Infrastructure opportunities in Argentina

Infrastructure

January 2017

kpmg.com.ar 2 Contents

KPMG Global Infrastructure 4

Introduction to Argentina 8

Concession & public works 11 projects summary

 3.1. Roads

 3.2. Rail

 3.3. Ports and airports

 3.4. Water supply, drainage system and flood control

 3.5. Waste disposal

 3.6. Entertainment and other projects

 3.7. Energy

 3.8. Telecommunications

 3.9. Urban and industrial developments

 3.10. Other projects

Financing market in Argentina 40

Contact 44 1. KPMG Global Infrastructure

Infrastructure is one of the great global challenges of the 21th century

Drivers

Unprecedented global transformation 1950-2050 – Population boom to 9.2bn by 2050 – Rapidly growing wealth of emerging economies driving greater consumption – Rising living standards causing dramatic increase in life expectancy

Opportunity

At global tipping point – Mature markets suffering decades of underinvestment – Emerging economies looking to shape the future – Translates into $57 trillion+ investment need up to 2050

Challenges

– Urbanisation – 3bn people moving into cities by 2050 – Energy – supply, sufficiency and sustainability of energy needs to cope with increased demand from urbanisation – Water – water usage and management, and the energy intensity of our consumption – Public services – how will we finance the cost of more people, living longer and having fewer children, and provide public services society expects KPMG’s Global Infrastructure Team

• Infrastructure is one KPMG’s focus areas • We specialise in infrastructure and aim to bring insights and innovation through our deep sector expertise • We operate across all aspects of an infrastructure asset’s lifecycle • From strategy and development, through to procurement, financing, development, operations and investment

Integrated advice across Client focus the asset lifecycle – Public sector Integrated advice Client – Strategy and development – Developers across the asset focus – Procurement and financing lifecycle – Asset owners – Delivery and construction – Capital projects – Operations and performance Global – Investment Team – Tax

Sector specialisation Sector Global Global network specialisation network – Transport – Taking clients to new – Energy markets – Resource-related – Bringing global expertise to infrastructure a domestic problem – Water – Ability to pull together a virtual global team at pace – Social Infrastructure – Integrated products, client – Cities focused – Digital

5 Sector specialization

• We have deep sector specialization and experience across infrastructure • We truly understand the issues that are relevant and have experience in proactively driving positive solutions

Transport Social infrastructure

– Urban transit – Healthcare – Government – Rail – Education accommodation – Roads – Leisure – Prisons – Airports and aviation – Housing – Major Games – Ports and logistics – Urban regeneration

Energy and natural resources Digital

– Power generation, – Oil and gas – Telecommunications transmission and extraction, storage infrastructure distribution and transportation – National broadband – Water and – Solid waste wastewater management – Mining

Cities Client focus

Our clients are evenly split from the This gives us insight across client peer groups and enables private and public sector. us to understand all points of view.

We provide truly independent advice. This is particularly We bring this global perspective to our clients when faced useful when assisting our clients in new sectors or with local needs and challenges in infrastructure. geographies.

Capital Projects

Our clients are evenly split from the Asset ownersThis gives us insight across client peer groups and enables private and public sector. us to understand all points of view.

We provide truly independent advice. This is particularly We bring this global perspective to our clients when faced useful when assisting our clients in new sectors or with local needs and challenges in infrastructure. geographies.

6 Global network

• We help our clients move into new markets, and bring global expertise to a domestic problem • We operate truly globally – We are active in 110 countries with 2,500 dedicated professionals • Our advice is independent and locally based drawing on global experience

Russia UK

Canada

US Middle East Hong Kong/ China India ASEAN

Latin America Africa Australia

Key: KPMG infrastructure presence Infrastructure regional hubs and capitals KPMG Infrastructure in Argentina

In Argentina we have a senior infrastructure dedicated team the project risks by performing compliance assessments, with solid experience in the most relevant infrastructure sectors construction project controls, contract compliance, project and also a wide experience in working with the Government. support, identification of potential cost recoveries on complex We have relationships with all the relevant entities and will and troubled projects. consider each of the alternatives within the context of a project. KPMG in Argentina provides real-time, objective feedback to KPMG recommends a financing strategy based on our owners and contractors to facilitate proactive decision making knowledge of the local and regional financial markets, considering to mitigate cost, schedule, quality, and other project risks. the particularities of the expected cash flow of the project. Clients get help with the identification of process improvement We provide independent advisory since we are not associated opportunities to increase the likelihood of success and realize to any financial entity. Therefore we are in a position to offer to the expected benefits of the investment. our clients the most appropriate structure of financing and the We also have the support from tax and accounting senior most favorable conditions that the market can offer. professionals with large experience in infrastructure projects, to We also provide technical advice to the projects, with in- adjust the structure to the local legislation and to the available house engineers assisting clients in identifying and mitigating options in the market.

7 2. Introduction to Argentina

Why invest in Argentina?

1. Sustained Economic The economic growth experienced over the last ten years (2005-2015) at an average rate of 4.7% makes Growth Argentina rank above the average regional growth (3.2%) and it is featured as one of the most dynamic economies.

2. Attractive Business Argentina offers profitable business opportunities in a wide range of sectors. The flow of direct foreign Profitability investment (DFI) accounted for 1% of GDP in 2015 and 1.8% of GDP on average over the last ten years. Earnings stated as a percentage of DFI stock accounted for 10.0% on average in 2006-2009, remaining around this figure over the last five years (2010-2015). Earnings as a percentage of sales accounted for more than 13% for the leading 500 non-financial companies of our country in the period 2006-2010. More than 2000 multinational companies operating in diverse sectors share a long-term vision and renewed investment commitment. The highest investment rate in the last 30 years was fueled by the diversity and profitability of all existing investment opportunities.

3. A Globally and Regionally Member of the G-20, founding member of the World Trade Organization (WTO) and Full member of Integrated Economy MERCOSUR (Argentina, Brazil, Paraguay and Uruguay). Preferential access (0% tariff) to a regional market of 250 million inhabitants and a combined GDP of more than US$ 2.5 billion.

4. A Diversified Economy Growing producer of technological and differentiated goods and services. Dynamic industry with a longstanding tradition, a diversified structure and the skills and knowledge to innovate. World’s fourth largest exporter of original television formats. Dynamic software and IT services industry (18% growth in sales and 27% growth in exports per year since 2003). World’s third-largest producer of GM crops granting producers considerable advantages in terms of production and profit levels, while offering consumers a safe option. Ranked second in the world in terms of certified surface area for organic production. Key producer and exporter of commodities, raw materials and food products that match global consumption trends.

5. Skilled and Talented Internationally renowned for the quality, creativity and versatility of its human resources. Highest ratio of Human Resources researchers to the economically active population in Latin America. English level among the highest in the developing world. Highest level of patents registered at the U.S. Patent Trademark Office in the region (as total number per million inhabitants for a 40-year period).

6. Abundant and Diverse Second largest country in Latin America and eighth in the world (3.8 million square kilometers). Agricultural Natural Resources productivity among the highest worldwide as reflected by superior yields in the production of soy beans, wheat and corn, among others. Endowed with extraordinary fertile agriculture lands, forest resources, mining deposits and rich fisheries.

7. A Remarkable Quality of Life Ranked 4th among developing countries in the Quality of Life Index (International Living, 2010). Ranked first (40th) in Latin America (globally) in the UN Human Development Index (2014) and in the UN Gender-related Development Index (2014).

8. A Vibrant Culture Vibrant cultural life and dynamic entertainment sector. Fast growth of creative industries which are increasingly supplying regional and global markets.

9. Quality Connectivity and Fixed-line and mobile density among the highest in Latin America (World Bank). Around 60% of its population Modern Infrastructure is Internet user (2014). Ranked 13th worldwide in terms of internet hosts with 11 million hosts in 2012 (CIA Factbook). Well-developed transport and infrastructure system: more than 38,700 kilometers of national roads; one of the longest rail road networks in the world (35,753 kilometers); 43 authorized ports; and 53 airports. Ranked third in the Logistics Performance Index in the region (World Bank, 2014).

10. Public Sector Supportive of By law, equal treatment for domestic and foreign direct investment. Wide range of incentives and benefits Investment for investors: fiscal and tax benefits to reduce the fiscal burden during the investment phase; incentives for export promotion; fiscal credit for specific training programs; and funds for scientific and technological research and innovation. Investment incentives in place in sectors such as automotive, biofuels, biotechnology, forestry, mining, oil and gas, and software. Located in the southernmost point of South America, Argentina is the eighth-largest country in the world in terms of surface area and the second largest in Latin America. Argentina has a continental land mass of 2.8 million km2, with an additional 966 thousand km2 on the Antarctic continent. It borders Uruguay, Brazil and the Atlantic Ocean to the east; Chile to the south and west; and it shares its northern frontier with Bolivia and Paraguay. Its geographical location provides direct access to a regional population of 240 million, in addition to its own 41 million inhabitants. Spanish is Argentina’s official language. English is widely spoken.

Principal macroeconomic indicators

Government

Executive branch Presidential democracy

2 chambers: 72 Senators and 257 Legislative branch Deputies

First Instance Court, Court of Judicial branch Appeals and Supreme Court

23 Provinces plus the City of Geographic divisions Buenos Aires

Economic integration & trade

Principal destination Brazil, China, United States, Chile, countries (exports) Russia and Europe

Principal countries of Brazil, United States, China, origin (imports) Europe, Mexico

Mercosur (Southern Cone Common Market made up of Free trade zone Argentina, Brazil, Bolivia, Paraguay, Uruguay and Venezuela) Principal exports Soybean oil, sunflower oil, corn, lemon juice, biodiesel, vehicles, tourism, mining and software

Principal imports Machinery, technology and telecommunication equipment

Regulation How to operate in Argentina

Bilateral agreements and Operate through a representative in free trade zone Argentina. –Mercosur Central Bank Operate through an agency of a foreign of Argentina corporation. regulations Stability of tax Create a limited partnership or system and corporation. indirect taxes

9 5-Year Economic Forecast for Argentina

Variable Unit 2010 2 011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Country Overall Population Millions 40.8 41.3 41.7 42.2 42.6 43.1 43.6 44.0 44.5 45 45.5 46.1

USD GDP 463 560 608 622 545 586 438 448 473 497 524 551 billions Average AR$ per Exchange 3.9 4.1 4.5 5.5 8.1 9.2 15 - - - - - USD rate Foreign Trade (only merchandise trade) USD Exports 68,187 84,051 80,246 81,660 71,935 71,977 ------millions USD Imports 56,793 73,961 67,974 74,442 65,229 59,787 ------millions Balance of USD 11,394 10,090 12,272 7,218 6,706 12,190 ------Trade millions Fiscal

General government % GDP -0.98 -3.48 -3.04 -3.65 -4.37 -6.72 -5.98 -5.33 -4.61 -3.13 -3.04 -3.01 structural balance

General government primary net % GDP -0.383 -1.313 -1.412 -2.354 -3.358 -6.07 -4.761 -3.278 -1.781 -0.29 -0.273 -0.276 lending/ borrowing

General government % GDP 39.1 35.9 37.6 41.5 45.1 56.5 60.7 60.9 59.5 57.5 56.3 56.8 gross debt

Source: Prepared on the basis of Argentine Economy Department and IMF, 2017 3. Concession & public works projects summary Concession projects summary The tables below present an overview of the current status represents the timing the project development is expected to of infrastructure projects in Argentina. The project status and be complete. These are shown to provide an indication of the categories are described below: pipeline of projects in the midterm.  Awarded – Represents projects that have already been  Under study – Represents projects that are currently being awarded or in the process of being awarded. These are shown studied, but have not yet entered the development stage. to provide an indication of recent movement in the sector.  w/d – Without any description of the project status.  In tender process – Represents projects that are in the Likewise, the projects described in each of the tables are tender process in the year noted. These are shown to provide subdivided into two specific categories: Brownfield and an indication of current activity. Greenfield. The former is related to projects that have already been concluded and, in some cases, are or may be available  Concluded – Represents projects that will likely be for concession, or require certain improvements and/or tendered in the applicable year noted. These are shown to maintenance. On the other hand, the Greenfield category provide an indication of projects that are likely coming up for bid is related to projects in development or under study. Finally, in the near future. two explanations are required: i) to state the amounts of  In development – Represents projects with the following investments in US dollars (as they are originally stated in local characteristics, but prior to tendering: Technical pre-feasibility currency), an exchange rate of ARS14 per US dollar was used; and feasibility, economic, financial, legal, demand and social and ii) the total amounts disclosed in the following tables assessment, environmental planning, investment, business correspond only to the projects presented. design and availability of land. The range of years noted

OVERVIEW OF PROJECTS BY CATEGORY (in millions of current dollars)

STATUS SECTOR INVESTMENT

Greenfield 159.747

Roads 5.051

Rails and subway 7.736

Ports and airports 336

Water supply, drainage system and flood control 6.531

Waste disposal 1.667

Entertainment 1.124

Energy 129.095

Telecommunications 4.217

Urban and industrial developments 3.667

Other projects 323

Brownfield 49.101

Roads 15.769

Rails and subway 7.280

Ports and airports 2.572

Water supply, drainage system and flood control 6.268

Waste disposal

Entertainment 1

Energy 14.641

Telecommunications

Urban and industrial developments 2.443

Other projects 127 11 3.1. Roads

 The Argentine Government has granted concessions to  The table below presented in the following page describes local and foreign companies and allowed for partnerships the detail of the current road and highway concessions and between the public and private sectors to develop public works in Argentina. infrastructure in which the government awards a concession for a portion of a highway and a concessionaire invests, builds and operates the asset, generating income during the operation period. After the specified operation period, the concessionaire transfers the asset back to the Argentine government. In other cases, the Government grants a public work contract to private construction companies. ROADS (investment in millions of dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT SECTION CONCESSION? INVESTMENT

National Route No. 7: Greenfield Concluded Construction Argentina N.R. No. 7 construction of railway at 30 lagoon La Picasa National Route No. 7: Greenfield Concluded Construction Argentina N.R. No. 7 construction of railway at 20 lagoon La Picasa Construction and implementation of load Greenfield Concluded Construction Argentina 10 integrated control systems at Paso de los Libres Quebrada Santo Greenfield In development Construction La Rioja N.R. No. 76 65 Domingo Argentina, Binational tunnel Las Greenfield Under study Construction 1.200 Chile Leñas Road corridor San Nicolás Greenfield Under study Construction Argentina 1.000 / Zárate - Paso Pehuenche Road corridor Bahía Greenfield Under study Construction Argentina 1.000 Blanca - Paso Pehuenche Greenfield Under study Construction Binational TUNNEL AGUA NEGRA San Juan - La Serena 964 Bridge Reconquista -Goya- Greenfield Under study Construction Argentina 296 New bridge and accesses Buenos Aires Regional Express Rail Greenfield Under study Construction Metropolitan San Martin viaduct 140 (RER) - September 2016 Area Buenos Aires Regional Express Rail Greenfield Under study Construction Metropolitan Mitre Tigre viaduct 110 (RER) - September 2016 Area National Route 3 - Section Coronel Dorrego Greenfield Under study Construction Argentina N.R. No. 3 86 Border Coronel Rosales / Bahia Blanca National Route 16 - Autovía Makallé- Greenfield Under study - Argentina N.R. No. 16 64 Presidente Roque Saenz Peña - Twinning Implementation of Argentina, Greenfield Under study - integrated control of single 30 Chile head Paso Pehuenche National route No. 7: construction of variation Greenfield Under study Construction Argentina N.R. No. 7 25 Palmira - intersection national route No. 40 s New international bridge Argentina, over river Pepiri Guazu, Greenfield Under study Construction 8 Brazil between Paraiso (Brazil) and San Pedro (Argentina) New physical link between Greenfield Under study Construction Argentina 2 Paraná and Santa Fe Argentina, New interchange between Greenfield Under study Construction 1 Uruguay Argentina and Uruguay Project for transforming routes 9 (Córdoba-Salta) Greenfield Under study Construction Argentina N.R. Nos. 9 and 34 W/D and 34 (Rosario - La Banda) into highways Total Greenfield 5.051 Roundabout of Provincial route No. 5 - Brownfield Awarded Extension Córdoba By-pass avenue Córdoba 141 Roundabout Spilimbergo Av. Section No.1 National Route No. 9 - Provincial route No. 2 - Brownfield Awarded Extension Córdoba N.R. No. 158 86 Variation access by Villa María Brownfield Awarded Extension Entre Ríos By-pass avenue Córdoba Miñones - La Hierra 22 Twinning of national route 14 between Paso Brownfield Concluded Extension Argentina N.R. No. 14 780 de los Libres and Gualeguaychú National route 174 - Section Rosario-Victoria- Brownfield Concluded - Argentina N.R. No. 174 Section inter-provincial 71 border- Intersection National Route 11 Twinning of national route No. 19: section Brownfield In development Improvement Argentina N.R. No. 19 529 national route 11 - Córdoba 13 CATEGORY STATUS PURPOSE LOCATION PROJECT SECTION CONCESSION? INVESTMENT

San Fransisco (N.R.No. Brownfield In development Extension Córdoba R.N.Nº19 158) - Montecristo (Long. 411 180 Km.) Highway Parque Pte. By-pass CABA (Long. 94 Brownfield In development Extension Buenos Aires Perón- Sections 1-2-3 and 403 Km.) 4 Mercedes - Carlos Brownfield In development Extension Buenos Aires N.R.No. 5 400 Casares (Long. 224 Km.) TWINNING AND REPAVING OF N.R. No. Brownfield In development Extension Argentina N.R. No. 158 158: Section San 400 Francisco - RÍO CUARTO C.del Señor (P.R.No. 39) Brownfield In development Extension Buenos Aires N.R.No. 8 - Pergamino (Long. 160 374 Km.) Río Cuarto - Acc.Alta Brownfield In development Extension Córdoba N.R.No. 36 320 Gracia (Long. 179 Km.) Resistencia (N.R.No. 11) Brownfield In development Extension Chaco N.R.No. 16 - Pres.R.Saenz Peña Yes 273 (Long. 153 Km.) Twinning of national route No. 18: intersection Brownfield In development Extension Argentina N.R. No. 18 national route 12 - Yes 250 Córdoba - national route No. 14 Cañuelas - Saladillo Brownfield In development Extension Buenos Aires N.R.No. 205 Yes 223 (Long. 125.11 Km.) Improvement to interchange Córdoba - Brownfield In development Improvement Argentina N.R. No. 38 PATQUÍA (N.R. No. 38) 100 and by-pass to the north of Córdoba hills Paving of N.R. No. 40 Brownfield In development Improvement Argentina N.R. No. 40 south, section Malargue 90 - Neuquén border Paving of national route No. 150: section Brownfield In development Improvement Argentina N.R. No. 150 Ischigualasto - Chile 73 border (Paso Agua Negra) Roundabout of Provincial route No. 5 - Brownfield In development Extension Córdoba By-pass avenue Córdoba 71 Roundabout Spilimbergo Av. Section No.1 Twinning of national route No. 145: Brownfield In development Improvement Argentina N.R. No. 145 intersection national 63 route 40 south - access to Paso Pehuenche Paving of N.R. No. 7, Brownfield In development Improvement Argentina N.R. No. 7 52 Potrerillos- Chile border Highway La Plata Bs.As. Extension interchange Brownfield In development Extension Buenos Aires 49 (Pte. Balbín) PR 11 (Long. 11 Km.) Improvement and twinning of national route Brownfield In development Improvement Argentina N.R. No. 127 127 between Paso de 40 los Libres and Gualeguaychú Access by Neuquén Brownfield In development Extension Neuquén N.R.No. 22/151/V22 38 (Long. 15 Km.) Variation Cañuelas Brownfield In development Extension Buenos Aires N.R. No. 3 20 (Long. 8 Km.) Extension of provincial Brownfield In development Extension Argentina N.R. No. 26 route No. 26: section 6 Victoria - Nogoyá In tender Luján - Junín (Long. Brownfield Extension Buenos Aires N.R.No. 7 Yes 361 process 201.92 Km.) Roundabout of Provincial In tender route No. 5 - Brownfield Extension Córdoba By-pass avenue Córdoba 142 process Roundabout Spilimbergo Av. Section No.3 Access by C.A.B.A. Brownfield Under study Extension CABA Ribereña Highway 804 (Long. 7 Km.) Twinning of national Brownfield Under study Extension Argentina N.R. No. 7 route No. 7: Junín - San 800 Luis border Santa Fe - Paraná Santa Fe - Brownfield Under study Extension N.R. No. 168 (bridge + accesses) 786 Entre Ríos (Long. 6 Km.)

