Moopy’s Er cpa esa na 144 Moody's Investors Service INVESTORS SERVICE New York, NY10007 Thank you for requesting Moody's rating services listed in Appendix C. In connection with our rating ‘services, we require agreement to the following terms and conditions: x A. USAGE ‘When used in this Application ~ 1 Moody's. "Moody's", ‘we’, “our” and “us" refer to the Moody's entity specified above and its group Companies and all directors, officers and employees of that entity and its group companies. Credit Rating. “Credit rating’ or “rating” rofers to an opinion rogarding the creditworthiness of: (1) a debt, financial obligation, debt security, preferred share or other financial instrument (each, an ‘Issue"); or (2) an ‘entity, assigned using an established and defined ranking system of rating categories. Moody's credit ratings do not address any other risk, including: quidity risk, market value risk, oF price volatilty. Any rating must be construed solely as a statement of opinion and not a statement of fact. A credit rating is not an Offer, invitation, inducement or recommendation to purchase, sell or hold any securities or otherwise act in relation o any Issue, the relevant issuer (each an “Issuer") or the relevant transaction (oach, 2 ‘Transaction’ to which this Application relates or otherwise in connection with any associated transaction, cenity, or matter. References inthis Application to “rating” or ‘credit rating” also encompass any related RAC (defined below) and the terms of this Application will apply to any such RAC. Application. “Application” refers to these written terms and conditions, the Authorization Form and all schedules (incuding all Fee Schedule(s), appendices and exhibits attached, each a5 may be amended, supplemented or modified from time to ime. B. APPLICANT WARRANTIES AND COVENANTS: 1 PROY-SO1 2294 Rating Information. You agree to provide (or cause to be provided to Moody's) all information relevant for the purposes of assigning and, on an ongoing besis, for the purposes of monitoring, the rating(s) requasted under this Application. We rely on such information, including information obtained by Moody's from third parties where such information has been provided to such third parties by or on behalf of you or the Issuer. We will not be obliged to you to independently verify, audit or validate any such information. You warrant that you have undertaken all reasonable due diligence in respect of such information and all such information is in all respects true, accurate, complete and not misleading. You warrant thal you have all legal rights and have obtained all consents necessary to disclose such information to Moody’. Finally, you also warrant that such information is not subject to any restrictions that would prevent Moody's use of such information in connection with its rating processes. You agree that you are solely responsible and liable for the quality of such information. Use of information. We may use any information provided in connection with Moody's general business acivities.We may also aggregate and/or transform any information provided so that il cannot be associated ‘with any issuer and publish, distribute or use such aggregated or transformed information 2s part of Moody's ‘general business activities. Indemnification. To the extent permitted by law, you agree to indemnify and hold harmless Moody's from any losses, claims, damages, costs or injury (including attorneys’ fees) of whatever nature (whether foreseeable or not) and however caused arising from or in connection with: (i) this Application; (i) the delivery of the rating(s) to you or the Issuer; (i) reliance on the raling(s) by you, the Issuer or any third party; {iv) any breach of this Application by you or the Issuer; and (v) any unauthorized use or publication of ‘GOVERNMENT & SUPRANATIONAL Doc 1b: 00025752.0F5 201601 PPIF FIP Sovereign Goverment Supra USD NY Specie This Fee Schedule sets out Moody's fees forthe period 1/1/2016 lo 12131/2016. Moody's reserves the right to revise this Fee Schedule rom time to time. if Moody's does nat revise this Fee Schedulo, the current Fee Schedule wil also apply n subsequent petlods, Please request a current Feo Schedule at the time of your rating assignment. For questions please contact Marina Rosomborg at +54 (115) 123.2633 or marina rosamberg@moodys com Page|2294 1464 ANEX misuse of the rating(s); however, you will not be obliged to indemnify Moody's to the extent that any such claim arises out of Moody's fraud or willl misconduct. 4, Fees. You agree to pay or cause to be paid all relevant fees under the Fee Schedule(s) included in this, Application. Moody's reserves the right to revise this Application. 5. Economic and Trade Sanctions Warranty. You represent and warrant that: 2) none of () you; (i) the Issuer; il) any officer or director of you or the Issuer: (iv) any person that ‘owns (50% or more) or dzecty or indectyy controls you or the Issuer (a "Parent Company’); oF (v) ‘any person that is owned (60% or more) or controlled by, directly or indirectly, you or the lssuer is subject to asset freeze sanctions (‘Sanctions’), including the US. List of Specialy Designated Nationals and Blocked Persons and the U.K. Consolidated Financial Sanctions List (collectively, the "Sanction Lists’), that are imposed by the United States, the European Union or the United Kinggom; (b) none of you, the Issuer or any Parent Company is: (i) organized, headquartered or, if a natural Person, ordinarily resident in, a country subject to comprehensive economic or trade sanctions imposed by the Urited States, which currently includes Cuba, North Korea, Iran, Syria, and Sudan ("Sanctioned Countries’); or (i 8 covernmental instrumentality of a Sanctioned Country; (©) neither the Issuer nor its group companies, if any, derive a material portion of its or their profits or revenues from business involving Sanctioned Counties: (@) this Application relates neither to any transaction involving the provision of socutity services, directly or indirectly, to, nor any investment involving or benefiting, Burma's Ministry of Defense, ‘any armed group for any activity in Burma, or any entity 50% or more owned by such entities; {e) upon due and reasonable diligence, no person that is subject to Sanctions, on a Sanctions List or organized, headquartered, or ordinarily resident in a Sanctioned Country currently has any direct or indirect interest in any esset that forms all or part of the collateral underlying any Issue related to this Application; and (8) upon due and reasonable diligence, no asset that forms all or part of the collateral underlying any {ssue related to this Application originated from or relates 'o commerce involving or benefiting any Sanctioned Country. You also agree to promptly nolily Moody's if you learn that these circumstances have changed. If we determine that PROV Gise srohbed under any applicable law or reulon ftom proving senaes under ths Anplcalon, we may ‘work and will not be obiged 0 produce any work product or other information developed by Moody's andior iis agents (collectively, the "Moody's Group") in connection with such services. Use of Rating for Intended Purpose Only. You will only use each requested rating for its intended purpose and wil not, for example, represent an issuer rating as a securities rating, JOODY'S RESERVATION OF RIGHTS AND DISCLAIMERS Rating Actions. Moody's