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GLOSSARY

1 Dollar-linked Bonds issued at the domestic capital markets

2 Debt Cancellation Bonds of the Province of Buenos Aires

3 Treasury Bill Program 2010-2013

4 Debt Refinancing Program and financial Assistance Agreement 2010

5 Provincial Development Fiduciary Fund

6 Financial Assistance Program 2011(AF)

7 Financial Assistance Program 2012 (AF)

8 Housing Trust Fund

9 Bonds Province of Buenos Aires Section 45 of Law 14,062

10 Debt Refinancing Program (DRP)

11 Debt Cancelation Bonds with agents and ex-agents of the Accounting, Advisor’s

Accounting and Treasury Offices of the Province of Buenos Aires (BOTACOTE)

12 Bond of the Province of Buenos Aires due 2016

13 Federal Fiduciary Fund for Regional Infrastructure

14 Malvinas Bond Law N° 13763

15 Banco Municipal de La Plata Bond Law Nº13,137

16 Public Sector Transformation Fund

17 Letras Previsionales Law Nº12150

18 PyMES Bonds Law Nº12,421

19 Debt Consolidation Bonds Law Nº12,836

20 OCDE Loans

21 Debt Consolidation Bonds Law Nº11,192 “BOCONBA”

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22 International Bonds

23 Repaid Bonds

24 Municipal Finance Strengthening Bond Law Nº 14,357 …………………………………………………………………………………………………………. 25 Bonds Law Nº 14,315

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1. Public Debt Program in the domestic capital markets for up to

USD800,000,000

Decree Nº164/13 established the “Public Debt Issuance Program in the domestic

capital market in 2013 for up to USD800,000,000 or equivalent amount in other

foreign currency.

In addition, Economy Ministry’s Resolution Nº89/13 sets forth the general terms of

the Program: Banco de la Provincia de Buenos Aires acts as Lead Manager and Puente

Hnos. Sociedad de Bolsa SA as Co-manager.

On August 8, 2013, Economy Ministry’s Resolution Nº99/13 established the

issuance of a Bond for USD 200,000,000 at 4.24% due February 8, 2015 as the first

issuance under the said Program.

The terms and conditions of the this Program set forth the payment currency in

“pesos” and in the case that the Bonds denominated in foreign currency, the services will

be payable in pesos at the Exchange rate to be agreed upon between the Lead Manager

and the Co- Manager. Interest and Principal will be repaid in pesos at the Exchange Rate

applicable at the payment date, when the applicable Exchange rate is: the highest

Exchange rate of the immediate previous business day between (a) the bid price published

by Banco de la Nación Argentina and (b) the ask price published by the Emerging Markets

Traders Association (“EMTA”) at web www.emta.org (section “FX Rates - EMTA Rate

Quotation Services - EMTA ARS Industry Survey – Historical Rate”) as the benchmark rate

to settle futures contracts in ARS/USD. In the case that the Exchange rate was not

published by EMTA, the exchange rate published by the Central bank of the Republic

Argentina will be used instead, as established by Communication “A” 3.500;

2. Debt Cancellation Bond of the Province of Buenos Aires

The Province of Buenos Aires issued Debt Cancellation Bonds to pay its non-

financial obligations with suppliers and contractors.

These are the terms and conditions:

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3. Treasury Bill Program 2010-2013

Since 2010 the Province has been using Treasury Bills as a short-term financing

tool (up to 365 days). This instrument must be repaid within the same year as issued;

otherwise, it is recorded as public debt1 to be repaid in the following fiscal year.

To provide more certainty to the instrument, annual issuance plans were

implemented. These are following terms, conditions annual bidding Schedule:

Tender bids and private placements

Tender bids: it is the regular issuance mechanism. The bids are carried out though

the electronic transaction system SIOPEL from the MAE, which establishes the regulations

regarding record and settlement. The Dutch auction is the Award system;

Private Placement: it has only been used once since the program was

implemented;

Discount or Interest coupon Issuance;

Possibility of issuing domestic or foreign currency

Instruments guaranteed with revenues from the Tax Co-participation regime.

1 The provisions under Section III of Financial Management Law N°13767 set forth the terms and conditions of public debt.

PROVINCE OF BUENOS AIRES Terms and Conditions: Debt Cancellation Bonds

Amount 500,000,000 900,000,000 500,000,000 Currency of Origin_ Pesos Pesos Pesos Issue date December 30, 2011 August 1, 2012 October 1, 2012

Maturity date December 30, 2013 May 1, 2014 July 1, 2014 Grace period - 3 months 3 months

24 monthly and consecutive installments 18 monthly and consecutive installments 18 monthly an consecutives installments

23 at 4.1167% of total principal 17 at 5.56% of total principal 17 at 5.56% of total principal

1 at 4.1659% of total principal 1 at 5.48% of total principal 1 at 5.48% of total principal

Payment Frequency monthly monthly monthly

- Series A: BADLAR rate Series A: BADLAR Rate

Series B: BADLAR Rate plus 200 bais points Series B:BADLAR Rate plus 200 basis points Source: Provincial office of Debt and Public Credit

CHARACTERISTICS Debt Cancellation Bonds

due 2014 Debt cancellation Bond

Issued on October 1, 2012 Non-Financial Cancellation Bonds

BADLAR rate -in pesos Between the third business day prior to the start of the interest calculation period

rounded in 4 decimals

Amortization

Interest rate

BADLAR rate -in pesos-

Between the third business day prior to the

start of the interest calculation period

rounded in 4 decimals

T BADLAR rate -in pesos

Between the third business day prior to the start of the interest calculation period

rounded in 4 decimals

Series

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Treasury Bill Program in 2010

The Program was created for up to ARS2,500 million. As of December 31, 2010, the

nominal value of the outstanding Treasury Bills – which will be recorded as public debt at

the end of the current year – amounted to ARS1,114 million. They were repaid in full in

June 2011.

