Bond Buenos Aires (province) 4% ( XS2385150847 ) in USD

Buenos Aires (province)

48.5 % ▼

Argentina

XS2385150847 ( in USD )

4% per year ( payment 2 times a year)

31/08/2037

Prospectus brochure of the bond Buenos Aires (province) XS2385150847 en USD 4%, maturity 31/08/2037

01/09/2025 ( In 126 days )

Buenos Aires Province, encompassing a vast and diverse territory surrounding the city of Buenos Aires, is Argentina's most populous province, boasting significant agricultural production, a robust industrial sector, and a complex socio-economic landscape.

The Bond issued by Buenos Aires (province) ( Argentina ) , in USD, with the ISIN code XS2385150847, pays a coupon of 4% per year.
The coupons are paid 2 times per year and the Bond maturity is 31/08/2037

Listing Particulars dated October 13, 2021
The Province of Buenos Aires
(A Province of the Republic of Argentina)
U.S.$6,202,149,888 amortizing step-up securities due 2037 (payable in 28 installments, with final coupon of 6.625%)
(Reg S ISIN: XS2385150334 / Common Code: 238515033; 144A ISIN: XS2385150417 / Common Code: 238515041)
(the "New USD 2037 A Bonds")
236,814,400 amortizing step-up securities due 2037 (payable in 28 installments, with final coupon of 5.125%)
(Reg S ISIN: XS2385150508 / Common Code: 238515050; 144A ISIN: XS2385150680 / Common Code: 238515068 )
(the "New Euro 2037 A Bonds")
U.S.$777,634,375 amortizing step-up securities due 2037 (payable in 19 installments, with final coupon of 5.875%)
(Reg S ISIN: XS2385151738 / Common Code: 238515173; 144A ISIN: XS2385151811 / Common Code: 238515181)
(the "New USD 2037 B Bonds")
116,325,737 amortizing step-up securities due 2037 (payable in 19 installments, with final coupon of 5.125%)
(Reg S ISIN XS2385150177 / Common Code: 238515017; 144A ISIN: XS2385150250 / Common Code: 238515025)
(the "New Euro 2037 B Bonds")
U.S.$153,166,165 amortizing step-up securities due 2037 (payable in 19 installments, with final coupon of 5.250%)
(Reg S ISIN: XS2385150847 / Common Code: 238515084; 144A ISIN: XS2385151068 / Common Code: 238515106)
(the "New USD 2037 C Bonds")
138,837,134 amortizing step-up securities due 2037 (payable in 19 installments, with final coupon of 4.500%)
(Reg S ISIN: XS2385151142 / Common Code: 238515114; 144A ISIN: XS2385151654; Common Code: 238515165)
(the "New Euro 2037 C Bonds")
T he Province of Buenos Aires (Legal Entity Identifier: 549300L6AYROPOTQ4L07) (the "Province") has issued U.S.$6,202,149,888 in
aggregate principal amount of its New USD 2037 A Bonds, 236,814,400 in aggregate principal amount of its New Euro 2037 A Bonds,
U.S.$777,634,375 in aggregate principal amount of its New USD 2037 B Bonds, 116,325,737 in aggregate principal amount of its New
Euro 2037 B Bonds, U.S.$153,166,165 in aggregate principal amount of its New USD 2037 C Bonds, and 138,837,134 in aggregate
principal amount of its New Euro 2037 C Bonds (the " New Bonds").
T he New Bonds have been accepted for clearance and settlement through Euroclear Bank SA/NV as operator of the Euroclear
System (" Euroclear") and Clearstream Banking, société anonyme (" Clearstream"). The New Bonds were issued on September 3,
2021.
Application has been made to have the New Bonds admitted to trading on the Official List of the Luxembourg Stock Exchange and
to be listed on the Euro MT F Market operated by the Luxembourg Stock Exchange, which is a multilateral trading facility for the
purposes of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments, as amended,
(``MiFID II''), and, therefore, not an EU-regulated market. T he Bank of New York Mellon SA/NV, Luxembourg Branch, will serve
as the Luxembourg Listing Agent.
T he Listing Particulars constitute a prospectus for the purpose of Part IV of the Luxembourg Law of 16 July 2019 on
Prospectuses for Securities.
T he Listing Particulars do not constitute a prospectus within the meaning of Regulation (EU) No 1129/2017 of the European
Parliament and of the Council of 14 June 2017 (as amended, the ``Prospectus Regulation''). Neither the Luxembourg Financial
Supervisory Authority (Commission de Surveillance du Secteur Financier, or ``CSSF''), nor any other ``competent authority'' (as
defined in the Prospectus Regulation) has approved the Listing Particulars or reviewed information contained in the Listing
Particulars.
The Luxe mbourg Stock Exchange has only approve d the sections herein that re late to the listing of the Ne w Bonds and not the
se ctions that relate to the Exchange Offer. The sections re lating to the Exchange O ffer are give n for informational purposes
only. No public offering for the Ne w Bonds has be en made in Luxembourg. Holders (as de fined in the Prospectus Supplement)
of the Eligible Bonds (as de fined in the Prospe ctus Supplement) have validly tendered pursuant to the terms of this Exchange
O ffe r.
T he Province is solely responsible for the information given in this Listing Particulars. T he Province hereby declares that to the best of

