stabilization action may begin on or after the
date on which adequate public disclosure of the terms of the offer of the relevant 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 Notes, whichever is the earlier. Any
stabilization action will be undertaken in accordance with applicable laws and regulations.
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.

NOTICE TO NEW HAMPSHIRE RESIDENTS NEITHER THE FACT THAT A REGISTRATION
STATEMENT OR AN APPLICATION FOR A LICENSE HAS BEEN FILED UNDER RSA 421-B WITH
THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY
REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A
FINDING BY THE SECRETARY OF STATE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS
TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT
AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR TRANSACTION MEANS
THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR
QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY,
OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY
PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT, ANY REPRESENTATION INCONSISTENT
WITH THE PROVISIONS OF THIS PARAGRAPH.

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 2,337 to 2,340 of the Argentine Civil 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 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" are bonds that the federal government began to issue in 2002 originally to compensate individuals
and financial institutions affected by some of the emergency measures adopted by the federal government
during the 2001 economic crisis.
"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 inflation. 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

iv

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 (as
defined below). 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
consumer price index, or "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 is calculated on a weighted basket of consumer goods
and services that reflects the pattern of consumption of Argentine households using a monthly averaging
method. The federal government also compiles statistics on the wholesale price index, or "WPI." The
annual percentage rate of change in the WPI 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 WPI is based on a basket of goods and
services that reflects the pattern of consumption of Argentine retailers. The CPI measures changes in the
price level of goods and services to the final consumer and therefore tends to reflect changes in the cost of
living in Argentina. While the WPI also provides a measure of inflation, it is more limited in scope since it
measures changes in the price of goods and services paid by retailers and not consumers. All references in
this Luxembourg Listing Prospectus to CPI are to the national CPI.
"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
compensation during the week preceding the date of measurement plus the population that is unemployed
but actively seeking employment.

v

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.
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.
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,

2009 .....................................................................
3.855 3.450 3.730 3.797
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

January .............................................................
8.640
8.554 8.602 8.640
February ...........................................................
8.726
8.649 8.686 8.724
March ...............................................................
8.820
8.731 8.779 8.820
April .................................................................
8.905
8.826
8.866
8.905
May ..................................................................
8.989 8.910 8.949 8.989

(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 June 1, 2015 the peso-dollar reference exchange rate was ARS 8.9965 to USD 1.00.

vi

PRESENTATION OF FINANCIAL AND OTHER INFORMATION
All annual information presented in this Luxembourg Listing Prospectus is based upon January 1 to
December 31 periods, unless otherwise indicated. Totals in some tables in this Luxembourg Listing 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.
Certain statistical information included in this Luxembourg Listing Prospectus is preliminary in nature and
reflects the most recent reliable data readily available to the Province as of the date of this Luxembourg Listing
Prospectus.
Information in this Luxembourg Listing Prospectus that is identified as being derived from a publication of
Argentina, the Province or one of their respective agencies or instrumentalities relies on the authority of such
publication as a public official document of Argentina or the Province, as the case may be. The Province has not
independently verified the information in this Luxembourg Listing Prospectus that is identified as being derived
from a publication of Argentina and makes no representation as to its accuracy or completeness. All other
information and statements set forth herein relating to the Province are included as public official statements made
on the authority of the Province.