Treasury Bill Program in 2011

The Program was created for up to ARS2,000 million. As December 31, 2011, the

outstanding Treasury Bill nominal value – which was then recorded as public debt –

amounted to ARS1,662 million, which was repaid in full in June 2012.

Treasury Bill Program in 2012

The Program was created for up to ARS2,500 million and extended twice for up to a

total amount of under ARS5,200 million. As of October 18, 2012, the outstanding Treasury

Bill nominal value, which was recorded as public debt, amounted to ARS3,136 million. As of

August 31, 2013 the outstanding Treasury Bill nominal value, which was recorded as public

debt, amounted to ARS482 million. The services under the program have been repaid in

due time and proper form.

Treasury Bill Program in 2013

The Program was created for up to ARS5,598.45 million. As of August 31, 2013, the

outstanding Treasury Bill nominal value amounted to ARS1,113 million. The services under

the program have been repaid in due time and proper form.

For further information on the Treasury Bills go to:

http:/www.ec.gba.gov.ar/areas/Hacienda/Deuda/letras.php

4. Debt Refinancing and Financial Assistance Program 2010

On December 28, 2011, pursuant to Decree Nº9/12, the Province signed an

agreement, with the Federal Government establishing fresh terms and agreements

regarding the Debt Refinancing Program and the 2010 Financial Assistance Program,

which according to their original conditions, interest and amortization should be repaid as of

January 2012.

Resolution N°33/11 of the federal Ministry of Economy approved the following

repayment terms and conditions: a 2-year grace period, amortized in 204 monthly and

consecutive installments as of January 2014. Interest will accrue at an annual rate of 6%,

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and capitalize until December 31, 2013. The Province will pay services with revenues from

the federal Tax Co-participation Regime to which it is entitled.

5. Provincial Development Fiduciary Fund

Towards the end of 2008 unable to tap the international capital markets, the

Province signed an agreement with the federal government through the Fiduciary fund for

provincial Development for ARS460 million to finance infrastructure projects.

The Fiduciary Fund for Provincial Development (FFDP) is a body created in 1995,

pursuant to Decree Nº286/95, to support public sector reforms and promote provincial

economic development.

The abovementioned decree 286/95 uses the legal figure of Trust Fund, introduced

in Argentine Legislation pursuant to Law 24441 (January 1995). In this case, the federal

acts as trustee, Banco de la Nación Argentina as trustor, and the provinces as

beneficiaries.

Since its creation until 1999, FFDP provided assistance to the provinces and

municipalities who, because of the Mexican financial crisis and emerging countries in 1994,

decided to privatize their Banks and were in need of financial support to do so.

Later, Decree Nº1289, November 4, 1998, extended the FFDP goals financing tax,

financial or administrative reform programs as well as assisting and financing debt

programs and other programs to promote and develop the real economy sectors of the

Argentine provinces.

The following are the financial conditions of the first transaction:

Currency: Pesos

Term: 6 years

Amortization: 59 monthly and consecutive installments, equivalent to 1.67%,

except for the last installment at 1.47%. Payable as of January 2010.

Coupon: annual fixed at 7% nominal

Interest: will accrue as of each disbursement, capitalized until December 31, 2008.

As of January 2009 it will be paid semi on a monthly basis.

Guaranty: Revenues from the Tax Co-participation Regime.

In May 2009, the Province signed a new loan agreement with the Fiduciary Fund for

Provincial Development for ARS600 million under the same repayment terms as the

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previous agreement: to finance infrastructure projects and other capital expenditure. Such

agreement was approved by Decree Nº87/09.

On May 29, 2009 a single disbursement was made for the entire loan for ARS600

million.

As of June 30, 2010 the Province will submit a report on the projects financed with

the funds provided by FFDP.

In addition, in June 2009 the Province signed a fresh agreement with FFDP for

ARS1,000 million, under different terms and conditions from the previous agreements.

Therefore, the term was reduced to four years, principal repayment was agreed upon in 36

monthly and consecutive installments. The first 35 of which correspond to 2.77% of

principal and the last one to 3.05%.

On May 31, 2010, the outstanding principal amount for the 2008 and 2009 FDDP

loan was refinanced under the Debt Restructuring Program. Go to “Debt refinancing

Program”.

In May 2010 the Province and the federal government, under the FFDP, signed a

loan agreement for ARS300 million, to finance social services and social basic

infrastructure projects.

This debt will be repaid in 60 monthly and consecutive installments as of January

2012. Interest will accrue at an annual fixed rate of 7%. Interest will capitalize until

December 31, 2010. The first service will be made in January of 2011. All payments are

guaranteed with funds from the tax co-participation regime to which the province is entitled.

On the other hand, on December 23, 2011 the Province signed a fresh loan

agreement with the Fiduciary Fund for Provincial Development for ARS800 million, to

cover treasury needs to pay for teachers’ salaries and social plans. These are the terms

and condition of the abovementioned agreement, approved by Decree Nº83/11, pursuant to

the indebtedness authorization provided by sections 88 and 89 of law N°14.199 of the 2011

Budget Law:

Amortization: 83 monthly and consecutive installments, equivalent to 1.19% of

disbursed principal, except for the last one which will be 1.23% del capital. Payable as of

January 2013.