its knowledge and belief, having taken all reasonable care to ensure that such is the case, the information contained in this Listing
Particulars is in accordance with the facts and contains no omission likely to affect its import.
You should read the Listing Particulars along with the invitation memorandum, dated April 24, 2020, as most recently amended and
restated on August 6, 2021 (the " Invitation Memorandum"), appended hereto as Annex A, which is considered part of the Listing
Particulars. T he document contains information you should consider when making your investment decision. T he Province has not
authorized anyone else to provide you with different information. We are responsible for the information contained in the Listing
Particulars. We have not authorized anyone to give you any other information, and we take no responsibility for any other information
that others may give you.
Information in the Listing Particulars and the document appended hereto is accurate as of the date on the front of the Listing Particulars.
T he Listing Particulars and the document appended hereto will be published on the internet website of the Luxembourg Stock Exchange
www.bourse.lu and will be available for download free of charge.
Notice s
So long as the notes are listed on the Luxembourg Stock Exchange and the rules of the exchange require, the Province will publish
notices on the website of the Luxembourg Stock Exchange (www.bourse.lu). If publication on the website of the Luxembourg Stock
Exchange (www.bourse.lu) is not practicable, the Province will give notices in another way consistent with the rules of the Luxembourg
Stock Exchange. Any notice so published will be considered given on the date of its first publication.
T he date of this Listing Particulars is October 13, 2021.

Annex A

AMENDMENT NO. 1 DATED August 6, 2021,
To Invitation Memorandum dated April 24, 2020
Invitation Memorandum
THE PROVINCE OF BUENOS AIRES
(A Province of the Republic of Argentina)
This amendment No. 1 ("Amendment No. 1") amends and restates in their entirety the terms and conditions of the
invitation set forth in the Province of Buenos Aires' invitation memorandum dated April 24, 2020, as supplemented
by supplement no. 1 dated as of May 4, 2020 (the "Supplement No. 1") and each of the press releases issued by the
Province of Buenos Aires dated prior to the date hereof extending such invitation (collectively, the "Press
Releases") (such invitation, the "Original Invitation," and the Original Invitation as amended and restated pursuant
to this Amendment No. 1, the "Invitation"), mainly to revise the terms and conditions to conform the Original
Invitation in accordance with an agreement reached between the Province of Buenos Aires and certain Holders (as
defined herein) on July 20, 2021 and to update the "Background to the Invitation," "Risk Factors," "The Province of
Buenos Aires," "The Provincial Economy," "Public Sector Finances," "Public Sector Debt" and "Banco Provincia"
sections with recent developments.
Attached hereto is the invitation memorandum as amended and restated (the "invitation memorandum").
Eligible Holders that delivered instructions to tender their Eligible Bonds in respect of the Original Invitation
prior to the date hereof and do not revoke such instructions prior to the Expiration shall be deemed to have
given Instructions (as defined below), including to receive New Bonds (as defined herein) in accordance with
the terms and conditions of the Invitation. Eligible Holders of:
(i)
USD 2020 Bonds, 10.875% USD 2021 Bonds, 9.950% USD 2021 Bonds, USD 2023 Bonds, USD 2024
Bonds, USD 2027 Bonds or USD 2028 Bonds (in each case, as defined herein) that had selected to
exchange their bonds for U.S. dollar amortizing step-up bonds due 2032 or U.S. dollar amortizing step-
up bonds due 2040 will be deemed to have elected to receive New USD 2037 A Bonds (as defined
herein) in accordance with the procedures described herein,
(ii)
USD 2035 Bonds (as defined herein) that had selected to exchange their bonds for U.S. dollar amortizing
step-up bonds due 2032 or U.S. dollar amortizing step-up bonds due 2040 will be deemed to have elected
to receive New USD 2037 B Bonds (as defined herein) in accordance with the procedures described
herein,
(iii)
Euro 2020 Bonds or Euro 2023 Bonds (as defined herein) that had selected to exchange their bonds for
euro amortizing step-up bonds due 2032 or euro amortizing step-up bonds due 2040 will be deemed to
have elected to receive New Euro 2037 A Bonds (as defined herein) in accordance with the procedures
described herein,
(iv)
Euro 2035 Bonds (as defined herein) that had selected to exchange their bonds for euro amortizing step-
up bonds due 2032 or euro amortizing step-up bonds due 2040 will be deemed to have elected to receive
New Euro 2037 B Bonds (as defined herein) in accordance with the procedures described herein,
in each case, unless their Instructions are revoked prior to the Expiration or not accepted by the Province (such
acceptance to be granted in the sole discretion of the Province), and subject to the terms and conditions of this
invitation memorandum. Eligible Holders that had delivered an instruction pursuant to the Original Invitation that
want to make an election for New Bonds different than the one described above will need to revoke their prior
instructions and deliver Instructions pursuant to the terms of this invitation memorandum.