FORWARD-LOOKING STATEMENTS
This Luxembourg Listing Prospectus and any related supplement (including any documents incorporated
by reference) may contain forward-looking statements within the meaning of Section 27A of the Securities Act and
section 21E of the U.S. Securities Exchange Act of 1934 as amended (the "Exchange Act"). Forward-looking
statements are statements that are not historical facts, including statements about the Province's beliefs and
expectations. These statements are based on the Province's current plans, estimates and projections. Therefore you
should not place undue reliance on them. Forward-looking statements speak only as of the date they are made. The
Province undertakes no obligation to update any of them in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties, including, but not limited to, those set
forth in "Risk Factors" in this Luxembourg Listing Prospectus. A number of important factors could cause actual
results to differ materially from those contained in any forward-looking statement. The information contained in
this Luxembourg Listing Prospectus identifies important factors that could cause such differences. Such factors
include, but are not limited to:
adverse domestic factors, such as increases in inflation, high domestic interest rates and exchange rate
volatility, any of which could lead to lower economic growth;
adverse external factors, such as a decline in foreign investment, changes in international prices (including
commodity prices) for goods produced within the Province, changes in international interest rates,
recession or low economic growth in Argentina's trading partners, which could decrease the value or
quantity of exports from the Province, induce a contraction of the Province's economy and, indirectly,
reduce tax revenues and other public sector revenues and adversely affect the Province's fiscal accounts;
and
other adverse factors, such as climatic or political events, international or domestic hostilities and political
uncertainty.

vii

SUMMARY
This summary highlights selected economic and financial information about the Province. It is not
complete and may not contain all of the information you should consider before purchasing the Notes. You should
carefully read the entire Luxembourg Listing Prospectus, including "Risk Factors," before purchasing the Notes.
Selected Economic Information
(in billions of Pesos unless otherwise indicated)
2010
2011
2012
2013
2014
PROVINCIAL ECONOMY

Real GDP (in billions of 1993 pesos) ........................
ARS 153.62
ARS 169.15
ARS 175.02 ARS
180.57
------
------
Rate of change in Real GDP from prior year ............
13.8%
10.1%
3.5%
3.2%
Provincial GDP as a % of National GDP ..................
36.4%
36.8%
37.4%
------
------
Unemployment rate (1)
................................................
8.7% 8.3% 7.9%
7.2% 7.9%
NATIONAL ECONOMY
Real GDP (in billions of 1993 pesos) ........................
ARS 422.13
ARS 459.57
ARS 468.3
------
------
Rate of change from prior year .................................
9.2%
8.9%
1.9%
------
------
Unemployment rate (2) ................................................
7.3%
6.7%
6.9%
6.40%
6.90%
Inflation (as measured by CPI) ..................................
10.9%
9.5%
10.8%
10.9%
23.9%
PROVINCIAL PUBLIC SECTOR FINANCES
Total Revenues...........................................................
ARS 69.38
ARS 90.29
ARS 111.43
ARS 150.05
ARS 203.0
Total Expenditures .....................................................
72.13 98.43 120.29
151.08 202.18
Primary Fiscal Balance(3) ...........................................
-0.81
-5.6
-5.31
3.32
7.52
Financial Balance (4) ...................................................
-2.75
-8.14
-8.86
-1.03
0.80
Total results (5) ............................................................
-0.84
-6.14
-7.38
-7.88
-9.75
PROVINCIAL PUBLIC SECTOR DEBT
Peso-denominated debt (6) ..........................................
ARS 31.96
ARS 33.67
ARS 40.27
ARS 39.89
ARS 38.33
Foreign-currency-denominated
ARS 51.98
debt (7) ......................................................................
ARS 21.06
ARS 27.17
ARS 32.24
ARS 41.99
Total debt (7) ...............................................................
ARS 53.02
ARS 60.84
ARS 72.51
ARS 81.88
ARS 90.31
Total debt (in billions of USD )(7) ..............................
USD 13.34
USD 14.14
USD 14.74
USD 12.56
USD 10.56
Debt as a % of nominal GDP (7) .................................
10.2%
9.2%
9.1%
8.3%
------
Debt as a % of total revenues(7) .................................
76.4%
67.4%
65.1%
54.6%
44.5%

