We advised on the international issuance of debt securities by the Province of Chubut for US$650,000,000 and on the cash tender offer secured notes due 2030

DLA Piper advised the Province of Chubut, while A&O Shearman and Bruchou & Funes de Rioja advised the Initial Purchasers and the Local Placement Agents in connection with the 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 Province of Chubut:

DLA Piper acted as legal counsel to the Province under New York and Argentine law. The team included partners Joshua Kaufman and Marcelo Etchebarne, of counsel Nicolás Teijeiro and associate Daiana Suk (New York law); and partner Justo Segura, associates Federico Vieyra and Ignacio Comparato, and paralegal Maia Klein (Argentine law).

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 Etchevere, Victoria Negro and Francisco Mendioroz.