Coupon: annual fixed at 6%

Interests: accrue as each disbursement is made, capitalized until December 31,

2011. As of January 2012 they began to pay on a monthly basis.

Guaranty: Revenues from the Tax Co-participation Regime.

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6. Financial Assistance Agreement 2011 (FA)

During 2011, the Province of Buenos Aires signed a Financial Assistance agreement with the

federal government for ARS3,000 million, as established in the 2011 Budget Law (Nº14,199).

Such agreement was approved by Decree Nº84/2011 to finance fiscal imbalances and/or

treasury delays and debt services.

The agreement was made under the Financial Assistance Program implemented by the federal

government as established by Law N°25.917. This law creates the Fiscal Responsibility

Regime. Section 26 of the above-mentioned law authorizes the federal government to finance

the provinces with financial problems. In addition, the 2011 federal budget authorizes the

federal government to financially assist those provinces with financial deficit and treasury delays

such as salaries and essential services. The assistance is channeled through the provincial

Development Fiduciary Fund.

The loan will be repaid according to the following terms and conditions:

• Currency of origin: pesos.

• Amount: ARS1,500 million.

• Repayment: 83 monthly and consecutive installments of 1.19% and a last installment of 1.23%

• Grace period: 1 year

• Amortization (first payment): January 2013.

• Interest: on a monthly basis payable as of January 31, 2012.

• Interest rate: 6% annual.

Interest and amortization are guaranteed with Co-participation fundsw to which the Province of

Buenos Aires is entitled.

In addition, this agreement included a clause whereby the federal government transferred

ARS2,417 million to the Province of Buenos Aires as treasury support funds to partially cancel

the debt originated in AF 2011. Therefore, the debt as of December 3, 2011 was reduced to

ARS583 million.

7. Financial Assistance Agreement 2012 (AF)

During 2012, the Province of Buenos Aires signed a Financial Assistance agreement with the

federal government for ARS1,500 million, as established in the 2012 Budget Law (Nº14,331).

Such agreement was approved by Decree Nº1618/2012 to finance fiscal imbalances and/or

treasury delays and debt services.

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The agreement was made under the Financial Assistance Program implemented by the federal

government as established by Law N°25.917. This law creates the Fiscal Responsibility

Regime. Section 26 of the above-mentioned law authorizes the federal government to finance

the provinces with financial problems. In addition, the 2012 federal budget authorizes the

federal government to financially assist those provinces with financial deficit and treasury delays

such as salaries and essential services. The assistance is channeled through the provincial

Development Fiduciary Fund.

The loan will be repaid according to the following terms and conditions:

• Currency of origin: pesos.

• Amount: ARS1.500 million.

• Repayment: 83 monthly and consecutive installments of 1.19% and a last installment of 1.23%

• Grace period: 1 year

• Amortization (first payment): January 2014.

• Interest: on a monthly basis payable as of January 31, 2013.

• Interest rate: 6% annual.

Interest and amortization are guaranteed with Co-participation funds to which the Province of

Buenos Aires is entitled.

8. Housing Trust Fund

In 2009, ANSES provided the Province with a ARS 350 million line of credit to build

homes under a federal housing program for a two-year term, accruing interest on a

quarterly basis at a rate of BADLAR plus 3.5% from the date of disbursement.

As of November 30, 2009 ARS175 million was disbursed. In addition, on September

30, 2010 ARS175 million was also disbursed amounting to ARS350 million. Pursuant to

Law Nº14062 the Executive Power was authorized to create a trust fund to issue bonds for

up to ARS950 million. Pursuant to Decree Nº1507/09, ARS350 million will be allocated to

refinance the loan provided by ANSES.

However, pursuant to Section 50 of Law Nº14062 of the 2010 Budget, the provincial

Executive Power was authorized to create a trust fund for up to ARS 950 million to finance

homebuilding under the Housing plan and repay the loan signed with ANSES.

Therefore, Decree Nº422/10, entrusted the Housing Institute of the Province of

Buenos Aires to implement the abovementioned trust fund. Later, in December 2010, the

Housing Institute set forth a Financial Trust Fund "Federal Multiyear Housing Plan ", which

came into force on April 29, 2011. The Housing Institute signed the Financial Trust Fund

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agreement as trustor and BAPRO Mandatos y Negocios S. A., as trustee. As mentioned

before, the end of which was to repay the financial transaction with ANSES, for which

Securities were issued for up to ARS350 million.

The Securities were issued on May 12, 2011, under a 26-year repayment term. The

Securities accrue a variable interest rate (BADLAR) plus 200 basis points, payable on a

quarterly basis, on the tenth business day of January, April, July and October of each year.

The Securities Amortization structure was established in the Trust Fund Agreement.

The Trust Fund implementation meant an improvement on the maturity profile as

the repayment term was extended (the original loan was due in total in November 2011)

and reduced the borrowing cost.

9. Bonds of the Province of Buenos Aires - Section 45 Law Nº 14,062-

In December 2010, pursuant to 45 of Law 14062, the Province delivered bonds to

the Pension Funds of the personnel of Banco de la Provincia de Buenos Aires for up to

ARS133.5 million. The abovementioned bonds were used to repay the remaining amount of

the pension contributions that Banco de la Provincia de Buenos Aires made during 2000-

2008 to cover the Fund’s financial imbalances.