rating(s) or any corresponding outlook, if assigned, are subject to revision, suspension or withdrawal, or may be placed on review, by us at any time, without notice, in our sole ‘discretion. Notwithstanding anything to the contrary contained in this Application, Moody's reserves the right to publish any raling with respect o you or any of your securities at any time without consent from you, oF any other party, whether or not this Application is in effect. We are an independent rating agency and may determine, apply and amend our methodologies in our sole discretion from time to time. Moody's will not be ‘GOVERNUENT & SUPRANATIONAL Doe Ib: 00028752.08S 2016.01 PPIF FIP Sovereign Goverment Supra USD NY Specie This Fee Schedule sets out Moody's fs for the period 1/1/2016 to 1211/2016. Meody’s reserves th right to revise tis Fee Schectie fom tie i ine. If Moody's doos ot revise tis Fee Scheduio, the current Fee Schecuie wl also apply in sussequent Davids. Please request a curant Fee Schedule at fhe time of your raing assignment. For questons please contact Marina Rosamborg at +58(178) 129-2833 oavina esenbergi@moodys com Page 2PROY-S04 144 ANEX ‘obliged to opine whether certain speciied events or amendments to a Transaction’s structure documentation will result in a change in, or withdrawal of, any related rating(s) (such opirion, in whatever = form, along with any information or feedback relating to it, a “RAC’). Moody's may. in its sole discretion, determine not to issue a rating or take any other rating action under this Application for any reason, incuding ifthe information requested in the Authorization Form with respect to the payor is not provided in a timely manner. You will ensure that Moody’s is provided with prompt writen notice of any change in the payor information set forth in the Authorization Form or otherwise provided by you to Moody's, including, without limitation, any such change mado on or after tho closing of tho Issue. Ths notice will bo sent to PayorUpdate@ moodys.com (or any other e-mail address as Moody's instructs you hereafter), Disclaimer of Advice. We are not: (2) providing any financial, legal, tax, advisory, consultative or business services; or (b) advising on structuring, drafting or negotiating transaction documentation. You end the Issuer should each take independent legal, tax, financial and other advice when structuring, negotiating and documenting transactions. You agree that neither @ rating nor any discussions with Moody's analysts ‘constitutes advice on business operations. Disclaimer of Warranties. ALL_ INFORMATION, INCLUDING RATINGS AND OTHER COMMUNICATIONS, PROVIDED BY MOODY'S RELATING TO YOU, THIS APPLICATION OR ANY OF THE ISSUER, THE ISSUE OR THE TRANSACTION IS PROVIDED "AS IS" AND WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND. IN PARTICULAR, NEITHER MOODY'S NOR ITS AGENTS MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH INFORMATION OR COMMUNICATION, Limitation of Liability. Notwithstanding anything to the contrary contained in this Application, to the extent Permitted by applicable law: (@) no one in the Moody's Group will be lable in contract, tor (Including negligence), statutory duty or ‘otherwise to anyone (including you and the Issuer) for any loss, Fabiity, claim, injury or cost, whether direct or indirect and however caused including by any contingency within or beyond the ‘control of anyone in the Moody's Group), arising from or in connection with this Application, the Transaction(s) or Moody's services including {the procuring, compilation, analysis, interpretation, communication, dissemination, or deiveryof "any information o ating: (i) tho withdrawal of any rating and any associated disclosure; {il) the inabilty to issue or monter a rating duc to legislative, judicial or administrative decisions; (iv) any change in Moody's methodologies; (¥) any unauthorized publication, unauthorized use or any misuse ofthe rating by you or the Issuer; or (vi) reliance by you or the issuer on any rating or other communication provided by Moody's and (©) in any event, the aggregate lability of the Moody's Group for any reason whatsoever related to ths Application, the Transaction(s) o° our services wil not be more than the greater of: () the total ‘amount paid by ether you andlor the Issuer forthe relevant rating(s) during the 12 months prior to the breach; or (i) US $50,000 (or the equivalent amount in his Applcation’s biling currency); provided that nothing in this Application attempts to limit or exclude Moody's liability for fraud, wilful misconduct or any other type of liabilty that under applicable law cannot be limited or excluded. MOODY'S POLICIES ‘GOVERNIENT & SUPRANATIONAL {Boe © 00029750 OFS 201601 PPIF FIP Sovereign Goverment Supra USD NY Specie This Fee Schedule sets out Moody/s fees for the period 1/1/2016 to 12/31/2016, Mood)’s reserves the rght to cevise this Fee Schecuie from time to time. Moody's does not revise this Fee Schedule, the current Fee Schedule wil also apply In subsequent petiods. Pease roquest a current Fea Schedule at the tme of your raling assignment. For questions please contact Marina Rosemborg at +54 (118) 128-2633 or marins esemberg@moodys.com Poge | La PER 3 Pibiea hes 5 Capt Fe BAK 8E. F. 144 Offering Documents. Regardless of any past communications or dealings between you and Moody's {0 not consent to or authorize any disclosure of, reference lo (including By hyporink), or other use in'any registration statement, offering circular or prospectus (each, an “Offering Document’) of any Moody's rating(s) reporis), other disclosures or any information relating to Moody’ preparation of such ratinls), reports} or disclosures. The precoding sentence does not prohibit the disclosure of, reference to, or other vse of, any Moody's rating(s) in an Offering Document except in circumstances wnera such disclosure, roferonce or use would require a consent or authorization from Moody's to be given andlor filed under any applicable laws, rogulatons, crecives o rules (incudng, # applicable, the U.S. secures laws or the rules of any securities market or secunties exchange). ‘Web Posting. Ifwe publish research or press releases regarding the Issuer or its Issue(s), either you or the Issuer may link to or post such research or press releases as described in Appendix A. Moody's Privacy Policy. For information on how we process and protect personal data, please see our Privacy Policy available at moodys.com. CONFIDENTIALITY PROVISIONS. Confidentiality. You agree to keep the provisions ofthis Application confidential and not to disclose such provisions to any person or entity except: (i) to your group companies. officers, directors, employees and agents; and (i) as required by applicable law, or at the request of any governmental authonty having Jurisciction. You will be responsible for any falure by any of your group companies, officers, directors, employees, or agents to comply with these confidentiality restrictions. Unpublished Ratings. See Appendix B for additional legal terms applicable to any unpublished rating, RAC or other opinion delivered by Moody's hereunder, ie., any rating or other opinion not disclosed by Moody's to the general pubic at the time of daivery by Moody's. MISCELLANEOUS: Entire Agreement. This Application represents the whole and only agreement between the parties in relation to its subject matter. When entering into this