Invitation Memorandum
THE PROVINCE OF BUENOS AIRES
(A Province of the Republic of Argentina)
Solicitation of Consents to Certain Amendments to the Eligible Bonds (as defined below) and
Invitation to Exchange Eligible Bonds for New Bonds (as defined below)
The Province of Buenos Aires (the "Province") hereby invites Eligible Holders of:
1. any series of bonds issued under the 2006 Indenture (as defined below) listed in the table below (collectively,
the "2006 Indenture Eligible Bonds"), to consent to the actions proposed in this Invitation, including to
authorize and direct the 2006 Indenture Trustee to modify the 2006 Indenture Eligible Bonds by substituting
them for (i) New USD 2037 C Bonds (in the case of any 2006 Indenture Eligible Bonds denominated in U.S.
dollars), or (ii) New Euro 2037 C Bonds (in the case of any 2006 Indenture Eligible Bonds denominated in
euros) and, in conjunction with such consent, thereby submit (i) orders to exchange such 2006 Indenture
Eligible Bonds, or (ii) if any Substitution Proposed Modification (as defined herein) affecting the 2006
Indenture Eligible Bonds becomes effective, orders to exchange any New USD 2037 C Bonds or New Euro
2037 C Bonds, as applicable, to which they become entitled as a result of such Substitution Proposed
Modifications, for the corresponding amount of New Bonds selected by such Eligible Holder as detailed in the
table below, and
2. any series of bonds issued under the 2015 Indenture (as defined below) listed in the table below (collectively,
the "2015 Indenture Eligible Bonds," and together with the 2006 Indenture Eligible Bonds, the "Eligible
Bonds") to submit orders to exchange their 2015 Indenture Eligible Bonds for the corresponding amount of
New Bonds selected by such Eligible Holder as detailed in the table below and in conjunction with such orders
to exchange, to consent to the actions related to such Eligible Bonds proposed in this Invitation,
in each case, on the terms and subject to the conditions described in this invitation memorandum.
For the purpose of this invitation memorandum, "New Bonds" refers collectively to the New USD 2037 A Bonds,
New Euro 2037 A Bonds, New USD 2037 B Bonds, New Euro 2037 B Bonds, New USD 2037 C Bonds and New
Euro 2037 C Bonds (in each case, as defined in "Description of the New Bonds--Specific Terms of Each Series of
New Bonds"), "Tender Order" shall mean any order by or on behalf of an Eligible Holder to exchange an Eligible
Bond (or any entitlement to receive a New Bond under the terms of the Invitation) for a New Bond, "Consent" shall
mean, with respect to any Eligible Bond, the consent given by or on behalf of an Eligible Holder to the actions
proposed in this Invitation, and "Instructions" shall mean Tender Orders and Consents delivered with respect to any
Eligible Bond by or on behalf of an Eligible Holder in the manner contemplated in this invitation memorandum.
By delivering (and not revoking) valid Consents to the actions proposed in the Invitation, each Eligible Holder of
2006 Indenture Eligible Bonds thereby also submits (i) Tender Orders to exchange such Eligible Bonds, or (ii) if any
Substitution Proposed Modification affecting the 2006 Indenture Eligible Bonds becomes effective, Tender Orders
to exchange any New USD 2037 C Bonds or New Euro 2037 C Bonds, as applicable, to which they become entitled
as a result of such Substitution Proposed Modifications, for the applicable amount of New Bonds selected by such
Eligible Holder as detailed in the table below. By delivering (and not revoking) valid Tender Orders, each Eligible
Holder of 2015 Indenture Eligible Bonds thereby also Consents to the actions proposed in this Invitation. For the
avoidance of doubt, if the Province accepts a Consent pursuant to this Invitation, it will also accept the
corresponding Tender Order.
The exchange offers referred to in the preceding paragraphs are collectively referred to as the "Exchange Offers."
The proposed modifications referred to in this invitation memorandum, which include the Non-Reserve Matter
Modifications (as defined herein) and the Substitution Proposed Modifications, are collectively referred to as the
"Proposed Modifications."