14 CATEGORY STATUS PURPOSE LOCATION PROJECT SECTION CONCESSION? INVESTMENT Resistencia - Corrientes Chaco - Brownfield Under study Extension N.R.No. 16 bis (bridge + accesses) 607 Corrientes (Long. 32 Km.) Twinning of N.R. No. 33: Brownfield Under study Extension Argentina N.R. No. 33 500 Rufino - Rosario Twinning of N.R. No. 34: Brownfield Under study Extension Argentina N.R. No. 34 Yes 500 Rosario - Sunchales Access by Bahía Blanca Brownfield Under study Extension Buenos Aires N.R. No. 3 464 (Long. 77 Km.) S.M. del Monte (P.R.No. Brownfield Under study Extension Buenos Aires N.R. No. 3 41) - Azul (Long. 202 Yes 389 Km.) Venado Tuerto (N.R.No. Brownfield Under study Extension Santa Fe N.R.No. 33 8) - Rosario (Long. 160 366 Km.) Garupá - El Dorado Brownfield Under study Extension Misiones N.R.No.12 (P.R.No. 17) (Long. 187 334 Km.) Access to Salta - Brownfield Under study Extension Salta-Jujuy N.R.No. 34/66/1V66 Lib.Gral.San Martín 273 (Long. 153 Km.) Twinning of N.R. No. 33: Brownfield Under study Extension Argentina N.R. No. 33 260 Pigüé - Bahía Blanca Highway 34 San Genaro - Roadway twinning- Brownfield Under study Extension Santa Fe 242 NR 19 October 2017 Twinning of N.R. No. 8: Brownfield Under study Extension Argentina N.R. No. 8 Río Cuarto - Villa Yes 240 Mercedes Twinning of N.R. No. 5: Brownfield Under study Extension Argentina N.R. No. 5 240 Luján - Bragado access Paving of national route No. 40: access to the Brownfield Under study Improvement Argentina N.R. No. 40 210 airport of Mendoza - San Juan border Santiago del Highway 34 Taboada - La Roadway twinning- Brownfield Under study Extension 169 Estero Banda (SE) October 2017 Roadway twinning- Brownfield Under study Extension Santa Fe Highway 3 Firmat - Rosario 165 November 2017 Santo Tomé - Santa Fe Brownfield Under study Extension Santa Fe N.R. No. 11 (bridge + accesses) 152 (Long. 8.5 Km.) Brownfield Under study Improvement Mendoza Cobertizos, Soberanía Safe road-July 2017 150 Highway 7 Carmen de Roadway twinning- Brownfield Under study Extension Buenos Aires 149 Areco - Chacabuco November 2016 Highway 3 Las Flores - Roadway twinning- Brownfield Under study Extension Buenos Aires 131 Azul October 2017 Presidencia de la Plaza - Roadway twinning-July Brownfield Under study Extension Chaco 129 Saenz Peña 2017 Highway 9 Córdoba - V. Roadway twinning- Brownfield Under study Extension Córdoba 127 Totoral August 2016 Cobertizos, Guido and Brownfield Under study Improvement Mendoza Safe road-July 2017 115 Uspallata By-pass Rosario (Long. Brownfield Under study Extension Santa Fe N.R.No. A012 110 61.43 Km.) Highway 5 Chivilcoy - Roadway twinning- Brownfield Under study Extension Buenos Aires 109 Bragado October 2017 Highway 34 Jujuy - San Roadway twinning- Brownfield Under study Extension Jujuy 94 Pedro August 2016 Con. Costa Azul and Specific works- Brownfield Under study Improvement Córdoba 93 Bridge over San Roque September 2016 Highway 9/34 Ros. Border Specific works- Brownfield Under study Improvement Salta 93 - Jujuy December 2016 Highway 22 Travesía Roadway twinning- Brownfield Under study Extension Río Negro 93 Cipolletti and fourth bridge August 2017 Highway 3 by-pass Roadway twinning- Brownfield Under study Extension Santa Cruz 93 Comodoro (Stage 1) October 2017 Single center for load Improvement Cristo control Uspallata Brownfield Under study Improvement Argentina 90 Redentor system (Improvement Cristo Redentor system) Highway 25 Cañuelas - Roadway twinning- Brownfield Under study Extension Buenos Aires 86 Lobos October 2017 La Escondida - Roadway twinning-July Brownfield Under study Extension Chaco 84 Presidencia de la Plaza 2017 Passenger control Improvement Cristo center Los Horcones Brownfield Under study Improvement Argentina 80 Redentor system (Improvement Cristo Redentor system)

15 CATEGORY STATUS PURPOSE LOCATION PROJECT SECTION CONCESSION? INVESTMENT Interchange PR No. 6 and highway La Plata - Brownfield Under study Extension Buenos Aires P.R.No. 6 74 Bs.As.- PR11 (Long. 28 Km.) Access by Río Cuarto - Brownfield Under study Extension Córdoba N.R.No. 8/A005 Holmberg (Long. 20.55 73 Km.) Highway 5 Anguil - Santa Roadway twinning- Brownfield Under study Extension La Pampa 72 Rosa October 2017 Highway 12 Corrientes - Roadway twinning- Brownfield Under study Extension Corrientes 68 Paso de la Patria October 2017 SR 237 Collón Curá - V. La Brownfield Under study Improvement Neuquén Safe road-July 2017 62 Angostura Highway 11 Santa Fe - Brownfield Under study Improvement Santa Fe Safe road-July 2017 60 San Justo (Stage 1) Highway 5 Suipacha - Roadway twinning- Brownfield Under study Extension Buenos Aires 58 Chivilcoy October 2017 National route 7- Brownfield Under study - Argentina N.R. No. 7 Highway San Andrés de 53 Giles National route 11 - Brownfield Under study Construction Argentina N.R. No. 11 Resistencia- bordering 50 Formosa- Autodromo Buenos Aires Brownfield Under study Extension Metropolitan BRT Tres de Febrero BRT (Metrobus) 20 Area Buenos Aires Brownfield Under study Extension Metropolitan BRT Lanus BRT (Metrobus) 15 Area Buenos Aires Brownfield Under study Extension Metropolitan BRT Morón BRT (Metrobus) 15 Area Buenos Aires Brownfield Under study Extension BRT Mar del Plata BRT (Metrobus) 15 province Binational system of management control of Argentina, Improvement Cristo Brownfield Under study Improvement Paso Cristo Redentor 14 Chile Redentor system (Improvement Cristo Redentor system) Adjustment to tunnel Argentina, Improvement Cristo Cristo Redentor and Brownfield Under study Improvement 4 Chile Redentor system Caracoles (Improvement Cristo Redentor system) Total Brownfield 15.769

TOTAL 20.820

16 3.2. Rail

 In Argentina, the National Regulatory Commission of Transport (Comisión Nacional de Regulación del Transporte or CNRT) is charged with issuing standards and controlling processes within the Argentine rail system.  Concessions and public works related to railway construction are managed by the Secretary of Transport.  According to the Under Secretary of Rail, Argentina has 47.059 km of railways, one of the largest in Latin America.

RAILS AND SUBWAYS (investment in million of dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT SECTION INVESTMENT

Greenfield In development Construction Buenos Aires Sarmiento line Caballito- Haedo 1.323

Greenfield In development Construction CABA CABA subways - new lines Construction 1.018 Argentina, Rail project Los Andes (Chile) - Greenfield Under study Construction Ferrocarril Trasandino Central 5.100 Chile Mendoza (Argentina) Choele-Choel - San Antonio Greenfield Under study Construction Río Negro New railway 149 Oeste/ Este Greenfield Under study Construction CABA Urquiza line CABA 102

Greenfield Under study Construction Neuquén New railway Las Lajas - bordering Chile 45

Total Greenfield 7.736

Brownfield In development Improvement CABA CABA subways - new lines Improvements 848 Santa Fe - Chaco - Salta Renewal of railways, sections - Tucumán - J.V.González-Barranqueras (480 Brownfield In development Improvement Ferrocarril Belgrano Cargas 767 Córdoba - km) Tramos Avia Terai-Rosario Mendoza - (350 Km) rest of railways (360 Km) San Juan Brownfield In development Improvement Buenos Aires Roca line Berazategui - La Plata 202 Start up of Mitre railway, section Brownfield Under study Improvement Tucumán Mitre railway W/D Tucumán - Rosario - Buenos Aires Buenos Aires Roca line to "La Paternal" - tunnel + Regional Express Rail (RER) - Brownfield Under study Extension Metropolitan 800 central station and viaduct October 2016 Area Buenos Aires Regional Express Rail (RER) - Brownfield Under study Extension Metropolitan Sarmiento line to Correo Central 500 2018 Area Brownfield Under study Improvement CABA CABA subways - coaches Purchase 394 Santa Fe - Brownfield Under study Improvement NCA line - Mitre Rosario - Córdoba 302 Córdoba Buenos Aires Sarmiento line connection with Mitre Regional Express Rail (RER) - Brownfield Under study Extension Metropolitan 300 line 2018 Area Buenos Aires - Brownfield Under study Improvement San Martín line Pilar - Rufino 292 Santa Fe Brownfield Under study Improvement Buenos Aires San Martín line 258 Renewal of railways sections a2, Brownfield Under study Improvement Argentina Ferrocarril Belgrano Cargas 225 a10, a7 of Belgrano Cargas Buenos Aires Roca line - "Constitución" station Regional Express Rail (RER) - July Brownfield Under study Extension Metropolitan 200 underground 2016 Area Buenos Aires - Brownfield Under study Improvement Roca line Bahía Blanca - Zapala 195 Neuquén Buenos Aires Brownfield Under study Improvement Metropolitan Signalling Roca line modernization-May 2016 176 Area Brownfield Under study Improvement Salta Belgrano line Railway section C14 166 Buenos Aires - Intersection Rubén Darío - Brownfield Under study Improvement Urquiza line 166 Entre Ríos Basavilbaso Buenos Aires San Martin line modernization- Brownfield Under study Improvement Metropolitan Line electrification 150 June 2017 Area CATEGORY STATUS PURPOSE LOCATION PROJECT SECTION INVESTMENT Buenos Aires Brownfield Under study Improvement Metropolitan Line electrification Mitre line modernization-2018 150 17 Area Brownfield Under study Improvement Buenos Aires Belgrano Norte line 122 Buenos Aires Railway Grld Retiro - Maldonado. Brownfield Under study Improvement Metropolitan Tracks-March 2017 113 Track Renewal and Signaling Area Buenos Aires ATS Equipment purchase - Brownfield Under study Improvement Metropolitan Signal & Telecom-June 2016 108 Metropolitan Area of Buenos Aires Area Buenos Aires Belgrano Sur line extension to Regional Express Rail (RER) - Brownfield Under study Extension Metropolitan 100 Constitución station September-October 2016 Area Improvement and rebuilding of San Brownfield Under study Improvement Argentina San Martín railway Martín railway (Mendoza - Buenos 90 Aires) Buenos Aires Mitre New Signalling Victoria-Capilla Brownfield Under study Improvement Metropolitan Signal & Telecom-June 2016 88 del Señor and Suárez-Zárate Area RAILS AND SUBWAYS (investment in million of dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT SECTION INVESTMENT

Greenfield In development Construction Buenos Aires Sarmiento line Caballito- Haedo 1.323

Greenfield In development Construction CABA CABA subways - new lines Construction 1.018 Argentina, Rail project Los Andes (Chile) - Greenfield Under study Construction Ferrocarril Trasandino Central 5.100 Chile Mendoza (Argentina) Choele-Choel - San Antonio Greenfield Under study Construction Río Negro New railway 149 Oeste/ Este Greenfield Under study Construction CABA Urquiza line CABA 102

Greenfield Under study Construction Neuquén New railway Las Lajas - bordering Chile 45

Total Greenfield 7.736

Brownfield In development Improvement CABA CABA subways - new lines Improvements 848 Santa Fe - Chaco - Salta Renewal of railways, sections - Tucumán - J.V.González-Barranqueras (480 Brownfield In development Improvement Ferrocarril Belgrano Cargas 767 Córdoba - km) Tramos Avia Terai-Rosario Mendoza - (350 Km) rest of railways (360 Km) San Juan Brownfield In development Improvement Buenos Aires Roca line Berazategui - La Plata 202 Start up of Mitre railway, section Brownfield Under study Improvement Tucumán Mitre railway W/D Tucumán - Rosario - Buenos Aires Buenos Aires Roca line to "La Paternal" - tunnel + Regional Express Rail (RER) - Brownfield Under study Extension Metropolitan 800 central station and viaduct October 2016 Area Buenos Aires Regional Express Rail (RER) - Brownfield Under study Extension Metropolitan Sarmiento line to Correo Central 500 2018 Area Brownfield Under study Improvement CABA CABA subways - coaches Purchase 394 Santa Fe - Brownfield Under study Improvement NCA line - Mitre Rosario - Córdoba 302 Córdoba Buenos Aires Sarmiento line connection with Mitre Regional Express Rail (RER) - Brownfield Under study Extension Metropolitan 300 line 2018 Area Buenos Aires - Brownfield Under study Improvement San Martín line Pilar - Rufino 292 Santa Fe Brownfield Under study Improvement Buenos Aires San Martín line 258 Renewal of railways sections a2, Brownfield Under study Improvement Argentina Ferrocarril Belgrano Cargas 225 a10, a7 of Belgrano Cargas Buenos Aires Roca line - "Constitución" station Regional Express Rail (RER) - July Brownfield Under study Extension Metropolitan 200 underground 2016 Area Buenos Aires - Brownfield Under study Improvement Roca line Bahía Blanca - Zapala 195 Neuquén Buenos Aires Brownfield Under study Improvement Metropolitan Signalling Roca line modernization-May 2016 176 Area Brownfield Under study Improvement Salta Belgrano line Railway section C14 166 Buenos Aires - Intersection Rubén Darío - Brownfield Under study Improvement Urquiza line 166 Entre Ríos Basavilbaso Buenos Aires San Martin line modernization- Brownfield Under study Improvement Metropolitan Line electrification 150 June 2017 Area CATEGORY STATUS PURPOSE LOCATION PROJECT SECTION INVESTMENT Buenos Aires Brownfield Under study Improvement Metropolitan Line electrification Mitre line modernization-2018 150 Area Brownfield Under study Improvement Buenos Aires Belgrano Norte line 122 Buenos Aires Railway Grld Retiro - Maldonado. Brownfield Under study Improvement Metropolitan Tracks-March 2017 113 Track Renewal and Signaling Area Buenos Aires ATS Equipment purchase - Brownfield Under study Improvement Metropolitan Signal & Telecom-June 2016 108 Metropolitan Area of Buenos Aires Area Buenos Aires Belgrano Sur line extension to Regional Express Rail (RER) - Brownfield Under study Extension Metropolitan 100 Constitución station September-October 2016 Area Improvement and rebuilding of San Brownfield Under study Improvement Argentina San Martín railway Martín railway (Mendoza - Buenos 90 Aires) Buenos Aires Mitre New Signalling Victoria-Capilla Brownfield Under study Improvement Metropolitan Signal & Telecom-June 2016 88 del Señor and Suárez-Zárate Area Buenos Aires Sarmiento - New Signalling for lines: Brownfield Under study Improvement Metropolitan Signal & Telecom- August 2016 78 Merlo-Lobos and Moreno-Mercedes Area Buenos Aires Track Renewal Branch Constitucion Brownfield Under study Improvement Metropolitan Tracks-April 2017 60 Temperley Area Buenos Aires Regional Express Rail (RER) - Brownfield Under study Extension Metropolitan Roca line connection in Retiro 60 January 2017 Area Buenos Aires Brownfield Under study Improvement Metropolitan Track renewal Roca line modernization-May 2016 57 Area Buenos Aires San Martin line modernization- Brownfield Under study Improvement Metropolitan Electric power station 50 June 2017 Area Brownfield Under study Improvement Buenos Aires Belgrano Sur line Buenos Aires - Tapiales 48