Application, you did not rely upon any pre-contractual statement or previous agreement which is not repeated in this Application. To the extent permitted by law, no other terms, conditions, representations and warranties that would otherwise be implied (by law or otherwise) are part of this Application, Nothing In this Application attempts to limit or exclude liability for fraudulent misrepresentation ‘Assignment. We may assign this Applicaton to any other Moody's group company without either your or the Issuer's consent ‘Agents. We may use, and disclose any information provided to Moody's to, third party contractors or ‘agonts bound by confidentiality obligations in connection with Moody's business and research activities, Governing Law and Jurisdiction, This Application and any contractual or non-contractual obligations arising from or connected to it are governed by and construed in accordance with the laws of the State of New York and subject to the exclusive jurisdiction of the federal courts of the State of New York located in the City and County of New York, Borough of Manhatlan.in accordance with section 9, Argentine Law 27.249 issued by the Congress of Argentina and promulgated on April 1st, 2016, you agree thal you wil not assert the defense of sovereign immurity to any legal action brought by Moody's under this Application; Provided that, notwithstanding the aforementioned, such agreement not to assert the defense of sovereign ‘GOVERNUENT & SUPRANATIONAL ‘Boe 00020750 OFS 20°601 PPIF FIP Sovereign Goverment Supra USD NY Space This Fee Schedule sets out Moody’s fees for the period 1/1/2016 to 12/31/2016, Moods reserves the right to revise his Fee Schedule ftom time fo ime. # Moody's does not revise ths Fee Schedule, the current Fee Schedule wil also apply Ia subsequent Detiods. Please request a current Fee Schedule at the time of your ratng assignment. For questions please contact Marina Rosemiborg at +54 (115) 129-2633 or marina resembera@moodys.cam Page 14 ‘ort10. 144 ANEX immunity will not prevent you from asserting Argentine Republic sovereign immunity related to prope listed under section 9, of the 27.249 Argentine Lew. No Third Party Beneficiaries. This Application is solely for the beneft of you and Moody's. Everyone comprising Moody's is entitled to the benefit of al! protective provisions in this Application. Nothing in this Application will ive any other person any legal or equitable right, remedy or claim, except a successor or permitted assignee pursuant to the “Assignment” provision above. This Application may be terminated or ‘amended in accordance with its provisions without the consent of any third party. Counterparts/Execution/Website Terms. You agree that this Application, and any amendment or waiver ‘of any of the terms hereof, may be executed by electronic means (incuding, without imitation, by electronic signature, which shall be deemed binding, valid and enforceable) and together shal consiiute a single instrument, and you further agree that facsimile, digitally scanned or other electronically transmitted or ‘electronic copies of signatures shall be valid and binding as orginals; provided that no amendment or waiver of this Application will be effective unless executed by an authorized representative of the Global ‘Commercial Group of Moody's. Notwithstanding the foregoing, no one in the Moody's Group will be bound by or subject 1o any terms or conditions of use (‘Website Terms”) for access to any website containing Information with respect to you. the Issuer, any Issue or Transaction, even if any such person clcks-through ‘or has ckcked-through to such Website Terms by electronic means at any time before, on or after the date of this Application. Severability. The provisions ofthis Application are severable. If any such provision or part of any such provision shall to any extent be determined to be void or unenforceable, then the validly an enforceability of tho remaindor will not be affoctod. Furthermore, any void or unenforceable provision wil be replaced with 2 valid and enforceable provision that preserves, tothe fullest extent possible, the same oconomic, business ‘and other purposes as such void or unenforceable provision Termination, Moody's may terminate this Application at any time in its sole discretion. For the terms unider which you may terminate this Application, please refer 1o Appendix C. Except as may otherwise be expressly sel out inthis Applicaton, all terms and conditions of this Application shall survive any termination ofthis Application, Instructions. Please fil out the Authorization Form below after reading this Application, and roturn the Authorization Form to your contact in our Commercial Group. PLEASE ONLY REPLY TO YOUR ‘ACCOUNT MANAGER AT MOODY. NYC Salas Tax. Tho Now York State Department of Finance has nattied Moody’s that effective September 4, 2018, New York City sales tax must be charged on all invoices for credit rating services delivered in New York Gity. The invoice address wil determine whether the credit rating service has ben dolivered in Now York Gity. Please note that New York Stato sales tax will not apply to these services, only the local New York City tax. Accordingly, on Septomber 1, 2015, Moody’s wil begin to include New York City sales tax on invoices sent to addresses within the Cy of New York fo cred rating services. ‘GOVERNMENT 6 SUPRANATIONAL ‘ee 1: 06029752.08S 201601 PPE FIP Sovereign Gavernmant Supra USD NY Specie This Fee Schedule sets out Moody’s fees for the period 1/1/2016 to 12/91/2016, Moody's reserves the right to revise tis Foe Schedule from time to tine. If Moody's does not revise this Fee Schedule, the current Fee Schedule wil also af yin subsequent Denods. Please request a current Fee Schedule at the time of your rating assignment. For questions please contact Marina Rosemberg at #54 (115) 129-2633 or marina csembera@moodys.com Pei144 AUTHORIZATION FORM By completing the below, you, both in your own capacity and on behalf of the issuer (If you are not the tssuer), agree with the terms and conditions of this Application and apply for the rating service(s) requested below. Please return this Authorization Form to your contact in Moody's Commercial Group. Thank you again for selecting Moody's. ei ‘Transaction Information . Applicant Name: Argentina, Government of fasuor J Entity / Fund Name: Requesting a National Scale Qo Rating? Di8ond [cermeral Paper lEntity Only Type of save [Shelf MTN Program Entities to be included in the Family: Effective Date of this plication: PROY-S01 2294 “GOVERNMENT & SUPRANATIONAL ‘ec fb: 00029752.0FS 201601 PPE FIP Soverign Government Supra USO NY Specie This Fee Schedule sels out Moody's fees for the period 1/1/2016 to 1201/2016. Moodys reserves the right to revise this Feo Schedule fem time to time. If Moody's does not revise this Fae Schedule, the current Fee Schedule wil also apply in subsequent periods. Please request a current Fee Schedule at the time of your raing assignment. For questions please contact Marina Rosemberg at +58 (115) 128-2639 or marina.rosemberg@mondys,com i Page ALA Pe ‘aPibien Aca Ghar. taxa144 Contact information ABilling Contact, Full Company Name: Malling Address: City: ‘State/Province: Country: Postal Code: ‘Transactional Role (If any): Contact's Name: Contact's Title: Contact's Department: Contact's Telephone Number: Fax Number: Contact's E-mail: Are you registered