Outstanding
2006 Indenture Eligible Bonds
ISIN
Amount(1)
New Bonds Consideration(2)
4.000% USD MTN Due 2020
Reg S XS0234086196/
(the "USD 2020 Bonds")
U.S.$10,616,576.00
144 A XS0234086436
U.S.$100 principal amount of New USD 2037 A Bonds; or New Euro
10.875% USD Bonds Due 2021
Reg S XS0584493349/
U.S.$250,050,000.00
2037 A Bonds in a principal amount equal to the Euro Equivalent (as
(the "10.875% USD 2021 Bonds")
144 A XS0584497175
defined herein) of U.S.$100
9.625% USD Bonds Due 2028
Reg S XS0290125391/
(the "USD 2028 Bonds")
U.S.$400,000,000.00
144 A XS0290124154
100 principal amount of New Euro 2037 A Bonds; or New USD 2037 A
4.000% EUR MTN Due 2020
Reg S XS0234085461/
95,376,888.15
Bonds in a principal amount equal to the Dollar Equivalent (as defined
(the "Euro 2020 Bonds")
144 A XS0234085891
herein) of 100
U.S.$100 principal amount of New USD 2037 B Bonds; or New Euro
2037 B Bonds in a principal amount equal to the Euro Equivalent of
4.000% USD Bonds Due 2035
Reg S XS0234084738/
U.S.$488,427,963.00
U.S.$100, in each case, reduced by the pro rata share of the Remaining A
(the "USD 2035 Bonds")
144 A XS0234085032
Bonds (as defined herein) they may receive pursuant to the terms of this
Invitation(3)
100 principal amount of New Euro 2037 B Bonds; or New USD 2037 B
4.000% EUR Bonds Due 2035
Reg S XS0234082872/
Bonds in a principal amount equal to the Dollar Equivalent of 100, in
578,248,613.00
(the "Euro 2035 Bonds")
144 A XS0234084142
each case, reduced by the pro rata share of the Remaining A Bonds they
may receive pursuant to the terms of this Invitation(3)

2015 Indenture Eligible Bonds
9.950% USD Bonds Due 2021
Reg S XS1244682487/
(the "9.950% USD 2021 Bonds")
U.S.$899,475,908.00
144 A XS1244682057
6.500% USD Bonds Due 2023
Reg S XS1566193295/
(the "USD 2023 Bonds")
U.S.$750,000,000.00
U.S.$100 principal amount of New USD 2037 A Bonds; or New Euro
144 A XS1566193378
2037 A Bonds in a principal amount equal to the Euro Equivalent of
9.125% USD Bonds Due 2024
Reg S XS1380274735/
U.S.$100
(the "USD 2024 Bonds")
U.S.$1,250,000,000.00
144 A XS1380327368
7.875% USD Bonds Due 2027
Reg S XS1433314314/
(the "USD 2027 Bonds")
U.S.$1,750,000,000.00
144 A XS1433314587
5.375% EUR Bonds Due 2023
Reg S XS1649634034/
100 principal amount of New Euro 2037 A Bonds; or New USD 2037 A
500,000,000.00
(the "Euro 2023 Bonds")
144 A XS1649634380
Bonds in a principal amount equal to the Dollar Equivalent of 100;

(1)
Includes Eligible Bonds owned or controlled by the Province or any public sector instrumentality of the Province.
(2)
Principal of New Bonds per U.S.$100 or 100 principal amount outstanding (after taking into account amortization payments to date)
of Eligible Bonds.
(3)
Eligible Holders of USD 2035 Bonds and Euro 2035 Bonds whose Instructions are accepted will receive on the Settlement Date a pro
rata share of the Remaining A Bonds, if any, in lieu of the equivalent aggregate principal amount of the New USD 2037 B Bonds or
New Euro 2037 B Bonds, as applicable, to which they would otherwise be entitled as set forth in the table above (without taking into
account the reduction by the Remaining A Bonds described in the table above). See "Summary of the Invitation--Consideration to be
Received Pursuant to Instructions for 2006 Indenture Eligible Bonds."
Eligible Holders who submit valid and accepted Instructions will receive the Additional Consent Consideration and
will not receive any payments in respect of accrued and unpaid interest on their Eligible Bonds tendered and
accepted. Holders who did not submit valid Instructions, including Ineligible Holders, or whose Instructions were
not accepted, will not be entitled to receive any cash or in-kind payment for any interest accrued and unpaid on any
Eligible Bond that is modified and substituted for a New Bond pursuant to the Substitution Proposed Modifications,
if those modifications become effective, and will not be entitled to receive any Additional Consent Consideration.
See "Terms of the Invitation--Additional Consent Consideration."
If a Holder does not tender its Eligible Bonds, revokes its Instructions prior to the Expiration, is an Ineligible Holder
or its Instructions are not accepted, and the Substitution Proposed Modifications affecting its series of Eligible
Bonds become effective, such Holder will receive (i) for each U.S.$100 principal amount of U.S. dollar-
denominated Eligible Bonds (after taking into account amortization payments to date), U.S.$100 principal amount of
New USD 2037 C Bonds, and for each 100 outstanding principal amount of euro-denominated Eligible Bonds
(after taking into account amortization payments to date), 100 principal amount of the New Euro 2037 C Bonds.
In addition, if the Non-Reserve Matter Proposed Modifications affecting any series of 2006 Indenture Eligible
Bonds become effective, the Province will, among other things, modify the 2006 Indenture Eligible Bonds that
remain outstanding following the Settlement Date to allow the Province to (i) amend the place or places of payment,
including to select Argentina as the new place of payment of such 2006 Indenture Eligible Bonds and (ii) appoint as
paying agent a financial institution or entity which may not be an agent of the trustee. In such event, holders of the
2006 Indenture Eligible Bonds may need to own an account in a local Argentine financial institution to receive
payments in U.S. dollars or euros, as applicable. As of the date of this invitation memorandum, in the event that the
Province were to select Argentina as the new place of payment under the 2006 Indenture Eligible Bonds modified
by the Non-Reserve Matter Modifications, holders of the 2006 Indenture Eligible Bonds that are not individuals may
face certain restrictions to transfer outside of Argentina any amounts they receive in foreign currency (U.S. dollars
or euros) under the 2006 Indenture Eligible Bonds via a cross-border bank wire transfer. See "Exchange