The Bonds were issued on September 20, 2010. Interest is paid on a quarterly basis

at a nominal annual 6% on the remaining amount; principal is also paid on a quarterly basis

in 40 equal and consecutive installments, due on September 20, 2020. The first payment

was made on December 20, 2010.

10. Debt Refinancing Program

In May de 2010, federal Decree Nº660/10, created the Federal Refinancing

Program to reduce the debt held by the provinces with the federal government by applying

available Fondo de Aportes del Tesoro Nacional (ATN)2 and refinance the provincial debt

as of May 31, 2010. The Monetary Unification Program, Financial Assistance Programs,

Interest Suspension Agreements, Bogar and BODEN are all included in the Debt

Refinancing Program pursuant to federal Law N°25917 of Fiscal responsibility and the

Fiduciary Fund for Provincial Development. In addition, the accumulated ATNs as of

December 31, 2009 were distributed among the provinces according to their relative debt

share against the total debt stock of the provinces that adhered to the Program on May 31,

2010.

2 Pursuant to federal Tax Co-participation Law Nº 23548, ATNs comprise 1% of the tax Co-participation base which is allocated to finance

emergency situations and financial imbalances of the provinces.

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The Province of Buenos Aires adhered to the Debt refinancing Program on May 12,

2010, and on June 23, 2010 the Province signed with the federal government a bilateral

agreement, ratified by Decree Nº903/10. Under the abovementioned agreement, the

Province acknowledges that it holds a debt with the federal government for ARS27,806.8

million as of May 31, 2010. As a result, ARS4,093.4 million was deducted (the

accumulated ATNs as of December 31, 2009).

It should be noted that under the new financial conditions, CER is eliminated on the

debt incorporated into the Program as was the case of PUM and BOGAR.

As the bilateral agreement was signed on June 23, 2010, the federal government

continued making the usual withholdings for ARS 330.8 million on the debt tendered into

the Program. Therefore, once the Bilateral Agreement was upheld, the withheld amounts

were netted out of the debt stocks tendered into the Program.

Later, as the Province of Chubut did not adhere to the Program, the federal

government redistributed among the provinces the ATNs that would originally have been

assigned to Chubut. Therefore, the federal government granted the Province of Buenos

Aires an additions amount for ARS40,8 million. Such amount was allocated to reduce the

Program’s debt stock.

Therefore, the remaining debt was refinanced under the following terms and

conditions:

Term: 19 years.

Grace period: until December 31, 2011.

Amortization: 228 monthly and consecutive installments payable as of January

2012.

Interests: capitalized until December 31, 2011, payable on a monthly basis, as of

January 2012, at an annual rate of 6%.

Guaranty: Tax Co-participation revenues.

The following table shows the debt breakdown of the Province with the federal

government as of May 31, 2010, the value of the applied ATNs and the refinanced amounts

under the Program.

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Debt tendered into the Debt Refinancing Program

(1) Includes the debt arising out of the Interest Suspension Agreements for 2007, 2008 and 2009.

Source: Provincial office of Debt and Public Credit.

In December 2011, pursuant to Resolution Nº33/11 of the federal Ministry of

Economy, the federal government reformulated the terms of the federal refinancing

program as well as the 2010 Financial Assistance Agreement, by extending the grace

period to repay principal and interest until December 31, 2013. Go to “Debt Refinancing

Program and 2010 FA Agreement” further in the glossary.

11. Cancellation Bonds for Obligations with Agents and Ex agents from the

Honorable Accounting Tribunal, General Advisors’ Office, General

Accounting of the Province and the General Treasury’s Office

(BOTACOTE)

Section 46° of Law N°14062 of the 2010 Budget Law authorized the Executive

Power to issue provincial Notes for up to ARS80 million. In addition, Decree N° 820/10 set

forth the “Cancellation Bonds for Obligations with Agents and Ex agents from the

Honorable Accounting Tribunal, General Advisors’ Office, General Accounting of the

Province and the General Treasury’s Office” for ARS78,116,331.

These are the terms and conditions:

Issue date: January 10, 2010.

Maturity date: January 10, 2014.

Debt Stock as of 05-31-2010

(In millions of ARS) Debt Exchange (BOGAR) 13,928.7

PUM (BODEN 2011) 599.4

2005 Financial Assistance 702.0

2006 Financial Assistance

1,352.3

2007 Financial Assistance

(1) 2,469.8

2008 Financial Assistance

(1) 3,105.2

2009 Financial Assistance

(1) 3,5517

2008 FFDP loan 426.3

2009 FFDP Loan 1,671.3

Total Stock FRP 27,806.9

ATN Funds -4.093,4Co-participation withholding June 2010 -330,8

ATN Funds 2010 (additional) -40,8Net Stock FRP 23,341.9

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Term: 4 years.

Issue and payment currency: pesos.

Amortization: in 48 monthly and consecutive installments, 47 equivalent to 2.0833%

and the last installment equivalent to 2.0849%, the first installments comes due on

February 10, 2010.

Interest: will accrue on the balances adjusted as of the issue date, at an annual fixed

rate of 5%, payable on a monthly basis.

Listing: traded and listed at the MAE and the Buenos Aires Stock Exchange.