for: vat [7] gn [tax Cxst \VATIABN/Tax/HST number: send onty the intial invoice to this contact [1 Send all invoices to this contact [[] Send only _annusl (subsequent, monitoring, et.) invoices to this contact BPayor Contact, Payor is tne same as Billing Contact Payor is not the Biling Contac, but is the Special Purpose Vehicle (SPV), Issuer, or Obiigor that is led to be rated, or whose debt is expected to be rated Payor Legal Entity Name Payor is other than the Billng Contact, or the SPY, Issuer, or Obligor noted above. Complete below ‘GOVERANENT 8 SUPRANATIONAL Bec ib: 20520752.0FS 20760 PPIF FIP Saverign Govaramoct Supre USD NY Specie This Fee Schedule sets out Moody/s fees for the perlod 1/1/2016 to 12/31/2018. Moody's reserves the right to revise tis Fee SShedile fom time to frne.M Moody's does not revise this Fee Schedvie, the curent Fee Schedule wil also apply in subsequent periods. Pease request a current Fee Schedule at the te of your rating assignment. For questions please contact Marina Rosombarg at +54 (115) 129-2533 or marina semberg@moodys.com se we R i144 ull Company Name: Mailing Address: : city: State/Provine Country: Postal Code: 5 Transactional Role (if any): Contact's Name: Contact's Titi: Contact's Department: Contact's Telephone Number: Fax Number: Contact's E-mail: Are you registered for:_| [1] vat [1] aan [1] tax CJ HST VATIABN/Tax/HST number: Ci send no invoices to this contact [] Send only the initial invoice to this contact 7] Send all invoices Rah to this contact [_] Send only annual (Subsequent. monitoring. etc) involoes to this contact Tass ‘sh RELATIONSHIP OF PAYOR TO ISSUER/ISSUE TO BE RATED nets Rute 17-g7(a)(1){i)(J)1) under the Securities Exchange Act of 1934 requires Moody's to disclose the {following information regarding the person or entity paying Moody's to determine the credit rating {the Payor): ‘Select the statement below that best describes the relationship of the Payor to the issuer/issue to be rated: EITHER: ()_ the Payor is the obigor being rated of the issuer, underwriter. depositor, or sponsor of the security or \money market instrument being rated: R the Payor is not the obligor being rated or the issuer. underwriter, depositor, or sponsor of the security or ney market instrument being rated, “GOVERNWIENT § SUPRANATIONAL ‘Doe b> 00020752.0°8 201601 PPI FIP Sovereign Government Supra USD NY Specie This Fee Schedule sets out Moody's fees for the period 1/1/2016 to 12/31/2016. Moody's reserves the right to rovise this Fea Schodule fam time to time. if Moody's does not revise this Fee Schedule the curent Fea Schedule wil also apply in subsequent periods. Please request a current Fee Schedule at the tme of your rating assignment. For questions please contact Marina ‘Rosemborg at ¥54(115) 129-2833 or marin resemberg@moodys.com een 9°144 D.Signatory Contact Eull Company Nam Mailing Address: City: StatelProvince: Country: Postal Code: ‘Transactional Role (if any): Contact's Name: Contact's Titk Contact's Department: Contact's Telephone Number: Fax Number: Contact's E-mail: ‘re you registered tor:_| C] vat CJ abn Cl tax Cust VATIABN/Tax/HST number: wares send no invoices to tis contac] Send ony the rial vice to this contact [] Send al ivoices nape to tis contact [] Send only annual (Subsequent, monitoring, ec.) invoices to tis contact ‘Sees Ban ‘Other Contacts (if applicable) ‘Additional information (if applicable) ‘Signature Information ‘On Behalf of Applicant: Argentina, Government of “GOVERNNENT & SUPRANATIONAL ‘ec 0: 00025782.0FS 201601 PPIF FIP Sovereign Goverment Supra USD NY Spaciic ‘This Feo Schedule sets out Moody’s fees forthe period 1/1/2016 to 12/31/2018. Moody’ reserves the right to revise this Fee Schedule Fem time to time. If Moody's does not revise this Fee Schedule, the curent Fee Schedule wil also appiy in subsequent erlods. Please request a current Fee Schedule at the ime of your raing assignment. For questions please contact Marina Rosemberg at +54 (115) 129-2533 or marina rosemberg@moodys.com se r144 Authorized By: Name: ite: ‘GOVERNNENT & SUPRANATIONAL ‘ce 10+ 00528752.0FS 2018.01 PPE FIP Sovereign Government Supra USO NY Specie ‘This Fee Schedule sets out Moody's fees for the period 1/1/2016 to 12/31/2016. Moody/s reserves the right to rovse this Fee Schedule fem tine to time. If Moody's does not revise this Fee Schedule, the current Fee Schedule wit also apply in eudcequent periods. Please request a current Fee Schedule at the tme of your rating assignment. For questions please contact Marina Rosemberg at +54 (115) 129-2839 or marina ;osemberg@moodys.com Pago 10 Kg seat144 PRODUCT SELECTION Reminder: Do not return any part of this Application to any member of tho analytic team involved in tho fating process (including managers). Please instead return this Application to your contact within the Moody’ Relationship Management Team, Payment of fees is due on receipt of an invoice. PLEASE COMPLETE THIS SECTION (INDICATE ALL PRODUCTS REQUESTED): BB 1) PUBLIC CREDIT RATING PRODUCT DEFINITIONS 1) PUBLIC CREDIT RATING: Our current opinion regarding the relative future creditworthiness of a credit ‘commitment, a debt or debt-ike security, or an issuer of such obligations, as made publicly available by us. ‘Alssuer Ratina: Our opinion ofthe ability of entities to honor senior unsecured debt and debt lke obligations. ‘BLBond Rating: Our opinion ofthe relative future creditworthiness ofa long-term bond. ©) Shelf | Medium-term Note Program Ratina: Our provisional ratings assigned to either a “shelf offering of ‘Securities or medium-term note (MTN) programs that are intended to reflect the ratings likely to be assigned to USS 50M Ce ens DomestisTesves USS 6,000 Range Foes USS 25 USS 21,000 a BAD bps with a USS E5000 ‘Activity Fees: Hybrid Securities minimum, pus the fos Issuance > US$ 26M < US$ 1.58 below for the portion of the issuance greater than US$ 1.58 SUSS TSE =i. 70 bps Sea SE ‘Market Fees, Non-US Medium Term Notes Programs / CD Programs USS 7.250 Quarterly Fees TS. Medium Term Notes 7 peal USS 0,500, Gaba Mecium Term Nees Programs / CD Programs Leadisinais Tati Fees: MTN Sales ‘See "BOND RATING” EC USS Quartery Fees USS 8,500 DEE pid Turnaround Fee USS 27,800 Minimum ee USS-6,700 Minimum 2 ned or Cancelled laaues/Break-Up Fee | 100% [50% ‘addifional Fee for ard Party Service Providers [ TOuijot-Pocket Expenses Seeerere. EE RULES 3 EES InffiaVAnnual Fee “GOVERNHTENT & SUPRANATIONAL ‘ec tb. 00023750.0°8 201601 PPIF FIP Sovereign Goverment Supra USD NY Specie ‘This Fee Schedule sets out Moody's fees for the peried 1/1/2016 to 12/31/2016. Moody's reserves the right to revise this Fe Schedule fom time tote, Moody’s does nat revise this Fee Schedule, the curent Fee Schedule wil also apply in subsequent pereds, Posse request 8 current Fee Schecule at the time of your raiing assignment. For questions please conlact Marina Rosemberg at +54 (115) 129-2633 or marina rsemberg@moodys.com Pago 124 144 ANE X The initaVvannwal fee is based on Moody's assessment of the analytic compleaity and expected issuance frequency of the issuer. The inttiaVannual fee is USS 100,000 and wil be charged at the time the issuer elects Government and ‘Supranational pricing, and an annual fee will be chargod each anniversary date for the previous 12-month period, ‘Upon withdrawal of all ratings, the annual fee will be charged on a pro-rata basis. 