#1Argentina Investor's Program 2022 Data as of April 30th Ministerio de Economía Argentina Secretary of Finance 1 Argentina unida#2Agenda Investor's Program 2022 1 Restoring debt sustainability 2 Market financing 2021 and 2022 3 Market makers program (MMP) 4 Next steps 2 Argentina unida#31 Restoring Debt Sustainability Argentina unida#4Timeline of our overall debt strategy 1 Restoring Debt Sustainability 12/10/2019 Alberto Fernández took office as President of the Republic of Argentina and Martín Guzmán is designated as Minister of Economy. 05/31/2020 Finance Secretariat obtained for the first time a rollover rate higher than 100%. 09/04/2020 The Republic of Argentina announced the results of the exchange of foreign currency public debt governed by local law. 06/22/2021 Martín Guzmán announced a bridge time until March 2022 with Paris Club, which entailed a USD 2 BL financial relief. 12/19/2019 -The Ministry of Economy published the guiding principles of the Republic's Public Debt sustainability management -First peso local auction was announced. 08/31/2020 The Republic of Argentina announced the results of the exchange of foreign currency public debt governed by foreign law. 12/31/2020 Annual net financing hit 1,4% of GDP with a 119% rollover rate. 12/31/2021 Annual net financing hit 1,6% of GDP with a 122% rollover rate. 4 Argentina unida#51 Restoring Debt Sustainability Timeline of our management (cont,) 03/03/2022 Argentine Government reached Staff-level Agreement with the IMF. 03/11/2022 The House of Deputies preliminarily approved the IMF Agreement. 03/17/2022 The Senate approved the IMF Agreement. 03/25/2022 IMF Executive Board approved the EFF for Argentina and disbursed SDR 7,000 million, equivalent to US$ 9,656 million. 03/07/2022 A bill about IMF Agreement was sent to Congress. 03/14/2022 The IMF Agreement Bill was sent to the Senate. 03/22/2022 Argentina agreed with Paris Club an extension of the understandin g reached in June 2021. 5 Argentina unida#61 Restoring Debt Sustainability Total Debt Stock By currency, in % of GDP 103% 89% 85% 24% 80% 71% 20% 20% 62% 54% 55% 24% 57% 28% 53% 53% 24% 43% 21% 21% 39% 40% 44% 45% 18% 16% 17% 16% 15% 15% 79% 14% 15% 65% 69% 42% 38% 33% 35% 56% 27% 25% 25% 28% 30% 36% 36% 39% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Foreign Currency Local Currency 6 Argentina unida#71 Restoring Debt Sustainability Total Debt Profile as of April 30th > Principal and Interest payments. Fx ARS/USD = 116,015 80.000 70.000 60.000 USD Million 50.000 40.000 30.000 20.000 10.000 0 2032 2033 2034 2035 Principal Interest 2036 2037 2038 2039 2040 2041 2042 2043 2044 7 Argentina unida#81 Restoring Debt Sustainability Foreign Debt Profile as of April 30th Total payments by credit type USD Million 30.000 25.000 20.000 15.000 10.000 5.000 0 2022 2023 Banks Bonds & Bills IFIS 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 ப 2038 ப IMF EFF-22 IMF SBA -18 Π σεοτ 2040 2041 8 2042 2043 | 2044 Argentina unida#91 Restoring Debt Sustainability Outstanding Debt as of April 30th By Currency (%) Local Currency Local Currency 31% O FX Currency 69% non CER debt 37% O FX Currency EUR 2% CER debt 63% SDR 18% USD 80% 6 Argentina unida#102 Market Financing 2021 and 2022 Argentina unida#112 Market Financing 2021 and 2022 Net Financing through the local debt market In ARS millions ARS 572 billion 1T2022 ARS 641 billion 1Q2022 114% 90,802 134% 332,868 134% 265,450 105% 57,320 150% 317,231 147% 139,615 155% 