12. Bond of the Province of Buenos Aires due 2016

On May 1, 2009 the Province issued a bond, for ARS111 million (equivalent USD29 million) in the domestic market destined to the Professional Association Funds of the Province of Buenos Aires. These are the terms and conditions of the bond approved by Ministerial Resolution N°54/09:

Bond due in 2016 Terms and Conditions

Total subscribed amount USD 29,000,000 (nominal value)

Currency of Denomination American Dollars

Issue date May 1, 2009

Applied interest rate BADLAR in USD + 1.50 %, with a nominal annual cap of 7.00%

Amortization 9 equal and semi annual

Term 7 years

Grace Period 3 years

Principal services

commencement

May 2012

Interest Interest is capitalized during the first half of the year. Later, they are paid semi

annually as of May 2010

Exchange rate

Closing Bid Price 48 business hours prior to payment date, as published by

Banco de la Nación Argentina.

This exchange rate is established in the Agreement between the

Province of Buenos Aires, Banco de la Provincia de Buenos Aires,

Maturity date May 1, 2016

Source: Ministerial Resolution Nº 54/09.

13. Federal fiduciary Fund for Regional Infrastructure

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The Province of Buenos Aires has been signing with the Regional Infrastructure

Fiduciary Fund financial assistance agreements since 2000. The above mentioned financial

assistance helps the Province finalize infrastructure projects such as: roads, ports ,etc

Concept Provincial

Highway 50 Section

Arenales to Colon

Provincial Highway

72, Section Sierra de la

Ventana to Saldungaray

Provincial

Highway 50, Section

Lincoln to Carlos Casares

Loan B0002-98 B0004-00 B0005-00

Original

Agreement Date

September 6,

2000 March 20, 2001 March 20, 2001

1- Agreed

Amount

ARS9,961,23

6.75 ARS8,219,771.83

ARS10,033,681.1

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Date of the

Addenda signed to the

original Agreement

May 20, 2002

2- Amount of

Addenda

ARS10,250,1

10.00 ARS8,487,720.24 ARS8,677,608.30

Complementary

Agreement Date June 18, 2003

3-Amount of the

Complementary

Agreement

ARS11,208,6

68.66 ARS12,233,069.14

ARS12,232,150.7

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4- Agreed Total

Amount (2+3)

ARS21,458,7

78.66 ARS20,720,789.38

ARS20,909,759.0

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Grace period eleven months

Adjustment of

principal

The surplus will are determined upon the basis of the variation on the level

of the General Construction Cost Index.

Repayment of

principal

109 monthly, consecutive and equal installments.

Monthly basis Interest

The rate

applied is the highest

value between: a) 10

year American

Treasury Notes’ Rate

plus 3.7% annual and

b) 360 day LIBOR

plus 3.7% annual.

Weighted average Interest rate of 180 days

LETES corresponding to loans awarded with the proceeds

of the USD100 million financial operations undertaken by

the Assistance Trust of FFFIR with BNA (Reference

Agreement –Operations 11/30/00-).

Guarantee Revenues from Co-participation Law Nº23,548

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In the legal framework of Federal Law Nº24,855 and Provincial Law Nº12,267 and

with the aim of co-financing the project “Resizing and remodeling of the southern pier of the

Quequen Port”, the Province of Buenos Aires signed a loan agreement with FFFIR to

complete the financing provided by IADB which is Contract Nº962 OC-AR. The parameters

of the financing are the following:

Among the agreement under current execution are: Paving Provincial Road Nº 50,

Colon- Arroyo del Medio and Detention centers in Lomas de Zamora, La Plata and San

Martin:

Concept Paving Provincial Road Nº 50

Loan B0013-05

Date of the

agreement

July 2007

Total amount ARS 44,544,251.26

Currency Pesos

Grace period 11 months as of the first disbursement of each project

Repayment 109 monthly, consecutive and equal installments.

Principal

Adjustment

The reaming amounts will be established on a monthly basis on the basis of the

Construction Cost Index

Interest Rate The interest rate applied will be the highest between 10-year American Treasury

Notes’ Rate plus 3.7% annual and 360 day LIBOR plus 3.7% annual.

Guarantee Revenues from federal Tax Co-participation Regime

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The following describes the terms of the detention centers

Concept Detention centers

Loan B0011-04A

Date of the

agreement

March 4, 2009

Total amount ARS 50,000,000

Currency Pesos

Grace period 7 months as of the first disbursement of each project

Repayment 113 monthly, consecutive and equal installments.

Principal

Adjustment

The reaming amounts will be established on a monthly basis on the basis of the

Construction Cost Index

Interest Rate The interest rate applied will be the highest between 10-year American Treasury

Notes’ Rate plus 3.7% annual and 360 day LIBOR plus 3.7% annual.

Guarantee Revenues from federal Tax Co-participation Regime

14. Malvinas Islands Veterans’ Debt Cancellation Bond Law No. 13,763

Law No. 13,763 acknowledged an outstanding debt with the Malvinas Islands war

veterans as it failed to calculate certain items in their provincial pensions from January

1998 through August 2002.

Law No. 13,763 established how those pension items would be calculated and

provided for the mechanism to repay this debt. This mechanism is similar to the modality

adopted by the federal government. The Pension Fund Institute estimated the total debt to

stand at ARS122 million. A number of pensions are not currently in effect but pensioners’

successors may claim them in the future. The amount to be paid to those who requested

the pension at the moment it was originated, that is, the full amount is of approximately

ARS 27,200.

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Law No. 13,763 also established that 10.0% of the debt would be paid in cash and

the remaining 90.0% in bonds (“Malvinas Bonds”).The Bond has similar terms and

conditions as the Pension Fund Debt denominated in national currency fourth series 2%

that federal government delivered to cancel 90% of its debt.