4A PUBLIC CREDIT RATING - ISSUER RATING. There is no charge for issuer ratings. 1B. PUBLIC CREDIT RATING - BOND RATING ‘The activity fee portion of the quarterly fee is described in the Fee Table. Issuers are biled for tong-term debt issuance activity and MTN sales in all markets, including local currency issues. ‘Add-ons When a rated long-term debt transaction is amended to increase the amount available under an existing deal (an add-on"), the incremental amount is subject to the activity fee originally charged ff itis within one year of the original rating date. If the add-on takes place more than one year from the original rating date the fees applicable at the time the add-on ocours will be charged. These will be vealed as a separate event and subject to the applicable minimum transaction fee in place at the time of each event. All add-ons to long-term debt transactions will be rated and charged as part of this Application. JBLIC CREDIT RATING ~ SHELF / MEDIUM-TERM NOTE PROGR: ING In addition to the initaVannual fee mentioned above, the issuer is charged a quarterly fee. This fee is biled on a ‘auartely basis in arrears. It consists of two components, a program fee component and an activity fee component. ‘The program fee portion is determined in accordance within the Fee Table. Non-US Medium Term Notes Programs J CD Programs, U.S. Medium Term Notes / CD Programs, Global Medium Term Notes Programs / CD Programs. Foes are assessed when there is an issuer with active MTN programs. Issuers are billed for medium term notes program in all markets, including local currency issues that are marketed to and/or can be bought by non-resident Investors. MTN program issues in the issuer's own local market, that cannot be bought by or marketed to non- ident investors, wil not be biled. Active is defined as any program which has USS 50 milion of more remaining to tbe iSsUed. The maximum total quarterly fee for MTN programs are for 2016 are listed in the above FEE TABLES. i 2, Deity ee porn che ua os dest nih Fae Tati Issuerslar billed for long-term debt issuance activity and MTN sales in all markets, including local currency issues. 2 {o the initiaannual fee mentioned above, the issuer is charged 2 quarterly fee. This fee is billed on a ‘quarterly basis in arrears, It consists of two components, a program fee component and an activity fee component. \The program fee portion is determined in accordance within the Fee Table. ’ cial Paper / Short-Term a JERNENT & SUPRAWATIONAL ‘Beeb: 90629752. 0F8 201601 PPI FIP Soverlgn Government Supra USO NY Speoknc This Fee Schedule sets out Moody’s foes forthe period 1/172016 to 12/31/2016. Moody's reserves the right to revise ths Fee ‘Schedule fom time to te. if Moods does not revise this Fee Schedule, the current Fee Schedule wil also apply in subsequent perods. Please request a current Fee Schecule at tne time of your rating assignment. For questions please contact Marina Rosemberg at #54 (115) 129-2633 or marina rosemiberg@moodys.com Page|144 ANEXO Issuers are biled for commercial paper and other short-term ratings in all markets, except in the issuer's own local market. Notwithstanding anything to the contrary contained inthis Fee Schedule, the maximum ameunt of the above standard {feos payable by the applicant to Moody's hereunder shail be as follows: For the year 2016: US$ 380,000. For the year 2017; US$ 950,000. For the year 2018: USS 350,000. ‘The above maximum "cap" amounts represent the maximum fee amounts that the Government of Argentina will be obligated to pay to Moody's and include all above fee categories. OTHER FEES & SERVICES Rapid Turnaround Feo For requests that require repid tumaround Moody's may assess a minimum fee RAC Feo ‘Afee will be charged for the request of a RAC. A minimum fee will be and varies on a number of factors such as, but ‘not limited to, requirement of a rating committee, complexity of the proposed change and the number of RAC letters requested, In the event the review process is terminated prior to its completion, a cancellation fee of up to the amount of the RAC Fee may be charged by Moody's based on the extent of the review performed by Moody's, determined in «. au Moods sole discretion, up to the date of the termination, 2c. BOT Postpbned or Cancelled Issues / Break-Up Fee 2 2agryensson {fee will be charged at Moody's sole discretion. Ifthe rating process has been terminated within 60 ‘of the rating assignment, 100% of the ProgranvActvity Fees will be charged as a Postponed/Cancelled foo. If the.ating process is terminated after Moody's has received documents but prior to assignment of a rating, 50% of the /Actvity Fees will be charged as a Break-Up fee. Postpdpedicancelled or break-up fees are creditable toward any definitive rating forthe origin ‘enfly, that comes to market within a 6 month period. Credit will not be extended for First Time Issuer Fee, Rapid Tumaround Fee, Annual Fees ot Quarterly Fees if applicable to this specific schedule. Any excess over the actual rg for the definiive rating is non-refundable. 7 tional Fee for 3rd Party Service Providers / Out-of-Pocket Expenses aT Mdodys may. (i) request reimbursement of reasonable travel and related expenses; and (i) in some instances, “race chiyge an adcitone! fee for servicesiopinions provided by a third party in connection with the ratings process. I pe yyt’ GP “GOVERNWENT & SUPRANATIONAL Boe ID 00025752 0FS 201601 PPIF FP Sovereign Goveerment Supra USO NY Specie This Fee Scheduie sets out Moody's fees for the period 1/1/2016 to 12/31/2016. Moody's reserves the right to revise this Fee Schedule from ime to time, M Moody's does not revise this Fee Schedule, the curen! Fee Schedule wil also apply in subsequent petiods. Pleaso request 2 current Fee Schedule at the tne of your raing assignment. For questons please contact Marina Rosemborg at #64 (115) 129-2633 or marina rosembera@moodys.com Pago144 ANEX ether of these citcumstances, Moody's will seek confirmation from the applicant in advance, Any such fees wil b payable upon receipt of an invoice from Moody. GENERAL INFORMATION Moody's Code of Professional Conduct states that Moody's employees who approve or participate in determining or ‘monitoring credit ratings, of who aro involved in the development or approval of models or methodologies used in providing rating services, will not participate in discussions regarding fees or payments with any rated entiy Please do not return this rating application of Fee Schedule to any member of the analytic team involved in the rating proves (including managers), orinclude the analytic team (including managers) in any fee-related correspondence. Moody's maintains a separate, dedicated group not involved in the rating process for hancting applications. fee schedules, fees and payment discussions. If you have ary questions regarding this Application or Fee Schedule, please contact the Moody's Relationship Management Team. Moody’s requires a signed Rating Application prior to beginning the rating process. Taxes Al fees and all relevant caps ate exclusive of VAT, GST, HST, Business Tax, Excise Tax, Consumption or other similar sales of use taxes, levies and charges of any kind whatsoever. In the event that Moody's is required by law to invoice for any such tax, levy or charge (an “Invoiced Tax’) with respect to Moody's services hereunder, the applicant shall pay Moody's the amount of such Invoiced Tax upon invoice in addition to the invoiced