Railway corridors access to ports Brownfield Under study Improvement Argentina Railway corridors 35 of Mar del Plata and Quequén Buenos Aires Regional Express Rail (RER)- Brownfield Under study Extension Metropolitan Saenz transfer station 35 Under bidding process Area Buenos Aires Stations between Berazategui and La Brownfield Under study Improvement Metropolitan Roca line modernization-May 2016 33 Plata Area Buenos Aires Track Renewal Branch Bosques - V. Brownfield Under study Improvement Metropolitan Tracks-April 2017 28 Elisa Area Brownfield Under study Improvement Santa Fe FEPSA line 17 Buenos Aires Brownfield Under study Improvement Metropolitan Low level crossing Roca line modernization-July 2016 15 Area Buenos Aires Roca line modernization-June Brownfield Under study Improvement Metropolitan Station surroundings 13 2016 Area Brownfield Under study Improvement Buenos Aires Mitre line Coghlan - Mitre 12

Brownfield Under study Improvement Buenos Aires Mitre line Maldonado - Tigre intersection 10 Buenos Aires Brownfield Under study Improvement Metropolitan Electrification Claypole - Bosques Electrification-July 2017 10 Area Buenos Aires Brownfield Under study Improvement Metropolitan Third Rail Improvement for Mitre line Electrification-September 2016 8 Area Total Brownfield 7.280

TOTAL 15.016

18 19 3.3. Ports and airports

 At present, Argentina has 43 ports (out of which, seven are seaports) and more than 50 airports (Ministry of Transportation, 2016).  The port of Buenos Aires and the Jorge Newbery and Ministro Pistarini Ezeiza airports are the most important of the country, as they are the departure and destination points for most of the international trade. Other significant ports are located in the cities of La Plata, Bahía Blanca, San Antonio Oeste and Madryn as well as those located along Río Paraná (Rosario, San Lorenzo, Santa Fe, Barranqueras, San Nicolás and Campana). The airports of Mar del Plata, Córdoba and Rosario are also quite busy.  The Customs General Administration is the Government agency in charge of the regulatory framework of the Argentine port system. The Aviation Administration is in charge of issuing and enforcing regulations applicable to the airport network.  The table below presents the detail of the current port and airport projects in Argentina. PORTS AND WATERWAYS (investment in million of dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT DESCRIPTION INVESTMENT

Greenfield In development Construction Misiones Posadas Port Supplementary works 3,1

Greenfield In development Construction Misiones Santa Ana Port Supplementary works 3,1

Greenfield Under study CABA Buenos Aires Port Master plan 169,6

Greenfield Under study Construction Corrientes Lavalle Port Construction new work 20,4

Greenfield Under study Construction Corrientes Itá Ibaté Port Construction new work 20,4

New containers terminal - landfill for cabotage dock and extension of mooring- Greenfield Under study Construction Buenos Aires San Pedro Port Improvement to pier No. 1 - dredging of 15,9 access channels and supplementary works - Adjustment to grain lift

Greenfield Under study Construction Corrientes Corrientes Port Construction new work 13,6

Greenfield Under study Construction Formosa YPF Port New terminal for fuel 4,1 Repair of foundations and protections - renewal of electricity distribution system - Greenfield Under study Construction Santa Cruz Punta Quilla Port 2,1 Construction of building - environmental protection works Total Greenfield 252,1 Dredging of access channels - Improvement to road and railway accesses - Puerto Brownfield In development Improvement Buenos Aires Bahía Blanca Port 193,4 Belgrano, repair of Carena dam- Construction of mining terminal Refurbishment of infrastructure for the Brownfield In development Improvement Entre Ríos Ibicuy Port management of load - new terminal for the 40,7 transfer of grains In tender Improvements for general load and container Brownfield Improvement Santa Fe Santa Fe Port 71,9 process - construction of new work Maintenance of port Brownfield Under study Improvement - Maintenance 436,0 infrastructure Definition of the course of the Punta Indio Channel of Punta Brownfield Under study Construction - channel starting at the Beta zone with 286,0 Indio 143,900 Km

Refurbishment of piers- improvement to land accesses- Refurbishment of retaining walls Brownfield Under study Improvement Buenos Aires Puerto La Plata 108,6 - New terminal for fuels - improvement of services and infrastructure

Deepening of the access channel- Improvement to road access- Site 0 - Brownfield Under study Improvement Buenos Aires Puerto Quequén 104,5 Refurbishment of docks and breakwaters - several improvements

Dredging of port basin - Refurbishment of pier - construction of new retaining docks - Brownfield Under study Improvement Buenos Aires Puerto Mar del Plata 59,1 construction of breakwaters - Improvement to road accesses and services in general

Binational - Río Main navigable Extension of Magdalena channel and other Brownfield Under study Extension 54,3 Paraná waterway works Puerto San Antonio Dredging of access channels - Extension of Brownfield Under study Extension Río Negro 48,2 Este mooring site- Construction of railway access

Improvement to accesses (road and railways) - Refurbishment and tailoring of the Barranqueras Vilelas dock for general cargo - Widening of south Brownfield Under study Improvement Chaco 46,9 Port channel - areas for maneuvering and mooring for barges - New terminal Las Palmas - Improvement to terminal to grains

Improvement to the road access - Improvement to railway access - Brownfield Under study Improvement Buenos Aires San Nicolás Port 42,8 Improvements to south dock - construction of north dock - Maximization of grain lift Improvements for bulk material- Brownfield Under study Improvement Santa Fe Rosario Port improvement to containers terminal - 37,4 Transformation of terminals New terminal for Brownfield Under study Improvement Buenos Aires Tailoring of facilities for containers 33,9 grain

21 PORTS AND WATERWAYS (investment in million of dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT DESCRIPTION INVESTMENT

Dredging of Río Uruguay - Improvement to Greenfield In development Construction Misiones ConcepciónPosadas Port del Supplementary works 3,1 Brownfield Under study Improvement Entre Ríos land accesses and docks - reconditioning of 30,6 Uruguay Port Greenfield In development Construction Misiones Santa Ana Port YPFSupplementary facilities works 3,1

BrownfieldGreenfield Under study Extension SantaCABA Cruz BuenosCaleta PaulaAires Port ExtensionMaster plan 169,627,1 Villa Constitución Improvement for general cargo and bulk Brownfield Under study Improvement Santa Fe 25,1 Greenfield Under study Construction Corrientes PortLavalle Port cargoConstruction new work 20,4 Greenfield Under study Construction Corrientes Itá Ibaté Port ArmadaConstruction dock new- Improvement work and extension 20,4 Brownfield Under study Extension Tierra del Fuego Ushuaia Port 25,1 of docks and services New containers terminal - landfill for Dredgingcabotage ofdock nautical and extension access - ofimprovement mooring- BrownfieldGreenfield Under study ImprovementConstruction Buenos Aires DockSan Pedro Sud Port Port toImprovement road accesses to pier - Relocation No. 1 - dredging of population of - 20,415,9 Modernizationaccess channels of Granand supplementary Dock - storage works tanks - Adjustment to grain lift Puerto Comodoro Brownfield Under study Extension Chubut Extension of dock and reconditioning 20,4 Greenfield Under study Construction Corrientes RivadaviaCorrientes Port Construction new work 13,6 BrownfieldGreenfield Under study ConstructionExtension SantaFormosa Fe PuertoYPF Port La Alumbrera IncreaseNew terminal in capacity for fuel 10,24,1 Extension pier and dock, other Brownfield Under study Extension Chubut Caleta Córdova Port Repair of foundations and protections - 8,1 improvementsrenewal of electricity distribution system - Greenfield Under study Construction Santa Cruz Punta Quilla Port 2,1 Brownfield Under study Extension Chubut Puerto Madryn ExtensionConstruction and of refurbishment building - environmental 6,8 protection works Containers site, oil effluents, warehouses, Brownfield Under study Extension Santa Cruz Deseado Port 6,8 etc. Total Greenfield 252,1 Brownfield Under study Improvement Chubut Camarones Port Improved services 5,8 Dredging of access channels - Improvement to road and railway accesses - Puerto Brownfield InUnder development study Improvement SantaBuenos Fe Aires BahíaShell/ BlancaYPF Port Port Repair /extension of docks 193,45,4 Belgrano, repair of Carena dam- DeepeningConstruction of of channel mining -terminalImprovement to Brownfield Under study Improvement Entre Ríos Puerto Diamante 4,8 infrastructureRefurbishment for of managing infrastructure grains for the Brownfield In development Improvement Entre Ríos Ibicuy Port management of load - new terminal for the 40,7 Binational - Río Martín García Brownfield Under study Improvement Maintenancetransfer of grains dredging 4,1 de La Plata channel In tender Improvements for general load and container Brownfield Under study Improvement ChubutSanta Fe RawsonSanta Fe Port Port Modernization of facilities 71,91,7 process - construction of new work Brownfield Under study Improvement Santa Cruz SanMaintenance Julián Port of port Improvement of facilities 0,7 Brownfield Under study Improvement - Maintenance 436,0 infrastructure Improvements to security, facilities and Brownfield Under study Improvement Santa Fe Reconquista Port Definition of the course of the Punta Indio 0,4 Channel of Punta operations Brownfield Under study Construction - channel starting at the Beta zone with 286,0 Indio Brownfield In development Tierra del Fuego La Misión Port 143,900 Km 115,4 Brownfield Under study Buenos Aires Rosales Port Terminal of hydrocarbons 67,9 Refurbishment of piers- improvement to land accesses- Refurbishment of retaining walls Brownfield Under study Improvement SantaBuenos Fe Aires TerminalPuerto La for Plata transfer 108,633,9 - New terminal for fuels - improvement of services and infrastructure Total Brownfield 1.984,3

Deepening of the access channel- TOTAL 2.236,4 Improvement to road access- Site 0 - Brownfield Under study Improvement Buenos Aires Puerto Quequén 104,5 Refurbishment of docks and breakwaters - several improvements

Dredging of port basin - Refurbishment of pier - construction of new retaining docks - Brownfield Under study Improvement Buenos Aires Puerto Mar del Plata 59,1 AIRPORTS (investment in million of dollars) construction of breakwaters - Improvement to road accesses and services in general

CATEGORY STATUS PURPOSE LOCATIONBinational - Río MainPROJECT navigable Extension ofDESCRIPTION Magdalena channel and other INVESTMENT Brownfield Under study Extension 54,3 Paraná waterway works Construction of the air traffic In tender Buenos Aires - Puerto San Antonio Dredging of accesscontrol towers,channels air traffic- Extension control of GreenfieldBrownfield Under study ConstructionExtension Río Negro Extension of airport 28,648,2 process Ezeiza Este mooring site-building,Construction accesses of railway and parking access at Ministro Pistarini airport Executive and building project of In tender Airports of cities of Salta,Improvement San to accesses (road and Greenfield Construction NOA buildings of rescue services and 2,2 process Salvador de Jujuy and Larailways) Rioja - Refurbishment and tailoring of the Barranqueras Vilelas dock for generalfire extinguisher cargo - Widening and paving of south Brownfield Under study Improvement Chaco Construction of a hangar in the 46,9 In tender Buenos Aires - Mar PortInternational airport Astorchannel - areas for maneuvering and Greenfield Construction International Airport Astor 1,8 process del Plata Piazzolla mooring for barges - New terminal Las Palmas - ImprovementPiazzolla to terminal to grains Construction of 50,000m2 of Buenos Aires - San aircraft hangar for general Greenfield Under study Construction Improvement to the road access - 27,8 Fernando aviation in the internationalImprovement airport to railway access - Brownfield Under study Improvement Buenos Aires San Nicolás Port 42,8 of San Fernando Improvements to south dock - construction of Chubut-Comodoro Greenfield Under study Construction New building north dock - NewMaximization terminal of grain lift 21,7 Rivadavia Improvements for bulk material- New international airport control Brownfield Under study Improvement ChubutSanta -FeComodoro Rosario Port improvement to containers terminal - 37,4 Greenfield Under study Construction center "General Enrique 2,1 Rivadavia Mosconi". Transformation of terminals New terminal for Brownfield Under study Improvement Buenos Aires Tailoring of facilities for containers 33,9 grain Total Greenfield 84,1 Buenos Aires - Refurbishment of runway 17-35" Brownfield Awarded Improvement Airport Ministro Pistarini 7,1 Ezeiza of the airport Refurbishment and extension of In tender Brownfield Improvement Chubut - Trelew Almirante Zar airport pavings and facilities of new 11,6 process visual aids Refurbishment of runway 16L- 34R and taxiway, extension of In tender Buenos Aires - Brownfield Improvement domestic platform and new 6,0 process Bahía Blanca 22 signing of Comandante Espora airport In tender Chubut - Puerto Tailoring and extension of the Brownfield Improvement "El Tehuelche” airport 2,1 process Madryn passengers terminal Refurbishment and improvements at Ezeiza facilities ( demolition, Ezeiza-Cañuelas highway disassembly, removal and In tender Buenos Aires - Collector road for highway Brownfield Improvement transportation of constructions no 1,8 process Ezeiza Ezeiza-Cañuelas, intersection La longer used and current facilities Horqueta that will replaced with new buildings) Iguazú: Increase tourism and connection through NEA with Brazil, East coast of the USA, Europe and Middle East / Resistencia: Increase exchange of air cargo and passengers between Brazil, East coast of the USA and Europe. /Salta: Designed to develop regional Iguazú - Resistencia Implementation of improvements tourism, air cargo and connection Brownfield Under study Improvement 250,0 - Salta - Tucumán in the airports of passengers with the West coast of the Pacific Ocean, Mexico and USA with connection to the Far East / Tucumán: Designed to develop alternatives of export of perishable, fragile or high value-added cargo, with the possibility of connecting air cargo from the Neuquén or General Roca airports. Tailoring of platform B of Ezeiza; A plan for works has been change of immigration, customs Brownfield Under study Improvement National approved and is conducted for the 107,1 areas and check-in counters, 54 airports of the national system among others.

New departing area in Terminal B Brownfield Under study Extension Buenos Aires Ezeiza 73,3 (August - September 2016) Main renovations and new Brownfield Under study Improvement Mendoza Mendoza beacon system on runway 18-36 36,5 (April - June 2016) New passenger terminal Brownfield Under study Extension Jujuy Jujuy 20 (November - February 2016) New passenger terminal (August - Brownfield Under study Extension San Juan San Juan 17 November 2016) Expansion of main check-in areas Brownfield Under study Extension City of Buenos Aires Jorge Newbery Airport 12 (August - September 2016) AIRPORTS (investment in million of dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT DESCRIPTION INVESTMENT

Construction of the air traffic In tender Buenos Aires - control towers, air traffic control Greenfield Construction Extension of airport 28,6 process Ezeiza building, accesses and parking at Ministro Pistarini airport Executive and building project of In tender Airports of cities of Salta, San Greenfield Construction NOA buildings of rescue services and 2,2 process Salvador de Jujuy and La Rioja fire extinguisher and paving Construction of a hangar in the In tender Buenos Aires - Mar International airport Astor Greenfield Construction International Airport Astor 1,8 process del Plata Piazzolla Piazzolla Construction of 50,000m2 of Buenos Aires - San aircraft hangar for general Greenfield Under study Construction 27,8 Fernando aviation in the international airport of San Fernando Chubut-Comodoro Greenfield Under study Construction New building New terminal 21,7 (investment in millionRivadavia of dollars) PORTS AND WATERWAYS New international airport control Chubut-Comodoro Greenfield Under study Construction center "General Enrique 2,1 Rivadavia Mosconi". CATEGORY STATUS PURPOSE LOCATION PROJECT DESCRIPTION INVESTMENT Total Greenfield 84,1 Buenos Aires - Refurbishment of runway 17-35" BrownfieldGreenfield AwardedIn development ImprovementConstruction Misiones PosadasAirport Ministro Port PistariniSupplementary works 7,13,1 Ezeiza of the airport Refurbishment and extension of Greenfield InIn tender development Construction Misiones Santa Ana Port Supplementary works 3,1 Brownfield Improvement Chubut - Trelew Almirante Zar airport pavings and facilities of new 11,6 process Greenfield Under study CABA Buenos Aires Port Master plan visual aids 169,6 Refurbishment of runway 16L- Greenfield Under study Construction Corrientes Lavalle34R and Port taxiway, extensionConstruction of new work 20,4 In tender Buenos Aires - Brownfield Improvement domestic platform and new 6,0 process Bahía Blanca Greenfield Under study Construction Corrientes Itásigning Ibaté Portof Comandante ConstructionEspora new work 20,4 airport In tender Chubut - Puerto New containersTailoring terminal and - extensionlandfill for of the Brownfield Improvement "El Tehuelche” airport 2,1 process Madryn cabotage dockpassengers and extension terminal of mooring- Greenfield Under study Construction Buenos Aires San Pedro Port ImprovementRefurbishment to pier No. 1 -anddredging improvements of 15,9 at Ezeiza facilities ( demolition, Ezeiza-Cañuelas highwayaccess channels and supplementary works - disassembly, removal and In tender Buenos Aires - Collector road for highwayAdjustment to grain lift Brownfield Improvement transportation of constructions no 1,8 process Ezeiza Ezeiza-Cañuelas, intersection La longer used and current facilities Greenfield Under study Construction Corrientes CorrientesHorqueta Port Construction new work 13,6 that will replaced with new Greenfield Under study Construction Formosa YPF Port New terminalbuildings) for fuel 4,1 Iguazú: Increase tourism and Repair of foundationsconnection and through protections - renewal of electricity distribution system - Greenfield Under study Construction Santa Cruz Punta Quilla Port NEA with Brazil, East coast of the 2,1 ConstructionUSA, of building Europe - environmentaland Middle East / protection worksResistencia: Increase exchange of air cargo and passengers between Brazil, EastTotal coast Greenfield of the 252,1 USA and Europe. /Salta: Dredging of access channels - Improvement Designed to develop regional Iguazú - Resistencia Implementation of improvementsto road and railwaytourism, accesses air cargo -andPuerto connection BrownfielBrownfieldd UnderIn development study ImprovementImprovement Buenos Aires Bahía Blanca Port 250,0193,4 - Salta - Tucumán in the airports Belgrano, repairof passengers of Carena withdam the- West Constructioncoast of mining of the terminal Pacific Ocean, RefurbishmentMexico of infrastructure and USA with for connection the Brownfield In development Improvement Entre Ríos Ibicuy Port managementto of the load Far - Eastnew /terminal Tucumán: for the 40,7 transfer of grainsDesigned to develop alternatives of export of perishable, fragile or In tender Improvements for general load and container Brownfield Improvement Santa Fe Santa Fe Port high value-added cargo, with the 71,9 process - constructionpossibility of new work of connecting air cargo from the Neuquén or General Maintenance of port Brownfield Under study Improvement - MaintenanceRoca airports. 436,0 infrastructure Tailoring of platform B of Ezeiza; A plan for works has beenDefinition of the course of the Punta Indio Channel of Punta change of immigration, customs BrownfieldBrownfield UnderUnder study study ImprovementConstruction National- approved and is conductedchannel for the starting at the Beta zone with 107,1286,0 Indio areas and check-in counters, 54 airports of the national143,900 system Km among others.