Regulations--Restrictions to Foreign Exchange Market and other related measures," and "Risk Factors--Risk of
Modification of the Terms and Conditions of the Eligible Bonds."
A separate Instruction must be submitted in respect of each beneficial owner of Eligible Bonds wishing to
participate in the Invitation. If we accept your Instructions and the conditions to the effectiveness of the
Invitation are met, including the Minimum Participation Condition (as defined herein), or waived by us,
where applicable, you will receive New Bonds in exchange for the Eligible Bonds you tendered, even if the
Proposed Modifications of the remaining Eligible Bonds of the series you tendered are not adopted.
The New USD 2037 B Bonds and New Euro 2037 B Bonds will be issued pursuant to the 2006 Indenture (the "2006
Indenture New Bonds") and will be substantially in the form set forth as Annex B and the New USD 2037 A
Bonds, New Euro 2037 A Bonds, New USD 2037 C Bonds and New Euro 2037 C Bonds will be issued pursuant to
the 2015 Indenture (the "2015 Indenture New Bonds") and will be substantially in the form set forth as Annex C.
The Invitation will expire at 5:00 p.m. (Central European Time ("CET")) on August 27, 2021 (such time
and date, as may be extended or earlier terminated by the Province, the "Expiration").
Holders may revoke their Instructions at any time prior to the Expiration, as described herein. Subject to
the satisfaction or waiver (where applicable) of the conditions to the Invitation and Proposed Modifications
described herein, including the Minimum Participation Condition, on the Settlement Date (as defined
below), we expect to (i) accept all valid Instructions for Eligible Bonds, whether or not the remaining
Eligible Bonds of that series are successfully substituted pursuant to the Substitution Proposed
Modifications, (ii) give effect to the Proposed Modifications with respect to each and all series of Eligible
Bonds for which the Requisite Consents (as defined below) are received and accepted by the Expiration,
and (iii) settle the Exchange Offers.