fees. In the event that the fees are consideration for a supply which is subject to any such form of taxation or equivalent, the relevant fees shall be increased to compensate Moody's for any such taxation itis lable to pay or otherwise account for to any tax authority to the extent permissible under relevant law, but the amount of any such increase for taxes will Not count towards any of the relevant caps. Where the applicant is responsible for accounting for and paying any VAT, GST. HST, Business Tax, Excse Tax, Consumption or other similar sales or use taxes, levies and charges of any kind Igcally, the foes payable to Moody's will not be affected, being exclusive of such taxes, and the applicant shall pay uch taxes directly tothe relevant authority. “GOVERNUENT & SUPRANATIONAL ‘Socios 00022752.0F8 2016, PPIF FIP Soveragn Goverement Supra USD NY Specie ‘This Fee Scheduie sets out Moody's fees for the perlod 1/1/2018 to 124912016. Moody's reserves the right to revise this Feo Schedule from ime to time. If Moody's does not revise this Fee Schedule, the current Fee Scheduio wil also apply in subsequent periods. Please request @ current Fee Schedule at the time of your ratng assignment. For questions piease contact Marina Rosomborg at +54 {115) 120-2633 or marina rosemberg@moadys.com asst tas en Pope aXe144 APPENDIX A Website Posting Rights Subject to the restrictions in this Appendix, Moody’s grants you a royalty-ree, non-sublicensable (except as described below), revocable license to past our Research on your website (this “License"). No special permission is, required to fink to Moody's materials on wivw.moodys.com. ‘As used in this Appendix, the term “Research” means wrilen research and press release(s) that we publish as @ direct result of this Application regarding the issuer(s) or other entity "Rated Entity’), issuance(s) or transaction(s) to Which this Aoplication relates; provided, however, that, for purpases of this License, the term "Research’ does not Include any pre-sale reports (e9., our reports prior to initial sale of the relevant security or other applicable transactional closing), non-public, or unmonitored ratings: Any such post of our Research may appear only on the website of the Rated Entity. You may onty post the most recent Research, in the exact form and format we provide, without any aterations or editing whatsoever (including all ‘isclaimers, logos, and proprietary righis notices included in the Research). You must delete any outdated Research ‘and replace it with the updated Research pramply after Moody's publication of updated Research. You must use Moody's corporate name in plain text font to indicate posting of our Research, and you may not display Moody's logo. ‘All of our Research, as well as the trademarks and logos contained in it, remain our intellectual property. Research may only be displayed on the investor relations section of the Rated Entiy’s website (or an analogous area where ‘general corporate information is displayed) and may not be posted on any other section of the Rated Entity’s website. ‘You may not use our Research for the purpose of marketing, promotion or advertising. Research may not be posted, linked to, displayed, or othenvise used in connection with a prospectus, “road show" deck, or any other document related to the offering of securities. You agree and acknowledge that you are solely responsibie for compliance with all faws, rules, and regulations including but not limited to applicable securities laws, in connection with the posting of or linking to our Research. To the extent permitted by Iaw, you further agree to indemnify and hold Moody's harmless against any and all losses, ‘laims, damages. costs oF injury (including without Imitation attomeys' fees) of whatever nature (whether foreseeable ‘or not) and however caused, in whole or in part caused by, resulting from or relating to, any posting or linking to our Research under this Appendix A, ‘A Rated Entity may not sublicense the rights granted under this License to anyone. However, if you are not a Rated then you may sublicense the rights granted under this License only to a Rated Entity; provided that in the any such sublicense you agree that you will require the Rated Entity to comply with ail terms, conditions, 1S and covenants contained in this Appendix A and you shall be responsible for any failure by the Rated Moody at any time, Upon termination, a pasting of our Research by you or any Rated Entity must cease aly ‘not expressly granted in ths License are reserved. ‘GOVERNNENT & SUPRANATIONAL Bec Ib: 00020752 0FS 201601 PPI FP Sovereign Government Supra USD NY Specie This Fee Schedule sets out Moody's fees for the period 1/1/2016 to 12/91/2016. Moody's reserves the right to revise this Fee Schedule fom time to He. Moody's does not revise this Fee Schedule, the current Fee Schedule wil also apply in subsequent petods. Please request a current Fee Schedule at the ime of your rating assignment. For questons please cortact Marina Rosemborg at #54 (175) 123-2633 or marina esemberg@mcodys.com che ‘oat144 “ANEX APPENDIX B Additional Provisions Applicable to our Non-Public Information ‘As used in this Appendix. the term “Moody's Confidential Information” means any non-public information that Moody's discloses to either of: () you or any of your agents; oF (i) if diferent, any relevant entity on which a rating is requested or whose issuances are requested to be rated under this Application (each, a “Rated Entity’) or ts agents. Moody's Confidential Information includes any rating and/or other opinion we deliver in connection with this Application thal we do not also disclose to the general public atthe time of delivery. Furthermore, ail of the provisions in this Appendix apply to all Moody's Confidential Information and prevail in the event of any inconsistency with other provisions set ‘out e’sewhere in this Application. Confidentiality and Insider Trading Moody's Confidential Information may constitule unpublished price sensitive information or otherwise material non= Public or inside information, in which case you agree to being made an insider by virtua of receiving it. You also agree to keep Moody/s Confideniial Information confidential and treat it accordingly. You must refrain trom direct or indirect communication or disclosure of Moody's Confidential Information to any person(s) other than: 2. your employees, officers and directors and those of your ultimate parent and any entities that are wholly ‘owned, directly or indirectly, by your utimate parent, whose functions reasonably require them to have knowledge of Moody's Confident Information in order to full their professional duties as agents of the Rated Entity; and your financial and legal advisors, in their capacity as such, with a need to know, for information purposes, ‘only and to whom we owe no duty or resporsibilty, provided that either () they enter into a non-disclosure agreement with Moody's in a form we provided prior to such disciosure, or (i) we consent to such disclosure ‘and they agree to be bound by the confidentiity obligations and limitation of labilty provisions of this ‘Application. The permissible recipients of Moody's Confidential Information described in sub-paragraphs (a) and (b) above are, \ogether, refered to as “Disclosees” You will ensure that all Disclosees comply with all ofthe provisions in this Application and any