Bruchou & Funes de Rioja

Bruchou & Funes de Rioja and Beccar Varela acted as legal advisors, together with Mayer Brown and Hogan Lovells, in a series of agreements pursuant to which Vista Energy agreed to acquire from Equinor an indirect non-operating interest in the “Bandurria Sur” block and a non-operating interest in the “Bajo del Toro” block. The transaction includes the acquisition of Equinor’s entire 30% interest in the “Bandurria Sur” block through the purchase of 100% of the share capital of Equinor Argentina S.A.U., as well as the acquisition of a 50% participating interest in the “Bajo del Toro” block concession. Additionally, the transaction involved the simultaneous assignment by Vista Energy to YPF S.A. of an indirect 4.9% interest in the “Bandurria Sur” block and a 15% interest in the “Bajo del Toro” block. The transaction, which represents the divestment of Equinor’s entire onshore position in the Vaca Muerta basin, is subject to the satisfaction of certain conditions precedent. Vista Energy Bruchou & Funes de Rioja’s team advised Vista Energy on both transactions and was led by partners Javier Rodríguez Galli and Nicolás Dulce from the Oil & Gas and M&A practices, with the participation of senior associates Agustina Rocca and Federico Vicente, and associates Sofía Baldino and Josefina De la Torre. The transaction also involved José Bazán, Ramón Poliche and Lucia de Luca (Banking), Pablo Muir (Tax), Juan Zocca (Regulatory), Gabriel Lozano (Antitrust), and Manuel Olcese (Corporate). Mayer Brown acted as Vista’s international counsel through its Houston-based team, led by partner Pablo Ferrante, with the participation of counsel Federica Castro and associate Lucía Londono. Vista Energy’s in-house legal team was led by Rosario Maffrand.

On May 11, 2026, Banco de la Nación Argentina (“Banco Nación”) successfully issued (i) its Series 1 Debt Securities in an aggregate principal amount of AR$187,718,732,164 (Argentine Pesos one hundred eighty-seven billion seven hundred eighteen million seven hundred thirty-two thousand one hundred sixty-four), at an annual variable interest rate equal to the Private TAMAR rate plus a 4.25% margin, due May 11, 2027 (the “Series 1 Debt Securities”); (ii) its Series 2 Debt Securities in an aggregate principal amount of US$30,445,485 (U.S. Dollars thirty million four hundred forty-five thousand four hundred eighty-five), at an annual fixed interest rate of 5.50%, due May 11, 2029 (the “Series 2 Debt Securities”); and (iii) its Series 3 Debt Securities in an aggregate principal amount of UVA 150,648,300 (Acquisition Value Units one hundred fifty million six hundred forty-eight thousand three hundred), at an annual fixed interest rate of 5.25%, due May 11, 2028 (the “Series 3 Debt Securities” and, together with the Series 1 Debt Securities and the Series 2 Debt Securities, the “Debt Securities”). All Debt Securities were issued under Banco Nación’s global program for the issuance of short, medium and long-term debt securities for a maximum aggregate outstanding principal amount of up to US$1,500,000,000 (U.S. Dollars one billion five hundred million) (or its equivalent in other currencies, units of measure and/or units of value). The aggregate principal amount of the Debt Securities exceeded the equivalent of US$370 million. The issuance of the Debt Securities represents Banco Nación’s first debt securities issuance in the capital markets in more than 30 years. The transaction received demand that significantly exceeded the initial offering amount. According to Banco Nación, the proceeds from the issuance of the Debt Securities will be used to strengthen lending to the real economy, including to SMEs seeking to expand their productive capacity, families seeking access to housing finance, and exporters and regional economies that will find in Banco Nación a partner for their development. The Debt Securities have been admitted for listing on Bolsas y Mercados Argentinos S.A. and authorized for trading on A3 Mercados S.A. Banco Nación and Banco Santander Argentina S.A. acted as arrangers and placement agents in the transaction, while Banco de Galicia y Buenos Aires S.A., Banco BBVA Argentina S.A., Macro Securities S.A.U. and Nación Bursátil S.A. acted as placement agents (collectively, the “Placement Agents”). Legal Advisors to Banco Nación Bruchou & Funes de Rioja: acted as legal advisors to Banco Nación, with the team led by partner Alejandro Gabriel Perelsztein, and associates Ramón Augusto Poliche, Lucía de Luca, Micaela Zárate and Marco Haas.

The Central Bank of the Argentine Republic (the BCRA) arranged with six top-tier international banks a repurchase transaction (the “Repo Transaction”) using part of its holdings of BONARES 2035 and 2038 securities, for a total tendered amount of USD 3,000 million, with a final term of 372 days. In the auction, the BCRA received bids totaling USD 4,400 million, exceeding the tendered amount by approximately 50%. For this transaction, the BCRA will pay an interest rate equivalent to the SOFR-USD rate plus a spread of 4.00% (equivalent to a fixed rate of 7.4% per annum, considering the fixed-floating interest rate swaps quoted in the international market for the same term). This new Repo Transaction confirms the BCRA’s ability to access financing instruments under market conditions and to efficiently manage its foreign currency liquidity, strengthening the solidity of its balance sheet and the country’s international reserve position. Bruchou & Funes de Rioja, sole Argentine law firm participating in the transaction, acted as Argentine Law counsel to the six international banks through the team led by partners Hugo N. L. Bruzone and José María Bazán, and associates Ramón Augusto Poliche and Marco Haas.

The City of Buenos Aires (the “City”) successfully issued US$500,000,000 7.050% Notes due 2036 (the “Notes”) under its US$2,890,000,000 Medium Term Note Programme. The Notes were issued on May 13, 2026. The Notes will be listed on the Luxembourg Stock Exchange and Bolsas y Mercados Argentinos S.A., and have been admitted for trading in A3 Mercados S.A. BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Santander US Capital Markets LLC acted as Initial Purchasers in the issuance of the Notes (the “Initial Purchasers”), Balanz Capital UK LLP and Puente Hnos. S.A. acted as international placement agents in the issuance of the Notes (the “International Placement Agents”) and Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., Banco de la Ciudad de Buenos Aires and Puente Hnos. S.A. acted as local placement agents in the issuance of the Notes (the “Local Placement Agents”). The Bank of New York Mellon acted as Trustee, Registrar, Principal Paying Agent and Transfer Agent under the trust deed signed with the City (the “Trustee”). Counsel to the Dealers and the Local Placement Agents Bruchou & Funes de Rioja acted as Argentine legal counsel to the Dealers and the Local Placement Agents through a team led by partner Alejandro Perelsztein and associates Ramón Augusto Poliche, Gonzalo Vilarino and Francisco Mendióroz. Linklaters LLP acted as UK and US legal counsel to the Dealers through a team led by partners Matthew Poulter, Emilio Minvielle and Arjun Muddu, and US associate Madeleine Blehaut, foreign associate Francisco Algorta, and associates Thomas Thiphaine-Koffman, Joshua Rioda, Maeva N'Zogho and Flavio Amorim.

Tecpetrol S.A. (“Tecpetrol”) successfully completed its offering of U.S.$ 400,000,000 7.625% fixed notes due 2033 (the “Notes”).Tecpetrol is a leading participant in the oil and gas industry, and its activities include the exploration, exploitation and transport of hydrocarbons. The Notes were issued on January 22, 2025 and were placed in reliance upon Rule 144A and Regulation S under the U.S. Securities Act of 1933. Tecpetrol will use the proceeds from the offering in accordance with the requirements of Article 36 of the Negotiable Obligations Law. Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., Macro Securities S.A.U. and Balanz Capital Valores S.A.U. acted as local placement agents (the “Local Placement Agents”). Tecpetrol S.A. FINMA S.A.I.F. acted as Argentine counsel to Tecpetrol through Fernando Moreno and Clara Sereday. Linklaters LLP, acted as New York counsel to Tecpetrol through partner Matthew Poulter, Counsel Emilio Minvielle, Linklaters’ Head of Mexico Group Alberto García Linera and associate Thomas Tiphaine Koffman. Initial Purchasers and Local Placement Agents A&O Shearman acted as New York counsel to the Initial Purchasers through partner Alejandro A. Gordano and visiting attorneys Moises Gonzalez and Delfina Meccia. Bruchou & Funes de Rioja acted as Argentine counsel to the Local Placement Agents through partner Alejandro Perelsztein, and associates Leandro Belusci, Sebastián Pereyra Pagiari, Malena Tarrío and Gonzalo Javier Vilariño.

Bruchou & Funes de Rioja acted as Argentine legal counsel to BBVA Securities Inc., Citigroup Global Markets Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC, Santander US Capital Markets LLC,and Balanz Capital UK LLP (the “Initial Purchasers”) in the issuance by Arcos Dorados B.V., a Dutch private limited liability company (the “Company”), of its US$600,000,000 6.375% Senior Notes due 2032 (the “Notes”). The Notes will be fully and unconditionally guaranteed by Arcos Dorados Holdings, Inc., a British Virgin Islands company that indirectly controls the Company, and certain other current and future subsidiaries of the Company, including Arcos Dorados Argentina S.A. Arcos Dorados Argentina S.A. was internally advised by Juan David Bastidas, Chief Legal Counsel and Compliance, María Cecilia Aicardi, as Legal Director for the South Latin America Division, and María Victoria Bellocq, as Legal Manager for Corporate Affairs. Special legal counsel to the Company in the United States: Davis Polk & Wardwell LLP, through the team led by partner Maurice Blanco, associate Agustín Lopez Roulades’, and foreign temporary associate Carolina De Narváez. Special legal counsel to the Company in Argentina regarding corporate matters: BRYA ABOGADOS, through the team led by associate Eleazar Christian Meléndez. Special legal counsel to the Initial Purchasers in the United States: Milbank LLP, through the team led by partner Marcelo A. Mottesi, special counsel Gonzalo Guitart, associate Marco Zaldivar, and international attorney Manuel H. Etchevehere. Argentine legal counsel to the Initial Purchasers: Bruchou & Funes de Rioja, through the team led by partner Analía Battaglia and associates Ramón Augusto Poliche and Quimey Waisten.

Bruchou & Funes de Rioja advised on the Initial Public Offering (IPO) of ECOGAS Inversiones S.A. (“ECOGAS”) through the public offer for subscription of shares in kind and voluntary exchange addressed to (i) all shareholders holding Class “B” common shares of Distribuidora de Gas del Centro S. A. (“DGCe”), and (ii) all shareholders holding Class “B” and “C” common shares of Distribuidora de Gas Cuyana S.A. (“DGCu”), (“DGCu”). A. (“DGCe”), and (ii) all shareholders holding Class “B” and “C” common shares of Distribuidora de Gas Cuyana S.A. (“DGCu”) to be exchanged for new Class D common shares of ECOGAS. The transaction is the first IPO paid for in kind through the delivery in exchange of shares of two companies admitted to the public offering regime (DGCu and DGCe). As a result of the Exchange Offer, ECOGAS (by aggregating its holdings of Class “A” and Class “B” shares of DGCu) will own 93.10% of the total capital stock of DGCu; while, by aggregating its holdings of Class “A” and Class “B” shares of DGCe, it will own 81.64% of the total capital stock of DGCe. Banco de Valores S.A., Puente Hnos. S.A. and Balanz Capital Valores S.A.U., participated as Organizing Agents of the Exchange Offer. In turn, Caja de Valores S.A. acted as Exchange Agent. Bruchou & Funes de Rioja was the only law firm advising on the transaction.

