Investor Presentaiton

Inflation 27,2% 38,7% 24,8% Inflation y/y % chg. 47,6% 53,8% 36,1% 48,0% Market Expectations - Central Bank Survey Annual Inflation 2015 2016 2017 2018 2019 2020 2021E Source: INDEC and own estimates CPI Inflation - Greater Buenos Aires m/m% chg. 56,8% --y/y % chg. (r.h.s.) 3,9% 2021 2022 2023 48,2 42,0 36 44,2% 4,1% Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Source: BCRA and private estimates Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Source: INDEC † Grupo Financiero Galicia 9

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