breach by a Disolosee will be deemed to be a breach of this Application by you. The undertakings in this Confidentiality and Insider Trading section will not prevent you or any Disclosees from disclosing Moody's Confidential information to the extent required by law or regulation (including as requested by any governmental regulator acting within the scope of is juriscction or the retevant Disclosee). y ptent permitted by law, you will indemnify and hold harmless Moody's from any losses, claims, damages, injury (inckuding altomeys' fees) ("Losses") of whatever nature (whether foreseeable or not) arising from or in with: () reliance on, oF disclosure of, Moody's Confidential Information by you or by any third party that ly oF indirectly obtained Moody's Confidential Information from you; or (i) any breach of this Appendix B by /ided that this indemnity shall not apply to any Losses to the extent such Losses are attributable to Moody's iful misconduct. For the avoidance of doubt, this indemnity is in addition to, and will not, in any respect, eshect to Moody's Confidentiat information. ‘The \erms of this Appendix survive termination of this Application. “GOVERNHENT 8 SUPRANATIONAL ‘Beeb 01029752. 0° 201601 PPI FIP Sovereign Gouerent Supra USD NY Specie This Fee Schedule sets out Moody’s fees for the period 1/1/2016 to 1218112018. Moody/s reserves the right fo revso this Foe Schedule from tine to time. If Moody's doas act revise this Fee Schecule, the current Fee Schedule wil also apply in subsequent Deriods. Please request a current Fes Schedule at the time of your rating assignment. For questions please contact Marina Rosamberg at +54 (118) 129-2033 or marina rosemberg@moodys.com po 01 RIANA “raduetor ‘inna ravi ep. C13144 APPENDIX C Requested Services and Termination Requested Services ‘You, bot in your cwn capacty and on bent of the Issuers listed inthe Authofization Form, request that Moods assign crecit ratings to fixed income securties, medium-term note ("MTN") programs, and to the individual debt ‘securities issued from those MTN programs (referred to as drawdowns or notes.) established by any Issuer in eny publi or private securities market ‘The requested services shall include: 2. Issuances of (i) short-term debt with an original maturity of thirteen months or less, including promissory ‘obligations or commercial paper ("Short-Term Debt Obligations”); andlor (i) debt secures other than Short- Term Debt Obligations including long-term debt or other fixed Income securites (‘Long-Term Debt Obligations") that may from time to time be issued by you or any issuer covered by this Application, imrespective of the place or manner (public or private) of issue or sale of such Short-Term Debt Obligations andlor Long-Term Debt Obligations; anc b. Policy obligations or deposit obligations, respectively, that may from time to time be incurred by you or any ‘such Issuer in conducting business as an insurance company or as a bank The requested credit ratings shall not include ratings of Insurance Financial Strength, Project Finance, Syndicated Loans, Rating Assessment Services, Hybrid Assessment Services, Enhanced Equipment Trust Cortficates, Letter of ‘Credit, Covered Bonds and Structured Finance Transactions. ‘Termination ‘You may terminate this Application at any time, provided that you give us at least 30 calendar days’ written notice, If ‘your notice period exaires on a day that is not a business day. the Application will terminate on the nex\ business day. ‘Any fees already paid will be non-refundable. You will remain responsible to pay any fees that become due through to the end of the billing quarter following the date on which Moody's receives written notice of such termination, General Payment of fees is due on receipt of an invoice, -=PI8a8Al do not ceturn this Application to any member of the analytic team involved in the rating process (including “GOVERNVENT & SUPRANATIONAL ‘Boe: 00029752 OFS 201601 PPIF FIP Sovereign Governor! Supra USD NY Specie This Fee Schedule sets out Moody/s fees for the period 1/1/2016 to 12/31/2016, Moody's reserves the right to revise this Fee ‘Schedule from time to ime. if Meady’s doas nat revise this Fee Schedule, the current Fee Schedule wil also apply in subsequent Deriods, Piease request a current Fee Schedule al the time of your ratng assignment. For quastions please contac Marina Rosemberg al +54 (116) 129-2633 of marina osemberg@moodys.com Page |18 APSR Postea ages, tal PaesTRADUCCION PUBLICA ------- Moody's Investors Service 7 WTC en 250 Greenwich Street-- Nueva York, NY 10007 ~ MOODY’S INVESTORS SERVICE --------———--+--—-=-----n-n-n-n-n-e—=" Gracias por solicitar los servicios de calificacién de Moody enumerados en el Apéndice C. En relacién con sus servicios de calificacion, se requiere acordar los siguientes términos y condiciones: ————————————————----- 1. Moody’s. “Moody’s”, “nosotros”, “nuestro” se refieren a la entidad de Moody's especificada anteriormente y sus empresas y todos los directores, funcionarios y ‘empleados de esa entidad y sus empresas. wet nae 2. Calificacion de Riesgo. “Calificacién de riesgo” 0 “calificacién” se refiere a una pen opiniin sobre la solvencia de: (1) una deuda, obligacién financiera, titulo de deuda, 22 aeqjer preferencial u otro instrumento financiero (cada uno, una “Emisién”); 0 (2) una z entidad, designada utilizando un sistema de calificacién establecido y definido de categorias de calificacién. Las calificaciones de riesgo de Moody's no abordan ningin sg0, incluso: riesgo de liquidez, riesgo de valor de mercado, o volatilidad de precios. Cualquier calificacién debe interpretarse Gnicamente como una declaracién de ‘opinién y no como una declaracién de hecho. Una calificacién de riesgo no es una oferta, invitacién, incentivo o recomendacién para comprar, vender o tener cualquier titulo o de lo contrario actuar en relacién con cualquier Emisién, el emisor pertinente (cada uno, un “Emisor”) 0 la operacién pertinente (cada una, una “Operacién”) con la fad\esta Solicitud se relaciona o de lo contrario en relacién con cualquier operacion jada, entidad, o asunto. Las referencias en esta Solicitud a “calificacién” oat 144 ANEX “calificacion de riesgo” también abarca cualquier RAC relacionada (definida a continuacién) y los términos de esta Solicitud se aplicardn a cualquier RAC. ~ 3. Solicitud. “Solicitud” se refiere a aquellos términos y condiciones escritos, el Formulario de Autorizacién y todos los anexos (incluso todos los Anexos de Honorarios), apéndices y adjuntos, segin sean enmendados, complementados 0 modificados periédicamente. B. GARANTIAS Y COMPROMISOS DEL SOLICITANTE---———————-—-—--—- 1, Informacién de Calificacién. Acuerdan brindar (0 hacer que se brinde a Moody’s) toda informacién pertinente a los fines de asignar, y, sobre una base actual, a los fines. de monitorear, las calificaciones solicitadas en virtud de la presente Solicitud. Confiamos en dicha informacién, incluso informacién obtenida por Moody’s de terceros cuando dicha informacién fue brindada a terceros por ustedes o en nombre de ustedes 0 el Emisor. No estaremos obligados a verificar, auditar o validar en forma independiente ninguna informacion, Garantizan que emprendieron toda diligencia debida razonable con respecto a dicha informacion y dicha informacién es en todo sentido verdadera, precisa, completa y no errénea, Garantizan que tienen todos los derechos legales