El pasado 1 de abril, Leandro Exequiel Belusci y Pablo Crimer fueron promovidos como nuevos socios de los Departamentos de Derecho Bancario & Mercado de Capitales y Derecho Ambiental, respectivamente, en Bruchou & Funes de Rioja. Leandro E. Belusci desarrolló su carrera en el área de Derecho Bancario & Mercado de Capitales durante más de diez años en la firma. Ha asesorado a bancos, empresas y fondos de inversión en operaciones de financiamiento y emisiones de deuda, tanto locales como internacionales, participando en algunas de las transacciones más complejas, innovadoras y de mayor volumen del país. En 2017-2018 se desempeñó como abogado internacional en el departamento de Global Capital Markets de Milbank LLP, en Nueva York. Con esta promoción, el Departamento pasa a contar con seis socios dedicados exclusivamente a esta práctica, convirtiéndose en el equipo con la mayor cantidad de socios especializados en Derecho Bancario del mercado argentino. En relación con su nombramiento, Hugo N. Bruzone, Head del Departamento de Derecho Bancario & Mercado de Capitales, miembro del Consejo de Administración y del Directorio de la firma, destacó: “Estamos muy orgullosos de la designación de Leandro como socio de nuestro Departamento. Desde que ingresó al Estudio demostró un compromiso excepcional y un enfoque profesional impecable. Su promoción refuerza el liderazgo de nuestra práctica de Derecho Bancario en el mercado argentino, consolidada por su participación en las operaciones más relevantes del sector.” Por su parte, Pablo Crimer fue designado socio del Departamento de Derecho Ambiental. Con más de 17 años de experiencia, se especializa en el asesoramiento integral a empresas en asuntos ambientales, de sustentabilidad y ESG. En 2024 fue nombrado Consultor Experto de la firma, liderando desde entonces el equipo ambiental. Ha trabajado activamente en asuntos de cumplimiento ambiental, cambio climático, permisos, litigios, políticas públicas, energías renovables, relaciones comunitarias y mercados de carbono, entre otros temas. La designación de Pablo marca una apuesta diferencial en el mercado local, al tratarse de uno de los pocos socios dedicados exclusivamente a temas ambientales en una firma full-service de primer nivel. Al respecto, Rodrigo Funes de Rioja, también miembro del Consejo de Administración y del Directorio, comentó: “La promoción de Pablo reafirma el compromiso del Estudio con el fortalecimiento de nuestras capacidades en gestión legal de riesgos ambientales y sostenibilidad. A través de la Plataforma de Cambio Climático y Negocios Sustentables venimos impulsando una agenda que posiciona a Bruchou & Funes de Rioja como un actor clave en la transición hacia modelos de negocio alineados con las actuales exigencias regulatorias. El liderazgo de Pablo, su visión integral y su experiencia técnica, han sido determinantes para consolidar un equipo que hoy es referente en la materia, brindando soluciones a nuestros clientes en una amplia variedad de industrias”. La promoción de Leandro Exequiel Belusci y Pablo Crimer eleva a 53 el número total de socios de la firma. Ambas designaciones se inscriben en el compromiso constante de Bruchou & Funes de Rioja con la excelencia, la innovación y el desarrollo profesional de su equipo, consolidando su posición como la plataforma legal más completa y especializada para hacer negocios en Argentina.

Tavarone Rovelli Salim Miani TRSM advised Grupo Albanesi (Generación Mediterránea S.A., Central Térmica Roca S.A. and Albanesi Energía S.A.), and Bruchou & Funes de Rioja advised the Arranger, the  Security Agent and the Lenders, in the granting of a syndicated loan for a committed amount of US$ 59,000,000 and a máximum amount of US$ 80,000,000 (the “Loan”), entered into by Generación Mediterránea S.A., Central Térmica Roca S.A., as borrowers, Albanesi Energía S.A., as guarantor, and  Banco Hipotecario S.A. as arranger, lender and administrative agent (the “Arranger”), Banco de Galicia y Buenos Aires S.A.U., as security agent and lender (the “Security Agent”), and Banco Supervielle S.A., Banco Santander Argentina S.A., Banco de la Provincia de Córdoba S.A., Banco de la Ciudad de Buenos Aires, Banco de Servicios y Transacciones S.A., and Banco de la Provincia de Buenos Aires (collectively with the Arranger and the Security Agent, the “Lenders”). The Loan, entered into on January 21, 2025, was partially disbursed by the Lenders on such date, and the funds will be applied to the repayment of the certain short-term liabilities due 2025. The Loan has a grace period of 12 months, matures in January, 2027, and is secured by a pledge and assignment of its collection rights under certain PPAs (Power Purchase Agreements) of Generación Mediterránea S.A. and Central Térmica Roca S.A., and by a guarantee provided by Albanesi Energía S.A. Consequently, Grupo Albanesi will obtain the necessary funding to continue its process of improving its long-term debt profile and strengthening its financial position. Grupo Albanesi was advised internally by its in-house counsel, Mercedes Cabello. Tavarone Rovelli Salim Miani (TRSM) acted as external legal counsel to Grupo Albanesi (Generación Mediterránea S.A., Central Térmica Roca S.A., and Albanesi Energía S.A.) through its team led by partners Marcelo R. Tavarone, Francisco Molina Portela, and associates Ximena Sumaria, Eduardo N. Cano and Azul Namesny Márquez. Bruchou & Funes de Rioja acted as external legal counsel to the Arranger, the Security Agent and the Lenders through its team led by partner José María Bazán, and associates Leandro Exequiel Belusci, Juan Rosatto, Quimey Lía Waisten, and Marco Haas.

Generación Mediterránea S.A. and Central Térmica Roca S.A. co-issued their Class XXXII Additional Negotiable Obligations, denominated and payable in U.S. Dollars at a fixed nominal annual interest rate of 9.50%, maturing on May 30, 2026, for a nominal value of US$3,686,873 (the “Class XXXII Additional Negotiable Obligations”), and their Class XLII Negotiable Obligations, denominated and payable in Pesos at a variable interest rate, maturing on February 26, 2026, for a nominal value of AR$6,024,952,347 (the “Class XLII Negotiable Obligations” and, together with the Class XXXII Additional Negotiable Obligations, the “Negotiable Obligations”). All were co-issued under the Simple Negotiable Obligations Program (non-convertible into shares) for a total nominal value of up to US$1,000,000,000 (or its equivalent in other currencies or units of measurement or value). The Negotiable Obligations will be guaranteed by Albanesi Energía S.A. The Negotiable Obligations were co-issued on February 26, 2025. The Class XXXII Additional Negotiable Obligations were subscribed in cash in U.S. Dollars. The Class XLII Negotiable Obligations were subscribed in Pesos in cash for AR$5,242,049,129 and in kind through the delivery of Class XXIX Negotiable Obligations for AR$782,903,218. In this co-issuance, Generación Mediterránea S.A. and Central Térmica Roca S.A. acted as Co-Issuers of the Negotiable Obligations. SBS Trading S.A., Banco de Servicios y Transacciones S.A., Invertironline S.A.U., Balanz Capital Valores S.A.U., Bull Market Brokers S.A., Banco de la Provincia de Buenos Aires, Facimex Valores S.A., Puente Hnos S.A., Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., Banco Supervielle S.A., Banco Santander Argentina S.A., Allaria S.A., Becerra Bursátil S.A., Global Valores S.A., Adcap Securities Argentina S.A., Neix S.A., ACA Valores S.A., Banco de Galicia y Buenos Aires S.A.U., PP Inversiones S.A., Leiva Hermanos S.A., GMA Capital S.A., Deal S.A., S&C Inversiones S.A., and GMC Valores S.A. acted as Placement Agents for the Negotiable Obligations. Additionally, Banco de Servicios y Transacciones S.A. acted as the Settlement Agent for the Negotiable Obligations. Bruchou & Funes de Rioja acted as legal counsel to the Placement Agents and the Settlement Agent, through a team led by partner José María Bazán and associates Leandro Exequiel Belusci, Quimey Waisten, and Marco Haas. Tavarone, Rovelli, Salim & Miani acted as legal counsel to Generación Mediterránea S.A. and Central Térmica Roca S.A., through a team led by partner Francisco Molina Portela and associates Ximena Sumaria, Agustín Ponti, and Azul Namesny Márquez. Generación Mediterránea S.A. and Central Térmica Roca S.A. were also advised by their in-house legal team, led by María Mercedes Cabello.

On April 8, 2026, Vista Energy Argentina S.A.U. (“Vista”) successfully issued its Class XXXI simple non-convertible notes, denominated, subscribed, and payable in U.S. dollars abroad. The Class XXXI Notes were issued for a nominal value of US$500,000,000 (five hundred million U.S. dollars) under the global program for the issuance of short-, medium-, or long-term simple non-convertible notes for a maximum aggregate amount of up to US$4,000,000,000 (four billion U.S. dollars) (or its equivalent in other currencies or value or measurement units). The Class XXXI Notes, maturing on April 8, 2038 (the “Maturity Date”), will accrue interest at an annual fixed nominal rate of 7.875%. Interest payments will be made semiannually, beginning on October 8, 2026, through the Maturity Date. The principal of the Class XXXI Notes will be amortized in three (3) annual and consecutive installments: (i) the first on April 8, 2036, representing 33% of the principal; (ii) the second on April 8, 2037, representing 33% of the principal; and (iii) the third on April 8, 2038, representing 34% of the principal. The transaction was carried out in accordance with Rule 144A and Regulation S under the U.S. Securities Act. The Class XXXI Notes have been admitted for listing on Bolsas y Mercados Argentinos S.A. and authorized for trading on A3 Mercados S.A. Santander US Capital Markets LLC, Citigroup Global Markets Inc., and Itau BBA USA Securities Inc. acted as international initial purchasers (the “Initial Purchasers”), while Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Macro Securities S.A.U., Balanz Capital Valores S.A.U., Latin Securities S.A. and Banco CMF S.A. acted as local placement agents for the Class XXXI Notes (the “Local Placement Agents”). The Bank of New York Mellon acted as Trustee, Registrar, Paying Agent, and Transfer Agent under the Indenture entered into with Vista and Banco Santander Argentina S.A., the latter acting as the Trustee’s Representative in Argentina, Registrar and Transfer Agent in Argentina, and Paying Agent in Argentina. The proceeds of the Class XXXI Notes will be used by Vista Argentina to pay a portion of the purchase price to Equinor Argentina A.S. and Equinor Argentina B.V., Argentine Branch, for (i) 100% of the share capital of Equinor Argentina S.A.U., holder of a 30% participating interest in the Bandurria Sur block; and (ii) a 50% participating interest in the Bajo del Toro block, held by Equinor Argentina B.V., Argentine Branch. Legal Advisors to Vista Bruchou & Funes de Rioja: acted as Vista’s local advisor, with the team led by partner José María Bazán and associates Ramón Augusto Poliche, Lucía de Luca, Francisco Mendióroz and Mariana Carbajo. Cleary Gottlieb Steen & Hamilton LLP: served as Vista’s legal advisor in New York, with the team led by partner Manuel Silva, and associates Rodrigo Lopez Lapeña and Lucas Davidenco, and international lawyer Marina Rotman.

Bruchou & Funes de Rioja advised BML Energía S.A. (“BML Energía”), and Martínez de Hoz & Rueda advised Banco BBVA Argentina S.A., Banco de Galicia y Buenos Aires S.A., and Industrial and Commercial Bank of China (Argentina) S.A.U. (the “Banks”), in connection with the granting of a syndicated loan to BML Energía in the amount of US$155,907,716, governed by Argentine law (the “Syndicated Loan”). The proceeds of the Syndicated Loan were used to pay the purchase price for all of the shares of Chocón Hidroeléctrica Argentina S.A., within the framework of the national and international multi-stage public tender process called by the Ministry of Economy for the sale of 100% of the share capital of the concessionaire companies Alicurá Hidroeléctrica Argentina S.A., Chocón Hidroeléctrica Argentina S.A., Cerros Colorados Hidroeléctrica Argentina S.A. and Piedra del Águila Hidroeléctrica Argentina S.A. Banco de Galicia y Buenos Aires S.A. acted as administrative agent. The disbursement of the Syndicated Loan took place on January 6, 2026. Legal advisors to BML Energía: Bruchou & Funes de Rioja – Partner José Bazán and associates Manuel Etchevehere and Facundo Suárez Loñ.