The payment in cash was made in March 2008 all of the beneficiaries were present in

proper time and manner at the Pension Funds Bureau. The bonds were issued by order of

the Ministry of Economy pursuant to resolution Nº57/08.

The terms and conditions of this Bond are the following: Amount: ARS110,000,000 Currency: Pesos Issue date: September 15, 2007. Maturity: March 15, 2014.

Interest Payment Frequency: monthly, beginning on February 16, 2005.

Amortization: 72 monthly, equal and consecutive installments, the first 70 at 1.35%

and the last 2 at 2.75% of the issued amount adjusted by CER, plus capitalized

interest until March 15, 2008 the first installment coming due on April 15, 2008.

Reference Stabilization Coefficient (CER): Principal is adjusted by CER

Interest: on Principal adjusted as of the issue date at an annual rate of 2%

capitalizes on a monthly basis until March 15, 2008 and payable together with the

amortization installments. They are calculated until the due date of each service on

the basis of a (30) thirty day month and a (360) three hundred and sixty month.

Ownership: the bonds will be freely transferable. The bond ownership will be

determined by the open accounts records at Caja de Valores S.A.

Register and payment agent: Caja de Valores S.A.

Quotes: BCBA and MAE.

15. Banco Municipal de La Plata Bond Law Nº13,137

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On December 30, 2004, Provincial Decree N°3,365/04 approved the issuance of the

Banco Municipal Bond for an amount of ARS50 million, as established by Law Nº13,137.

The debt services will be paid by the Provincial Executive Power with revenues coming

from the withholdings in the Co-participation Tax share of the Municipality of La Plata as

established by Law Nº10,559.

The terms and conditions of this Bond are the following:

Currency: Pesos. Amount: $50,000,000 Issue date: April 16, 2003. Term: 8 years. Maturity: April 16, 2011. Interest Rate: Tasa Encuesta published by the Central Bank of Argentina plus 4 annual nominal points. Interest Payment Frequency: monthly, beginning on February 16, 2005.

Frequency of interest payments: the interest accrued between the Issue Date (April 16, 2003) and January 15, 2005, shall be payable in 8 semi-annual installments, the first of which comes due on February 16, 2005. Principal Payment: 75 equal and consecutive monthly installments, the first of

which comes due the first on February 16, 2005

Guarantee: the Province guaranties these bonds with: a) Co-participation funds

corresponding to the Municipality of La Plata (Law N|10559) and/or any other fund

with specific allocation. b) In the case that these funds are not sufficient, the

Province authorizes Banco Provincia to atomically debit provincial revenues to pay

the bond’s services.

In February 2008 upon request of the Municipality of La Plata the original terms and

conditions of the bond were modified by incorporating installments to be paid to an

18-month grace period. The Municipality of La Plata cancelled interest of ARS4.6

million in 2008 and ARs 4.5 million in 2009. In 2009, the Municipality of La Plata

requested an additional modification to the repayment terms which was approved by

the Province. The total repayment will be in February 2013 with a 37-amortization

period which started on February 14, 2010. As of February 14, 2010 the province

withholds Principal and interest on the payments of provincial CO-´participation to

which the Municipality of La Plata is entitled.

In December 2009 the total outstanding amount was of ARS27.9 million. In June

2010 Governor Daniel Scioli signed a decreed which established the terms and

conditions of the Bond; payable in 37 months as of February 14, 2010 through

February 2013.

16. Public Sector Transformation Fund

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The Public Sector Transformation Fund was created in 1993, pursuant to federal

Decree Nº678/93 and within the scope of the Ministry of the Interior, to grant loans to

provincial governments to make state reforms, balance budgets within the scope of the

Ministry of the Interior and within the bounds of the Sub-unity of technical support and

follow-up.

In January 2003 the Province signed an agreement with the Ministry of the Interior for

ARS4,000,000 to acquire hospital input to provide better medium and high level care within

the scope of the Health Ministry.

Later, two extensions were made to the agreement which provided the Province with

an additional ARS2,000,000:

-ARS800,000 was allocated to build a sewer in the city of San Pedro, Estancia Chica.

-ARS1,200,000 was allocated to carry out several infrastructure projects and

procurement of the Municipality of San Nicolás.

These are terms and conditions of the two agreements:

Term: 10 years (as of each disbursement date) Amortization: German System: in 120 monthly, consecutive and equal installments. It is commenced independently for each disbursement, as of the 6 months each was effectively made. Grace Period: 6 months (counted as the first disbursement is made). Interest: Nominal annual fixed rate at 8.75%, payable on a monthly basis. Guarantee: Revenues from the Federal tax Co-participation Law N°23.548.

This entire loan has already been disbursed. Because of the date of each of these

disbursements, the payment Schedule will be extended until December 2016 for the part of

agreement under the Financial Ordering Program, and until June 2015, in the case of the

part executed by the Health Ministry.

17. Letras Previsionales

During the period from 1996 to 2002, the Provincial Institute of Social Security

(Instituto de Previsión Social IPS) has registered an accumulative surplus of approximately

ARS474 million as of December, 2002 (this amount includes the capitalized interest

calculated as the highest between: a) the Savings Account Interest Rate as reported by the

Central Bank of the Republic of Argentina (known as "Tasa Encuesta” or b) the interest

paid over provincial deposits in BAPRO. The Tesorería General (Provincial Treasury) has

been financially withholding this surplus, while delivering to the IPS only the amount

needed for its payments, not the amount established by law (this last amount was

registered as an expense). This situation resulted in an obligation for the Province. As of

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December 30, 2002, the Province issued Letras Previsionales up to an amount similar to

the accumulative surplus of the IPS. This issuance is considered by the General

Accounting Office of the Province as short-term debt (because it has a one-year maturity)

and therefore has no budgetary effect. However, it is foreseen that they will be

automatically rolled-over every year on December 30.

