Share Repurchase Program – March 2024

In making this decision, the economic and market situation has been considered, as well as the discount of the current listed price of the shares in relation to the fair value of the assets, determined by independent appraisers, and is intended to contribute to the reduction of the gap between the implied value of the Company, based on the value of the assets, and the value of the Company, based on the listed price of its shares, with a view to contributing to the strengthening of the Company’s shares in the market. Consequently, the Board of Directors, based on the aforementioned arguments, with the absence of objections from the Audit Committee and the favorable opinion of the Supervisory Committee and the independent accountant, has ordered the Company to acquire its own shares pursuant to Article 64 of Law No. 26,831 and the CNV Rules. In line with this, the Board of Directors has established the following terms and conditions for the acquisition of the Company’s own shares issued by the Company: Maximum amount to be invested:Up to ARS 6,500,000,000,000 (six thousand five hundred million pesos). Maximum number of shares to be acquired:The amount of shares to be acquired shall in no case exceed the maximum limit of 10% of the Company’s capital stock, in accordance with the provisions of the applicable regulations. Daily limit for market operations:As provided by the regulations, it shall be up to 25% of the average daily trading volume of the Company’s shares, jointly in the markets in which it is listed, during the previous 90 business days. Price to be paid for the shares:Up to a maximum of USD 11.00 (eleven US dollars) per GDS and up to a maximum value in pesos of ARS 1,250.00 (one thousand two hundred and fifty pesos) per share. The maximum price may be modified by the Board of Directors, and the National Securities Commission (“CNV”) and the markets must be informed. Period within which the acquisitions will be carried out: up to 180 days, beginning the day after the date of publication of the information in the Daily Bulletin of the Buenos Aires Stock Exchange (“BCBA”), for the account and order of Bolsas y Mercados Argentinos S.A. (“BYMA”) in accordance with the delegation of powers set forth in Resolution No. 18,629 of the CNV, subject to any renewal or extension of the term, which will be informed to the investing public. Origin of the Funds:The acquisitions will be made with realized and liquid profits pending distribution of the Company and/or with free or optional reserves. The Company has the necessary liquidity to make the aforementioned acquisitions without affecting the Company’s solvency as evidenced by the Company’s separate interim financial statements as of December 31, 2023, duly filed, the report of the independent accountant and the report of the Audit Committee. Number of outstanding shares:For information purposes, as of December 31, 2023, the Company had issued 736,822,824 ordinary shares with a par value of ARS 10 with the right to one vote per share, totaling a capital of ARS 7,368,228,240. Subsequently, as approved at today’s board meeting, pursuant to the exercise of warrants in the period between February 17 and 25, 2024, 2,079,458 ordinary shares with par value ARS 10 were issued, so that the number of shares issued amounts to 738,902,282 ordinary shares with par value ARS 10, and the Company’s capital stock amounts to ARS 7,389,022,820, leaving a total of 77,624,512 warrants unexercised.