After completion of the Invitation, the Province may in its sole discretion, subject to applicable regulations, propose
one or more modifications that are "uniformly applicable" (as defined in this invitation memorandum) and that
would affect one or more series of New Bonds and one or more series of 2015 Indenture Eligible Bonds that are not
successfully modified and substituted pursuant to the Substitution Proposed Modifications (the "Subsequent
Modification(s)"). Under the terms of the 2015 Indenture, if the Province proposes modifications on that basis,
holders of more than 75% of the aggregate principal amount of any series of New Bonds and any series of 2015
Indenture Eligible Bonds affected by the Subsequent Modifications, taken in the aggregate, may approve the
Subsequent Modifications.
With regard to each series of Eligible Bonds, it is a condition to the effectiveness of the relevant Proposed
Modifications that we receive and accept valid Consents (which are part of the Instructions) from Holders
representing the requisite majorities provided for in the 2006 Indenture or the 2015 Indenture, as applicable (the
"Requisite Consents"), as described under "Terms of the Invitation--Requisite Consents."
In accordance with the terms of the Eligible Bonds, and subject to re-designation as described below, we will
consider Consents on an aggregated basis for the purpose of determining whether we have received and accepted the
Requisite Consents for the Substitution Proposed Modifications, as follows:
·
for the Substitution Proposed Modifications affecting the 2006 Indenture Eligible Bonds, the Consents of
all series of 2006 Indenture Eligible Bonds will be aggregated; and
·
for the Substitution Proposed Modifications affecting the 2015 Indenture Eligible Bonds, the Consents of
all series of 2015 Indenture Eligible Bonds and, only to the extent the relevant Substitution Proposed
Modification affecting 2006 Indenture Eligible Bonds is adopted with respect to a series of 2006 Indenture
Eligible Bonds, the Consents of each such series of 2006 Indenture Eligible Bonds will be aggregated.
In each case, by delivering Instructions, you will consent and authorize us to re-designate at any time (including
after the Expiration), the series of Eligible Bonds that will be aggregated for the Substitution Proposed
Modifications by excluding one or more series of the initially designated series of Eligible Bonds for the purpose of
determining whether the Requisite Consents have been received, which, for the avoidance of doubt, may result in
your series of Eligible Bonds being excluded. We will not re-designate the series of Eligible Bonds that will be
aggregated for the Substitution Proposed Modifications affecting 2015 Indenture Eligible Bonds without the
Consent to the Substitution Proposed Modifications of at least a majority of the Eligible Bonds of each series issued
under the 2015 Indenture that will remain aggregated for purposes of determining the Requisite Consents.
To the extent any series of Eligible Bonds is excluded as described above, by delivering Instructions, you will also
consent and authorize us to determine whether we have received the Requisite Consents for the Substitution
Proposed Modifications affecting any such excluded series on a single series basis. See "Terms of the Invitation--
Requisite Consents."

If we receive and accept the Requisite Consents with respect to the Proposed Modifications to one or more series of
Eligible Bonds (on an aggregated basis or single series basis), the other conditions to the effectiveness of the
Proposed Modifications are met or waived (where applicable) and we decide to declare the Proposed Modifications
effective with respect to any of those series, then those Proposed Modifications will be conclusive and binding on all
Holders of those series of Eligible Bonds, whether or not they have consented to the Proposed Modifications,
including Holders of those series of Eligible Bonds that are not Eligible Holders ("Ineligible Holders") or whose
Tender Orders were not accepted by the Province.
Holders that submitted valid Instructions accepted by the Province will be entitled to receive the New Bonds
selected in their Instruction and the Additional Consent Consideration and, if the Substitution Proposed
Modifications become effective with regard to one or more series of Eligible Bonds, Holders of Eligible Bonds that
did not participate in the Invitation, including Ineligible Holders, or Eligible Holders who participated in the
Invitation but whose Instructions were not accepted by the Province, will have their Eligible Bonds substituted as set
forth under "Terms of the Invitation--Proposed Modifications." In this event, the economic terms and other
important provisions of the New Bonds that the non-participating Holder and the Eligible Holder who delivered an
Instruction that was not accepted will receive in substitution for its Eligible Bonds will differ significantly from the
economic terms and other important provisions of its Eligible Bonds prior to the effectiveness of the Substitution
Proposed Modifications, such Holder will not receive the Additional Consent Consideration and will no longer have
the right to receive the accrued and unpaid interest up to, but excluding, the Settlement Date, on its Eligible Bonds.
By delivering their Instructions, Eligible Holders whose Eligible Bonds are accepted by us agree as of the
Settlement Date to (i) waive any and all defaults and events of default, as applicable, that may have occurred or will
occur under the Eligible Bonds (prior to the effectiveness of the Proposed Modifications and consummation of the
Invitation with respect to such Eligible Bonds) as a result of (A) a default or event of default under any series of
Eligible Bonds for which the Requisite Consents are not obtained at or prior to the Expiration, and (B) the entering
or issuance of judgments or arbitral awards relating to any series of Eligible Bonds for which the Requisite Consents
are not obtained at or prior to the Expiration, and (ii) waive and release the Province from any and all claims such
Eligible Holders may have now or in the future in connection with or arising out of any such defaults and events of
default, as applicable, and acknowledge and agree that any such defaults and events of default shall be deemed cured
upon the effectiveness of the Proposed Modifications and consummation of the Invitation, as described herein.
Notwithstanding anything to the contrary herein, the effectiveness of the foregoing waiver (A) with respect to
individual Eligible Holders, will not be subject to any conditions, and (B) with respect to a series, will only be
contingent upon receiving the Requisite Consents for such series.

