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A Province of Argentina) USD 250,000,000 5.750% Notes Due 2019 USD 500,000,000 7.875% Notes Due 2027 ______

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A Province of Argentina) USD 250,000,000 5.750% Notes Due 2019 USD 500,000,000 7.875% Notes Due 2027 ______ OFFERING MEMORANDUM STRICTLY CONFIDENTIAL THE PROVINCE OF BUENOS AIRES (A Province of Argentina) USD 250,000,000 5.750% Notes Due 2019 USD 500,000,000 7.875% Notes Due 2027 ___________________ The Province of Buenos Aires (the “Province”) is offering USD 250,000,000 aggregate principal amount of its 5.750% Notes due 2019 (the “New 2019 Notes”). The Province is also offering USD 500,000,000 aggregate principal amount of its 7.875% Notes due 2027 (the “New 2027 Notes” and, together with the New 2019 Notes, the “New Notes”). The New Notes are being offered as additional debt securities under an indenture dated June 9, 2015, pursuant to which, on June 15, 2016, the Province previously issued USD 500,000,000 aggregate principal amount of its 5.750% Notes due 2019 (the “Initial 2019 Notes,” and together with the New 2019 Notes, the “2019 Notes”) and USD 500,000,000 aggregate principal amount of its 7.875% Notes due 2027 (the “Initial 2027 Notes,” and together with the New 2027 Notes, the “2027 Notes”). The Initial 2019 Notes and Initial 2027 Notes are referred to as the “Initial Notes,” and collectively with the New Notes, the “Notes.” The New 2019 Notes and New 2027 Notes will have the respective identical terms and conditions as the Initial 2019 Notes and Initial 2027 Notes, except for the issue date and issue price, and will be respectively fungible with the Initial 2019 Notes and Initial 2027 Notes and constitute a single series and vote as a single class of debt securities under the indenture, respectively, following expiration of the 40-day restricted period under Regulation S under the Securities Act (as defined below). The Initial Notes and the New Notes of each respective series will have the same ISIN and Common Code numbers, except that the New Notes offered and sold in compliance with Regulation S shall be issued and maintained under temporary ISIN and Common Code numbers during a 40-day distribution compliance period commencing on the date of issuance of the New Notes. After giving effect to this offering, an aggregate of USD 750,000,000 of 2019 Notes and an aggregate of USD 1,000,000,000 of 2027 Notes will be outstanding. The Province will pay interest on the Notes on June 15 and December 15 of each year, beginning on December 15, 2016. The 2019 Notes will mature on June 15, 2019 and the 2027 Notes will mature on June 15, 2027. The Province will pay the principal of (i) the 2019 Notes on June 15, 2019 and (ii) the 2027 Notes in three installments: 33.33% on June 15, 2025, 33.33% on June 15, 2026 and 33.34% on June 15, 2027. The Notes 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 will be made to list the New Notes on the Luxembourg Stock Exchange, and to have the New Notes admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange, and the Province will apply to list the New Notes on the Mercado de Valores de Buenos Aires S.A.(“MERVAL”) and the Argentine Mercado Abierto Electrónico S.A. (“MAE”). Investing in the New Notes involves risks that are described in the “Risk Factors” section beginning on page 9 of this offering memorandum. The New 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 with the consent of the holders of: (1) with respect to a single series of debt securities, more than 75% of the aggregate principal amount of the outstanding debt securities of such series; (2) with respect to two or more series of debt securities, if certain “uniformly applicable” requirements are met, more than 75% of the aggregate principal amount of the outstanding debt securities of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more series of debt securities, more than 66 2/3% of the aggregate principal amount of the outstanding debt securities of all series affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding debt securities of each series affected by the proposed modification, taken individually. See “Description of the New Notes—Meetings, Amendments and Waivers.” ___________________ Price to investors for the New 2019 Notes: 103.086% plus accrued interest from June 15, 2016 to October 20, 2016, and accrued interest from October 20, 2016 to the settlement date, if settlement occurs after that date. Price to investors for the New 2027 Notes: 103.389% plus accrued interest from June 15, 2016 to October 20, 2016, and accrued interest from October 20, 2016 to the settlement date, if settlement occurs after that date. ___________________ The New Notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction. Unless they are registered, the New Notes may be offered only in transactions that are exempt from registration under the Securities Act or the securities law of any other jurisdiction. Accordingly, the New Notes 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 New Notes in fully registered form, without interest coupons attached, only in denominations of USD 150,000 and in integral multiples of USD 1,000 in excess thereof. The New Notes 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 New Notes—Registration and Book-Entry System.” ___________________ Joint Bookrunners BBVA BofA Merrill Lynch HSBC Local Co-Manager Banco de la Provincia de Buenos Aires ___________________ The date of this offering memorandum is October 14, 2016. TABLE OF CONTENTS Page Enforcement of Civil Liabilities .................................................................................................................................. iii Defined Terms and Conventions ..................................................................................................................................iv Presentation of Financial and Other Information ..........................................................................................................ix Forward-Looking Statements .......................................................................................................................................ix Summary........................................................................................................................................................................ 1 Risk Factors ................................................................................................................................................................... 9 Use of Proceeds ........................................................................................................................................................... 25 The Province of Buenos Aires ..................................................................................................................................... 26 The Provincial Economy ............................................................................................................................................. 30 Public Sector Finances ................................................................................................................................................. 49 Public Sector Debt ....................................................................................................................................................... 71 Banco Provincia ........................................................................................................................................................... 98 Description of the New Notes .................................................................................................................................... 107 Notice to Investors ..................................................................................................................................................... 122 Taxation ..................................................................................................................................................................... 126 Plan of Distribution ................................................................................................................................................... 133 Official Statements .................................................................................................................................................... 136 Validity
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