On September 18, 2026 YPF S.A. (“YPF”), the largest Argentine company mainly engaged in exploitation of hydrocarbon products and their derivatives in Argentina, issued its Class XLIV 7.550% senior notes due 2035, for an aggregate principal amount of US$1,200,000,000 under the frequent issuer regime from the Argentine Securities Commission (Comisión Nacional de Valores). The Notes will be listed on Bolsas y Mercados Argentinos and will be admitted for negotiation on the A3 Mercados. BBVA Securities Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC and Santander US Capital Markets LLC acted as global coordinators and initial purchasers (the “Global Coordinators and Initial Purchasers”), Balanz Capital UK LLP acted as initial purchaser (the “Initial Purchaser”) and Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U., Cucchiara y Cía S.A., Banco CMF S.A., Macro Securities S.A.U., Latin Securities S.A.U., Cocos Capital S.A. and Puente Hnos. S.A. acted as local placement agents (the “Local Placement Agents”). The Bank of New York Mellon acted as Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent under the Indenture signed with YPF (the “Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent”) and Banco Comafi S.A. as Registrar, Paying Agent, Transfer Agent and Representative of the Trustee in Argentina. Separately, on September 17, 2026, YPF announced the final results of its cash tender offers for its (i) outstanding 6.950% Class LIII Senior Notes due 2027 (the "2027 Notes") and (ii) outstanding Step-Up Amortizing Class XVII Notes at 2.500%/9.000% due 2029 (the "2029 Notes") (the "Tender Offers"). As of September 16, 2026, 2027 Notes in an aggregate principal amount of US$318,514,000 and 2029 Notes in an aggregate principal amount of US$247,608,703 were validly tendered. Such 2027 Notes and 2029 Notes were purchased and cancelled by YPF on September 18, 2026. BBVA Securities Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC and Santander US Capital Markets LLC acted as dealer managers (the “Dealer Managers”) and Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U., Cucchiara y Cía S.A., Banco CMF S.A., Macro Securities S.A.U., Latin Securities S.A.U., Cocos Capital S.A. and Puente Hnos. S.A. acted as local dealer managers (the “Local Dealer Managers”). Counsel to YPF Bruchou & Funes de Rioja acted as legal counsel through its team led by partners José Bazán and Leandro Belusci, and associates Gonzalo Javier Vilariño and Delfina Amaya Toustau. Cleary Gottlieb Steen & Hamilton LLP acted as New York legal counsel through its team led by partners Juan G. Giráldez and Ignacio Lagos, and associates Juan Ignacio Leguízamo, Lucas Davidenco and Alvin Herrera Gardea.

On February 19, 2025, Open Cars Group entered into a share purchase agreement to acquire 100% of the share capital and voting rights of Mercedes Benz Argentina S.A.U. (now Prestige Auto S.A.U.) from Mercedes-Benz Group, which was completed on June 17, 2025. The transaction includes the indirect acquisition of a controlling interest in Círculo Cerrado S.A. de Ahorro para Fines Determinados, a local vehicle savings plan company. The transaction covers the production of vans in Argentina, the wholesale distribution of both locally produced vans and imported cars in Argentina, and operation on an after-sales business in the national market. This transaction strengthens the efficiency of the automotive sector and positions the parties as key players in the modernization and growth of the industry in Argentina, as it marks a significant step in the strategic realignment of the Mercedes-Benz Group’s operations in Argentina. Following the closing of the transaction, MBA will continue to operate as an independent entity under its new corporate name, Prestige Auto S.A.U. Bruchou & Funes de Rioja advised Open Cars Group, including Daniel Herrero (former CEO of Toyota Argentina), Alfonso Prat-Gay and Santiago Palay, with a team led by partner Santiago Balbi, senior associates Agustina Rocca and Federico Vicente, and associates Delfina Nécol, Santiago Cleti, and Josefina De la Torre (General Corporate and M&A), and partner Gabriel Lozano (Competition and Antitrust). Allende & Brea advised Mercedes-Benz Group, with a team led by partner Valeriano Guevara Lynch, senior associate Nicole Dillon, and associates Micaela Zárate and Micaela Kim (General Corporate and M&A).

The Republic of Argentina (“Argentina”) entered into a $2 billion credit agreement dated July 3, 2026, with Banco Bilbao Vizcaya Argentaria S.A., New York Branch and Banco Santander S.A. as lenders and mandated lead arrangers, and The Bank of New York Mellon as facility agent (the “Credit Agreement”). Under this facility, the International Bank for Reconstruction and Development (IBRD) provided a first-loss guarantee and the Multilateral Investment Guarantee Agency (MIGA) provided a second-loss guarantee covering the sovereign’s payment obligations under the facility. In addition to the Credit Agreement, Argentina entered into a US$1.2 billion credit agreement dated July 7, 2026, with Deutsche Bank AG London Branch as lender and The Bank of New York Mellon as administrative agent. This dual-tranche facility is partially guaranteed by the Inter-American Development Bank (IDB). These transactions represent the first time that Argentina has entered into loan facilities with commercial banks and supported by multilateral guarantees, and mark the country’s return to international credit markets since Argentina’s comprehensive debt restructuring in 2020. Both credit agreements are governed by the laws of the State of New York. Proceeds are expected to be used for general budget support purposes of the government, and to pay fees and expenses related to the transactions. Counsel to Banco Bilbao Vizcaya Argentaria S.A., New York Branch, and Banco Santander S.A. Bruchou & Funes de Rioja, sole Argentine law firm participating in the transaction, acted as Argentine Law counsel to Banco Bilbao Vizcaya Argentaria S.A., New York Branch, and Banco Santander S.A. through the team led by partners José María Bazán and Alejandro Perelsztein, senior associate Ramón Augusto Poliche and associate Lucía De Luca. The team was assisted by partner Daniela Rey and associate Cecilia Calosso from the firm’s Tax Department, and partner Ignacio Minorini Lima from the firm’s Litigation and Administrative Law Department.

On June 23, 2025, Banco Macro S.A. (“Banco Macro”), one of Argentina’s leading financial institutions, issued, in the local and international markets, its 8.000% senior unsecured notes due 2029, for an aggregate principal amount of US$400,000,000 (the “Notes”), under Banco Macro’s US$1,500,000,000 Global Medium-Term Note Program (or its equivalent in other currencies and/or monetary, measurement, or value units). The Notes will mature on June 23, 2029 (the “Maturity Date”) and bear interest at a fixed nominal annual rate of 8.000%. Interest will be payable semi-annually in arrears, commencing on December 23, 2025, until the Maturity Date. The principal amount of the Notes will be repaid in full at 100.000% of their nominal value, plus accrued and unpaid interest, on the Maturity Date. The transaction was carried out in accordance with Rule 144A and Regulation S of the U.S. Securities Act of 1933. The Notes have been admitted for listing on the Bolsas y Mercados Argentinos S.A., and admitted for trading on the A3 Mercados S.A. Bank of America Securities and J.P. Morgan Securities acted as initial purchasers (the “Initial Purchasers”), while Macro Securities S.A.U., Balanz Capital Valores S.A.U., and Latin Securities S.A. acted as local placement agents (the “Local Placement Agents”) for the Notes. The Bank of New York Mellon acted as Trustee, Co-Registrar, Principal Paying Agent, and Transfer Agent under the Indenture entered into with Banco Macro S.A., with Banco Santander Argentina S.A. acting as Argentine Representative of the Trustee, Argentine Registrar, Argentine Paying Agent, and Transfer Agent. Counsel Banco Macro Bruchou & Funes de Rioja: acted as local legal counsel through its team led by partners Hugo Nicolás Bruzone and José María Bazán, and associates Ramón Augusto Poliche, Sofía Maselli, Lucía De Luca and Francisco Mendioroz. Linklaters LLP: acted as New York legal counsel through its team led by  partners Matthew Poulter and Emilio Minvielle, and associates Madelein Blehaut, Thomas Tiphaine Koffman, Thomas Lemouche and Juan Ignacio Itzaina. In-House Counsel to Banco Macro: Banco Macro was internally advised by Rodrigo Covello, Ernesto López and Valeria López Marti as in-house counsels. Counsel to the Initial Purchasers and the Local Placement Agents Salaverri, Burgio & Wetzler Malbrán: acted as local legal counsel through its team led by partners Roberto Lizondo and Josefina Ryberg, and associates Santiago Linares Luque, Rodrigo Durán Libaak, José María Martín and Carolina Naguelquin. Simpson Thatcher & Bartlett LLP: acted as New York legal counsel through its team led by  partners Juan Naveira and Jonathan Cantor, and associates Begoña Rodriguez, Jiha Min and Kirsten Davis.

Bruchou & Funes de Rioja acted as Argentine legal counsel to the ad hoc group of holders (the “Ad Hoc Group”) of the 11.000% Senior Secured Notes due 2031 (the “2031 Notes”) co-issued by Generación Mediterránea S.A. (“GEMSA”) and Central Térmica Roca S.A. (“CTR” and, together with GEMSA, the “Issuers”), in connection with the comprehensive restructuring of Grupo Albanesi’s financial indebtedness. About the Transaction: Grupo Albanesi ranks among Argentina’s largest private electricity generators. The restructuring was prompted by defaults on debt service obligations across Grupo Albanesi entities beginning in April 2025, affecting total outstanding indebtedness in excess of US$1 billion. The Ad Hoc Group, comprised of a group of market-leading financial institutions, entered into a Restructuring Support Agreement with the Issuers on March 20, 2026. Pursuant to the Restructuring Support Agreement, the Issuers launched an exchange offer (the “Exchange Offer”) for the 2031 Notes on May 4, 2026. The Exchange Offer was subject to a Minimum Participation Condition of 85% of the aggregate outstanding principal amount of the 2031 Notes, the majority threshold required to release the collateral securing the 2031 Notes. On June 2, 2026, the Issuers announced the successful completion of the Exchange Offer, with participation of 97.88% of the aggregate outstanding principal amount (approximately US$346.5 million in aggregate principal amount) of the 2031 Notes. Participation comfortably exceeded both the 85% Minimum Participation Condition and the 90% threshold entitling the Issuers to exercise the clean-up call. Settlement of the Exchange Offer occurred on June 5, 2026. The new instruments issued in the Exchange Offer consist of Senior Secured Fixed Rate Step-Up Notes due 2034 (Class XLVI) (the “New Notes”) and Value Recovery Notes due 2036 (Class XLVII) (the “VRI Notes”), issued as in-kind consideration in the Exchange Offer. The New Notes bear interest at a fixed incremental rate of 7.500% per annum through June 30, 2028, 8.000% per annum through June 30, 2030, and 9.000% per annum thereafter, payable semi-annually in cash, and amortize in 17 installments commencing December 31, 2026, with a final maturity of December 31, 2034. The VRI Notes bear interest at a fixed rate of 10.500% per annum payable in kind (PIK) through December 31, 2034, and 4.000% per annum payable in cash thereafter, with a final maturity of June 30, 2036. The New Notes and the VRI Notes are equally and ratably secured by a broad collateral package. Certain secured local notes issued by the Issuers share certain collateral with the New Notes and VRI Notes. The collateral package is governed by Argentine law and includes onshore collateral trust agreements with an active trust assignment structure, chattel mortgages (prendas con registro) over generation equipment, mortgages, a share pledge, and a usufruct assignment. TMF Trust Company (Argentina) S.A. serves as Argentine Collateral Agent and Onshore Trustee under the local collateral documents. The collateral documentation also includes multiple Intercreditor Agreements governing the rights and priorities among the various secured parties. Bruchou & Funes de Rioja Team The Bruchou & Funes de Rioja team was led by partners José María Bazán, Martín Beretervide, Pablo Muir and Leandro Belusci, with associates Quimey Lia Waisten, Lucía De Luca, and Marco Haas.