In 2003, the Pension Fund will have an operative deficit, the Province bailed the

Pension Fund out for ARS104 million.

The 2009 Budget law in section 100 establishes that no rate can be lower than the average

rate the Province has paid for the past two years in similar conditions. Under this assumption, such

rate will be taken as a return rate of the Letras Previosionales.

18. PyMEs Bond Law N° 12.421

Law Nº12,421 passed on May 4, 2000, created a financial support program for Small

and Medium Size Firms (PyMEs) located within the Province of Buenos Aires, belonging to

the Agricultural, Industrial, Commercial, Service and Health sectors. These firms held debts

with Banco de la Provincia de Buenos Aires and were in a difficult financial situation.

Through this program, these firms would be given an opportunity to settle its financial

situation, purchasing zero-coupon bonds denominated in USD at net present value

(discount rate of 13%) with maturity dates in years 2015, 2020 and 2025 (called “PyMES

Bond” – Law Nº12,421), for a face value equivalent amount of indebtedness that the firms

had with Banco Provincia that were deposited as a guarantee of the capital. Their debts

were restructured with a same maturity date as the bond deposited, paying an interest rate

substantially lower with respect to the interest before the restructuring. It was considered

that if the debtor defaulted on any interest payment, this would mean an exclusion from the

Program, and the share of bonds endorsing his debt would be redeemed by the Province.

The closing date to adhere to this program was December 31, 2001. There were

presentations for a total amount of USD222 million (the maximum total amount authorized

by Law was USD350 million). These bonds were also pesified by Provincial Law Nº12,973,

thus converted into pesos at the same exchange rate as the debts they guarantee, that is,

ARS1=USD1, adjustable by the CER Index.

19. Debt Consolidation Bond Law N°12,836

Provincial Law Nº12,836 establishes a legal framework for the provincial debt

consolidation process originated in claims against the Province between April, 1991 and

November 30, 2001. Article 18° of this Law authorized the Provincial Executive Power an

annual total issuance of these Bonds equivalent to 15% of Central Administration

Resources, in order to attend the consolidated obligations above mentioned. In the

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beginning, Law Nº12,836 BOCONBA issuance was established as total amount of ARS300

million.

The terms and conditions of these bonds are the followings:

Currency: Pesos

Authorized issue amount: ARS 300,000,000

Amount in circulation: ARS 42,405,973

Interest: will be capitalized during the first 72 months

Due date: January 30, 2016

Reference interest rate: These bonds will pay the Savings Account Interest Rate

as reported by the Central Bank of the Republic of Argentina (known as "Tasa

Encuesta").

Interest payment: The interest will be capitalized and payable together with the

principal as of the 73rd installment interest is calculated on a monthly basis on the

unamortized remainder

Principal payment: Principal plus interest capitalized until November, 30, 2007 will

be payable in 98 monthly and consecutive installments, the first 97 installments at

0.0102040% and the last installment at 0.0102120%. The first installment will be paid

on December 30, 2007.

Initially, this interment was payable in 120 monthly and consecutive installments, the

first 119 at 0.833% and the last one at 0.8735. The first installment was to be paid on

December 30, 2007. The final maturity date was November 30, 2017. Law Nº13436

set forth that the Executive Power should modify the terms and conditions to be fully

amortized in January 2016. In addition, this new maturity should be added to the

amortization schedule in order to match the Consolidation Bond Law Nº 12836 with

the federal government’s counterparts.

20. Loans with Official Foreign Creditors (Bilateral Organisms)

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OCDE Loans consist of: a) bilateral agreements credit lines signed with the Spanish

and the Italian governments; b) the credits lines with Credit Lyonnais Bank guaranteed by a

French Government Agency (the COFACE) and c) the financing obtained from the

Japanese Government Agency (JEXIM and JIBC). These credits have several aspects in

common - the participation Government Agencies belonging to the OCDE, the fact that they

finance public investment related to imported equipment.

The credit lines with the Spanish Government were established in 1991 to finance the

acquisition of hospital equipment, have been fully drawn and a significant portion of the

amounts borrowed have already been repaid.

The portion of credit with the Italian Government, obtained in 1992, has been drawn

to purchase equipment and rehabilitate the Matanza-Riachuelo river basin, a polluted

industrialized river bordering the region known as Conurbano Bonaerense, which lies in the

outskirts of Buenos Aires.

The Credit Lyonnais portion of indebtedness was taken in March 1994, when the

Province signed two credit agreements with this bank, in order to finance the acquisition of

a communication system for the provincial police. This debt is guaranteed by the Federal

Government and partly by Banco Provincia. As a warranty for the principal payments, were

affected the amounts payable to the Province under the Co-participation System.

The provincial Law Nº11,963, enacted on May 14, 1997 authorized: a) the JEXIM’

credit line and the World Bank credit lines (WB 4117), for a total amount of

USD50.000.000. On November 11, 1997 the Province signed a Subsidiary Agreement with

the Federal Government for a total amount of USD11,200,000. This indebtedness is also

guaranteed with the Province’s share of resources arising from Federal Co-participation

Law.