(1)
For the fourth quarter of each year (weighted average data for Areas of Greater Buenos Aires).
(2)
Based on the Encuesta Permanente de Hogares (Permanent Household Survey or "EPH") conducted in 28 major cities. According to
INDEC, the current methodology to conduct the EPH is applied to every major city except Rawson - Trelew, San Nicolás -Villa
Constitución and Viedma - Carmen de Patagones, where the EPH is still being conducted pursuant to the old methodology because of
resource constraints in cities in the interior of Argentina.
(3)
Excluding interest payments.
(4)
Represents the primary fiscal balance minus interest payments.
(5)
Represents total surplus/(deficit) plus borrowings, minus debt repayments.
(6)
Includes debt denominated in CER-adjusted pesos.
(7)
Excluding past due interest payments.
Source:
Provincial Office of Statistics; Ministry of Economy of the Province; Federal Ministry of Economy and Public Finance.

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The Province
General
The Province is the largest of the 23 provinces of Argentina, with an area of 304,907 square kilometers and
with a population of approximately 15.6 million inhabitants. It is located in the central-eastern part of the country,
in a region known as the "Pampas." The capital of the Province is the city of La Plata.
The executive branch consists of a Governor and a Vice Governor, who are elected by popular vote for a
period of four years, and a number of ministries, secretariats and other provincial governmental agencies.
The legislative branch consists of the Senate and the House of Deputies. The judicial branch consists of
trial courts, courts of appeals and the Supreme Court, which have jurisdiction over civil, commercial, administrative,
labor, family and criminal matters within the Province. In addition, the provincial constitution provides for the
existence of certain provincial agencies that do not fall under any of the three branches of government.
Each of the Province's 135 municipalities has its own government, responsible for providing basic local
services. Pursuant to provincial law, the Province's municipalities are entitled to receive a percentage of the taxes
collected by the Province and the federal government. In addition, several municipalities are entitled to collect
certain provincial taxes.
The current President of Argentina, Cristina Fernández de Kirchner, and the Governor of the Province,
Daniel Scioli, were elected in 2007 and re-elected in 2011. The next elections for President of Argentina and for
Governor of the Province are scheduled to take place in October 2015.
The Provincial Economy
The provincial economy accounts for a significant part of the Argentine economy and its economic cycle is
closely tied to that of Argentina.
In 2013, the Province's real GDP increased by 3.2%, from ARS 175,02 billion in 2012 to ARS 180,57
billion in 2013. In 2014, quarterly economic activity indicators developed by the Province, which track quarterly
variations in GDP at constant prices, showed increases of 3.2%, 2.3% and 0.6% for the first, second and fourth
quarter, respectively, and a decrease of 0.6% for the third quarter, in each case as compared to the same quarters of
the prior year.
The Province has a diversified economy. The Province's most significant economic sectors are
(i) manufacturing, (ii) real estate and business activities, (iii) retail and wholesale commerce, (iv) transport, storage
and communications, (v) education, social and health services, (vi) construction, and (vii) agriculture, livestock,
hunting and forestry. Historically, the Province's manufacturing sector has been the single largest contributor to
provincial GDP.
Public Sector Finances
In 2014, the current account balance recorded a surplus of ARS 3,353 million, compared to a surplus of
ARS 232 million in 2013. In 2014, a financial surplus of ARS 800 million was recorded, as compared to a financial
surplus of ARS 1,029 million in 2013.
Main Sources of Revenues
From 2010 through 2014, 70.4% of provincial revenues were derived from taxes, either federal or
provincial. On average, during this period, provincial tax collections represented 41.5% of total revenues, while
federal tax transfers represented 28.8% of total revenues.
Federal Transfers. Under the federal tax co-participation regime, the federal government is required to
transfer to a federal tax co-participation fund, 64% of income tax revenues, 89% of value added tax revenues, 100%
of presumptive minimum income tax revenues and 30% of financial transaction tax revenues, among others.
Out of these revenues, ARS 549.6 million is allocated to the Fondo de Desequilibrios Fiscales Provinciales
(Provincial Tax Imbalance Fund). After this allocation, 15.0% of all remaining funds are allocated to the federal

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