The New Bonds will contain provisions, commonly known as "collective action clauses," regarding future
modifications to the terms of the New Bonds. Under these provisions, the Province may amend the payment
provisions of any series of debt securities issued under the 2006 Indenture or 2015 Indenture, as applicable, and
other reserve matters listed in the 2006 Indenture or 2015 Indenture, as applicable, with the consent of less than all
of the holders of the New Bonds. The modification provisions in the 2006 Indenture (which will apply to the 2006
Indenture New Bonds) differ from those in the 2015 Indenture (which will apply to the 2015 Indenture New Bonds).
See "Description of the New Bonds-- General Terms Common to all 2006 Indenture New Bonds--Meetings,
Amendments and Waivers," "Description of the New Bonds--General Terms Common to all 2015 Indenture New
Bonds--Meetings, Amendments and Waivers" and "Description of the New Bonds--Certain Differences Between
the 2006 Indenture and the 2015 Indenture." Furthermore, following the consummation of the Invitation, any failure
to pay any interest on, or principal of, or acceleration of, any Eligible Bonds that remain outstanding after the
consummation of the Invitation will not become the basis for an event of default or cross-acceleration of the New
Bonds.

This Invitation is being made on the terms and subject to the conditions set out in this invitation memorandum.
For the purposes of the Invitation, the term "Holder" shall be deemed to include beneficial owners of Eligible
Bonds on the books of Euroclear Bank SA/NV, as operator of the Euroclear System ("Euroclear" and such holders,
"Euroclear Participants"), beneficial owners of Eligible Bonds on the books of Clearstream Banking, Société
Anonyme ("Clearstream", and such holders "Clearstream Participants") and beneficial owners of Eligible Bonds
on the books of Caja de Valores S.A. ("Caja de Valores", and such holders "Caja de Valores Participants").
The term "Outstanding" for each series of Eligible Bonds has the meaning ascribed to it in the 2006
Indenture or the 2015 Indenture, as applicable. See "Description of the New Bonds--General Terms
Common to all 2006 Indenture New Bonds--Meetings, Amendments and Waivers" and "Description of the
New Bonds--General Terms Common to all 2015 Indenture New Bonds--Meetings, Amendments and
Waivers."

THIS INVITATION IS ONLY BEING DIRECTED TO ELIGIBLE HOLDERS.
The New Bonds have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended
(the "Securities Act"), or the securities laws of any other jurisdiction. Unless they are registered under the
Securities Act, the New Bonds may be offered only in transactions that are exempt from registration under
the Securities Act. Accordingly, the Invitation is being directed only to Holders of Eligible Bonds that are:
(i) "qualified institutional buyers" as defined in Rule 144A under the Securities Act or (ii) (x) outside the
United States as defined in Regulation S under the Securities Act, (y) if located within a member state of the
European Economic Area (the "EEA") or the United Kingdom (the "UK"), a "qualified investor" as defined
in Regulation (EU) 1129/2017 (as amended, the "Prospectus Regulation") or the Prospectus Regulation as it
forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the
"EUWA") (the "UK Prospectus Regulation"), respectively, and (z) if outside the EEA or the UK, is eligible to
receive this offer under the laws of its jurisdiction (each, an "Eligible Holder"). Any Holder who does not
certify its status as an Eligible Holder will not be entitled to submit Instructions. All Holders other than
Eligible Holders are referred to as "Ineligible Holders." For further details about the resale restrictions for
the New Bonds, see "Jurisdictional Restrictions" and "Transfer Restrictions."
Special Notice to Investors in the European Economic Area
The Invitation is not being made to any retail investors in any Member State of the EEA and EEA retail investors
will not be given the opportunity to state their views on the Proposed Modifications. As a result, no "offer" of New
Bonds is being made to retail investors in the EEA. Any Holder who does not deliver Instructions is effectively not
consenting to the Proposed Modifications. Therefore, it will be necessary for other (not such retail) investors
representing a greater nominal principal amount Outstanding to consent to the Proposed Modifications for the
Proposed Modifications to become effective. If the Proposed Modifications become effective with respect to one or
more series of Eligible Bonds, then, in accordance with the terms of such Eligible Bonds, such series of Eligible
Bonds will be modified, and such modification will affect all Holders, including Ineligible Holders, of those series
of Eligible Bonds, regardless of whether they consented or if they were entitled to participate in the Invitation.
This Invitation is only being made to beneficial owners of Eligible Bonds who are within the EEA if they are
"qualified investors" as defined in the Prospectus Regulation). For the purposes of the Invitation, "Eligible
Holders" do not include any beneficial owner located within a Relevant State who is not a "qualified investor" (as
defined in the Prospectus Regulation) or any other beneficial owner located in a jurisdiction where the Invitation is
not permitted by law. No offer of any kind is being made to Ineligible Holders. For further details about eligible
offerees and resale restrictions, see "Jurisdictional Restrictions" and "Transfer Restrictions."
The New Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold
or otherwise made available to any retail investor in the EEA. For these purposes, a "retail investor" means a
person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as
amended, "MiFID II"); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance
Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of
Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Regulation. Consequently no
key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for
offering or selling the New Bonds or otherwise making them available to retail investors in a Relevant State has
been prepared and therefore offering or selling the New Bonds or otherwise making them available to any retail
investor in a Relevant State may be unlawful under the PRIIPs Regulation.
Special Notice to Investors in the United Kingdom
The Invitation is not being made to any retail investors in the UK and UK retail investors will not be given the
opportunity to state their views on the Proposed Modifications. As a result, no "offer" of New Bonds is being made
to retail investors in the UK. Any Holder who does not deliver Instructions is effectively not consenting to the
Proposed Modifications. Therefore, it will be necessary for other (not such retail) investors representing a greater
nominal principal amount Outstanding to consent to the Proposed Modifications for the Proposed Modifications to
become effective. If the Proposed Modifications become effective with respect to one or more series of Eligible
Bonds, then, in accordance with the terms of such Eligible Bonds, such series of Eligible Bonds will be modified,
and such modification will affect all Holders, including Ineligible Holders, of those series of Eligible Bonds,
regardless of whether they consented or if they were entitled to participate in the Invitation.
This Invitation is only being made to beneficial owners of Eligible Bonds who are within the UK if they are
"qualified investors" as defined in the UK Prospectus Regulation. For the purposes of the Invitation, "Eligible
Holders" do not include any beneficial owner located within a Relevant State who is not a "qualified investor" (as
defined in the UK Prospectus Regulation) or any other beneficial owner located in a jurisdiction where the Invitation
is not permitted by law. No offer of any kind is being made to Ineligible Holders. For further details about eligible
offerees and resale restrictions, see "Jurisdictional Restrictions" and "Transfer Restrictions."