y que obtuvieron todos los consentimientos necesarios para divulgar dicha informacién a Moody’s. Finalmente, también garantizan que dicha informacién no esté sujeta a na restriccién que le impediria a Moody’s utilizar dicha informacién en relacién sus procesos de calificacién. Acuerdan que son los Gnicos responsables de la «2.2 9.bitiad de dicha informacion. ~ informacién brindada en relacién so de la Informacién. Podemos utilizar cualq ‘con las actividades comerciales generales de Moody’s. También podemos agregar y/o transformar cualquier informacién brindada de modo que no se la pueda asociar con ningén inversor y publicar, distribuir o utilizar dicha informacion agregada o modificada como parte de las actividades comerciales generales de Moody’s. 3. Indemnizacién. En la medida en que lo permita la ley, acuerdan indemnizar y pybleger a Moody’s de cualquier pérdida, reclamo, dafio, costo 0 perjuicio (incluso los nonbrarios de los abogados) de cualquier naturaleza (ya sea previsible 0 no) ¢ SAA ‘rawr ‘ammo VIF: Sere ai144 ANE X independientemente de cémo se haya ocasionado que surja de o en relacién con: (i) presente Solicitud; (ii) la entrega de las calificaciones a ustedes o al Emisor; (iii) confianza en las calificaciones de su parte, el Emisor o cualquier tercero; (iv) cualquier violacién de la presente Solicitud de su parte o el Emisor; y (v) cualquier uso no autorizado o publicacién o uso incorrecto de las calificaciones; sin embargo, no estarén obligados a indemnizar a Moody's en la medida en que cualquier reclamo surja del fraude o negligencia de Moody's. 4, Honorarios. Acuerdan pagar o hacer que se abonen todos los honorarios pertinentes en virtud de los Cronogramas de Honorarios incluidos en la presente Solicitud. Moody's se reserva el derecho a revisar la presente Solicitu 5. Garantia de Sanciones Econémicas y Comerciales. Declaran y garantizan que: ----- (a) ni: (i) ustedes; (ii) el Emisor, (iii) cualquier funcionario 0 director de ustedes o del Emisor; (iv) cualquier persona que tenga (50% 0 més) 0 que los controle directa indirectamente a ustedes o al Emisor (una “Empresa Matriz”); 0 (v) cualquier persona que es propiedad (50% 0 més) o esta controlada por ustedes o el Emisor directa 0 indirectamente esta sujeto a sanciones de congelamiento de activos (“Sanciones”), incluso el Listado de los Estados Unidos de Ciudadanos Especialmente Designados y Personas Bloqueadas y el Listado del Reino Unido de Sanciones Financieras (b) ii ustedes ni el Emisor o cualquier Empresa Matriz estan: (i) estructurados, ubicados caso de una persona fisica, son residentes en, un pais sujeto a sanciones econdmicas 0 comerciales integrales impuestas por los Estados Unidos, que actualmente incluye Cuba, Corea del Norte, Iran, Siria y Sudén (“Paises Sancionados”); o (ii) una agencia gubemamental de un Pais Sancionado; ) ni el Emisor ni sus empresas, si corresponde, derivan una porcién importante de sus gAnancias o ingresos de negocios que involucren a Paises Sancionados; ~ —-144 ANEX Qs. (@) esta Solicitud no se relaciona con ninguna operacién que involuere la provision de servicios de valores, directa o indirectamente, como tampoco ninguna inversién que involucre o beneficie, al Ministerio de Defensa de Burma, cualquier grupo armado por cualquier actividad en Burma, 0 cualquier entidad 50% o mas en manos de dichas entidades; - ane (©) con debida diligencia razonable, ninguna persona que esté sujeta a Sanciones, en un 3 Listado de Sanciones 0 constituida, ubicada o residente en un Pais Sancionado actualmente tiene ningiin interés directo o indirecto en ningin activo que forme todo 0 parte del colateral que subyace a cualquier Emisién relacionada con la presente Solicitud (O con debida diligencia razonable, ningin activo que forme todo o parte de! colateral que subyace a cualquier Emisién relacionada con la presente Solicitud se origin6 de o se relaciona con negocios que involucren o beneficien a cualquier Pafs Sancionado. —~ También acuerdan notificarle inmediatamente a Moody's si toman conocimiento de que estas circunstancias han cambiado. Si determinamos que tenemos prohibido en virtud de cualquier ley aplicable o norma brindar servicios en virtud de la presente Solicitud, podemos cesar de trabajar y no estaremos obligados a presentar ningtin producto de trabajo o demas informacién desarrollada por Moody’s y/o sus agentes (cn conjunto, el [PHOY-S2¢hupo Moody's") en relacién con dichos servicios, —---r-r---—= jso de Calificacin para Propésito Previsto Solamente. Solo utilizarén cada ficacidn solicitada para el fin previsto y no presentard, por ejemplo, una calificacién misor como una calificacién de valores. - ‘C, RESERVA DE DERECHOS Y DESCARGOS DE MOODY’S 1. Acciones de Calificacién. Las calificaciones de Moody's o cualquier previsién correspondiente, si se asignan, estin sujetas a revisién, suspensidn o retiro, 0 puede arse a revision en cualquier momento, sin notificacién, a nuestra tinica discrecién. Independientemente de cualquier cosa contraria contenida en la presente Solicitud, Mdody’s se reserva el derecho a publicar cualquier calificacién con respecto a ustedes 0144 ANE XQ otra parte, esté en vigencia o no esta Solicitud. Somos una agencia calificadora de riesgo independiente, que puede determinar, aplicar y enmendar nuestras metodologias a nuestra tinica discrecién peridicamente, Moody's no estara obligado a opinar si ciertos sucesos especificos 0 enmiendas a la estructura de una Operacién 0 documentacién resultaré en un cambio de, o retiro de, cualquier calificacién relacionada (dicha opinién, en cualquier forma, junto con cualquier informacién o comentario relacionado con ello, 3 una “RAC”). Moody’s puede, a su discrecién, determinar no emitir una calificacién o adoptar cualquier otra accién de calificacién en virtud de la presente Solicitud por cualquier razén, incluso si la informacién solicitada en el Formulario de Autorizacién con respecto al responsable del pago no se brinda oportunamente. Asegurarin que Moody’s recibiré notificacién inmediata por escrito de: cualquier cambio en la informacién del responsable de pago establecida en el Formulario de Autorizacién o de lo contrario brindada por ustedes a Moody’s, incluso, sin limitacién, cualquier cambio realizado en o luego del cierre de la EmisiOn. Esta notificacién se enviar a payorupdate@moodys.com (0 a cualquier otro correo electrénico tal como les instruya Moody’s en lo sucesivo).. 2. Descargo de Responsabi Jad de Asesoramiento. Moody's no: (a) brinda servicios financicros, legales, impositivos, de asesoramiento, consultativos 0 comerciales; como tampoco (b) asesora sobre estructurar, redactar un borrador 0 negociar documentacién sar operacion. Ustedes y el Emisor deberian recibir asesoramiento legal, impositivo, finlanciero independiente al estructurar, negociar_y documentar las operaciones. i | 229 Adterdan que ni una calificacién ni cualquier debate con los analistas de Moody's \ "-"———goifstituye asesoramiento sobre operaciones comerciales. 3, Deseargo de Garantias. TODA INFORMACION, INCLUSO CALIFICACIONES Y DEMAS COMUNICACIONES, BRINDADAS POR MOODY'S EN RELACION CON USTEDES, ESTA SOLICITUD O YA SEA EL EMISOR, LA EMISION O LA OPERACION SE BRINDA “TAL COMO ES” Y SIN DECLARACION O GARANTIA DE NINGUN TIPO. EN PARTICULAR, NI MOODY'S NI SUS |ENTES REALIZAN DECLARACION O GARANTIA ALGUNA, YA SEA EXPRESA O IMPLICITA, CON RESPECTO A LA PRECISION, OPORTUNIDAD,