RefurbishmentNew of departingpiers- improvement area in Terminal to land B Brownfield Under study Extension Buenos Aires Ezeiza accesses- Refurbishment of retaining walls 73,3 Brownfield Under study Improvement Buenos Aires Puerto La Plata (August - September 2016) 108,6 - New terminal for fuels - improvement of Main renovations and new services and infrastructure Brownfield Under study Improvement Mendoza Mendoza beacon system on runway 18-36 36,5 (April - June 2016) Deepening ofNew the passengeraccess channel terminal- Brownfield Under study Extension Jujuy Jujuy Improvement to road access- Site 0 - 20 Brownfield Under study Improvement Buenos Aires Puerto Quequén (November - February 2016) 104,5 RefurbishmentNew of passengerdocks and terminalbreakwaters (August - - Brownfield Under study Extension San Juan San Juan 17 several improvementsNovember 2016) Expansion of main check-in areas Brownfield Under study Extension City of Buenos Aires Jorge Newbery Airport 12 Dredging of port(August basin - September - Refurbishment 2016) of pier - construction of new retaining docks - Brownfield Under study Improvement Buenos Aires Puerto Mar del Plata 59,1 construction Newof breakwaters commercial - platformImprovement (north) to Brownfield Under study Extension City of Buenos Aires Jorge Newbery Airport 10 road accesses(2017) and services in general Renovations and expansion of Brownfield Under study Improvement MendozaBinational - Río MainMendoza navigable Extension of parkingMagdalena areas channel (May - Augustand other 8 Brownfield Under study Extension 54,3 Paraná waterway works 2016) Córdoba - Ambrosio PuertoExtension San Antonioof International Dredging Airport of access channels - Extension of BrownfieldBrownfield UnderUnder study study ExtensionExtension Río Negro 48,28 Taravella Esteof Córdoba, Ambrosio Taravellamooring site- Construction of railway access

Main renovations on terminal Brownfield Under study Improvement Formosa Formosa 6 Improvement(October to accesses - December (road and 2016) railways) - Refurbishment and tailoring of the Barranqueras Vilelas dock for generalPassenger cargo -terminalWidening refurbishment of south BrownfieldBrownfield UnderUnder study study ImprovementImprovement ChubutChaco Esquel 46,96 Port channel - areas(October for maneuvering - December and2016) mooring for barges - New terminal Las Río Negro - San Improvements in San CarlosPalmas de - Improvement to terminal to grains Brownfield Under study Improvement Improvements 3 Carlos de Bariloche Bariloche terminal Improvement to the road access - Buenos Aires - La Improvement to railway access - BrownfieldBrownfield UnderUnder study study ImprovementImprovement Buenos Aires SanRecovery Nicolás of Port La Plata Airport Recovery 42,83 Plata Improvements to south dock - construction of north dock - Maximization of Totalgrain Brownfieldlift 588,1 Improvements for bulk material- TOTAL 672,3 Brownfield Under study Improvement Santa Fe Rosario Port improvement to containers terminal - 37,4 Transformation of terminals New terminal for Brownfield Under study Improvement Buenos Aires Tailoring of facilities for containers 33,9 grain

23 3.4. Water supply, drainage system and flood control

 Argentina faces five important challenges in the drinking  The Hydric Resources Office, through the Public Works water supply and sanitation sector: (i) limited coverage and Bureau, submits the policies of the sector for the large supply of services compared to earnings; (ii) poor consideration of the Department of Planning, Public quality, which requires increased investments; and (iii) Investment and Utilities in charge of approving them. high levels of contamination in sources and recipients. The Within this political framework, the National Entity of drinking water supply service covers 96% of population. Sanitation Hydric Works (ENOHSA), a decentralized Together, Argentina and Uruguay are the region leaders entity reporting to the Hydric Resources Office, provides (considering Latin America and the Caribbean) in providing financing and technical assistance to the service providers. access to drinking water to 91% of their population on average.  No national law of water and sanitation has been issued yet, though some provinces already have one. This situation  According to the National Census of year 2010, 83.9% of hinders the progress towards a national and consistent the Argentinians use the public water system as the main law involving issues such as financing, subsidies, rates source of water for drinking and cooking, 14.8% use water and service standards. The federal structure of the country from drillings or wells and 1.3% drain water from rain, or and the dispersion and overlap of responsibilities between use cistern-trucks, rivers, waterways or intermittent rivers different bodies of the government hinder even more the as the main source of water for drinking and cooking. development of a consistent policy.

 Regarding sanitation, the sewage drainage is insufficient  Fourteen out of the 23 provinces have regulatory authorities to manage the increasing flow as long as more and more that have limited capacity and institutional responsibilities residential dwellings are connected to the system, which that are not well defined. causes frequent overflows.  In the metropolitan areas of Buenos Aires, there are two  Sewage treatment varies greatly from province to province agencies: one in charge of planning and the other in charge in the country. According to the Pan American Health of service control. Organization (PHO), at a national level, 10% of sewage was treated in 1999. In the capital cities of some provinces,  The regulatory authorities are all met in AFERAS, the such as Mendoza, Córdoba, Tucumán, Neuquén, Jujuy, Association of Regulators of Water Supply and Sanitation of Salta and San Juan, most of sewage was treated, whereas the Republic of Argentina. in the two biggest urban areas, Buenos Aires and Rosario, the treatment is lower than the country’s average, which poses serious environmental hazards.

WATER SUPPLY, DRAINAGE SYSTEM AND FLOOD CONTROL (investment in millions of dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT / DESCRIPTION INVESTMENT

Greenfield Awarded Buenos Aires - Avellaneda Sewer on right river side 187

Greenfield Awarded Buenos Aires - Dock Sud Sewage pipe under water- Riachuelo 186

Greenfield Awarded CABA Sewer on left side and deviation to low coastal area 109

Greenfield Awarded Buenos Aires - Dock Sud Preliminary treatment plan- Riachuelo 96

Greenfield Awarded Buenos Aires - Dock Sud Pumping stations (E and S) of Riachuelo plant 83

Greenfield Awarded Buenos Aires - Avellaneda Pipe for industrial effluents 23 Chaco - Barranqueras and 13 Greenfield In development Construction Second aqueduct for Chaco 204 towns Greenfield In development Jujuy - San Salvador de Jujuy Drinking water system of the City of San Salvador de Jujuy 20 Chaco - Gran Resistencia, Pte. Plan of sewer pipelines of AMGR, Pte. RS Peña, V. Ángela and Greenfield In tender process Roque Sáenz Peña, Villa 204 Gral. San Martín Ángela and Gral. San Martín Integral system of sewage pipelines, Gran Tucumán, Alderetes - Greenfield In tender process Tucumán 34 Banda del Río Salí

Embankment work and canalization in agricultural area, extension of Greenfield Under study Construction Córdoba bridges light, 33% for maintenance of dams, streams and lakes and 1.508 25% for the maintenance and repair of sewage.

Greenfield Under study Construction Santa Cruz Building of aqueduct in the north of the province of Santa Cruz 829

Embankment work and canalization (e.g. Arroyo Vega, Maldonado), Greenfield Under study Construction CABA 33% for maintenance of streams and lakes and 25% for the 762 maintenance and repair of sewage. 24 Greenfield Under study Mendoza Strategic plan –Cacique Guaymallén channel 339

Aqueduct in the northwest region of the province of Buenos Aires: Buenos Aires - San Nicolás and Greenfield Under study Intake of raw water and initial section of 400 km with 10 reservoirs 305 north Buenos Aires cities. and 8 EB

Comprehensive plan for Resistencia, construction of protections and Greenfield Under study Chaco extraction pumps to combine rainfall and the Río Paraná rises 283 (+8mt) and Barranqueras

Buenos Aires - end of aqueduct at Guamini and cities of the Aqueduct in the northwest region of the province of Buenos Aires: Greenfield Under study 271 northwest of the province of End of aqueduct of 450 km, 10 reservoirs and 6 EB Buenos Aires Santa Fe - Rosario and Great Greenfield Under study Plan of sewer pipelines of Ros and Gros 204 Rosario Buenos Aires - Malvinas Greenfield Under study Argentinas, José C. Paz and Plan of sewer pipelines of the northwest region 170 Moreno and Pilar Greenfield Under study Buenos Aires - Bahía Blanca Aqueduct Rio Colorado - Bahía Blanca 136

Greenfield Under study Córdoba Plan of sewer pipelines of City of Córdoba 136

Greenfield Under study Construction Buenos Aires - La Plata Water treatment plant of Donato Gerardi - La Plata 102

Greenfield Under study Santa Fe - Rafaela Aqueduct 102

Redesign of the production schedule in Mendoza, intake in Greenfield Under study Construction Mendoza 68 Cacheuta and new plant

Greenfield Under study Construction - Construction of treatment plant for sewage effluents 37

Greenfield Under study Formosa Coverage and mitigation of flood risks 34

Greenfield Under study Construction Tucumán - Concepción Wastewater treatment plant in Concepción 33

Greenfield Under study Entre Ríos - Concordia Drinking water system, City of Concordia 27

Greenfield Under study Construction Santa Cruz Construction of drinking water system–Santa Cruz 25

Greenfield Under study Construction Salta Rain drainage Cerillos- La Merced and El Carril 12

Drinking water and sewage systems at Cuenca Alta Matanza- Greenfield Under study Construction Buenos Aires 5 Riachuelo- Merlo

Total Greenfield 6.531

Tailoring of pump and propelling plant and plant for the treatment of Brownfield In development Improvement Santiago del Estero 54 sewage effluents of Santiago del Estero WATER SUPPLY, DRAINAGE SYSTEM AND FLOOD CONTROL (investment in millions of dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT / DESCRIPTION INVESTMENT

Greenfield Awarded Buenos Aires - Avellaneda Sewer on right river side 187

Greenfield Awarded Buenos Aires - Dock Sud Sewage pipe under water- Riachuelo 186

Greenfield Awarded CABA Sewer on left side and deviation to low coastal area 109

Greenfield Awarded Buenos Aires - Dock Sud Preliminary treatment plan- Riachuelo 96

Greenfield Awarded Buenos Aires - Dock Sud Pumping stations (E and S) of Riachuelo plant 83

Greenfield Awarded Buenos Aires - Avellaneda Pipe for industrial effluents 23 Chaco - Barranqueras and 13 Greenfield In development Construction Second aqueduct for Chaco 204 towns Greenfield In development Jujuy - San Salvador de Jujuy Drinking water system of the City of San Salvador de Jujuy 20 Chaco - Gran Resistencia, Pte. Plan of sewer pipelines of AMGR, Pte. RS Peña, V. Ángela and Greenfield In tender process Roque Sáenz Peña, Villa 204 Gral. San Martín Ángela and Gral. San Martín Integral system of sewage pipelines, Gran Tucumán, Alderetes - Greenfield In tender process Tucumán 34 Banda del Río Salí WATER SUPPLY, DRAINAGE SYSTEM AND FLOOD CONTROL (investment in millions of dollars) Embankment work and canalization in agricultural area, extension of Greenfield Under study Construction Córdoba bridges light, 33% for maintenance of dams, streams and lakes and 1.508 CATEGORY STATUS PURPOSE LOCATION PROJECT25% for the / maintenanceDESCRIPTION and repair of sewage. INVESTMENT

Greenfield UnderAwarded study Construction SantaBuenos Cruz Aires - Avellaneda BuildingSewer on of right aqueduct river side in the north of the province of Santa Cruz 829187 Greenfield Awarded Buenos Aires - Dock Sud Sewage pipe under water- Riachuelo 186 Embankment work and canalization (e.g. Arroyo Vega, Maldonado), Greenfield UnderAwarded study Construction CABA Sewer33% for on maintenance left side and of deviation streams toand low lakes coastal and area 25% for the 109762 maintenance and repair of sewage. Greenfield Awarded Buenos Aires - Dock Sud Preliminary treatment plan- Riachuelo 96 Greenfield Under study Mendoza Strategic plan –Cacique Guaymallén channel 339 Greenfield Awarded Buenos Aires - Dock Sud Pumping stations (E and S) of Riachuelo plant 83 Aqueduct in the northwest region of the province of Buenos Aires: Greenfield Awarded Buenos Aires - AvellanedaSan Nicolás and Pipe for industrial effluents 23 Greenfield Under study Intake of raw water and initial section of 400 km with 10 reservoirs 305 Chaconorth Buenos - Barranqueras Aires cities. and 13 Greenfield In development Construction Secondand 8 EB aqueduct for Chaco 204 towns

Greenfield In development Jujuy - San Salvador de Jujuy ComprehensiveDrinking water system plan for of Resistencia, the City of San construction Salvador deof protectionsJujuy and 20 Greenfield Under study Chaco - Gran Resistencia, Pte. extraction pumps to combine rainfall and the Río Paraná rises 283 Plan of sewer pipelines of AMGR, Pte. RS Peña, V. Ángela and Greenfield In tender process Roque Sáenz Peña, Villa (+8mt) and Barranqueras 204 Gral. San Martín Ángela and Gral. San Martín Buenos Aires - end of aqueduct Integral system of sewage pipelines, Gran Tucumán, Alderetes - Greenfield In tender process Tucumánat Guamini and cities of the Aqueduct in the northwest region of the province of Buenos Aires: 34 Greenfield Under study Banda del Río Salí 271 northwest of the province of End of aqueduct of 450 km, 10 reservoirs and 6 EB Buenos Aires Embankment work and canalization in agricultural area, extension of Santa Fe - Rosario and Great Greenfield Under study Construction Córdoba Planbridges of sewerlight, 33%pipelinesfor maintenance of Ros and Grosof dams, streams and lakes and 1.508204 Rosario 25% for the maintenance and repair of sewage. Buenos Aires - Malvinas Greenfield Under study Argentinas, José C. Paz and Plan of sewer pipelines of the northwest region 170 Greenfield Under study Construction SantaMoreno Cruz and Pilar Building of aqueduct in the north of the province of Santa Cruz 829

Greenfield Under study Buenos Aires - Bahía Blanca AqueductEmbankmentRio workColorado and canalization- Bahía Blanca (e.g. Arroyo Vega, Maldonado), 136 Greenfield Under study Construction CABACórdoba Plan33% forof sewer maintenance pipelines of ofstreams City of andCórdoba lakes and 25% for the 762136 maintenance and repair of sewage. Greenfield Under study Construction Buenos Aires - La Plata Water treatment plant of Donato Gerardi - La Plata 102 Greenfield Under study Mendoza Strategic plan –Cacique Guaymallén channel 339 Greenfield Under study Santa Fe - Rafaela Aqueduct 102 Aqueduct in the northwest region of the province of Buenos Aires: Buenos Aires - San Nicolás and Greenfield Under study RedesignIntake of raw of the water production and initial schedule section inof Mendoza,400 km with intake 10 reservoirs in 305 Greenfield Under study Construction northMendoza Buenos Aires cities. 68 Cacheutaand 8 EB and new plant Greenfield Under study Construction - Construction of treatment plant for sewage effluents 37 Comprehensive plan for Resistencia, construction of protections and Greenfield Under study ChacoFormosa Coverageextraction pumpsand mitigation to combine of flood rainfall risks and the Río Paraná rises 28334 (+8mt) and Barranqueras Greenfield Under study Construction Tucumán - Concepción Wastewater treatment plant in Concepción 33

Greenfield Under study BuenosEntre Ríos Aires - Concordia - end of aqueduct Drinking water system, City of Concordia 27 at Guamini and cities of the Aqueduct in the northwest region of the province of Buenos Aires: Greenfield Under study 271 Greenfield Under study Construction northwestSanta Cruz of the province of ConstructionEnd of aqueduct of drinking of 450 km,water 10 system reservoirs–Santa and Cruz 6 EB 25 Buenos Aires Greenfield Under study Construction SantaSalta Fe - Rosario and Great Rain drainage Cerillos- La Merced and El Carril 12 Greenfield Under study Plan of sewer pipelines of Ros and Gros 204 Rosario Drinking water and sewage systems at Cuenca Alta Matanza- Greenfield Under study Construction Buenos Aires - Malvinas 5 Greenfield Under study Argentinas, José C. Paz and PlanRiachuelo of sewer- Merlo pipelines of the northwest region 170 Moreno and Pilar Total Greenfield 6.531 Greenfield Under study Buenos Aires - Bahía Blanca Aqueduct Rio Colorado - Bahía Blanca 136 Tailoring of pump and propelling plant and plant for the treatment of Brownfield In development Improvement Santiago del Estero 54 Greenfield Under study Córdoba sewagePlan of sewer effluents pipelines of Santiago of City del of EsteroCórdoba 136 Greenfield Under study Construction Buenos Aires - La Plata WaterStrategic treatment plan 2015 plant-2019, of Donato extension Gerardi of the - La service Plata and construction 102 Brownfield In tender process Extension Salta 28 of sewer Greenfield Under study Santa Fe - Rafaela Aqueduct 102