184,307 90% -68,214 Q1 Q2 Q3 04 January February March April 2021 2022 + ARS 423 billion in nominal terms between the 1T 2021 and 1T this year. 11 Argentina unida#122 Market Financing 2021 and 2022 Issuances 2021 by type of securities In 2021 - In ARS million ARS- Dollar- ARS- Month CER Bonds Variable Linked Fixed LECER LEDES LEPASE LELITE Bonds Bond Bonds Total January 65,086 7,176 February 108,752 31,321 March April May 49,586 38,901 31,375 22,842 83,417 100,701 42,066 122,458 56,533 66,454 73,140 109,340 64,644 63,302 256,380 304,597 196,127 268,661 127,980 81,529 52,336 373,175 June 250,407 125,095 27,010 402,512 July 90,067 191,466 34,297 315,829 August 5,378 22,922 44,079 18,680 105,932 112,208 5,594 314,793 September 3,576 October 55,679 1,930 45,727 90,897 91,853 184,012 325,168 68,583 153,970 17,031 388,090 November 73,875 37,875 46,385 117,566 116,466 36,784 428,950 December 65,290 34,436 25,571 54,380 484,052 Total 423,646 94,185 283,051 119,281 1,117,357 1,433,781 478,839 108,195 4,058,335 91,921 212,454 Note: Exchanges were not considered, 12 Argentina unida#132 Market Financing 2021 and 2022 Issuances 2021 by type of securities In 2021 - In ARS million Instrument Allocated % T-Bills 3,138,172 77% ARS-Fixed 1,541,976 38% CER 1,117,357 28% ARS-Variable 478,839 12% Bonds 920,163 23% CER 423,646 10% Dollar-linked 283,051 7% ARS-Fixed 119,281 3% ARS-Variable 94,185 2% Total 4,058,335 100% Note: Exchanges were not considered. 13 Argentina unida#142 Market Financing 2021 and 2022 Compared annual Issuances 2020-2021 by type of securities 7% 11% 14% 14% 41% 48% 2021 2020 38% 27% In 2021 In ARS Million ARS-Fixed ARS-Variable CER Dollar-linked Total % Foreign Sector 86,594 10,033 94,292 190,919 5% Public Sector 473,793 201,001 525,020 77,336 1,277,150 31% Private Sector 1,100,870 361,990 921,692 205,715 2,590,267 64% Financial Sector 549,612 218,922 521,813 82,400 1,372,747 34% Mutual Funds 367,975 101,090 181,414 27,241 677,720 17% Non Financial Private 151,997 35,110 150,157 91,840 429,104 11% Sector Insurance Companies 31,287 6,867 68,307 4,234 110,696 3% Total 1,661,257 573,024 1,541,003 283,051 4,058,335 Note: Exchanges were not considered, Public Sector includes BNA. 14 Argentina unida#152 Market Financing 2021 and 2022 Conversion transactions In 2022 The Treasury offered an exchange for two T- bills (LEDE S28F2 and LECER X28F2) reducing debt payments for a total of ARS 244.1 billion (48% of the original amount). Two options were offered: a short- term basket mode of LEDES maturing in 2022; and a CER medium-term basket, made of a LECER and BONCER. The Treasury offered an exchange of TV22D reducing debt payments for a total of ARS 85,7 billion. Two oprions were offered in exchange: TV23 and TV24, Dollar-linked bonds maturing at the end of 2023, 2024 respectively. 2022 March 11th April 12th February 10th The Treasury offered an exchange of the BONCER 22 reducing debt payments for a total of ARS 293.4 billion (48% of the original amount), As the abovementioned exchange, two options were offered: a medium-term basket maturing at the end of 2022, 2024 and 2026; and a long-term basket, made of BONCER 24, 26 and 28. 15 Argentina unida#162 Market Financing 2021 and 2022 Conversion transaction's effects Monthly debt payments before and after the conversion transactions. In ARS million. Total reduction was ARS 583 billion - ARS 317 billion - ARS 75 billion 954,450 - - ARS 191 billion 526,883 336,163 775,302 700,990 637,617 Before After Before After Before After Feb-22 Mar-22 Apr-22 Note: "before" amounts correspond to the projected maturities at the beginning of the month, "After" amounts correspond to the effective payments. 