BILLING & DELIVERY: Deutsche Bank

***NEW ISSUE ANNOUNCEMENT: THE REPUBLIC OF ARGENTINA USD 12YR/20YR BENCHMARK***

ISSUER: The Republic of Argentina (“ARGENT”)
EXPECTED RATINGS*: B3 (Moody’s) / B- (S&P) / B (Fitch) all stable
FORMAT: 144A/Reg S (with Registration Rights)
RANKING: Senior, Unsecured
TENOR: 12-year | 20-year
SIZE: Benchmark | Benchmark
IPTS: 6.750% area | 7.250% area
SETTLEMENT: T+3 (July 6, 2016)
USE OF PROCEEDS: Liability management transactions (See Red)
MIN. DENOMS./MULTS: $150k x $1k
LISTING: Luxembourg Stock Exchange, MERVAL, Euro MTF & MAE
GOVERNING LAW: New York
JOINT BOOKRUNNERS: BofAML, Credit Suisse, Deutsche Bank, Morgan Stanley
BILLING & DELIVERY: Deutsche Bank
TIMING: Today's Business