RedesignComprehensive of the planproduction for managing schedule Salado in Mendoza, basin Rio intake Reconquista in Greenfield Under study Construction Mendoza 68 Brownfield Under study Improvement Buenos Aires Cacheutaand Lujan. and Maintenance new plant of canalization and drainage of routes, 4.819 urban sewage Maintenance of piping of streams Greenfield Under study Construction - Construction of treatment plant for sewage effluents 37 Protection of urban and suburban areas strongly influenced by the Greenfield Under study Formosa Coverage and mitigation of flood risks 34 Brownfield Under study Improvement Mendoza regional economy. Improved access to urban areas. Maintenance of 573 Greenfield Under study Construction Tucumán - Concepción Wastewaterdams, streams treatment and lakes, plant maintenance in Concepción and repair of sewage. 33

Greenfield Under study Entre Ríos - Concordia Drinking water system, City of Concordia 27 Maintenance and renewal of rainfall drainage system in the city of Santa Fe, prevention of the combined effect of river rises and GreenfieldBrownfield Under study ConstructionImprovement Santa CruzFe Construction of drinking water system–Santa Cruz 49425 overflow by rain. Maintenance of the Salado system and Greenfield Under study Construction Salta Raincanalization drainage of Cerillosthe province.- La Merced Maintenance and El Carrilof urban sewage. 12

Drinking water and sewage systems at Cuenca Alta Matanza- Greenfield Under study Construction Buenos Aires 5 RiachueloComprehensive- Merlo plan for Posadas and Montecarlo, construction of Brownfield Under study Improvement Misiones protections and extraction pumps to combine rainfall and the Río 253 Total Greenfield Paraná rises 6.531

Tailoring of pump and propelling plant and plant for the treatment of Brownfield InUnder development study ImprovementExtension SantiagoCórdoba del Estero Aqueduct Los Molinos 4854 sewage effluents of Santiago del Estero Total Brownfield 6.268

TOTAL 12.799

25 3.5. Waste disposal

 In the province of Buenos Aires and in the City of Buenos the City of Buenos Aires. Waste removal is awarded Aires, the company in charge of managing solid waste to private companies. At present, most of the waste in the metropolitan area is Coordinación Ecológica Área disposal projects are being developed by the province Metropolitana Sociedad del Estado (CEAMSE), which and City of Buenos Aires. was created by the authorities of both, the province and

WASTE DISPOSAL (investment in millions of dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT DESCRIPTION INVESTMENT

City of Buenos Aires - to Treatment of 5000 daily tons of waste from the City of Buenos Under be constructed in the Aires. It consists of a MBT Plant; Incinerator with energy Greenfield Construction CABA 476 study Complejo Ambiental generation and sanitary landfill with refuse. It includes the Norte III remediation of the current garbage dumping sites of each city.

Treatment of 4983 daily tons of waste from the municipalities of Merlo; Moreno; General San Martín; Tigre; Tres de Febrero; Metropolitan area of Malvinas Argentinas;Morón; Pilar; San Isidro; San Miguel; Vicente Buenos Aires 3 - to be Under Buenos López; José C. Paz; Escobar; Hurlingham; Ituzaingó; San Greenfield Construction constructed in the 473 study Aires Fernando; General Rodríguez. It consists of a MBT Plant; Complejo Ambiental Incinerator with energy generation and sanitary landfill with refuse. Norte III It includes the remediation of the current garbage dumping sites of each city. Metropolitan area of Treatment of 4500 daily tons of waste from the municipalities of La Buenos Aires 1 - to be Matanza; Lomas de Zamora; Quilmes; Almirante Brown; Lanús; Under Buenos Greenfield Construction constructed in the Avellaneda; Berazategui; Esteban Echeverría; Ezeiza; Presidente 397 study Aires Complejo González Perón. It consists of a MBT Plant; Incinerator with energy Catán generation and sanitary landfill with refuse. Treatment of 1077 daily tons of waste from the departments of Metropolitan area of Gral. Lavalle; Gral Las Heras; Capital; Godoy Cruz; Guaymallén; Under Mendoza - to be Greenfield Construction Mendoza Luján de Cuyo and Maipú. It consists of a MBT Plant; Incinerator 95 study constructed in the area with energy generation and sanitary landfill with refuse. It includes of Campo Espejo - the remediation of the current garbage dumping sites of each city. Metropolitan area of Buenos Aires 2 - to be Treatment of 927 daily tons of waste from La Plata; Florencio Under Buenos Greenfield Construction constructed in the Varela; Berisso; Ensenada. It consists of a MBT Plant; Incinerator 69 study Aires Complejo Ambiental with energy generation and sanitary landfill with refuse. Ensenada Treatment of 457 daily tons of waste from the the municipalities Metropolitan area of of: Dr. Manuel Belgrano; El Carmen; Ledesma; San Pedro; Jujuy - to be constructed Under Palpalá; Humahuaca, Cochinoca and Tilcara. It consists of a MBT Greenfield Construction Jujuy in the area of garbage 59 study Plant; Incinerator with energy generation and sanitary landfill with dumping site "El Pongo” refuse. It includes the remediation of the current garbage dumping - sites. Metropolitan area of Treatment of 330 daily tons of waste from Paraná. It consists of a Paraná - to be Under MBT Plant; Incinerator with energy generation and sanitary landfill Greenfield Construction Entre Ríos constructed in the area 42 study with refuse. It includes the remediation of the current garbage of the current garbage dumping sites. dumping site -

Metropolitan area of Treatment of 234 daily tons of waste from Comodoro Rivadavia Under Comodoro Rivadavia - and Rada Tilly. It consists of a MBT Plant; Incinerator with energy Greenfield Construction Chubut 30 study Rada Tilly - to be built in generation and sanitary landfill with refuse. It includes the the industrial site - remediation of the current garbage dumping sites of each city.

Metropolitan area of Río Treatment of 81 daily tons of waste from Güer Aike. It consists of Gallegos- to be Under a MBT Plant; Incinerator with energy generation and sanitary Greenfield Construction Santa Cruz constructed in the area 17 study landfill with refuse. It includes the remediation of the current of the current garbage garbage dumping sites. dumping site -

Under Comprehensive Greenfield Construction Jujuy 11 study management of RSU

Total Greenfield 1.667

TOTAL 1.667

26 3.6. Entertainment and other projects

TURISM AND ENTERTAINMENT (investment in million dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT DESCRIPTION INVESTMENT

Greenfield Execution Construction Buenos Aires Shopping Center Al Río - 147 Shopping Center Greenfield Execution Construction City of Buenos Aires - 146 Madero Harbour Tourist complex Greenfield W/D Construction Buenos Aires - Lobos 475 Jumeirah Culú Culú Río Negro - San Carlos Greenfield W/D Construction Hotel Hilton - 5 stars 81 de Bariloche Race circuit, shopping Greenfield W/D Construction Buenos Aires -Zárate mall, and a 6-star hotel 68 named “Velociudad” Buenos Aires -Vicente Greenfield W/D - Howard Johnson Hotel 61 López Recreational center including a Misiones - Lago Greenfield W/D - Tourist complex resort, a shopping area, a golf club 38 Urugua-i and a theme park. Buenos Aires -La Wholesale shopping Greenfield W/D - 100 hectares 34 Matanza mall Greenfield W/D - Buenos Aires -Pilar Caesar Park Hotel 18

Greenfield W/D Construction Misiones -Iguazú Iguazú Tourist Port Construction and facilities 18 Corrientes -Predio Condo-hotel Design Greenfield W/D - 12 Selva Iryapú Suites Greenfield W/D - Buenos Aires -La Plata Abes Argoth Hotel 133 rooms 8 Dazzler Tower of the Greenfield W/D - Buenos Aires -La Plata 4 Fën Hotels local chain 1500 meters of elevated runaway Runaway over Tupicuá Greenfield W/D Construction Misiones -Iguazú (concrete base and metallic 4 Stream structure) Pools, spa, rehabilitation center, Greenfield W/D - Misiones -Iguazú Terminal Park pedestrian zone, parking, and 3 vehicle circulation area Lunch area for 120 people, 8 commercial stores, restrooms, 100 sq. m. for Tourism purposes, Stopover point (on Greenfield W/D - Misiones -Iguazú covered paths, vehicle circulation 2 Route No. 12) area with covered parking lots for passengers’ boarding and getting off Premium lodging, including a pool, whirlpool baths, jacuzzi, sauna, Greenfield W/D - Corrientes Lodge Spa & Resort and a mini gymnasium Broad 2 dock, a ramp to get watercraft off, and a private beach Floating port, lunch area for 50 people, 6 commercial stores, restrooms, 100 sq. m. for Tourism Ship arrival and purposes, covered paths, watch Greenfield W/D - Misiones -Iguazú departure point (over area on the Paraná River bank, 2 Paraná River) vehicle circulation area with covered parking lots for passengers’ boarding and getting off Ecotourism, with an autochthonous Hot springs resort with Greenfield W/D - La Rioja flora and fauna reserve for 1 auxiliary services education purposes Total Greenfield 1.124 Renovation of the Río Negro - San Carlos Brownfield W/D Improvement Bariloche ski center 1 de Bariloche facilities Total Brownfield 1

TOTAL 1.125

27 3.7. Energy

 Over the last years, Argentina has been experiencing with the goals set by the new Renewable Energy Law No. difficulties in connection with energy self-sufficiency, 27.191 –formerly law “Guinle”- (an 8% share of renewables which had an adverse impact on the balance of trade in total generation of energy by 2017 and 20% by 2025), leading to an adverse balance of trade as a consequence but also in connection with the aim of gradually reducing of the significant increase in gas and electricity imports. the dependence on hydrocarbons. In this scenario, the new investments to be made in the  The Argentine Government has adopted different policies oil and gas sector are essential as well as in other projects and entered into agreements with foreign companies in destined to the production of energy (hydropower plants, order to create an environment suitable for the growth such as Chihuidos I or Cepernic-Kirchner). of the oil and gas industry as well as other sources of  Argentine energy matrix heavily relies on hydrocarbons renewable energy. Accordingly, we can mention the (about 86% thereof). Hydraulic energy accounts for less Hydrocarbons Law (No. 27.007) aimed at fostering the than 5%, and nuclear power accounts for 2%. However, production of unconventional hydrocarbons and the the heavy dependence on hydrocarbons for generating offshore exploitation, or the referred Renewable Energy energy is not a recent condition. From 1990 to 2013, the Law (No. 27.191). Additionally, it is worth mentioning that, contribution of hydrocarbons resources to the energy recently, measures have been adopted to put an end to matrix increased from 86% to 87%, according to the the anachronistic rate freeze in the energy market (for the statistical information provided by the Energy Department residential consumption of both electricity and gas), which and CAMMESA. Therefore, the projects aimed at the will enable a progressive adjustment by the generation, generation of renewable resources have increased in transportation and distribution companies, while importance over the last years, not only in connection encouraging production and investment.