16 Argentina unida#172 Market Financing 2021 and 2022 Issuances by type of securities and currency In 2022 - In ARS million CER ARS-Fixed Bonds Bonds ARS- Dollar- Variable Linked Bonds Bonds LECER LEDES LEDES LEPASE LELITE Total January 6,844 190,668 168,187 71,791 437,490 February 45,997 36,416 189,814 194,153 54,092 520,470 March 134,412 598,876 146,522 11,348 63,690 954,848 April 226,839 Total 414,091 36,416 3,979 3,979 64,293 86,002 83,057 138,335 15,928 64,293 1,065,359 591,918 138,335 27,276 14,342 632,776 203,916 2,545,584 Instrument Allocated % T-Bills 2,026,805 80% ARS-Fixed 934,169 46% Dollar-linked ARS-Variable 1% ARS-Variable 27,276 1% 3% CER 1,065,359 53% Bonds 518,779 20% ARS-Fixed 36,416 7% ARS-Fixed CER ARS-Variable 3,979 1% 58% 38% CER 414,091 80% Dollar-linked 64,293 12% Total 2,545,584 Note: exchanges were not considered. 17 Argentina unida#182 Market Financing 2021 and 2022 Marketable debt stock composition ARS-Fixed December 2019 8% 12% CER ARS-Variable Dollar-Linked December 2020 2% 7% 16% 43% 75% 38% December 2021 7% -2% 16% April 2022 75% 79% 6% 14% 1% 18 Argentina unida#192 Market Financing 2021 and 2022 2022 Total Marketable Debt Profile > By type of currency, in ARS million 298,639 293,336 914,699 703,099 685,286 ARS-Fixed ARS 2,324,899 FX = 116,015 CCL = 206,61 20,040 11,253 ARS-Variable 162,839 1,404 788 CER 3,310,557 28,536 16,023 Dollar-linked 326,663 2,816 1,581 Total 6,124,958 52,795 29,645 972,013 570,364 463,895 395,263 341,457 262,645 224,591 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 ARS-Fixed ARS-Variable CER □ Dollar-linked 19 Argentina unida#202 Market Financing 2021 and 2022 Accomplished Jan - April 2022 Jan - Apr Financial Needs % PIB Millon ARS Primary balance -0.4% Interest -0.4% -271,920 -333,987 FGS Rents 0.1% 53,669 TOTAL -0,7% -552,238 Jan - Apr Residence Financial Sources % PIB Millon ARS Official creditors -0.1% -39,766 Foreign IMF 0.8% 606,375 External Market 0.0 0 BCRA* 0.3% 202,000 Domestic Domestic Market ARS 0.8% 632,939 Others 0.0% 5,588 TOTAL 1.8% 1,407,137 20 20 Argentina unida#212 Market Financing 2021 and 2022 Weighted Average Maturity and Yields For nominal and CER instruments issued Weighted Average Maturity Nominal Instruments Weighted Average Yield Nominal Instruments Months 40 20 FOLOLOLOS 45 35 30 25 15 10 5 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Months 8965432 Jan-21 2022 Average 3,62 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Weighted Average Maturity CER Instruments Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 Jun-21 Jul-21 Aug-21 Note: exchanges were not considered. 2022 Average 15,91 25,11 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 Yield 4,44 4% 3% 2% 1% 0% -1% -2% Yield 58% 56% 54% 52% 50% 48% 46% 44% 42% 40% Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 2022 Average 51.9% Jan-22 Feb-22 Mar-22 Apr-22 Weighted Average Yield CER Instruments 2022 Average 0.0% 0.6% Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 21 56.8% Argentina unida#222 Market Financing 2021 and 2022 A comparison among peso-debt curves Nominal instruments Bonds T-bills Yield 65% 63% 61% 59% 57% 55% 53% 51% 49% 47% 45% 43% 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0 2,2 Duration Dec-20 • Dec-21 • Apr-22 Yield 58% 56% 