We advised Arcor SAIC, one of the most significant industrial groups in the food sector in Argentina, on the formation of a strategic joint venture with Danone to establish a leading company in the dairy market. The transaction contemplates both the acquisition of controlling interests in Mastellone Hermanos S.A. and the contribution of the existing shareholdings of Arcor and Danone in Mastellone Hermanos S.A. and Danone Argentina S.A., which hold iconic brands such as La Serenísima and Ser. This joint venture represents a strategic step for both companies, strengthening their positioning in a key, high-growth segment. Closing of the transaction is subject to customary regulatory approvals. The Bruchou & Funes de Rioja team was led by partner Mariano Luchetti, together with senior associate María Gulias and associates Delfina Nécol, Santiago Cleti García and Agustina Lanús de la Serna (M&A). The team was further supported by partner Pablo Muir (Tax), partner Florencia Angélico and associate Milagros Marini (Corporate), partner Alejandro Perelsztein (Banking), and partner Martín Beretervide (Litigation).

Genneia S.A. (“Genneia”), Argentina’s leading renewable energy developer and generator, entered into a financing agreement with the Inter-American Investment Corporation (“IDB Invest”), a member of the Inter-American Development Bank Group, for an initial amount of US$185,000,000, under a structure expandable up to US$320,000,000, aimed at financing new renewable generation developments and energy infrastructure projects in the country. The financing is secured by a security trust administered by Banco Comafi S.A. (the “Trustee”), acting in its capacity as trustee. This financing will support Genneia’s expansion strategy and enable the development of four new solar parks across different regions of Argentina. These projects include the San Rafael (180 MW) and San Juan Sur (129 MW) solar parks in the Cuyo region, as well as the Lincoln (20 MW) and Junín (20 MW) solar parks in the Province of Buenos Aires. In addition, the loan will facilitate the installation of a 40 MW battery energy storage system (BESS) at the Maschwitz node, an initiative aimed at enhancing the reliability of the electricity system during peak demand periods and supporting the integration of renewable generation into Argentina’s national grid. The agreement also includes technical assistance from IDB Invest for the preparation of studies related to the expansion of electricity transmission infrastructure in northern Argentina. These studies are intended to support projects linked to critical minerals, such as lithium and copper. Strengthening energy infrastructure in these regions is key to enabling mining projects located in the Puna and Andean regions to access reliable and competitive sources of energy, an increasingly important factor for their development and access to international markets. Through this initiative, Genneia reaffirms its commitment to promoting sustainable energy infrastructure, expanding renewable generation capacity in Argentina and advancing the country’s energy transition. Lender’s Legal Counsel Bruchou & Funes de Rioja acted as local legal counsel to IDB Invest, with the team led by partners Analía R. Battaglia and Matías López Figueroa and associate Lucía De Luca. Norton Rose Fulbright acted as New York counsel to IDB Invest, with team led by partner Jeremy A. Hushon. In-house Legal Counsel to IDB Invest: Angel Botto, lead Project Attorney.

Martínez de Hoz & Rueda advised Pan American Energy, S.L., Argentine Branch, a leading integrated energy company in Argentina, and Bruchou & Funes de Rioja advised a syndicate of 14 financial institutions, in the granting of a syndicated loan for an amount of US$336,000,000 under Argentine law (the “Syndicated Loan”). The syndicate was formed by Banco BBVA Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de Valores S.A., Banco Industrial S.A., Nuevo Banco de Santa Fe S.A., Banco de la Provincia de Buenos Aires, Banco del Chubut S.A., Banco Piano S.A., Nuevo Banco de Entre Ríos S.A., Banco Patagonia S.A., Banco de la Nación Argentina, and Banco Comafi S.A. (the “Lenders”). The Syndicated Loan represents one of the largest local loans of the last decade. Additionally, it is worth highlighting the large number of financial institutions participating as lenders. Banco BBVA Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., and Banco Santander Argentina S.A. acted as arrangers of the Syndicated Loan. Additionally, Banco BBVA Argentina S.A. acted as administrative agent. Legal advisors to Pan American Energy, S.L., Argentine Branch: Martínez de Hoz & Rueda – Partner José Martínez de Hoz (Nieto) and associates Luisina Luchini and Marco Primo. In-house legal team – Fernando Fresco, Dolores Reimundes, and Ignacio Gonzalez Padin. Legal advisors to the Lenders: Bruchou & Funes de Rioja – Partner José Bazán and associates Sebastián Pereyra Pagiari, Pedro Azumendi, and Lucía De Luca.

Bruchou & Funes de Rioja advised Visa Inc. on the acquisition of Prisma Medios de Pago S.A.U. and Newpay S.A.U. in Argentina, companies owned by the investment fund Advent International. The transaction is subject to the satisfaction of certain closing conditions. This strategic transaction represents a significant step in Visa’s expansion in Argentina’s digital payments market and reinforces its commitment to developing innovative technological solutions for consumers, businesses and financial institutions. Prisma Medios de Pago is one of Argentina’s leading payment infrastructure companies, providing processing services for credit, debit and prepaid card issuers. Newpay, in turn, operates critical infrastructure including the Banelco ATM network, real-time payment services and the PagoMisCuentas bill payment platform. Bruchou & Funes de Rioja advised Visa with a team led by partner Estanislao Olmos, senior associate Franca Stafforini and associates Rocio Yu, Tomas Herrero Anzorena, María Bourdieu, Sofía Guevara Lynch and Francisco Gomez Leiva (Corporate); partner Hugo Bruzone, together with senior associate Lucrecia von Petery and associates Lucia de Luca and Quimey Waistein (Banking); and partner Gabriel Lozano (Antitrust). The team also included partners Eugenia Santos and Lucila Tagliaferro, associate Leandro Vazquez (Labour), senior associate Franco Raffinetti and associate Catalina Vitor (IP).

Bruchou & Funes de Rioja advised YPF S.A. and TCA Tanoira Cassagne advised Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., TPCG Valores S.A.U, Max Capital S.A. and Banco Comafi S.A. as placement agents, in YPF S.A.’s issuance of additional class XXX notes for an aggregate value of US$204,000,000 (the “Notes”). The Notes are additional to Class XXX Notes originally issued by YPF S.A. on July 1, 2024, under its Frequent Issuer Regime. The Notes are denominated in dollars and payable in argentine pesos at the applicable exchange rate, will accrue interest at a fixed rate of 1.00% and will mature on July 1, 2026. The Notes were listed on A3 Mercados and BYMA. YPF S.A. is a company dedicated to the exploitation of hydrocarbon products and their derivatives in Argentina. The company’s stocks are publicly traded both in Argentinian local markets as well as in the NYSE (New York Stock Exchange). Legal counsel to YPF S.A. Bruchou & Funes de Rioja: Partners José María Bazán and Leandro Exequiel Belusci, and associates Branko Serventich and Gonzalo Javier Vilariño. Internal Legal counsel to YPF S.A. Paola Garbi, Fernando Gomez Zanou, Valeria Moglia, Francisco Gaspari and Marina Quinteiro. Legal counsel to the Placement Agents: TCA Tanoira Cassagne: Partners Alexia Rosenthal and Ignacio Criado Díaz and associates Carolina Mercero and Stefanía Lo Valvo.

On January 17, 2025 YPF S.A. (“YPF”), the largest Argentine company mainly engaged exploitation of hydrocarbon products and their derivatives in Argentina,issued its fixed annual interest rate senior notes due 2034, for an aggregate principal amount of US$1,100,000,000 under the frequent issuer regime from the Argentine Securities Commission (Comisión Nacional de Valores). The Notes will be listed on the Official List of the Luxembourg Stock Exchange for trading on the Euro MTF Market of the Luxembourg Stock Exchange, on the Mercado Abierto Electrónico and Bolsas y Mercados Argentinos. BBVA Securities Inc., Deutsche Bank Securities Inc., Itau BBA USA Securities, Inc. and Santander US Capital Markets LLC acted as initial purchasers (the “Initial Purchasers”), Latin Securities S.A., Agente de Valores acted as book-runner (the “Book-Runner”), and Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., Balanz Capital Valores S.A.U., Macro Securities S.AU., Latin Securities S.A. y Banco CMF S.A. acted as local placement agents (the “Local Placement Agents”). The Bank of New York Mellon acted as Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent under the Indenture signed with YPF (the “Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent”) and Banco Comafi S.A. as Registrar, Paying Agent, Transfer Agent and Representative of the Trustee in Argentina. On January 16, 2025 YPF announced the expiration and final results of its cash tender offer for any and all of its outstanding 8.500% Senior Notes due 2025 (the “2025 Notes” and the “Tender Offer”, respectively). Eligible holders tendered 2025 Notes for a value of US$314,922,000. These 2025 Notes were purchased and cancelled by YPF on January 17, 2025. BBVA Securities Inc., Deutsche Bank Securities Inc., Itau BBA USA Securities Inc., Latin Securties S.A., Agente de Valores and Santander US Capital Markets LLC acted as dealer managers (the “Dealer Managers”) and Banco CMF S.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., Macro Securities S.A.U, and Latin Securities S.A acted as local dealer managers (the “Local Dealer Managers”) YPF will redeem the outstanding principal amount of the 2025 Notes on February 17, 2025. Counsel to YPF Bruchou & Funes de Rioja acted as legal counsel through its team lead by partner José Bazán and associates Leandro Belusci, Branko Serventich, Malena Tarrío, Quimey Waisten and Lucia de Luca. Cleary Gottlieb Steen & Hamilton LLP acted as New York legal counsel through its team led by partner Juan G. Giráldez, associates Ignacio Lagos, Juan Ignacio Leguízamo and Lucas Davidenco. In-House Counsel to YPF: YPF S.A. was advised by its in-house legal team comprising attorneys Fernando Gómez Zanou, Marina Quinteiro, Paola Garbi and Valeria Moglia. Counsel to the Initial Purchasers, the Book-Runner, the Local Placement Agents, the Dealer Managers and the Local Dealer Managers: TCA Tanoira Cassagne acted as legal counsel through its team lead by partners Alexia Rosenthal, Rocío Carrica and Ignacio Criado Díaz and associates Carolina Mercero, Stefanía Lo Valvo. Milbank LLP acted as New York legal counsel through its team led by partner Carlos Albarracín, special counsel Gonzalo Guitart, associates Agustin Videla and Pamela Molina, and international lawyer Manuel Etchevehere. Counsel to the Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent Jones Walker LLP acted as legal counsel through its team led by partner Scott T. Zander.