ELECTRIC ENERGY (investment in million dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT DESCRIPTION INVESTMENT Presidente Kirchner y Awarded/Tender Santa Cruz - Santa Cruz Hydropower Project on Greenfield Gobernador Jorge Cepernic 3.325 Process River Santa Cruz River Hydropower Complex Awarded/Tender Greenfield Neuquén - Neuquén River Chihuído I Generation 1.036 Process Awarded/Tender Hydropower Project on Los Blancos and Los Tordillos Greenfield Mendoza - Tunuyán River 799 Process Tunuyán River Hydropower Complex Awarded/Tender San Juan - San Juan Greenfield El Tambolar Generation 339 Process River Awarded/Tender Greenfield Mendoza - Grande River Portezuelo del Viento Generation 305 Process San Juan - San Juan Punta Negra Hydraulic Greenfield Execution Generation 230 River Plant/Dam Construction of a wind farm for Greenfield Execution Construction Chubut Malaespina I the production of 50 Mw of 81 energy Construction of a photovoltaic Greenfield Execution Construction San Juan Cañada Honda III 8 plant with a 5Mw-capacity Corpus Christi Greenfield Under study Construction Argentina, Paraguay - 4.200 Hydropower Plant Panambí Hydropower Greenfield Under study Construction Argentina, Brazil Construction 2.474 Plant Greenfield Under study National GENREN Project Renewable energies 1.270 Binational - Uruguay Greenfield Under study Garabí Generation 1.221 River Greenfield Under study National Distributed generation Generation 407 490 km length, new Thermal 500 kV line Diamante Power Station 500/132 kV - 2 Cuyo - Greater Buenos Greenfield Under study River - Coronel x 300 MVA, 2 reactors in the 354 Aires Charlone form of rods of 500 kV of 50 Mvar each Greenfield Under study Construction Chubut - El Escorial El Angelito Wind Farm Construction 322 500 kV lines of 407 km. 1 x 150 MVar line reactors in Bahía Blanca, and 2 x 80 MVar in Vivoratá Thermal Bahía Blanca and Power Station New Thermal Greenfield Under study Buenos Aires Vivorata Thermal Power Station at Vivoratá - 292 Power Stations 500/132 kV – 2 x 450 MVA with a single rod reactor of 90 MVar -. Connections with the 132 kV network of the Atlantic area Greenfield Under study Binational - Paraná River Aña Cua Generation 271 Choele Choel and 500 kV lines of 350 km. 150 Great Buenos Aires- Bahía Blanca II Greenfield Under study mVar line reactor in Choele 238 Comahue Thermal Power Choel. Series compensation Stations Second connection circuit of Choele Choel and the Patagonia area 500 kV Great Buenos Aires- Puerto Madryn II Greenfield Under study line of 354 km in Choele Choel 238 Comahue Thermal Power - Puerto Madryn #2 70% Stations series compensation. 500 kV line of 552 km in Puerto Madryn - Northern of Second connection Santa Cruz #2 Series Greenfield Under study Patagonia circuit of the Patagonia 231 compensation in Puerto area Madryn identical to that installed in circuit #1. Line of 317 km 150 MVar line reactors in Vivoratá, and 120 MVar in Abasto Expansion 500 kV line Abasto- Abasto Thermal Power Station Greenfield Under study Buenos Aires 215 Vivoratá Series Compensation of Vivoretá Thermal Power Station towards Bahía Blanca and Abasto 500 kV line San 120 km. 1 x 80 MVar/180 km Francisco-Santo line reactor 1 x 120 Tomé/500 kV line MVar/500/132 kV-1 x 300 Greenfield Under study - Litoral-Center Malvinas-San 156 MVar line reactor 4 Francisco/New San connections in 132 kV (2 with Francisco Thermal EPESF) Power Station ELECTRIC ENERGY (investment in million dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT DESCRIPTION INVESTMENT Presidente Kirchner y Awarded/Tender Santa Cruz - Santa Cruz Hydropower Project on Greenfield Gobernador Jorge Cepernic 3.325 Process River Santa Cruz River Hydropower Complex Awarded/Tender Greenfield Neuquén - Neuquén River Chihuído I Generation 1.036 Process Awarded/Tender Hydropower Project on Los Blancos and Los Tordillos Greenfield Mendoza - Tunuyán River 799 Process Tunuyán River Hydropower Complex Awarded/Tender San Juan - San Juan Greenfield El Tambolar Generation 339 Process River Awarded/Tender Greenfield Mendoza - Grande River Portezuelo del Viento Generation 305 Process San Juan - San Juan Punta Negra Hydraulic Greenfield Execution Generation 230 River Plant/Dam Construction of a wind farm for Greenfield Execution Construction Chubut Malaespina I the production of 50 Mw of 81 energy Construction of a photovoltaic Greenfield Execution Construction San Juan Cañada Honda III 8 plant with a 5Mw-capacity Corpus Christi Greenfield Under study Construction Argentina, Paraguay - 4.200 Hydropower Plant Panambí Hydropower Greenfield Under study Construction Argentina, Brazil Construction 2.474 Plant Greenfield Under study National GENREN Project Renewable energies 1.270 Binational - Uruguay Greenfield Under study Garabí Generation 1.221 River Greenfield Under study National Distributed generation Generation 407 490 km length, new Thermal 500 kV line Diamante Power Station 500/132 kV - 2 Cuyo - Greater Buenos Greenfield Under study River - Coronel x 300 MVA, 2 reactors in the 354 Aires Charlone form of rods of 500 kV of 50 Mvar each Greenfield Under study Construction Chubut - El Escorial El Angelito Wind Farm Construction 322 500 kV lines of 407 km. 1 x 150 MVar line reactors in Bahía Blanca, and 2 x 80 MVar in Vivoratá Thermal Bahía Blanca and Power Station New Thermal Greenfield Under study Buenos Aires Vivorata Thermal Power Station at Vivoratá - 292 Power Stations 500/132 kV – 2 x 450 MVA (investment in million dollars) with a single rod reactor of 90 ELECTRIC ENERGY MVar -. Connections with the 132 kV network of the Atlantic CATEGORY STATUS PURPOSE LOCATION PROJECT area DESCRIPTION INVESTMENT Presidente Kirchner y Greenfield Awarded/TenderUnder study SantaBinational Cruz - -ParanáSanta CruzRiver HydropowerAña Cua Project on Generation 271 Greenfield Gobernador Jorge Cepernic 3.325 Process River Santa Cruz River Choele Choel and Hydropower Complex 500 kV lines of 350 km. 150 Great Buenos Aires- Bahía Blanca II Greenfield UnderAwarded/Tender study mVar line reactor in Choele 238 Greenfield ComahueNeuquén - Neuquén River ChihuídoThermal Power I Generation 1.036 Process Choel. Series compensation Awarded/Tender HydropowerStations Project on Los Blancos and Los Tordillos Greenfield Mendoza - Tunuyán River Second connection circuit of 799 Process ChoeleTunuyán Choel River and Hydropower Complex the Patagonia area 500 kV Awarded/Tender GreatSan Juan Buenos - San Aires Juan- Puerto Madryn II Greenfield Under study El Tambolar Generationline of 354 km in Choele Choel 238339 Process ComahueRiver Thermal Power - Puerto Madryn #2 70% Awarded/Tender Stations Greenfield Mendoza - Grande River Portezuelo del Viento Generationseries compensation. 305 Process 500 kV line of 552 km in San Juan - San Juan Punta Negra Hydraulic Puerto Madryn - Northern of Greenfield Execution Second connection Generation 230 River Plant/Dam Santa Cruz #2 Series Greenfield Under study Patagonia circuit of the Patagonia 231 compensationConstruction of in a Puertowind farm for area Greenfield Execution Construction Chubut Malaespina I Madrynthe production identical of to50 that Mw of 81 installedenergy in circuit #1. Construction of a photovoltaic Greenfield Execution Construction San Juan Cañada Honda III Line of 317 km 150 MVar line 8 reactorsplant with in a Vivoratá, 5Mw-capacity and 120 Corpus Christi Greenfield Under study Construction Argentina, Paraguay -MVar in Abasto Expansion 4.200 500Hydropower kV line Abasto Plant - Abasto Thermal Power Station Greenfield Under study Buenos Aires 215 PanambíVivoratá Hydropower Series Compensation of Greenfield Under study Construction Argentina, Brazil Construction 2.474 Plant Vivoretá Thermal Power Station towards Bahía Blanca Greenfield Under study National GENREN Project Renewableand Abasto energies 1.270 500 kV line San Binational - Uruguay 120 km. 1 x 80 MVar/180 km Greenfield Under study FranciscoGarabí -Santo Generation 1.221 River line reactor 1 x 120 Tomé/500 kV line MVar/500/132 kV-1 x 300 Greenfield Under study - LitoralNational-Center MalvinasDistributed-San generation Generation 156407 MVar line reactor 4 Francisco/New San 490connections km length, in 132new kV Thermal (2 with Francisco Thermal 500 kV line Diamante PowerEPESF) Station 500/132 kV - 2 Cuyo - Greater Buenos Power Station Greenfield Under study River - Coronel x 300 MVA, 2 reactors in the 354 Aires Charlone form of rods of 500 kV of 50 MvarIncluding each a new 500 kV line of 89 km from Abasto to the new Atucha, Abasto and Greenfield Under study Construction Chubut - El Escorial El Angelito Wind Farm ConstructionGBA Thermal Power Station 322 Greater Buenos Aires - New GBA Thermal Greenfield Under study New line of 89 km from the 90 Litoral Power Stations - 500 500 kV lines of 407 km. 1 x new GBA Thermal Power kV 150 MVar line reactors in Station to Atucha 120 mVar Bahía Blanca, and 2 x 80 line reactor in Atucha MVar in Vivoratá Thermal Parabolic mirrored Bahía Blanca and Power Station New Thermal Salta - Valles solar thermal power GreenfieldGreenfield UnderUnder studystudy Construction Buenos Aires Vivorata Thermal PowerConstruction Station at Vivoratá - 29268 Calchaquíes station with a 20 MW/h Power Stations 500/132 kV – 2 x 450 MVA generation capacity with a single rod reactor of 90 Alto Uruguay Biomass MVar -. Connections with the Greenfield Under study Construction Misiones -Alto Uruguay Park (PBAU) - Construction 21 132 kV network of the Atlantic 2014/2018 5-year plan area Total Greenfield 18.191 Greenfield Under study Binational - Paraná River Aña Cua Generation 271 ChoeleYacyretá Choel Hydroelectric and Brownfield Concluded - Litoral 500Water kV level lines filling of 350 83 km. 150 1.200 Great Buenos Aires- BahíaDam Blanca II Greenfield Under study mVar line reactor in Choele 238 Comahue ThermalTransmission Power Line Brownfield Concluded - Litoral-Buenos Aires Choel.- Series compensation 600 StationsYacyretá-Buenos Aires Renovation of Salto Second connection circuit of Brownfield Under study Improvement Argentina, Uruguay Choele Choel and - Grande Power Station the Patagonia area 500 kV Great Buenos Aires- Puerto Madryn II Greenfield Under study line of 354 km in Choele Choel 238 ComahueTotal Brownfield Thermal Power 1.800 - Puerto Madryn #2 70% Stations series compensation. TOTAL 500 kV line of 552 km in 19.991 Puerto Madryn - Northern of Second connection Santa Cruz #2 Series Greenfield Under study Patagonia circuit of the Patagonia 231 compensation in Puerto area NUCLEAR ENERGY (investment in million dollars) Madryn identical to that installed in circuit #1. CATEGORY STATUS PURPOSE LOCATION PROJECT Line of 317DESCRIPTION km 150 MVar line INVESTMENT reactors in Vivoratá, and 120 Paraná, Bariloche, Rio MVar in Abasto Expansion Gallegos, La Pampa, 500Nuclear kV line Medicine Abasto - Abasto Thermal Power Station GreenfieldGreenfield UnderExecution study - Buenos Aires 215380 Santiago del Estero, and VivoratáCenters - Phase 1 Series Compensation of Formosa Vivoretá Thermal Power Radioisotope Production and Greenfield Execution - Buenos Aires - Ezeiza RA-10 Station towards Bahía Blanca 233 andResearch Abasto Reactor RA-10 500 kV line San Greenfield Execution - Buenos Aires - Lima CAREM-25 120CAREM km. -125 x 80Nuclear MVar/180 reactor km 127 Francisco-Santo line reactor 1 x 120 Tomé/500 kV line Greenfield Execution Construction Formosa New Uranium Plant MVar/500/132Dioxitek - New kV Uranium-1 x 300 Plant 119 Greenfield Under study - Litoral-Center Malvinas-San 156 MVar line reactor 4 Francisco/NewIndustrial Plant Sanof Fuel connections in 132 kV (2 with Greenfield Execution - Buenos Aires - Ezeiza FranciscoElements forThermal Research PIECRI 61 EPESF) PowerReactors Station 29 V Nuclear Power 1100 MW gross capacity - Greenfield Under study - To be defined 4.750 Station 1000 MW net capacity New Nuclear Power Station - Atucha III Nuclear Greenfield Under study Construction Buenos Aires - Lima 800 MW gross capacity - 750 4.071 Power Station MW net capacity VI Nuclear Power 1200 MW gross capacity - Greenfield Under study - To be defined 2.171 Station 1100 MW net capacity Greenfield Under study Construction To be defined CAREM-120 CAREM-120 Nuclear reactor 679 Uranium Enrichment Uranium Enrichment Industrial Greenfield Under study Construction Río Negro - Pilcaniyeu 543 Plant Plant Neuquén, Cordoba, Nuclear Medicine Greenfield Under study 271 Rosario, and Salta Centers - Phase 2 Tucumán, Corrientes, Nuclear Medicine Greenfield Under study San Juan, and Bahía 271 Centers - Phase 3 Blanca Jujuy, La Rioja, San Luis, Nuclear Medicine Greenfield Under study 271 and Trelew Centers - Phase 4 New Fuel Elements Greenfield Under study Construction To be defined CONUAR 170 Manufacturing Plant Radioisotope Greenfield Under study - Buenos Aires - Ezeiza 136 Production Plant Total Greenfield 14.254 Atucha III Nuclear Brownfield Concluded - Buenos Aires - 740 Power Station Project for the Extension of Embalse Nuclear Brownfield Execution Expansion Córdoba - Rio Tercero the Useful Life of Embalse 1.018 Power Station Nuclear Power Station Project for the Extension of Atucha I Nuclear Power Brownfield Under study Expansion Buenos Aires - Lima the Useful Life of Atucha I 1.018 Station Nuclear Power Station Brownfield Under study Improvement - Facilities maintenance 806 Chubut - Paso de los Cerro Solo Uranium Brownfield Under study - 204 Indios Mine Including a new 500 kV line of 89 km from Abasto to the new Atucha, Abasto and GBA Thermal Power Station Greater Buenos Aires - New GBA Thermal Greenfield Under study New line of 89 km from the 90 Litoral Power Stations - 500 new GBA Thermal Power kV Station to Atucha 120 mVar line reactor in Atucha Parabolic mirrored Salta - Valles solar thermal power Greenfield Under study Construction Construction 68 Calchaquíes station with a 20 MW/h generation capacity Alto Uruguay Biomass Greenfield Under study Construction Misiones -Alto Uruguay Park (PBAU) - Construction 21 2014/2018 5-year plan Total Greenfield 18.191 Yacyretá Hydroelectric Brownfield Concluded - Litoral Water level filling 83 1.200 Dam Transmission Line Brownfield Concluded - Litoral-Buenos Aires - 600 Yacyretá-Buenos Aires Renovation of Salto Brownfield Under study Improvement Argentina, Uruguay - Grande Power Station Total Brownfield 1.800

TOTAL 19.991

NUCLEAR ENERGY (investment in million dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT DESCRIPTION INVESTMENT Paraná, Bariloche, Rio Gallegos, La Pampa, Nuclear Medicine Greenfield Execution - 380 Santiago del Estero, and Centers - Phase 1 Formosa Radioisotope Production and Greenfield Execution - Buenos Aires - Ezeiza RA-10 233 Research Reactor RA-10 Greenfield Execution - Buenos Aires - Lima CAREM-25 CAREM-25 Nuclear reactor 127

Greenfield Execution Construction Formosa New Uranium Plant Dioxitek - New Uranium Plant 119 Industrial Plant of Fuel Greenfield Execution - Buenos Aires - Ezeiza Elements for Research PIECRI 61 Reactors V Nuclear Power 1100 MW gross capacity - Greenfield Under study - To be defined 4.750 Station 1000 MW net capacity New Nuclear Power Station - Atucha III Nuclear Greenfield Under study Construction Buenos Aires - Lima 800 MW gross capacity - 750 4.071 Power Station MW net capacity VI Nuclear Power 1200 MW gross capacity - Greenfield Under study - To be defined 2.171 Station 1100 MW net capacity Greenfield Under study Construction To be defined CAREM-120 CAREM-120 Nuclear reactor 679 Uranium Enrichment Uranium Enrichment Industrial Greenfield Under study Construction Río Negro - Pilcaniyeu 543 Plant Plant Neuquén, Cordoba, Nuclear Medicine Greenfield Under study 271 Rosario, and Salta Centers - Phase 2 Tucumán, Corrientes, Nuclear Medicine Greenfield Under study San Juan, and Bahía 271 Centers - Phase 3 Blanca Jujuy, La Rioja, San Luis, Nuclear Medicine Greenfield Under study 271 and Trelew Centers - Phase 4 New Fuel Elements Greenfield Under study Construction To be defined CONUAR 170 Manufacturing Plant Radioisotope Greenfield Under study - Buenos Aires - Ezeiza 136 Production Plant Total Greenfield 14.254 Atucha III Nuclear Brownfield Concluded - Buenos Aires - 740 Power Station Project for the Extension of Embalse Nuclear Brownfield Execution Expansion Córdoba - Rio Tercero the Useful Life of Embalse 1.018 Power Station Nuclear Power Station Project for the Extension of Atucha I Nuclear Power Brownfield Under study Expansion Buenos Aires - Lima the Useful Life of Atucha I 1.018 Station Nuclear Power Station Brownfield Under study Improvement - Facilities maintenance 806 Chubut - Paso de los Cerro Solo Uranium Brownfield Under study - 204 Indios Mine

San Rafael Mining Brownfield Under study - Mendoza - San Rafael Camp and Industrial 68 Facilities Córdoba - City of Permanent closure of Córdoba Brownfield Under study - Córdoba and Los PRAMU Córdoba Manufacturing Plant and Los 34 Gigantes Gigantes Mine Permanent closure of Don Brownfield Under study - Salta - Tonco PRAMU Salta 17 Otto Mine Brownfield Under study - To be defined PRAMU 10

Total Brownfield 3.914

TOTAL 18.168

OIL & GAS (investment in million dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT DESCRIPTION INVESTMENT

Greenfield W/D Construction Patagonia Unconventional gas 50.664

Greenfield W/D Construction Patagonia Conventional gas 40.589 New Networks Greenfield W/D Construction National 3.384 Distribution Greenfield W/D Construction Córdoba New gas pipeline 571 New Gas Pipeline Greenfield Execution Construction NEA Region 1.440 (GNEA) Total Greenfield 96.649 Expansion Gas Brownfield W/D Expansion Neuquén 8.237 Pipelines Distribution Current networks Brownfield W/D Improvement National 690 sustainable distribution Total Brownfield 8.927

TOTAL 105.576

San Rafael Mining Brownfield Under study - Mendoza - San Rafael Camp and Industrial 68 Facilities Córdoba - City of Permanent closure of Córdoba Brownfield Under study - Córdoba and Los PRAMU Córdoba Manufacturing Plant and Los 34 Gigantes Gigantes Mine Permanent closure of Don Brownfield Under study - Salta - Tonco PRAMU Salta 17 Otto Mine Brownfield Under study - To be defined PRAMU 10

Total Brownfield 3.914

TOTAL 18.168

OIL & GAS (investment in million dollars)

CATEGORY STATUS PURPOSE LOCATION PROJECT DESCRIPTION INVESTMENT

Greenfield W/D Construction Patagonia Unconventional gas 50.664

Greenfield W/D Construction Patagonia Conventional gas 40.589 New Networks Greenfield W/D Construction National 3.384 Distribution Greenfield W/D Construction Córdoba New gas pipeline 571 New Gas Pipeline Greenfield Execution Construction NEA Region 1.440 (GNEA) Total Greenfield 96.649 Expansion Gas Brownfield W/D Expansion Neuquén 8.237 Pipelines Distribution Current networks Brownfield W/D Improvement National 690 sustainable distribution Total Brownfield 8.927

TOTAL 105.576

31 3.8. Telecommunications

TELECOMMUNICATIONS (investment in millions of dollars)

CATEGORY STATUS LOCATION PROJECT DESCRIPTION INVESTMENT Included in Greenfield Execution Buenos Aires Data Center and NOC REFEFO Operating Control REFEFO Included in Greenfield Execution Buenos Aires Benavidez Earth Station Operating center and satellite follow-up REFEFO 4G LTE Mobile Telephone Towers, base stations, antennas, and Greenfield Execution National 3.290 Network equipment Detail engineering, development and launching of ARSAT 1; detail Argentine satellite ARSAT 1, Greenfield Execution National engeneering, development and future 146 2, and 3 launching of ARSAT 2; detail engineering ARSAT 3 Federal Optic Fiber Network Greenfield Execution National Laying of 5800 km of fiber optic cables 130 (REFEFO) Greenfield Under study - Maintenance 337

368 m high telecommunications tower, Greenfield Under study Buenos Aires Telecommunications Tower with digital TV, and FM, UHF, VHF and 314 microwave transmission antennas

Total Greenfield 4.217

TOTAL 4.217

32 3.9. Urban and industrial developments

URBAN AND INDUSTRIAL DEVELOPMENTS (inversión en millones de dólares)

CATEGORY STATUS PURPOSE TYPE LOCATION PROJECT DESCRIPTION INVESTMENT Awarded/Tend Urban City of Buenos Buildings in the new Greenfield Construction Construction 26,4 er Process infrastructure Aires governmental district Construction of Awarded/Tend Urban City of Buenos UG3-P1; UG3-P7, Greenfield Construction Olympic Village II 10,8 er Process infrastructure Aires and UG3-P8 Buildings City of Buenos Awarded/Tend Urban Pedestrian circulation Greenfield Construction Aires - Construction 6,4 er Process infrastructure works Constitución Awarded/Tend Urban Greenfield Construction Santa Fe - Rosario Sports Museum Building Construction 4,1 er Process infrastructure Urban Misiones-Itambe Itambe Guazú Greenfield Execution Construction 5,000 houses 112,6 infrastructure Guazú / Posadas Urbanization Construction of new Greenfield Execution Construction Industrial Buenos Aires -Pilar pharmaceutical 36 manufacturing plant Buenos Aires - Florencio Vareala Greenfield Execution Construction Industrial 12 Florencio Varela Industrial Plark Refurbishment and expansion of the new Urban City of Buenos offices of the Ministry of Greenfield Execution Construction Construction 10,5 infrastructure Aires Sciences, Technology, and Productive Innovation, stage II Construction of 440 Urbanization of Villa In tender Urban Buenos Aires- houses and Greenfield Construction Inflamable shantytown - 19,4 process infrastructure Avellaneda supplementary Alianza Plot - 1st stage works Covered stadium and outer spaces of the In tender Urban Greenfield Construction Mendoza provincial sports facilities Construction 15,9 process infrastructure located at General San Martín Park In tender Urban City of Buenos Greenfield Construction Olympic Village dwellings Construction 12,2 process infrastructure Aires Multipurpose covered Executive project, In tender Urban Chaco - Greenfield Construction stadium for 6000 construction and 7,9 process infrastructure Resistencia spectators start-up Building housing the main offices of the Tax Bureau In tender Urban of Mendoza, and building Greenfield Construction Mendoza Construction 6,7 process infrastructure housing the administrative offices of the Ministry of Tourism In tender Urban Buenos Aires- Sports center Néstor Greenfield Construction Construction 2,9 process infrastructure Quilmes Kirchner - 2nd stage Public infrastructure, urban equipment supply, In tender Urban Chubut-Puerto Construction and Greenfield Construction and supplementary works 2,8 process infrastructure Madryn Improvement in Nueva Chubut neighborhood. Construction of public infrastructure, supply of In tender Urban Mendoza- Greenfield Construction Western Iron Bridge communitary 2,8 process infrastructure Guaymallén equipment, and supplementary works In tender Urban NOA Sur Regional Center Greenfield Construction Tucumán Construction 2,1 process infrastructure - SENASA Building Construction, Buenos Aires - In tender Execution and Greenfield Construction Industrial San Antonio de Industrial Park 2 process Development of Areco Work In tender Urban Executing units Infiqc and Greenfield Construction Córdoba Construction 1,9 process infrastructure Ciquibic (Conicet) Buenos Aires- In tender Urban Exhibitions (Cultural) Greenfield Construction Florentino Construction 1,4 process infrastructure Center Ameghino Pick-up Greenfield Under study Construction Industrial Córdoba Nissan manufacturing 407 (70,000 units) Urban New Environmental Greenfield Under study Construction Mesopotamia 346 developments Projects Urban New Environmental Greenfield Under study Construction Chaco 277 developments Projects Urban Sierras New Environmental Greenfield Under study Construction 277 developments Pampeanas Projects 33 URBAN AND INDUSTRIAL DEVELOPMENTS (inversión en millones de dólares)