54% 52% 50% 48% 46% 44% 600 42% 40% 38% 0,0 0,1 0,2 0,3 0,4 0,5 Duration Dec-20 • Dec-21 • Apr-22 22 22 Argentina unida#232 Market Financing 2021 and 2022 A comparison among peso-debt curves CER instruments Bonds 3% T-bills 14% 1% 12% -1% 10% -3% 8% -5% -7% 6% Yield 4% Yield -9% -11% 2% -13% -15% 0% -17% -2% -19% -4% -21% -6% -23% 01234567 8 9 10 11 12 0,0 0,2 0,4 0,6 0,8 88 Duration Duration Dec-20 ●Dec-21 ⚫Apr-22 Dec-20 Dec-21 ⚫ Apr-22 1,0 23 23 10 Argentina unida#243 Market Makers Program (MMP) Argentina unida#253 Market Makers Program (MMP) Market Makers Program (MMP) Argentina has previous experiences with MMP: The first version of the program took place between 1996 and 2001. > A second one, in 2019, was discontinued before the ending of the initial evaluation period, due to the debt reprofiling event. The new 2021 MMP, launched last August, took into account that experiences as well as the other Latin American countries (Mexico, Colombia, Peru) incorporating new features: ➤ Adapted to different business plans for MMC > Incentives for trading longer-term securities in the secondary market 25 Argentina unida#263 Market Makers Program (MMP) Second Evaluation Period (EP) finished With the finalization of the second EP (Nov 29th - Feb 28th) two candidates become Market Makers: BBVA Argentina Banco HIPOTECARIO Market Maker list for the third EP (March 2nd - May 31th) Entity ALLARIA LEDESMA & CIA. S.A. BANCO DE GALICIA Y BUENOS AIRES S.A.U. BANCO DE LA NACION ARGENTINA BANCO DE LA PROV,DE CORDOBA S.A. CNV ID 24 22 251 75 40 72 42 167 HSBC BANK ARGENTINA S.A. 26 BANCO HIPOTECARIO S.A. BANCO SANTANDER S.A. BANCO BBVA ARGENTINA S.A. Argentina unida#273 Market Makers Program (MMP) ARS Million Green Shoe impact over market financing Since the beginning of the program 70% of the total allocated at green shoes was LEDES, 28% LECER and the rest LEPASE 2,277 13,020 24,918 20,496 16,348 55,315 47,078 41,808 16,025 Aug Sep Oct Nov Dec Jan Feb Mar Apr 2021 2022 LECER OLEDE OLEPASE 27 Argentina unida#283 Market Makers Program (MMP) Primary Market Performance Effective-value allocated to MMs and MMAs in primary market (in ARS Million) and share over total (on average 61% of the total amount). 51% 37,875 61% 460,101 60% 166,527 73% 171,226 66% 200,670 60% 213,818 54% 207,079 66% 214,463 52% 115,037 Aug Sep Oct Nov Dec Jan Feb Mar Apr 2021 2022 OLECER LEDE □ LEPASE 89% of the allocations correspond to MMs and the rest to MMAS 28 Argentina unida#29Purchases Sales Billion 3 Market Makers Program (MMP) Secondary Market Performance Purchases and Sales of MMS, at Over the Counter (BIL) and on Exchange operations (PPT), MMs market share averaged 50% since the beginning of the program-. In face value. Sales Purchases and sales of MM at BIL and PPT Total Purchases Total Sales 2,171 2,483 34% 33% 52% 51% 50% 44% 52% 55% 280.0 134.1 257.7 167.6 186.1 168.9 123.7 102.8 124.7 99.9 110.4 126.3 92.3 115.1 123.1 85.3 44% 164.7 166.4 105.1 122.3 101.6 123.6 119.4 142.3 156.6 176.2 194.2 182.1 137.0 114.9 95.9 189 90.7 Purchases Aug Sep Oct Nov Dec Jan Feb 2021 2022 OPPT BIL Share of the total market Sales Purchases Sales Purchases Sales Purchases Sales Purchases Mar Apr 29 Sales Argentina unida#304 Next steps Argentina unida#314 Next Steps Next Steps continue to expand Market Makers Programm (MMP) > preparation of an Annual Borrowing Plan (ABP) > elaboration of Medium Term Debt Strategy (MTDS) enhancing Investor's Relation Program (IRP) 31 Argentina unida