Banco Santander, S.A. ("Santander"), Citicorp North America, Inc. (“Citicorp”) and Itaú Unibanco S.A., Nassau Branch (“Itaú”, and together with Santander and Citicorp, the "Banks"), as lenders, entered into a syndicated loan agreement with Vista Energy Argentina S.A.U. ("Vista Argentina"), as borrower, for a total amount of up to US$600,000,000 (the “Loan”). Citibank, N.A. acted as administrative agent. Once disbursed, the proceeds of the Loan will be used by Vista Argentina to pay a portion of the purchase price to Equinor Argentina A.S. and Equinor Argentina B.V., Argentine Branch, for (i) 100% of the share capital of Equinor Argentina S.A.U., holder of a 30% participating interest in the Bandurria Sur block; and (ii) a 50% participating interest in the Bajo del Toro block, held by Equinor Argentina B.V., Argentine Branch. Vista Argentina is a leading shale oil-focused company engaged in the exploration and production of oil and natural gas in Argentina, operating since April 2018. It is the largest independent oil producer in Argentina and in Vaca Muerta, the most extensive shale oil and gas play under development outside North America. Vista Argentina is a subsidiary of Vista Energy S.A.B. de C.V., a Mexican publicly traded corporation with shares listed on the Mexican Stock Exchange and ADSs listed on the New York Stock Exchange. Counsel to Vista Bruchou & Funes de Rioja acted as Argentine legal counsel through its team led by partner José María Bazán, together with associates Ramón Augusto Poliche and Lucía De Luca. Likewise, the team was assisted by partner Pablo Martín Muir and associate Cecilia Calosso for the firm’s Tax Department.

The Central Bank of the Argentine Republic (the “BCRA”) cancelled all of its outstanding passive repurchase (REPO) transactions for a total amount of USD 6 billion, and entered into a new series of repo transactions with nine leading international banks as well as a bilateral total return swap transaction with one leading international bank, for an aggregate total amount of USD 6 billion, maturing in September 2028. Through this new transaction, the BCRA refinanced all maturities of these instruments scheduled for 2026 and 2027, strengthening its foreign currency liquidity position and improving the predictability of its foreign exchange flow, thereby supporting the orderly functioning of the local foreign exchange market. Additionally, this transaction allowed the BCRA to reduce its financing costs once again and expand the number of participating international banks. The transaction was structured using BONAR bonds available in the BCRA's portfolio, with bids received for USD 8.25 billion. Under this transaction, the BCRA will pay an interest rate equivalent to the USD-SOFR rate plus a spread of 4.00%. Bruchou & Funes de Rioja, sole Argentine law firm participating in the transaction, acted as Argentine Law counsel to the ten international banks through the team led by partners Hugo N. L. Bruzone and José María Bazán, and associates Ramón Augusto Poliche and Victoria Negro. Likewise, the team was assisted by partner Daniela Rey from the firm’s Tax Department.

A&O Shearman and Bruchou & Funes de Rioja advised the Initial Purchasers and the Local Placement Agents in connection with the Province of Chubut's issuance of international debt securities denominated in and payable in U.S. dollars, bearing a fixed annual interest rate of 9.450% and maturing on April 29, 2036, for a total principal amount of US$650,000,000 (the “Debt Securities”), as well as in the cash tender offer for U.S. dollar-denominated secured notes due 2030 (the “Existing Notes”). Pursuant to the tender offer, Existing Notes were accepted for a total outstanding principal amount of US$62,081,785.34, corresponding to an original principal amount of US$650,000,000, equivalent to 26.76% of the total original principal amount outstanding (the “Tender Offer”). The Province will use the proceeds from the issuance of the Debt Securities to (i) repurchase a portion of the BOCADE public notes due 2030 and (ii) finance the development of infrastructure projects and public works required by the Province, including the optimization of the Lago Musters–Comodoro Rivadavia, Rada Tilly and Caleta Olivia Regional Aqueduct, as well as related works and the acquisition of equipment and instruments necessary for the commissioning of the “María Humphreys” High Complexity Hospital in Trelew. The Debt Securities were issued on April 29, 2026, bear interest at a fixed annual rate of 9.450%, payable quarterly, and principal is payable in twenty-eight consecutive quarterly installments. J.P. Morgan Securities LLC and Santander US Capital Markets LLC acted as initial purchasers of the Debt Securities and as dealer managers for the Tender Offer. Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Banco del Chubut S.A., Bull Market Brokers S.A., Cono Sur Inversiones S.A., Facimex Valores S.A., Cucchiara y Cía. S.A., Allaria S.A., Macro Securities S.A.U. and Puente Hnos. S.A. acted as local placement agents. Sodali & Co acted as information and tender agent in connection with the Tender Offer. The Notes are secured by an assignment by way of security of the hydrocarbon royalties to which the Province is entitled. Legal counsel to the Initial Purchasers, Dealer Managers and Local Placement Agents: With respect to U.S. law: A&O Shearman, through partner Alejandro Gordano, associate Gonzalo Robles and paralegal Anika Pemmaraju. With respect to Argentine law: Bruchou & Funes de Rioja, through partner Alejandro Perelsztein and associates Manuel Etchevehere, Victoria Negro and Francisco Mendioroz.

Bruchou & Funes de Rioja advised Petroquímica Comodoro Rivadavia S.A. and TCA Tanoira Cassagne advised Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A. and Balanz Capital Valores S.A.U. as placement agents (together the “Placement Agents”), in Petroquímica Comodoro Rivadavia’s issuance of Class S Notes for an amount of US$ 65,000,000, under the “Frequent Issuer Simplified Regime” (Régimen de Emisor Frecuente). The Class S Notes are denominated in US dollars and will be payable in US dollars in Argentina (Dollar MEP), maturing on February 17, 2031, and will accrue interest at a fixed interest rate of 8%. The Class S Notes have been authorized for its listing on Bolsas y Mercados Argentinos S.A. and for its negotiation on Mercado Abierto Electrónico S.A. Legal counsel to Petroquímica Comodoro Rivadavia S.A. Bruchou & Funes de Rioja: Partner José María Bazán and associates Sebastián Pereyra Pagiari, Pedro Azumendi and Gonzalo Javier Vilariño. Petroquímica Comodoro Rivadavia S.A. in-house legal counsel: Mariano Juarez Goñi, Florencia Fridman and Anabela Mengoni. Legal counsel to the Placement Agents TCA Tanoira Cassagne: Partners Alexia Rosenthal and Rocío Carrica and associates Juan Manuel Simó and Stefania Lo Valvo.

We advised Arcor SAIC, one of Argentina’s most significant industrial groups in the food sector, on the completion of the integration of its dairy businesses with Danone. Through this transaction, both companies assumed joint control of Mastellone Hermanos S.A. and Danone Argentina S.A. The deal resulted in the creation of La Serenísima Unida, a new company holding iconic brands such as La Serenísima and Ser. This integration represents a strategic step for both companies, strengthening their position in a key, high-growth segment of the Argentine dairy market. The Bruchou & Funes de Rioja team was led by partner Mariano Luchetti, together with senior associate María Gulias and associates Delfina Nécol, Santiago Cleti García, and Agustina Lanús de la Serna (M&A). The team also included partner Pablo Muir (Tax), partner Florencia Angélico together with associates Milagros Marini and Milagros Varona (Corporate Governance & Companies Law), partner Alejandro Perelsztein (Banking), and partner Gabriel Lozano (Antitrust).

Bruchou & Funes de Rioja advised YPF S.A. (“YPF”), Pluspetrol S.A. and Pluspetrol Cuenca Neuquina S.R.L. (together, “Pluspetrol”) on the negotiation and execution of the commercial agreements for the integrated natural gas liquids project (the “NGL Project”), developed by Transportadora de Gas del Sur S.A. (“TGS”) and certain affiliates. The NGL Project is one of the most significant midstream infrastructure initiatives currently under development in Argentina, aimed at exporting natural gas liquids derived from Vaca Muerta, with an estimated investment of approximately USD 3 billion. The NGL Project is a strategic initiative involving the construction, development and operation of the infrastructure required to capture, process, transport and export liquids associated with natural gas from Vaca Muerta, including propane, butane and natural gasoline. Among other works, the project includes the construction and operation of a gas stream segregation pipeline of approximately 100 km, new gas processing facilities at the Tratayén Plant (Neuquén Province), the construction and operation of a multi-product pipeline of approximately 577 km between Tratayén and the city of Bahía Blanca (Buenos Aires Province), as well as a fractionation plant, storage facilities and a marine terminal in Puerto Galván. In this context, YPF and Pluspetrol committed gas volumes that, together with Chevron—whose participation remains subject to internal corporate approvals—will cover more than 80% of the project’s anticipated processing capacity, positioning them as key producers for the viability and development of this strategic initiative for Vaca Muerta. The NGL Project will be developed under Argentina’s Incentive Regime for Large Investments (“RIGI”) and is expected to commence operations by 2030. Once operational, it is estimated to generate exports of approximately USD 1.2 billion per year, significantly contributing to the strengthening of Argentina’s energy infrastructure and the expansion of the country’s export capacity. Advisors to YPF and Pluspetrol Bruchou & Funes de Rioja Partners: Nicolás Dulce (O&G – M&A), Pablo Muir (Tax) and José Bazán (Financing). Associates: María Gulias, Giuliana Busico Guaspari and Francisco Gomez Leiva. YPF in-house counsel: Carlos Alberto San Juan and Bárbara Vons. Pluspetrol in-house counsel: Diego Patricio Roizen, María Carolina Crespo, Sofía Moyano and Nicolás Abregú Mirra.

Pluspetrol S.A. (the "Company") carried out a local and international offering (the "Offering") for an aggregate principal amount of US$450,000,000 in notes maturing in 2032 (the "Notes"). The Notes will bear interest at a fixed nominal annual rate of 8.500%. Interest will be paid semiannually in arrears on May 30 and November 30 of each year, starting on November 30, 2025. The principal of the Notes will be fully amortized in a single installment, payable on the maturity date, May 30, 2032. BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Santander US Capital Markets LLC acted as initial purchasers of the Offering outside Argentina, while Galicia Capital US, LLC acted as advisor to the Company. Balanz Capital Valores S.A.U., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., and Cucchiara y Cía. S.A. acted as local placement agents for the Offering in Argentina. Citibank, N.A. acted as trustee, registrar, transfer agent, and paying agent under the indenture entered into with the Company, and La Sucursal de Citibank, N.A., establecida en la República Argentina acted as representative of the trustee in Argentina, registrar, transfer agent, and paying agent in Argentina. The closing of the Offering took place on May 30, 2025. Legal advisors to Pluspetrol S.A. Cleary Gottlieb Steen & Hamilton LLP, New York, United States Partners Juan Giráldez and Jonathan Mendes de Oliveira, associate Nicole Muller, and international associate Micaela Mingramm. Bruchou & Funes de Rioja Partners José Bazán and Leandro Belusci, and associates Branko Serventich and Sofía Maselli. Legal advisors to the Initial Purchasers, Local Placement Agents, and the Company’s Advisor Milbank LLP, New York, United States Partner Marcelo Mottesi, special counsel Gonzalo Guitart, associate Pamela Molina, and international associate Manuel Etchevehere. Martínez de Hoz & Rueda Partners José Martínez de Hoz (grandson), Pablo Schreiber, and Jimena Vega Olmos, and associates Luisina Luchini and Marco Primo.