CATEGORY STATUS PURPOSE TYPE LOCATION PROJECT DESCRIPTION INVESTMENT Awarded/Tend UrbanUrban City of Buenos BuildingsNew Environmental in the new GreenfieldGreenfield Under study ConstructionConstruction Cuyo Construction 26,4277 er Process infrastructuredevelopments Aires governmentalProjects district Urban New Environmental Construction of Greenfield Under study Construction NOA 277 Awarded/Tend Urbandevelopments City of Buenos Projects UG3-P1; UG3-P7, Greenfield Construction Olympic Village II 10,8 er Process infrastructureUrban Aires New Environmental and UG3-P8 Greenfield Under study Construction Patagonia 207 developments Projects Buildings City of Buenos Awarded/Tend UrbanUrban PedestrianNew Environmental circulation GreenfieldGreenfield Under study ConstructionConstruction AiresPampa - Construction 6,4207 er Process infrastructuredevelopments worksProjects Constitución General Motors - First Awarded/Tend Urban GreenfieldGreenfield Under study ConstructionConstruction Industrial SantaSanta Fe Fe - Rosario Sportsstate-of Museum-the-art aluminumBuilding ConstructionFirst plant 4,1183 er Process infrastructure automotive plant Urban Misiones-Itambe Itambe Guazú Investment in GreenfieldGreenfield ExecutionUnder study ConstructionConstruction Industrial Santa Fe Oil Fuel 5,000 houses 112,6170 infrastructure Guazú / Posadas Urbanization refinery Urban ConstructionNew Environmental of new Greenfield Under study Construction Pampa Occidental 138 Greenfield Execution Construction Industrialdevelopments Buenos Aires -Pilar pharmaceuticalProjects 36 Urban Misiones - manufacturing plant Greenfield Under study Construction Buenos Aires - FlorencioUrbanization Vareala of 2000 ha 2,000 houses 93,9 Greenfield Execution Construction Industrialinfrastructure Posadas 12 Urban Florencio Varela Industrial Plark New metropolitan Greenfield Under study Construction Santa Fe - Rosario Central area 66 developments Refurbishment and area N-S Chubut - expansion of the new Urban Knowledge City Greenfield Under study Construction Urban CityComodoro of Buenos officesCoastline of the Ministry of 60 Greenfield Execution Construction developments ConstructionProject 10,5 infrastructure AiresRivadavia Sciences, Technology, and Productive Innovation, Arca Mexico - Bottling Greenfield Under study Construction Industrial Corrientes stage II Construction 44 Plant Construction of 440 Urbanization of Villa In tender Urban BuenosBuenoa Aires Aires- - Loma Verde Industrial houses and GreenfieldGreenfield Under study ConstructionConstruction Industrial Inflamable shantytown - Construction 19,439 process infrastructure AvellanedaEscobar Park supplementary Buenos Aires -La Alianza Plot - 1st stage Greenfield Under study Construction Industrial Mercedes - Benz worksVito van production 34 Matanza Covered stadium and outerConstruction spaces ofof theUspallata In tender UrbanUrban Mendoza- GreenfieldGreenfield Under study ConstructionConstruction Mendoza provincialPrimary Customs sports facilities Zone - ConstructionConstruction 15,932,7 process infrastructureinfrastructure Uspallata locatedstage II at General San Urban City of Buenos Constitución transhipment Greenfield Under study Construction Martín Park Construction 30,6 In tender Urbaninfrastructure CityAires of Buenos center Greenfield Construction Olympic Village dwellings Construction 12,2 process infrastructure Aires Massalin Particulares - MultipurposeCigarette Manufacturing covered Executive project, Greenfield InUnder tender study Construction UrbanIndustrial ChacoCorrientes - - Goya Construction 29 Greenfield Construction stadiumPlan (investment for 6000 plan until construction and 7,9 process infrastructure Resistencia spectators2019) start-up Urban Misiones-Puerto Greenfield Under study Construction BuildingUrbanization housing of 100the mainha 27,5 infrastructure Libertad offices of the Tax Bureau In tender UrbanUrban Misiones-San of Mendoza, and building GreenfieldGreenfield Under study ConstructionConstruction Mendoza Urbanization of 100 ha Construction 27,56,7 process infrastructureinfrastructure Vicente housing the administrative City of Buenos officesConstuction of the ofMinistry lithium of Greenfield Under study Construction Industrial 26 Aires Tourismbatteries plant In tender Urban BuenosCórdoba Aires - Rio- Sports center Néstor GreenfieldGreenfield Under study ConstructionConstruction Industrial Atanor ConstructionInvestment in plant 2,920 process infrastructure QuilmesTercero Kirchner - 2nd stage San Juan - 9 de PublicPetro infrastructure,San Juan - Oil Greenfield Under study Construction Industrial urban equipment supply, 18 In tender Urban Chubutjulio -Puerto refinery Construction and Greenfield Construction and supplementary works Construction of 2,8 process infrastructure MadrynBuenos Aires - Construction of fertilizing Improvement Greenfield Under study Construction Industrial in Nueva Chubut Microstar production 14 Pergamino plant neighborhood. plant (soy fertilizer) Samsung - New mobile Construction of phones, tablets, and other public infrastructure, Greenfield Under study Construction Industrial Tierra del Fuego supplyConstruction of 14 In tender Urban Mendoza- devices manufacturing Greenfield Construction Western Iron Bridge communitary 2,8 process infrastructure Guaymallén plant Urban equipment, and Greenfield Under study Construction Misiones Stadium-Olympic Village Construction 12,0 infrastructure supplementary works Manufacturing of In tender Urban NOA Sur Regional Center balls for mills in the GreenfieldGreenfield Under study ConstructionConstruction Industrial TucumánLa Pampa Forestal Pico Construction 2,19 process infrastructure - SENASA Building mining, cement, and Construction, Buenos Aires - other industries In tender Construction of an air filter, Execution and Greenfield Construction Industrial SanBuenos Antonio Aires de - Industrial Park 2 Greenfield processUnder study Construction Industrial oil, and car fuel Development of 6 ArecoEzeiza manufacturing plant Work In tender Urban ExecutingPCBox - New units production Infiqc and Greenfield Construction CórdobaCity of Buenos Construction 1,9 Greenfield processUnder study Construction infrastructureIndustrial Ciquibicplant in (Conicet)the Parque Construction 2 BuenosAires Aires- In tender Urban ExhibitionsPatricios District (Cultural) Greenfield Construction Florentino Glass NEA- Safety glass Construction 1,4 Greenfield processUnder study Construction infrastructureIndustrial Formosa Center Construction 1 Ameghino production plant Corrientes - Nutricorrientes - Rice Pick-up Greenfield Under study Construction Industrial Construction 1 Greenfield Under study Construction Industrial CórdobaMercedes Nissanprocessing plant manufacturing 407 (70,000 units) TotalUrban Greenfield New Environmental 3.667 Greenfield Under study Construction Mesopotamia 346 developments Projects Expansion of Toyota’s Urban New Environmental Greenfield Under study Construction Chaco manufacturing plant where 277 developments Projectsthe Hilux pick-up and the Urban Sierras NewSW4 Environmental SUV are Greenfield Under study Construction Buenos Aires - 277 Brownfield Execution Expansion developmentsIndustrial Pampeanas Projectsmanufactured 115,000 sq. 543 Zárate m. of new buildings, 131,000 sq. m. of logistics yards, and 4.3 km of access roads to the plant

34 URBAN AND INDUSTRIAL DEVELOPMENTS (inversión en millones de dólares)

CATEGORY STATUS PURPOSE TYPE LOCATION PROJECT DESCRIPTION INVESTMENT Awarded/Tend UrbanUrban CityMisiones of Buenos - BuildingsConsolidation in the of new Salí River Consolidation of the GreenfieldBrownfield Execution ConstructionImprovement Construction 26,49 er Process infrastructuredevelopments AiresPosadas governmentalCorridor district Production Facilities Urban Tierra del Fuego - ConstructionDevelopment of of the Brownfield Awarded/TendExecution Improvement Urban City of Buenos Coastline UG3-P1; UG3-P7, 8 Greenfield Construction developments Ushuaia Olympic Village II coastline - 2nd stage 10,8 er Process infrastructureUrban Aires Nuestra Señora de Luján andRestoration UG3-P8 - Stage Brownfield Execution Improvement Buenos Aires 4,1 infrastructure Church BuildingsIII City of Buenos Awarded/Tend Urban Pedestrian circulation Refurbishment of Greenfield Construction Aires - Constructionthe resting area for 6,4 erIn Process tender infrastructureUrban Buenos Aires- worksNuestra Señora de Luján Brownfield Improvement Constitución pilgrins, construction 11,3 Awarded/Tendprocess Urbaninfrastructure Luján Church Greenfield Construction Santa Fe - Rosario Sports Museum Building Constructionof the Baptistery 4,1 er Process infrastructure building In tender UrbanUrban MisionesCity of Buenos-Itambe ItambeNuestra Guazú Señora de las Restoration and GreenfieldBrownfield Execution ConstructionImprovement 5,000 houses 112,611,1 process infrastructureinfrastructure GuazúAires / Posadas UrbanizationMercedes Cathedral revaluation In tender Urban City of Buenos Construction of new Brownfield Improvement National Congress Front restoration 9,9 Greenfield Executionprocess Construction Industrialinfrastructure BuenosAires Aires -Pilar pharmaceutical 36 In tender Urban City of Buenos manufacturing plant Restoration and Brownfield Improvement Buenos Aires - FlorencioLegislative Vareala Palace 9,9 Greenfield Executionprocess Construction Industrialinfrastructure Aires revaluation 12 Florencio Varela IndustrialRefurbishment, Plark Refurbishmentreconditioning and In tender City of Buenos expansionrevaluation of of the the new former Brownfield Improvement UrbanIndustrial City of Buenos offices of the Ministry of 8 Greenfield Executionprocess Construction Aires - Monserrat basic workshop buildings, Construction 10,5 infrastructure Aires Sciences,lunch area Technology, for Car Dealers andAssociation Productive Innovation, In tender Urban stageMunicipal II building - 1st Expansion and Brownfield Improvement Chubut - Esquel Construction of 440 5,3 process infrastructure Urbanizationstage of Villa refurbishment In tender Urban Buenos Aires- houses and Greenfield Construction Inflamable shantytown - Comprehensive 19,4 process infrastructure Avellaneda supplementaryrefurbishment and In tender Urban City of Buenos Alianza Plot - 1st stage Brownfield Improvement National Palace of Arts worksrevaluation, and 4,0 process infrastructure Aires Covered stadium and technological outer spaces of the In tender Urban improvement Greenfield Construction Mendoza provincial sports facilities ConstructionRefurbishment, 15,9 processIn tender infrastructureUrban Santa Cruz - Río Juan Bautista Rocha Brownfield Improvement located at General San revaluation, and 2,4 process infrastructure Gallegos Municipal Gymnasium Martín Park expansion In tender Urban City of Buenos Juan Domingo Perón and Greenfield In tender Construction Urban Olympic Village dwellings ConstructionImprovement to the 12,2 Brownfield process Improvement infrastructure AiresLa Rioja Santa Rosa 2,3 process infrastructure Multipurpose covered Executiveurban infrastructure project, In tender Urban Chaco - Neighborhoods Greenfield In tender Construction Urban Buenos Aires- stadium for 6000 construction and 7,9 Brownfield process Improvement infrastructure Resistencia Roma Municipal Theater Revaluation 1,9 process infrastructure Avellaneda spectators start-up Building housing the main Buenos Aires - Brownfield Under study Expansion Industrial officesAxion of the Tax Bureau Refinery expansion 814 Campana In tender Urban of Mendoza, and building Greenfield Construction Urban MendozaSanta Fe - City of ConstructionPort conversion - 6,7 Brownfield processUnder study Improvement infrastructure housingCoastline the administrative 178 developments Santa Fe offices of the Ministry of Stage 2 Urban Operation and Brownfield Under study Improvement Pampa Tourism 112 In tender Urbandevelopments Buenos Aires- Sportsmaintenance center Néstor Greenfield Construction Urban Comprehensive urban ConstructionAñelo Sustainable 2,9 Brownfield processUnder study Improvement infrastructure QuilmesNeuquén - Añelo Kirchner - 2nd stage 107 developments Publicconversion infrastructure, Plan (2015-2019) urban equipment supply, Recovery of In tender Urban Chubut-Puerto Construction and Greenfield Construction Urban andLudueña supplementary and Saladillo works Ludueña and 2,8 Brownfield processUnder study Improvement infrastructure MadrynSanta Fe - Rosario Improvement 77 developments inStreams Nueva Chubut Saladillo Streams neighborhood. sides - 2nd stage ConstructionDuplication of of the Cementos Avellaneda -. production of the Brownfield Under study Expansion Industrial San Luis public infrastructure, 68 Expansion Plan supplyplant located of in In tender Urban Mendoza- Greenfield Construction Western Iron Bridge communitaryCalera 2,8 process infrastructure Guaymallén Las Heras Urban Mendoza - Las Comprehensive urban equipment, and Brownfield Under study Improvement Sustainable Plan 63 developments Heras conversion supplementary works(2015-2019) Las Heras In tender UrbanUrban Mendoza - Las NOAComprehensive Sur Regional urban Center GreenfieldBrownfield Under study ConstructionImprovement Tucumán ConstructionSustainable Plan 2,154 process infrastructuredevelopments Heras -conversionSENASA Building Construction,(2020-2024) Buenos Aires - In tender ExecutionUrban conversion and of Greenfield Construction IndustrialUrban San Antonio de Industrial Park 2 Brownfield processUnder study Improvement Santa Fe - Rosario Southern of the City Developmentformer Military of Unit 50 developments Areco Work121 In tender UrbanUrban ExecutingComprehensive units Infiqc urban and Añelo Sustainable GreenfieldBrownfield Under study ConstructionImprovement CórdobaNeuquén - Añelo Construction 1,949 process infrastructuredevelopments Ciquibicconversion (Conicet) Plan (2020-2024) BuenosSanta Fe Aires - Santo- Expansion of plant Brownfield InUnder tender study Expansion UrbanIndustrial ExhibitionsNestlé (Cultural) 41 Greenfield Construction FlorentinoTome Constructioncapacity 1,4 process infrastructure Center Expansion of the AmeghinoBuenos Aires - Brownfield Under study Expansion Industrial Dow Argentina resin production 32 Bahía Blanca Pick-up Greenfield Under study Construction Industrial Córdoba Nissan manufacturingplant 407 (70,000Recovery units) of UrbanUrban NewLudueña Environmental and Saladillo Ludueña and GreenfieldBrownfield UnderUnder study study ConstructionImprovement MesopotamiaSanta Fe - Rosario 34632 developmentsdevelopments ProjectsStreams Saladillo Streams Urban New Environmental sides - 1st stage Greenfield Under study Construction ChacoTucuman - Investment in 277 Brownfield Under study Expansion developmentsIndustrial ProjectsScania 29 Urban SierrasColombres New Environmental Colombres Plant Greenfield Under study Construction Tucumán - San 277 developmentsUrban Pampeanas Projects Consolidation of Salí Brownfield Under study Improvement Miguel de Eastern of the City 24 developments River Corridor Tucumán Córdoba - Rio Modesto Maranzana Brownfield Under study Expansion Industrial Expansion 21 Cuarto Thermal Power Station

