Investor Presentaiton

Converting USD debt to pesos Letes and Lecaps held by private investors (USD bn) $17.1 $15.4 $15.2 $15.1 $14.8 Letes USD Lecaps ARS $13.8 $13.0 $11.8 $11.2 $10.7 ARS386 $10.1 $9.7 ARS367 ARS350 ARS202 ARS81 ARS85 ARS59 ARS81 ARS81 ARS115 ARS37 ARS37 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 9

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