On May 28, 2025, Pampa Energía S.A. (“Pampa”), a leading company in the energy and oil and gas sector, issued, in the local and international markets, additional 7.875% senior unsecured notes due 2034, for an aggregate principal amount of US$340,000,000 (the “Notes”), under the frequent issuer regime from the Argentine Securities Commission (Comisión Nacional de Valores). The Notes constitute an additional issuance of Pampa’s 7.875% notes due 2034, originally issued on December 16, 2024, under the frequent issuer regime, in an aggregate principal amount of US$360,000,000 (the “Original Notes” and, together with the Notes, the “7.875% Notes due 2034”). Following this issuance, the total aggregate principal amount outstanding of the 7.875% Notes due 2034 is US$700,000,000. The transaction was carried out in accordance with Rule 144A and Regulation S of the U.S. Securities Act of 1933. The Notes have been admitted for listing on the Bolsas y Mercados Argentinos S.A., and admitted for trading on the A3 Mercados S.A. The Company will use the proceeds of the Notes (i) to redeem in full its outstanding 9.125% senior series 3 notes due 2029, and (ii) for other general corporate purposes, including without limitation any further acquisitions or integration of working capital located in Argentina or repayment of any indebtedness. Several underwriters acted as joint bookrunners and initial purchasers in the Notes offering (“Initial Purchasers”) and Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A.U. and Balanz Capital Valores S.A.U. acted as local placement agents in the Notes offering (the “Local Placement Agents”). The Bank of New York Mellon acted as Trustee, Paying Agent, Registrar and Transfer Agent under the Indenture originally entered into with Pampa and Banco Santander Argentina S.A., the latter acting as Argentine Registrar and Transfer Agent, Argentine Paying Agent and Representative of the Trustee in Argentina. Counsel to Pampa Energía S.A. Salaverri, Burgio & Wetzler Malbrán acted as local legal counsel through its team led by partner Roberto Lizondo and associates Natalia Ostropolsky, Rodrigo Durán Libaak, Francisco José Grasso, Valentina Buschiazzo Ripa and Paloma Payares. Cleary Gottlieb Steen & Hamilton LLP acted as New York legal counsel through its team led by partner Juan G. Giráldez, and associates Juan Ignacio Leguizamo and Maria Paz Canal. In-House Counsel to Pampa Energía S.A. Pampa was internally advised by Adolfo Zuberbuhler, Débora Tortosa Chavez, Julieta Castagna and Constanza Gulo as in-house financial advisors and María Agustina Montes, Maite Zornoza, Juan Manuel Recio and Camila Mindlin as in-house counsels. Counsel to the Initial Purchasers and the Local Placement Agents Bruchou & Funes de Rioja acted as local legal counsel through its team led by partners José María Bazán and Leandro E. Belusci, and associates Pedro María Azumendi, Lucía De Luca and Teo Panich. Davis Polk & Wardwell LLP acted as New York legal counsel through its team led by Maurice Blanco and counsel Drew Glover. Counsel to the Trustee, Registrar, Principal Paying Agent and Transfer Agent Emmet, Marvin & Martin, LLP acted as legal counsel through its team led by partner Matthew W. Peetz and associate Evan O’Connor.

Linklaters and Bruchou & Funes de Rioja advised Itaú Unibanco S.A., Nassau Branch (the “Lender”) and Cleary Gottlieb Steen & Hamilton and Salaverri, Burgio & Wetzler Malbrán advised Fértil Pampa S.A.U. (“Fértil Pampa”), a subsidiary of Pampa Energía S.A. (“Pampa”), developing a 6,000 metric tons per day granulated urea production plant in Bahía Blanca, Province of Buenos Aires, Argentina, and Pampa, as guarantor, in the granting of a loan governed by New York law for an amount of up to US$300,000,000 to Fértil Pampa (the “Loan”). The Lender also acted as administrative agent (the “Administrative Agent”) under the Loan. The Loan will finance the construction of the urea plant, a project admitted to the Incentive Regime for Large Investments (“RIGI”) as a Long-Term Strategic Export Project, and reflects the commitment of international financial institutions to continue supporting strategic projects that contribute to the development of Argentina. Legal advisors to the Lender under the Loan: Local: Bruchou & Funes de Rioja – Partner Leandro Exequiel Belusci and associates Sebastián Pereyra Pagiari and Micaela Zárate.

Bruchou & Funes de Rioja advised YPF S.A. in connection with the sale of its 70% equity interest in MetroGAS S.A. and its 5% equity interest in MetroENERGÍA S.A. Following a competitive process organized by Citibank N.A., on August 10, 2026, YPF S.A. accepted the offer submitted by Empresa Distribuidora y Comercializadora Norte S.A. (Edenor) for the acquisition of YPF S.A.’s shares in MetroGAS and MetroENERGÍA. The closing of the transaction is subject to the satisfaction of customary conditions precedent, including the approval of the National Gas and Electricity Regulatory Authority (Ente Nacional Regulador del Gas y la Electricidad - ENRGE). MetroGAS is one of Argentina’s leading natural gas distribution companies, with operations primarily concentrated in the City of Buenos Aires and the Greater Buenos Aires area. MetroENERGÍA, in turn, is engaged in the commercialization of natural gas. Bruchou & Funes de Rioja advised YPF S.A. through a team led by partners Estanislao Olmos, Nicolás Dulce, and José María Bazán, together with senior associate Agustina Rocca and associates Tomás Herrero Anzorena and Celina Sanguinetti. The team also included the participation of partner Daniela Rey, from the Tax practice, and partner Ignacio Minorini Lima, from the Regulatory practice.

Bruchou & Funes de Rioja advised Pluspetrol S.A (“Pluspetrol”), in the entry to the Public Offering Regime of the Argentine Securities and Exchange Commission and in the creation of the Global Notes Program of up to US$1,000,000,000 (or its equivalent in other currencies or units of measure or value) (the “Program”). Under the Program, Bruchou & Funes de Rioja advised Pluspetrol and TCA Tanoira Cassagne advised Banco de Galicia y Buenos Aires S.A.U. and Banco Santander Argentina S.A., as arrangers and placement agents (the “Arrangers and Placement Agents”), and Balanz Capital Valores S.A.U., SBS Trading S.A., Banco Patagonia S.A., Latin Securities S.A., Industrial Valores S.A., Banco de la Provincia de Buenos Aires, Macro Securities S.A.U., Invertironline S.A.U., Banco Supervielle S.A., Banco Comafi S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de la Ciudad de Buenos Aires, Puente Hnos. S.A., and Banco de Valores S.A. as placement agents (the “Placement Agents”) in the successful issuance of (i) the Class 1 Notes for an amount of US$74,164,370, denominated and payable in U.S. Dollars, with a fixed rate of 6.00%, maturing on January 27, 2028 (the "Class 1 Notes") and (ii) the Class 2 Notes for an amount of US$123,020,337, denominated and payable in U.S. Dollars, with a fixed rate of 7.50%, maturing on January 27, 2030 (the “Class 2 Notes”, and together with the Class 1 Notes, the "Notes”). The Notes were listed on the Mercado Abierto Electrónico S.A. (“MAE”) and Bolsas y Mercados Argentinos S.A. (“BYMA”) and were rated AAA(Arg) by FIX SCR S.A. Agente de Calificación de Riesgo with a stable outlook. Pluspetrol is a benchmark in the operation of unconventional reservoirs, in the development of high-pressure gas fields, and in the extraction of crude oil in mature reservoirs with secondary and tertiary recovery. With an interest in the future, the company is making important investments in the country, and its position in Vaca Muerta formation, one of the largest unconventional hydrocarbon reservoirs in the world, stands out. Legal counsel to Pluspetrol Bruchou & Funes de Rioja: Partner José María Bazán and associates Leandro Belusci, Sofía Maselli and Branko Serventich. Legal counsel to the Arrangers and Placement Agents TCA Tanoira Cassagne: Partners Alexia Rosenthal, Jaime Urganga, Rocio Carrica and Ignacio Criado Díaz and associates Carolina Mercero, Teófilo Jorge Trusso, Stefania Lo Valvo and Florencia Ramos Frean.

Bruchou & Funes de Rioja acted as deal counsel in the recent issuance and inaugural public offering in Argentina of trust securities secured for a nominal value of 24,100,000 UVA, at a fixed annual nominal rate of 7%, which includes a structure of fixed and variable amortizations that can be postponed, providing the trust structure with greater flexibility (the 'Trust Securities'). The trust assets assigned to the Trust are the purchase agreements entered into by the trustor under the real estate development 'MilAires', which is developed by Grupo ECIPSA and is located in the district of Devoto, City of Buenos Aires (https://milaires.com/). TMF Trust Company (Argentina) S.A. participated as trustee, the Fideicomiso Inmobiliario Naasé, as trustor (the 'Trustor'), ECIPSA Holding S.A. as guarantor, Balanz Capital Valores S.A.U. as organizer and placement agent, and Banco Supervielle S.A. and Banco de la Ciudad de Buenos Aires as placement agents. The obligations of the Trustor within the framework of the Trust are jointly guaranteed by ECIPSA Holding S.A., which, in turn, has issued promissory notes in favor of the Trust. The Argentine Exchange Commission (the 'CNV') authorized the public offering of the Trust Securities on December 16, 2024, with the same being issued on December 26, 2024, and admitted for listing and trading on the Mercado Abierto Electrónico S.A. and on Bolsas y Mercados Argentinos S.A. Additionally, on September 9, 2024, the Trust issued initial trust securities without a public offering for a nominal value of 18,500,000 UVA, which were delivered in kind to subscribe part of the Trust Securities. Grupo ECIPSA is a business holding company comprised of developers and trustees in the real estate market, with a presence in six countries. With more than 45 years of experience, it has over 100 consolidated projects, more than 13,500 units delivered, and over 2,000 hectares developed. Bruchou & Funes de Rioja acted as legal advisor for the transaction through the team led by partner José María Bazán along with associates Leandro Exequiel Belusci, Quimey Lía Waisten, Sofía Maselli, and Branko Serventich. TMF Trust Company (Argentina) S.A. was advised by in-house lawyers Leonardo Pirolo, Tomás Bruno and Rosario Tapia. Grupo ECIPSA was advised by in-house lawyers Germán González and Sandra Alvarez.

Bruchou & Funes de Rioja asesoró a YPF S.A. y TCA Tanoira Cassagne asesoró a Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., TPCG Valores S.A.U., Max Capital S.A. y Banco Comafi S.A. como colocadores, en la emisión de las obligaciones negociables adicionales clase XXX por un valor nominal de US$204.000.000 (las “Obligaciones Negociables”). Las Obligaciones Negociables son adicionales a las Obligaciones Negociables Clase XXX originalmente emitidas por YPF S.A. el 1 de julio de 2024 bajo el Régimen de Emisor Frecuente. Las Obligaciones Negociables están denominadas en dólares estadounidenses y serán pagaderas en pesos argentinos al tipo de cambio aplicable, devengarán intereses a una tasa del 1,00% nominal anual y vencerán el 1 de julio de 2026. Las Obligaciones Negociables han sido autorizadas para su listado en A3 Mercados y BYMA. YPF S.A. es una empresa dedicada a la explotación de recursos hidrocarburíferos en la República Argentina. Las acciones de la compañía listan en mercados locales y a su vez que también listan en el NYSE (Bolsa de Valores de Nueva York). Asesoramiento legal a YPF S.A. Bruchou & Funes de Rioja: Socios José María Bazán y Leandro Exequiel Belusci, y asociados Branko Serventich y Gonzalo Javier Vilariño. Asesoramiento legal interno de YPF S.A. Paola Garbi, Fernando Gomez Zanou, Valeria Moglia, Francisco Gaspari y Marina Quinteiro. Asesoramiento legal a los Colocadores TCA Tanoira Cassagne: Socios Alexia Rosenthal e  Ignacio Criado Díaz y asociadas Carolina Mercero y Stefanía Lo Valvo.