35 URBAN AND INDUSTRIAL DEVELOPMENTS (inversión en millones de dólares)

CATEGORY STATUS PURPOSE TYPE LOCATION PROJECT DESCRIPTION INVESTMENT

Awarded/Tend Urban City of Buenos Buildings in the new Revaluation of the Greenfield Construction Urban Tierra del Fuego - Construction 26,4 Brownfield erUnder Process study Improvement infrastructure Aires governmentalCentral area district central area of the 14 developments Ushuaia Constructioncity of Awarded/Tend Urban CityCórdoba of Buenos - Rio UG3Increase-P1; UG3in poultry-P7, GreenfieldBrownfield Under study ConstructionExpansion Industrial OlympicBRF Village II 10,811 er Process infrastructure AiresCuarto andmeat UG3 production-P8 BuildingsRecovery of City of Buenos Awarded/Tend Urban PedestrianLudueña and circulation Saladillo Ludueña and GreenfieldBrownfield Under study ConstructionImprovement AiresSanta - Fe - Rosario Construction 6,47 er Process infrastructuredevelopments worksStreams Saladillo Streams Constitución sides - 3rd stage Awarded/Tend Urban Misiones - Revaluation of the GreenfieldBrownfield Under study ConstructionImprovement Santa Fe - Rosario SportsWestern Museum of the City Building Construction 4,17 er Process infrastructuredevelopments Posadas central area Urban MisionesBuenos Aires-Itambe- Itambe Guazú Ginkgos Park GreenfieldBrownfield ExecutionUnder study ConstructionImprovement Quilmes riverside 5,000 houses 112,66 infrastructuredevelopments GuazúQuilmes / Posadas Urbanization consolidation ConstructionRestoration of of the new Historic Urban GreenfieldBrownfield ExecutionUnder study ConstructionImprovement Industrial BuenosJujuy Aires -Pilar pharmaceuticalCouncil, Train Station, and Restoration 4,536 infrastructure manufacturingsurroundings - plant1st stage Buenos Aires - Florencio Vareala Greenfield Execution Construction Industrial Improvement of public- 12 Urban Florencio Varela Industrialsports spaces Plark - bicycle Brownfield Under study Improvement Jujuy Supply of equipment 4,3 infrastructure Refurbishmentlane - tourism spaces and and expansionsupply of equipment of the new Urban CitySan ofJuan Buenos - officesBorder ofbetween the Ministry AMSJ of GreenfieldBrownfield ExecutionUnder study ConstructionImprovement ConstructionChimbas Park 10,54 infrastructuredevelopments AiresChimbas Sciences,and Chimbas Technology, andRestoration Productive of the Innovation, Historic Urban Brownfield Under study Improvement Jujuy stageCouncil II and surroundings Restoration 3,6 infrastructure Construction of 440 Urbanization- 1st stage of Villa In tender Urban Buenos Aires- houses and Greenfield Construction Buenos Aires - Inflamable“La Cantábrica shantytown 2” - Expansion of 6.5 ha 19,4 Brownfield processUnder study Expansion infrastructureIndustrial Avellaneda supplementary 1 Morón AlianzaIndustrial Plot Park - 1st stage (17 plots) works Total Brownfield Covered stadium and 2.443 outer spaces of the In tender Urban Greenfield Construction Mendoza provincial sports facilities Construction 15,9 process infrastructureTOTAL 6.109 located at General San Martín Park In tender Urban City of Buenos Greenfield Construction Olympic Village dwellings Construction 12,2 process infrastructure Aires Multipurpose covered Executive project, In tender Urban Chaco - Greenfield Construction stadium for 6000 construction and 7,9 process infrastructure Resistencia spectators start-up Building housing the main offices of the Tax Bureau In tender Urban of Mendoza, and building Greenfield Construction Mendoza Construction 6,7 process infrastructure housing the administrative offices of the Ministry of Tourism In tender Urban Buenos Aires- Sports center Néstor Greenfield Construction Construction 2,9 process infrastructure Quilmes Kirchner - 2nd stage Public infrastructure, urban equipment supply, In tender Urban Chubut-Puerto Construction and Greenfield Construction and supplementary works 2,8 process infrastructure Madryn Improvement in Nueva Chubut neighborhood. Construction of public infrastructure, supply of In tender Urban Mendoza- Greenfield Construction Western Iron Bridge communitary 2,8 process infrastructure Guaymallén equipment, and supplementary works In tender Urban NOA Sur Regional Center Greenfield Construction Tucumán Construction 2,1 process infrastructure - SENASA Building Construction, Buenos Aires - In tender Execution and Greenfield Construction Industrial San Antonio de Industrial Park 2 process Development of Areco Work In tender Urban Executing units Infiqc and Greenfield Construction Córdoba Construction 1,9 process infrastructure Ciquibic (Conicet) Buenos Aires- In tender Urban Exhibitions (Cultural) Greenfield Construction Florentino Construction 1,4 process infrastructure Center Ameghino Pick-up Greenfield Under study Construction Industrial Córdoba Nissan manufacturing 407 (70,000 units) Urban New Environmental Greenfield Under study Construction Mesopotamia 346 developments Projects Urban New Environmental Greenfield Under study Construction Chaco 277 developments Projects Urban Sierras New Environmental Greenfield Under study Construction 277 developments Pampeanas Projects

36 3.10. Other projects

OTHER PROJECTS (investment in million dollars)

CATEGORY STATUS PURPOSE TYPE LOCATION PROJECT DESCRIPTION INVESTMENT Awarded/Tend Buenos Aires - Greenfield Construction Security Agote Prison - Stage I Construction 40,1 er Process Mercedes Awarded/Tend Orán Federal Greenfield Construction Security Salta Construction 37 er Process Penitentiary Awarded/Tend Litoral Federal Greenfield Construction Security Santa Fe - Coronda Construction 17,9 er Process Penitentiary in Coronda Completion of the Awarded/Tend Greenfield Construction Security Santa Fe - Rosario Criminal Justice Center construction of the 12,6 er Process Criminal Justice Center Awarded/Tend 5th mini-prison in Greenfield Construction Security Santa Fe - Piñero Construction 6,5 er Process Penitentiary Unit No. 11 Awarded/Tend Greenfield Construction Health City of Buenos Aires Drug Production Plant Construction 4,3 er Process Awarded/Tend Buenos Aires - 2nd Federal Construction of nursing Greenfield Construction Security 2,8 er Process Marcos Paz Penitentiary homes Effluent treatment plant Awarded/Tend Buenos Aires - Federal Center for Greenfield Construction Security and completion of the 2,1 er Process Marcos Paz Young Adults sewage pipe laying Awarded/Tend Buenos Aires - Ezeiza Federal Construction of nursing Greenfield Construction Security 1,6 er Process Ezeiza Penitentiary homes Awarded/Tend La Pampa - Santa New Court of Accounts Greenfield Construction Security Construction 2 er Process Rosa Building Awarded/Tend Buenos Aires - 2nd Federal Construction of the Town Greenfield Construction Security 1,2 er Process Marcos Paz Penitentiary Hall Jail Greenfield Execution Construction Health Santa Fe - Rosario New Nodal Hospital Construction - 2nd stage 3,3

Greenfield Execution Construction Health Neuquén - Añelo New Hospital Construction 2,8 In tender Chubut - Comodoro High Complexity Greenfield Construction Health Construction 44,6 process Rivadavia Hospital In tender Santa Cruz - Río High Complexity Construction, supply of Greenfield Construction Health 42,6 process Gallegos Hospital equiment, and start-up In tender New High Complexity Greenfield Construction Health Chubut - Trelew Construction 28,6 process Hospital In tender Chaco Federal Greenfield Construction Security Chaco - Resistencia Construction 25 process Penitentiary In tender New San Roque Greenfield Construction Health San Juan - Jachal Construction 20,8 process Hospital In tender Dr. Victorino Tagarelli Greenfield Construction Health Medoza - San Carlos Construction - 1st stage 4,8 process Hospital In tender Neuquén - San New Hospital - 1st Greenfield Construction Health Construction 3,4 process Martín de los Andes stage In tender Pilar City Central Construction and direction Greenfield Construction Health Buenos Aires -Pilar 3,4 process Hospital of the first stage In tender Buenos Aires - San Greenfield Construction Health Hospital Construction - 1st stage 3,2 process Antonio de Areco In tender Greenfield Construction Health Mendoza - La Paz Intensive Care Unit Construction 3,0 process In tender Buenos Aires - Construction of collective Greenfield Construction Security CF II Residential Unit 2,9 process Marcos Paz cellblock Completion of 1st and In tender Buenos Aires - San Dr. Diego Thompson Greenfield Construction Health 2nd floors of Avellaneda 2,6 process Martín Hospital Block In tender Buenos Aires - Greenfield Construction Health Emergencies Building Construction 2,0 process General Rodriguez In tender Greenfield Construction Security Neuquén Argentine Coast Guard Construction 1,7 process In tender Buenos Aires - Addition Prevention Comprehensive Work Greenfield Construction Health 1,3 process Marcos Paz Local Center (cePla) Execution Total Greenfield 323 Dr. Francisco Muñiz Comprehensive Awarded/Tend Healt Brownfield Improvement City of Buenos Aires Infectious Diseases Management, Operation 10,7 er Process h Hospital and Maintenance Comprehensive Awarded/Tend Healt Sr. Pedro de Elizalde Brownfield Improvement City of Buenos Aires Management, Operation 10,0 er Process h Childrens Hospital and Maintenance Comprehensive Awarded/Tend Healt Dr. Juan A. Fernandez Brownfield Improvement City of Buenos Aires Management, Operation 8,9 er Process h Hospital and Maintenance Awarded/Tend Secu Güemes Federal Brownfield Expansion Salta Expansion 3 er Process rity Penitentiary - Stage I Awarded/Tend Secu Brownfield Expansion Chubut - Esquel Esquel Prision Expansion 2,8 er Process rity 37 In tender Secu Brownfield Expansion Río Negro - Viedma Viedma Penal Colony Expansion 19 process rity Refurbishment of floor 12, In tender Healt Gral. José de San operating room and high- Brownfield Improvement City of Buenos Aires 17,9 process h Martín Hospital complexity systems - 2nd Stage A In tender Healt Recovery and revaluation Brownfield Improvement City of Buenos Aires Roffo Hospital 14,3 process h - 1st stage In tender Healt Dr. Marcial Quiroga Brownfield Expansion San Juan - Rivadavia Expansion 10,0 process h Hospital In tender Healt Brownfield Improvement City of Buenos Aires De Clínicas Hospital Restoration 1st Stage 8,6 process h OTHER PROJECTS (investment in million dollars)

CATEGORY STATUS PURPOSE TYPE LOCATION PROJECT DESCRIPTION INVESTMENT Expansion of the Awarded/TendIn tender Secu Buenos Aires - BrownfieldGreenfield ConstructionExpansion Security Chubut - Trelew PenitentiaryAgote Prison Institute - Stage I PenitentiaryConstruction Institute 40,17 er processProcess rity Mercedes Awarded/Tend Orán Federal Building Greenfield Construction Security Salta ComprehensiveConstruction 37 er InProcess tender Secu SupremePenitentiary Court of Brownfield Improvement City of Buenos Aires reconditioning and 4,9 Awarded/Tendprocess rity JusticeLitoral Federal Greenfield Construction Security Santa Fe - Coronda restorationConstruction 17,9 er Process Penitentiary in Coronda Comprehensive Completion of the Awarded/TendIn tender Secu Buenos Aires - San Supreme Court of reconditioning and BrownfieldGreenfield ConstructionImprovement Security Santa Fe - Rosario Criminal Justice Center construction of the 12,64 erprocessProcess rity Nicolás Justice restoration Construction Criminal Justice Center of Annexed Building Awarded/Tend 5th mini-prison in Greenfield In tender Construction SecuritySecu LaSanta Pampa Fe - -PiñeroSanta Santa Rosa Penal Construction 6,5 Brownfield er Process Expansion Penitentiary Unit No. 11 Expansion 3 process rity Rosa Colony Awarded/Tend Greenfield In tender Construction HealthHealt BuenosCity of Buenos Aires - Aires LuisaDrug ProductionC. de Gandulfo Plant Construction 4,3 Brownfield er Process Expansion Expansion 2,1 process h Lomas de Zamora Hospital Awarded/Tend Buenos Aires - 2nd Federal Construction of nursing Greenfield In tender Construction SecuritySecu Río Negro - General Deputy Mayor Miguel 2,8 Brownfield er Process Expansion Marcos Paz Penitentiary Expansionhomes 2,1 process rity Roca Rocha Penal Colony Effluent treatment plant Awarded/Tend Buenos Aires - Federal Center for Greenfield ConstructionTotal BrownfieldSecurity and completion of the 1272,1 er Process Marcos Paz Young Adults sewage pipe laying Awarded/Tend Buenos Aires - Ezeiza Federal Construction of nursing Greenfield Construction SecurityTOTAL 4501,6 er Process Ezeiza Penitentiary homes Awarded/Tend La Pampa - Santa New Court of Accounts Greenfield Construction Security Construction 2 er Process Rosa Building Awarded/Tend Buenos Aires - 2nd Federal Construction of the Town Greenfield Construction Security 1,2 er Process Marcos Paz Penitentiary Hall Jail Greenfield Execution Construction Health Santa Fe - Rosario New Nodal Hospital Construction - 2nd stage 3,3

Greenfield Execution Construction Health Neuquén - Añelo New Hospital Construction 2,8 In tender Chubut - Comodoro High Complexity Greenfield Construction Health Construction 44,6 process Rivadavia Hospital In tender Santa Cruz - Río High Complexity Construction, supply of Greenfield Construction Health 42,6 process Gallegos Hospital equiment, and start-up In tender New High Complexity Greenfield Construction Health Chubut - Trelew Construction 28,6 process Hospital In tender Chaco Federal Greenfield Construction Security Chaco - Resistencia Construction 25 process Penitentiary In tender New San Roque Greenfield Construction Health San Juan - Jachal Construction 20,8 process Hospital In tender Dr. Victorino Tagarelli Greenfield Construction Health Medoza - San Carlos Construction - 1st stage 4,8 process Hospital In tender Neuquén - San New Hospital - 1st Greenfield Construction Health Construction 3,4 process Martín de los Andes stage In tender Pilar City Central Construction and direction Greenfield Construction Health Buenos Aires -Pilar 3,4 process Hospital of the first stage In tender Buenos Aires - San Greenfield Construction Health Hospital Construction - 1st stage 3,2 process Antonio de Areco In tender Greenfield Construction Health Mendoza - La Paz Intensive Care Unit Construction 3,0 process In tender Buenos Aires - Construction of collective Greenfield Construction Security CF II Residential Unit 2,9 process Marcos Paz cellblock Completion of 1st and In tender Buenos Aires - San Dr. Diego Thompson Greenfield Construction Health 2nd floors of Avellaneda 2,6 process Martín Hospital Block In tender Buenos Aires - Greenfield Construction Health Emergencies Building Construction 2,0 process General Rodriguez In tender Greenfield Construction Security Neuquén Argentine Coast Guard Construction 1,7 process In tender Buenos Aires - Addition Prevention Comprehensive Work Greenfield Construction Health 1,3 process Marcos Paz Local Center (cePla) Execution Total Greenfield 323 Dr. Francisco Muñiz Comprehensive Awarded/Tend Healt Brownfield Improvement City of Buenos Aires Infectious Diseases Management, Operation 10,7 er Process h Hospital and Maintenance Comprehensive Awarded/Tend Healt Sr. Pedro de Elizalde Brownfield Improvement City of Buenos Aires Management, Operation 10,0 er Process h Childrens Hospital and Maintenance Comprehensive Awarded/Tend Healt Dr. Juan A. Fernandez Brownfield Improvement City of Buenos Aires Management, Operation 8,9 er Process h Hospital and Maintenance Awarded/Tend Secu Güemes Federal Brownfield Expansion Salta Expansion 3 er Process rity Penitentiary - Stage I Awarded/Tend Secu Brownfield Expansion Chubut - Esquel Esquel Prision Expansion 2,8 er Process rity In tender Secu Brownfield Expansion Río Negro - Viedma Viedma Penal Colony Expansion 19 process rity Refurbishment of floor 12, In tender Healt Gral. José de San operating room and high- Brownfield Improvement City of Buenos Aires 17,9 process h Martín Hospital complexity systems - 2nd Stage A In tender Healt Recovery and revaluation Brownfield Improvement City of Buenos Aires Roffo Hospital 14,3 process h - 1st stage In tender Healt Dr. Marcial Quiroga Brownfield Expansion San Juan - Rivadavia Expansion 10,0 process h Hospital In tender Healt Brownfield Improvement City of Buenos Aires De Clínicas Hospital Restoration 1st Stage 8,6 process h 39 4. Financing market in Argentina

The Argentine financial system is mainly made up of banks, and requirements of the Argentine Central Bank (BCRA). Economic an increasing capital market, which supplement each other to soundness is also guaranteed by the fact that the system is finance the productive public sector, and some government- “dedollarized” due to strict rules and regulations that restrict driven projects. the currency mismatch, the strong reduction in the exposure to the public sector, and the income recorded by banks for many The new capital markets law (Law No. 26831, passed and years. Banks also keep high liquidity margins, while the non- enacted in late 2012) set forth a series of measures aimed performing loan portfolios record the minimum historic levels, at strengthening market regulation and supervision by and the related allowances have been duly set up. the Argentine Securities and Exchange Commission, thus promoting an open and competitive market, oriented towards the real economy. In addition, the rules and regulations The main banks in terms of assets are governing Public Offerings of financial instruments were updated for the purposes of speeding up the processes the following: and reducing bureaucracy. The law also provided for the Assets per bank in million dollars – data as of May 2015 interconnection of the different markets so as to facilitate investors’ access, and higher transparency. In turn, market players will be imposed higher capital requirements so as to 1 NACIÓN 41,264 increase the solvency of the whole system. 2 PROV. DE BS. AS. 12,900 The securities markets currently in operation in the country 3 SANTANDER 11,791 are Mercado de Valores de Buenos Aires, Mercado Abierto Electrónico (MAE), Mercado de Valores (MAV), MATba, and 4 GALICIA 11,290 ROFEX, each specialized in a different series of instruments. 5 BBVA FRANCÉS 8,994 The instruments most commonly used to finance businesses 6 MACRO 8,602 are corporate bonds and financial trusts. Deferred payment 7 HSBC 5,782 checks, discounted at the capital market, have been the instrument most commonly used by small- and medium-sized 8 CREDICOOP 5,500 companies, while the subscription of new shares has had a lower share in the financing scheme. 9 CIUDAD 5,251 10 INDUSTRIAL 5,057 A considerable share in the demand for these instruments comes from a series of institutional investors, such as 11 PATAGONIA 4,903 Insurance Companies, Mutual Funds, and the Fund to 12 CITIBANK 4,439 Guarantee the Sustainability of the Government Social Security System (“Fondo de Garantía de Sustentabilidad”). 13 HIPOTECARIO 3,252

In Argentina, there are many rules and regulations that 14 PROV. DE CÓRDOBA 2,811 establish minimum investment percentages applicable to 15 SUPERVIELLE 2,705 these institutional investors and banks in relation to production projects driven by the private sector and infrastructure projects, 16 SANTE FE 2,567 which guarantee a minimum demand. This is the case of 17 SAN JUAN 2,091 “subsection k” for insurance companies, “subsection q” for the Fund to Guarantee the Sustainability of the Government 18 ITAÚ 1,976 Social Security System, Communication “A” 5319 for banks, and 19 COMAFI 1,308 other provisions for Mutual Funds. Some public-private projects were financed, in part, by these institutional investors within 20 ENTRE RÍOS 1 , 111 the framework of these rules and regulations.

The banking system continues to be the main financial intermediary between the different economic players. By June 2015, banking credit for the private sector represented Throughout the different stages of the economic cycle, approximately 14% of GDP. The main destinations for loans from Argentine banks have always shown great economic the Argentine financial system are personal loans and company soundness, with a capital that is far in excess of the prudential financing, which represent 57% of banks’ financial assets.

40 Banking System Assets Portfolio as a percentage of total financial assets - June 2015

3% 5% Private bonds, Other financial trust financial assets & Leasing

12% Credit to public sector

57% Credit to private sector 23% BCRA Securities

41 42 43 Contact us

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