The New Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold
or otherwise made available to any retail investor in the UK. For these purposes, a "retail investor" means a person
who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it
forms part of domestic law by virtue of the EUWA; (ii) a customer within the meaning of the provisions of the
FSMA and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive,
where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation
(EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as
defined in the UK Prospectus Regulation. Consequently no key information document required by Regulation (EU)
No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the New Bonds or otherwise making
them available to retail investors in a Relevant State has been prepared and therefore offering or selling the New
Bonds or otherwise making them available to any retail investor in a Relevant State may be unlawful under the
PRIIPs Regulation.
This Invitation is being made on the terms and subject to the conditions set out in this invitation memorandum.

The Internet address for the offer website (the "Invitation Website") is: https://sites.dfkingltd.com/PBA.
The information, tabulation and exchange agent for the Invitation is D.F. King (the "Information, Tabulation and
Exchange Agent") which may be reached at the address and telephone number specified on the back cover of this
invitation memorandum. The Information, Tabulation and Exchange Agent will operate the Invitation Website and
answer questions from Holders regarding the procedures to deliver Instructions.
If you are a beneficial owner of Eligible Bonds through a financial institution or intermediary, you may need to
contact your financial institution or intermediary and inform such financial institution or intermediary that you wish
to instruct it to deliver Instructions on your behalf in respect of such Eligible Bonds and tender your Eligible Bonds
in the Exchange Offers. Financial institutions or intermediaries may impose their own deadlines for instructions to
be received from investors in the Eligible Bonds with respect to the Invitation, which may be earlier than the
Expiration for the Invitation set out above. Investors holding the Eligible Bonds through financial institutions or
intermediaries should therefore contact their financial institutions or intermediaries to ensure timely receipt of your
Instruction. If your financial institution or intermediary does not have adequate time to process your instruction,
your Instruction will not be given effect.
The Province intends to list each series of New Bonds on the Luxembourg Stock Exchange and the Bolsas y
Mercados Argentinos S.A. (the "ByMA") and to have each series of New Bonds admitted for trading on the Euro
MTF Market and the Mercado Abierto Electrónico S.A. (the "MAE"). See "Terms of the Invitation--Market for
the Eligible Bonds and the New Bonds."
In this invitation memorandum, references to the "Province", "we," "our" and "us" are to the Province of Buenos
Aires. References to "Holders," "you" or "your" are to beneficial owners of Eligible Bonds.
This invitation memorandum does not constitute an offer to tender, or the solicitation of an offer to tender, securities
in any jurisdiction where such offer or solicitation is unlawful. The distribution of this invitation memorandum in
certain jurisdictions may be restricted by law, and persons into whose possession this invitation memorandum comes
are requested to inform themselves about and to observe such restrictions, including whether they are Eligible
Holders pursuant to the laws of their respective jurisdictions. See "Representations and Acknowledgements of the
Beneficial Owners of the Eligible Bonds" and "Jurisdictional Restrictions."
This invitation memorandum contains important information which should be read carefully before any decision is
made with respect to the Invitation. Any Holder that is in any doubt as to the action it should take should seek its
own financial advice, including as to any tax consequences, from its legal adviser, accountant or other independent
financial adviser.

The Dealer Managers for the Invitation are:

BofA Securities Citigroup
August 6, 2021