Bruchou & Funes de Rioja has appointed Leandro Exequiel Belusci and Pablo Crimer as new partners in its Banking & Capital Markets and Environmental Law Departments, respectively, effective April 1st. Leandro E. Belusci has developed his career in the field of banking and capital markets law for over ten years at the firm. He has advised banks, companies, and investment funds in both local and international financing and debt issuance transactions, participating in some of the most complex, innovative, and high-value deals in the country. In 2017-2018, he worked as an international associate in the Global Capital Markets department of Milbank LLP in New York. With this promotion, the Banking team now has six partners exclusively dedicated to this practice, reinforcing its position as the largest team of banking law specialists in the Argentine market. Commenting on his appointment, Hugo N. Bruzone, Head of the Banking & Capital Markets Department and member of the firm’s Executive Committee and Board of Directors, stated: “We are very proud of Leandro’s appointment as a partner in our department. Since joining the firm, he has demonstrated exceptional commitment and a highly professional approach. His promotion reinforces the leadership of our Banking practice in the Argentine market, strengthened by his involvement in the most relevant transactions in the sector.” Pablo Crimer was appointed partner of the Environmental Law Department. With more than 17 years of experience, he specializes in providing comprehensive advice to companies on environmental, sustainability, and ESG matters. In 2024, he was appointed Expert Counsel at the firm, and since then has led the Environmental Law team. He has actively worked on matters involving environmental compliance, climate change, permitting, litigation, public policy, renewable energy, community relations, and carbon markets, among others. Pablo’s promotion reflects a unique commitment in the local legal market, as he is one of the few partners in a leading full-service firm dedicated exclusively to environmental law. In this regard, Rodrigo Funes de Rioja, also a member of the Executive Committee and Board of Directors, stated: “Pablo’s promotion reaffirms the firm’s strong commitment to strengthening our capabilities in environmental risk management and sustainability. Through our Climate Action and Sustainable Business Platform, we have been advancing an agenda that positions Bruchou & Funes de Rioja as a key player in the transition toward business models aligned with evolving regulatory demands. Pablo’s leadership, broad perspective, and technical expertise have been instrumental in consolidating a team that today stands out as a market reference, offering tailored solutions to clients across a wide range of industries.” The promotion of Leandro Exequiel Belusci and Pablo Crimer brings the firm’s total number of partners to 53. These appointments are part of Bruchou & Funes de Rioja’s ongoing commitment to excellence, innovation, and the professional development of its team, reinforcing its position as the most comprehensive and specialized legal platform for doing business in Argentina.

Bruchou & Funes de Rioja advised YPF S.A. and TCA Tanoira Cassagne advised Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A. and Balanz Capital Valores S.A.U. as arrangers an placement agents, and Banco BBVA Argentina S.A., Banco Comafi S.A., Banco CMF S.A., Banco de la Provincia de Buenos Aires, Banco de la Provincia de Córdoba S.A., Banco Mariva S.A., Banco Patagonia S.A., Banco Supervielle S.A., Buenos Aires Valores S.A., Industrial Valores S.A., Invertironline S.A.U., Petrini Valores S.A.U., Puente Hnos. S.A. and Macro Securities S.A.U, as placement agents, in YPF S.A.’s issuance of (i) the class XXXV notes for an aggregate value of US$139,894,182 (the “Class XXXV Notes”); and (ii) the class XXXVI notes for an aggregate value of US$58,971,000 (the “Class XXXVI Notes”, and together with Class XXXV Notes, the “Notes”) subscribed under YPF´s Frequent Issuer Notes Program. The Class XXXV Notes are denominated in dollars and payable in dollars in Argentina, will accrue interest at a fixed rate of 6.25% and will mature on February 27, 2027. The Class XXXVI Notes are denominated in dollars and payable in dollars in Argentina, will accrue interest at a fixed rate of 3.50% and will mature on August 27, 2025. The Notes were listed on MAE and BYMA. YPF S.A. is a company dedicated to the exploitation of hydrocarbon products and their derivatives in Argentina. The company’s stocks are publicly traded both in Argentinian local markets as well as in the NYSE (New York Stock Exchange). Legal counsel to YPF S.A. Bruchou & Funes de Rioja: Partner José María Bazán and associates Leandro Exequiel Belusci, Branko Serventich and Gonzalo Javier Vilariño. Internal Legal counsel to YPF S.A. Paola Garbi, Fernando Gomez Zanou, Valeria Moglia, Francisco Gaspari and Marina Quinteiro. Legal counsel to the Placement Agents: TCA Tanoira Cassagne: Partners Alexia Rosenthal and Ignacio Criado Díaz and associates Carolina Mercero and Stefanía Lo Valvo.

On March 5th, 2025, Genneia S.A. (“Genneia”) issued the Class XLVIII Green Notes denominated and payable in U.S. Dollars (hard dollar), at a fixed annual nominal interest rate of 6.50%, for a nominal value equivalent to US$ 27,760,264 (the “Class XLVIII Notes” or the “Notes”). The Notes comply with (i) the four main components of the ICMA's (International Capital Market Association) Green Bond Principles 2021 (GBP), (ii) the Guidelines for the Issuance of Social, Green and Sustainable Negotiable Securities in Argentina, as set forth in the Rules of the Argentine Securities and Exchange Commission, and (iii) the Guide to Social, Green and Sustainable Bonds at the Bolsas y Mercados Argentinos S.A. Panel (“BYMA”). In addition, Genneia has a Second Party Opinion issued by Sustainalytics, an external reviewer, confirming that the Genneia’s Green Bond Framework is impactful and aligns with the four main components of the GBP. The Class XLVIII Notes will mature on March 5th, 2028, date on which the Notes will amortize their principal in full. The Notes have been admitted for listing in the SVS Panel of BYMA, and authorized for its negotiation in A3 Mercados S.A. (formerly Mercado Abierto Electrónico S.A.). Moody´s Local AR Agente de Calificación de Riesgo S.A, locally rated the Notes “AA+.ar” with stable outlook (perspectiva estable). Under this issuance, (i) Macro Securities S.A.U. acted as arranger and placement agent (the “Organizer”); and (ii) Banco Santander Argentina S.A., BACS Banco de Crédito y Securitización S.A., Banco Patagonia S.A., Banco de la Provincia de Buenos Aires, Banco BBVA Argentina S.A., Cocos Capital S.A., Facimex Valores S.A., Banco Supervielle S.A., Invertironline S.A.U., TPCG Valores S.A.U., Balanz Capital Valores S.A.U., and Latin Securities S.A., acted as placement agents (collectively (i) and (ii), the “Placement Agents”). Legal Advisors to the Issuer: Bruchou & Funes de Rioja: advised Genneia through a team led by partner José María Bazán, and assisted by associates Ramón Augusto Poliche, Branko Serventich Pedro María Azumendi and Victoria Negro. In-house counsel of the Issuer: Eduardo Segura, Carlos Lovera and Matías Fraga. Legal Advisors to the Organizer and the Placement Agents: Pérez Alati, Grondona, Benites & Arntsen: advised the Placement Agents through the team led by partner Diego Serrano Redonnet, counselor Alejo Muñoz de Toro and associates Juan Ignacio Rodriguez Goñi, Tamara Friedenberger and Catalina Hermida Pini.

The Republic of Argentina (“Argentina”) entered into a US$1.2 billion credit agreement dated July 7, 2026, with Deutsche Bank AG London Branch as lender and The Bank of New York Mellon as administrative agent (the “Credit Agreement”). The dual-tranche facility is partially guaranteed by the Inter-American Development Bank (IDB). In addition to the Credit Agreement, Argentina entered into a $2 billion credit agreement dated July 3, 2026, with Banco Bilbao Vizcaya Argentaria S.A., New York Branch and Banco Santander S.A., as lenders and mandated lead arrangers, and The Bank of New York Mellon as facility agent. Under this facility, the International Bank for Reconstruction and Development (IBRD) provided a first-loss guarantee and the Multilateral Investment Guarantee Agency (MIGA) provided a second-loss guarantee covering the sovereign’s payment obligations under the facility. These transactions represent the first time that Argentina has entered into loan facilities with commercial banks and supported by multilateral guarantees, and mark the country’s return to international credit markets since Argentina’s comprehensive debt restructuring in 2020. Both credit agreements are governed by the laws of the State of New York. Proceeds are expected to be used for general budget support purposes of the government, and to pay fees and expenses related to the transactions. Counsel to Deutsche Bank AG London Branch Bruchou & Funes de Rioja, sole Argentine law firm participating in the transaction, acted as Argentine Law counsel to Deutsche Bank AG London Branch through the team led by partners José María Bazán and Alejandro Perelsztein, senior associate Ramón Augusto Poliche and associate Lucía De Luca. The team was assisted by partner Daniela Rey and associate Cecilia Calosso from the firm’s Tax Department, and partner Ignacio Minorini Lima from the firm’s Litigation and Administrative Law Department.

Bruchou & Funes de Rioja advised JPMorganChase on the negotiation of the lease agreement for an entire office building located in Centro Empresarial Núñez (CEN), a prime location within the northern corridor of the City of Buenos Aires. The building, developed by RAGHSA comprises a total surface area of 23,000 square meters. JPMorganChase will occupy more than 20 floors, reinforcing its presence in the country, where it already employs over 3,800 people. Furthermore, as part of this transaction, JPMorganChase agreed to temporarily extend and expand its lease at Belgrano Office, as well as to lease approximately 7,500 square meters at Centro Empresarial Libertador (CEL), both properties owned by RAGHSA. This transaction marks a milestone for the local office market and stands as the most significant corporate lease transaction in the last 20 years due to its scale, further consolidating the northern corridor of the City of Buenos Aires as a strategic business hub. Bruchou & Funes de Rioja’s Real Estate Department advised JPMorganChase through a team led by partner Exequiel Buenaventura, along with senior associate Federico Vicente and associate Santiago Cleti García. The internal legal team at JPMorganChase was led by Yanina Odriozola, Vice President and Assistant General Counsel, Paula Bressan, Executive Director and Assistant General Counsel, and Mariana Álvarez Gaiani, Managing Director and General Counsel for Argentina, Bolivia, Uruguay and Paraguay at JPMorganChase. Nicholson y Cano advised RAGHSA through its Real Estate Department, led by partner Agustín Pérez Cambiasso, along with senior associate Silvia Haurie and associate Augusto Seguetti. In addition, Juan Pablo Morad, Director at RAGHSA, acted as in-house counsel in this transaction.

POSCO Argentina S.A.U. and POSCO Argentina S.A.U., Sucursal Dedicada, a single-purpose project vehicle qualifying under Argentina's Incentive Regime for Large Investments (Régimen de Incentivo para Grandes Inversiones or RIGI), obtained short-term revolving financing of up to US$700,000,000 from IDB Invest. The financing consists of a Loan A of up to US$250 million and a Loan B of up to US$450 million, to be used to finance the “Sal de Oro II” project, comprising the construction and operation of a lithium carbonate plant located in the Salar del Hombre Muerto, in the provinces of Salta and Catamarca. POSCO Holdings Inc., a company organized under the laws of the Republic of Korea, is acting as guarantor of the borrowers’ obligations under the financing. Legal Advisors to IDB Invest Bruchou & Funes de Rioja advised IDB Invest as to Argentine law, through a team led by partner Analía Battaglia and associate Lucía De Luca. Partner Daniela Rey and tax associate María Cecilia Calosso also took part in the deal. IDB Invest was also advised by Julieta Moreno, lead counsel for the multilateral institution’s legal team.