The Japan Bank for International Cooperation (JBIC) credit lines were authorized by

Provincial Law Nº11,497, enacted on December 29, 1993, authorizing a total amount of

USD250,000,000 (USD150,000,000 coming from IADB and USD75,000,000 from JIBC

funds). The JIBC funds would be destined to the Environmental Sanitation and Flood

Control over the Rio Reconquista Basin Program. On July 16, 1995, the Province signed a

Subsidiary Agreement with the Federal Government for a total amount of Yen 8,150 million,

with co-financing of IADB funds. These credits likewise have guarantee of the Federal Co-

participation System.

Therefore, pursuant to the federal budget laws, as of 2004 the Prince has entrusted

the federal government to restructure the provincial debt with Official Foreign Creditors as

the federal government is in better condition than the Province to secure more favorable

terms and conditions.

21. Payment in cash Law N°11,192

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The Consolidation Regime under Law Nº 11192 originally established the possibility to cancel consolidated obligations with “BOCONBA Law Nº 11192” or in cash. During 2001, the modification of section 29 of Law Nº12575 eliminated the cash payment mechanism. Section 8 of Law Nº 12973 amended section 29 and eliminated the possibility of choosing the payment option by subscribing BOCONBAs denominated in American Dollars. Therefore, the only payment mechanism still in effect is the subscription of BOCONBAs denominated in pesos. However, as such bonds were redeemed in full in April 2007 and as there were consolidated obligations pursuant to Nº11192, section 48 of the 2007 Budget Law Nº 13612 repealed sections 29 of law 12575 reinstating the payment mechanism. In addition, section 49 of the Budget Law barred the issue of BOCONBAs as of January 1, 2007. Therefore, all of the claims pursuant to Law Nº 11192 will be paid in cash. 22. International Bonds

These bonds, also called global or Eurobonds, are issued and traded abroad. This

does not mean that the country’s currency is the same as that in which bonds are

denominated. Generally speaking, these bonds are not subject to the governing law of one

single country. However, all of the Province’s bonds are issued under New York law.

For more information about the International Bonds issued by the Province go to:

http://www.ec.gba.gov.ar/areas/hacienda/deuda/version_ingles/International_Bonds.php

23. Repaid Bonds

For more information about other bonds issued by the Province that have already

been paid and are no longer part of the Province’s debt stock, go to Offering

Memorandums at:

http://www.ec.gba.gov.ar/areas/hacienda/deuda/version_ingles/offering_memorandum.php

24. Municipal Finance Strengthening Bond Law Nº 14,357

Section 26 Law 14,357 authorizes the Executive Power to issue bonds for up to

ARS200,000,000 in order to strengthen municipal finances. The above mentioned law sets

forth that such bonds will be transferred according to distribution coefficients as provided by

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section 6° Law N° 10559 and amendments thereof. The municipalities will receive the

assistance 45 business days after they request it.

Decree N° 974/12 established the issuance of the Municipal Finance

Strengthening Bond Law Nº 14,357.

Terms and conditions:

Amount ARS 200,000

Currency Pesos

Issue date December 20, 2012

Maturity date September 20, 2014

Grace period 3 months

Amortization

18 monthly and consecutive installments of 5.56% and the last installment equivalent to 5.48%.

Interest Payment frequency Monthly

Interest rate

BADLAR rate -in pesos- on the third business day prior to the date when interest is calculated and rounded in 4 decimals.

Financial Agent Banco de la Provincia de Buenos Aires

Guaranty

Any provincial revenue which has not been earmarked and revenues from the Federal Tax Co-participation regime.

Register and repayment agent Caja de Valores S.A

Manner Freely transferable.

25. Bonds Law Nº 14315

Law 14,315, passed on October 13, 2011, authorizes the Executive Power to issue bonds

for up to ARS1,100,000,000, in one single or a number of issuances to carry out the works

of Provincial Route Nº6, Second Lane tranche National Route Nº12- Provincial Route 215,

Provincial Route 36 Autopista Dr. Ricardo Balbin.

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Following, Decree Nº 645/12 set forth the issuance of Bonds Law Nº14315 in three series

and also established the terms and conditions to cancel the obligations arising out of

construction , complementary work and upkeep of the works established by the law.

Each series has specific characteristics regarding the issue date, amount, amortization,

maturity terms, interest rate and payment frequency.

Terms and conditions:

A Series B Series C Series Specific characteristics

Denomination Bonds Law Nº 14315 – A Series-

Bonds Law Nº 14315 – B Series-

Bonds Law Nº 14315 – C Series-

Amount ARS 220,000,000 ARS 440,000,000 ARS 440,000,000

Issue date November 1, 2012 March 1, 2013 March 1, 2014

Amortization

12 monthly and consecutive installments payable as of February 1, 2013. The first eleven at 8.3333% and the last installment equivalent to 8.3337%.

10 monthly and consecutive installments payable as of December 1, 2013, equivalent to 10% of the Principal amount

10 monthly and consecutive installments payable as of December 1, 2014, equivalent to 10% of the Principal amount

Grace period 2 quarters 2 quarters

Common characteristics

Currency Pesos Pesos Pesos

Interest rate

BADLAR rate -in pesos- informed by private banks according to the Central Bank of Argentina for fixed term deposits of more than ARS 1,000,000 from (30) thirty to (35) thirty five days. Such rate will correspond to the third business day prior to the date when interest is calculated and rounded in 4 decimals

Frequency of interest payment Quarterly

As of August 31, 2013 A series has been issued in full whereas the nominal value in force

of the B series stood at ARS 72 million.