On May 21, 2026, Pampa Energía S.A. (“Pampa” or the “Issuer”), a leading company in the energy and oil and gas sector, issued, in the local and international markets, additional 7.750% senior unsecured notes due 2037, for an aggregate principal amount of US$500,000,000 (the “Additional Notes”). The Additional Notes were issued as additional notes to the class 26 notes originally issued by Pampa on November 14, 2025 for an aggregate principal amount of US$450,000,000 (the “Original Notes”, and together with the Additional Notes, the “Class 26 Notes”) and, as a result, following their issuance, the aggregate principal amount of the Class 26 Notes amounts to US$950,000,000. The issuance of the Class 26 Notes was carried out under the US$2,100,000,000 note program for the issuance of non-convertible and/or convertible notes (obligaciones negociables). The transaction was carried out in accordance with Rule 144A and Regulation S of the U.S. Securities Act of 1933. The Additional Notes have been admitted for listing on the Bolsas y Mercados Argentinos S.A., and admitted for trading on the A3 Mercados S.A. The Company will use the proceeds of the Additional Notes, in compliance with the requirements of Article 36 of the Argentine Negotiable Obligations Law and other applicable Argentine regulations, for general corporate purposes, including without limitation (i) capital expenditures, investments, and/or any acquisition or integration of working capital located in Argentina, and/or (ii) financing investments in fixed assets and capital goods in Argentina, and/or (iii) capital contributions to controlled or related companies of the Issuer, the acquisition of equity interests and/or financing the acquisition of equity interests in companies or businesses located in Argentina, and/or of the ordinary course of their businesses, and/or (iv) repaying existing liabilities. BBVA Securities Inc., Deutsche Bank Securities Inc., Itaú BBA USA Securities, Inc. and Santander US Capital Markets LLC acted as joint bookrunners and initial purchasers in the Additional Notes offering (“Initial Purchasers”) and Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U. and Cocos Capital S.A. acted as local placement agents in the Additional Notes offering (the “Local Placement Agents”). The Bank of New York Mellon acted as Trustee, Paying Agent, Registrar and Transfer Agent under the Indenture dated November 14, 2025 entered into with Pampa and Banco Santander Argentina S.A., the latter acting as Argentine Registrar and Transfer Agent, Argentine Paying Agent and Representative of the Trustee in Argentina. Counsel to the Initial Purchasers and the Local Placement Agents Bruchou & Funes de Rioja acted as local legal counsel through its team led by partners José María Bazan and Leandro E. Belusci, and associates Juan Rosatto, Victoria Negro and Francisco Mendióroz.

Bruchou & Funes de Rioja advised Banco Macro on the structuring of a joint venture with Telecom Argentina to partner in the control and management of Personal Pay. The transaction included Banco Macro’s subscription of 50% of the stock of Micro Sistemas S.A., the company that develops and operates Personal Pay, for a total amount of US$75 million. This strategic agreement aims to accelerate the growth of the platform and strengthen its presence within the Argentine fintech ecosystem, expanding the range of financial products and services offered to more users with the support of a leading bank. Additionally, this transaction represents a significant step in the development of the digital payments and financial services business in Argentina and reinforces Banco Macro’s strategy to expand its presence in this sector, in partnership with one of the country’s major telecommunications groups. Bruchou & Funes de Rioja advised Banco Macro S.A. with a team led by partner Hugo N. Bruzone, senior associates Agustina Rocca and Federico Vicente, associates Rocío Yu, Sofía Baldino, and Guadalupe Cóccaro (Corporate Law and M&A), and partner Gabriel Lozano (Antitrust). Banco Macro also received in-house counsel from Ernesto López, Legal Manager, and Guillermo Patricio San Martín, Legal Consulting Manager.

Bruchou & Funes de Rioja y Clifford Chance LLP actuaron como asesores legales de Vista Energy Argentina S.A.U, subsidiaria de Vista Energy, S.A.B. de C.V. (“Vista Energy”), en la adquisición del 100% del capital social y los derechos de voto de Petronas E&P Argentina S.A. a Petronas Carigali Canada B.V. y Petronas Carigali International E&P B.V. (“Petronas”). Esta transacción representa un paso estratégico para Vista Energy en su crecimiento en Vaca Muerta, una de las formaciones de hidrocarburos no convencionales más prometedoras del mundo. A través de esta adquisición, Vista Energy consolida una participación del 50% en la concesión de hidrocarburos no convencional La Amarga Chica (operada por YPF S.A.), el segundo bloque de mayor producción en la ventana de crudo negro de Vaca Muerta, y asegura una capacidad significativa de evacuación de crudo en proyectos clave de infraestructura, principalmente destinados a exportación. La transacción involucró una estructura compleja ya que incluyó, entre otras, una combinación de diferentes formas y métodos de pago —incluyendo pagos al cierre, pagos diferidos y la emisión de ADSs— y la necesidad de acquisition financing a través de una línea de crédito de mediano plazo. La operación también requirió una sofisticada estrategia legal multijurisdiccional y una estrecha coordinación con equipos legales de México, Nueva York y el Reino Unido, abordando cuestiones regulatorias, societarias, de financiamiento e impositivas en todas estas jurisdicciones. El equipo de Bruchou & Funes de Rioja, liderado por el socio Nicolás Dulce y la senior associate Agustina Rocca, asesoró a Vista Energy en todos los aspectos de esta operación emblemática, con el apoyo de los asociados María Bourdieu, Josefina De La Torre, Santiago Cleti y Sofía Guevara Lynch. El equipo también incluyó al socio José Bazán y al senior associate Ramón Poliche (financiamiento de adquisiciones – Banking y Mercado de Capitales), la socia Florencia Angélico y el asociado Ezequiel Castello (Gobierno Corporativo), y el socio Pablo Muir (Impuestos). El equipo de Clifford Chance LLP (Londres) fue liderado por el socio Steven Fox y los asociados Olivia Higgs y Tom Masters; y su equipo de Nueva York fue liderado por los socios David Brinton y Carla Ruggero, reafirmando la experiencia de ambos estudios en transacciones complejas, de alto perfil y con alcance internacional en la industria del petróleo y gas. Adicionalmente, Vista Energy fue asesorada por Creel, García-Cuéllar, Aiza y Enríquez (México), liderado por el socio Carlos Zamarrón, el counsel Crisanto Sánchez Carrillo y los asociados Alejandro González Cruz y Juan Carlos Hernández Peláez; y por Cleary Gottlieb Steen & Hamilton LLP (Nueva York), liderado por el socio Manuel Silva junto con los asociados Rodrigo López Lapeña y Lara Gomez Tomei. El equipo legal interno de Vista fue liderado por Pablo De Michelis y Nicolás Marino, del equipo de Desarrollo de Negocios, y Rosario Maffrand, abogada in-house. Mayer Brown LLP asesoró a Petronas con un equipo liderado por el socio Pablo Ferrante junto con el socio Bob Palmer y las senior associates Federica Castro y Lucía Londoño. Petronas también fue asesorada localmente por Marval O’Farrell & Mairal, con un equipo integrado por los socios Francisco Macías, María Laura Bolatti Cristofaro, Soledad Riera, Bárbara Ramperti, Francisco Abeal, Luciana Virgile y los asociados María Virginia Canzonieri, Gabriel Fortuna, María Victoria Gonzalez y Gabriela Vidart Egaña. Con esta adquisición, Vista Energy se convierte en el mayor productor independiente de petróleo en Argentina, con una inversión acumulada de más de USD 6.000 millones desde 2018.

As of May 1st, Maximiliano Yudica Bartels has been appointed as Expert Counsel in the Tax Department at Bruchou & Funes de Rioja, further consolidating his career within the firm. Maximiliano has developed his entire professional career at Bruchou & Funes de Rioja, specializing in Tax Law and Tax Planning. He has extensive experience advising both local and international corporate clients on a wide range of tax matters, including complex transactions, corporate reorganizations, banking and capital markets operations, as well as designing tax planning strategies at both local and international levels. His practice also includes legal and tax advice to mutual funds and the structuring of vehicles for projects related to real estate, private banking, and other industries, both in Argentina and abroad. Additionally, he has notable expertise in private wealth and tax planning for individuals and families, providing comprehensive advice on structuring, estate planning, and the protection of family wealth across local and international jurisdictions. With this appointment, the Tax Department at Bruchou & Funes de Rioja is now composed of five partners, one expert counsel, four senior associates, and eight associates, further strengthening its commitment to professional excellence and comprehensive client service. Commenting on the promotion, Liban Kusa, member of the Steering Committee and head of the Tax practice, stated: “Throughout his career at the firm, Maximiliano has consistently demonstrated strong commitment and a high level of professionalism, becoming a significant contributor to the growth of the Tax Department. We are proud to support him in this new stage of expanded leadership within the firm and the broader legal sector”.  This promotion reflects Bruchou & Funes de Rioja’s commitment to fostering talent and team development aimed at delivering high-quality legal services with a multidisciplinary approach and full coverage of all key practice areas required for doing business in Argentina.

Bomchil represented Compañía General de Combustibles S.A. and Bruchou & Funes de Rioja acted as counsel to the book-running managers and the placement agents in the issuance of 7.00% Notes Series 37 denominated and payable in dollars and maturing in October 2027 for an aggregate amount of US$27,630,742 (the “Notes Series 37”). The issuance took place on March 10, 2025, under the company's Frequent Issuer Regime. The proceeds from the placement of the Notes Series 37 will be used for investments in physical assets located in Argentina, particularly to investments in hydrocarbon exploration and exploitation in the province of Santa Cruz, integration of working capital in the Argentina Republic and integration of capital contributions in companies controlled by or related to the issuing company, acquisition of equity interests and/or financing of the commercial line of business. Allaria S.A., Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A.U. e Industrial and Commercial Bank of China (Argentina) S.A.U. acted as book-running managers and placement agents. BACS Banco de Crédito y Securitización S.A., Banco Patagonia S.A., Banco de la Provincia de Buenos Aires, Banco Mariva S.A., Banco Hipotecario S.A., Cocos Capital S.A., Puente Hnos. S.A., Banco CMF S.A., Facimex Valores S.A. y Macro Securities S.A.U. acted as placement agents. The Notes are listed in Bolsas y Mercados Argentinos S.A. and admitted for trading in A3 Mercados S.A. (previously known as Mercado Abierto Electrónico S.A.) Counsel to Compañía General de Combustibles S.A.: Bomchil: Partners: Fermín Caride and María Victoria Tuculet. Associates: Luciano Zanutto, Camila Belén González Lima and Francisco Diskin. Counsel to the Placement Agents: Bruchou & Funes de Rioja: Partner: José María Bazán. Associates: Leandro Exequiel Belusci, Sebastían Pereyra Pagiari and Gonzalo Javier Vilariño.

Bruchou & Funes de Rioja advised Allaria S.A., the leading company in Argentina’s capital markets by business volume and the country’s top Clearing and Settlement Agent (ALyC), on the acquisition of an initial 9.5% stake in Banco del Sol’s share capital. This marks the first step in a strategic alliance between Allaria and Grupo Sancor Seguros, aimed at providing comprehensive financial services to companies across the country. Allaria’s incorporation into Banco del Sol’s shareholding structure was executed subject to the approval of the Central Bank of Argentina. In addition to the capital injection through Allaria Créditos S.A., Allaria and Argenpymes, Allaria will contribute to the development of Banco del Sol’s digital banking platform, offering a broad range of instruments and services to optimize capital management and improve corporate access to financing. This includes its virtual wallet (PSP) Allaria +, as well as its expertise in Reciprocal Guarantee Societies (SGR), agribusiness, real estate, fund management, and international wealth management for both individuals and corporations. Through this alliance, Allaria partners with Sancor Seguros, the leading insurance group in Argentina and the region, with a presence in the healthcare market and operations in Brazil, Uruguay, and Paraguay. Advisors to Allaria S.A. Bruchou & Funes de Rioja: Partners Hugo Bruzone and Estanislao Olmos. Senior associate Agustina Rocca, and associates Sol Scelzi, Santiago Cleti, Felipe Rufino, Youssef El Chaer, Lucia Perondi Nuñez, and Quimey Waisten. Advisors to Banco del Sol Sergio Montagna, Director of Grupo Sancor Seguros and Head of Legal Affairs, and Estudio Lorente: Javier Lorente and Martín Rozental.