Bolsas y Mercados Argentinos S A : Financial Statements as of 06/30/24

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Bolsas y Mercados Argentinos S.A. Condensed Interim Consolidated Financial Statements For the period commenced January 1, 2024, and ended June 30, 2024, presented in comparative format and stated in constant currency. Bolsas y Mercados Argentinos S.A. Condensed Interim Consolidated Financial Statements For the period commenced January 1, 2024, and ended June 30, 2024, presented in comparative format and stated in constant currency. Table of Contents Condensed Interim Consolidated Statement of Comprehensive Income Condensed Interim Consolidated Statement of Financial Position Condensed Interim Consolidated Statement of Changes in Equity Condensed Interim Consolidated Statement of Cash Flows Notes to the Condensed Interim Consolidated Financial Statements Report of the Statutory Audit Committee Review Report on the Condensed Interim Consolidated Financial Statements 1 Bolsas y Mercados Argentinos S.A. Fiscal year No. 8 Condensed Interim Consolidated Financial Statements For the period commenced January 1, 2024, and ended June 30, 2024, presented in comparative format and stated in constant currency. Legal address: 25 de mayo 359, 9th floor - City of Buenos Aires Main business activity: Market Tax Registration Number: 30-71547195-3 Date of registration with the Public Registry of Commerce: Of the By-laws or Articles of Incorporation: Registration number with the Legal Entities Regulator: Expiration date of By-Laws or Articles of Incorporation: December 23, 2016 (registration with the Legal Entities Regulator) 25,379 December 23, 2115 CAPITAL STRUCTURE (Note 4 to the Condensed Interim Separate Financial Statements) Shares Outstanding shares Total Type Number of votes per Subscribed Paid-in capital stock share In thousands of $ In thousands of $ 3,812,500,000 3,812,500,000 A 1 vote 3,812,500 3,812,500 EQUITY INTEREST Shareholders Interest Bolsa de Comercio de Buenos Aires 30.9% Remaining shareholders 69.1% See our report dated August 8, 2024 PRICE WATERHOUSE & CO. S.R.L. By the Statutory Audit Committee (Partner) Ernesto Allaria Fernando Díaz C.P.C.E.C.A.B.A. V. 1 F. 17 President 2 Bolsas y Mercados Argentinos S.A. CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX- MONTH AND THREE-MONTH PERIODS ENDED JUNE 30, 2024, PRESENTED IN COMPARATIVE FORMAT WITH THE SAME PERIOD OF THE PREVIOUS YEAR (Amounts stated in thousands of pesos and in constant currency - see Note 2.3) NOTE 01/01/2024 01/01/2023 04/01/2024 04/01/2023 06/30/2024 06/30/2023 06/30/2024 06/30/2023 Service revenues 9 18,167,067 15,095,866 9,182,925 7,654,726 Income from rights on transactions and commissions 10 36,665,281 24,793,103 18,543,269 13,048,459 Cost of services 11 (16,154,241) (13,521,511) (8,130,477) (6,564,972) GROSS INCOME/(LOSS) 38,678,107 26,367,458 19,595,717 14,138,213 Net operating financial results 12 24,216,976 20,242,665 9,121,184 11,178,485 Administrative expenses 11 (4,141,314) (4,294,414) (2,219,191) (1,888,172) Selling expenses 11 (3,345,162) (2,981,471) (1,705,161) (1,556,471) OPERATING INCOME/(LOSS) 55,408,607 39,334,238 24,792,549 21,872,055 Non-operating financial results, net, generated by assets 13 76,727,889 110,609,118 32,200,878 63,906,185 Non-operating financial results, net, generated by liabilities 14 (87,322) (40,101) (20,370) (16,284) Income/(loss) on monetary position (204,554,015) (100,426,950) (53,248,150) (52,055,319) FINANCIAL AND HOLDING RESULTS (127,913,448) 10,142,067 (21,067,642) 11,834,582 Other income, net 15 120,164 113,844 51,687 63,904 Income/(loss) from interests in associates (1,158,264) 569,053 (1,158,264) 145,641 PRE-TAX PROFIT/(LOSS) (73,542,941) 50,159,202 2,618,330 33,916,182 Income tax 16 (11,657,978) (18,634,319) (5,143,088) (10,302,156) NET INCOME/(LOSS) FOR THE PERIOD (85,200,919) 31,524,883 (2,524,758) 23,614,026 Net income/(loss) for the period attributable to the parent company's (85,162,134) 31,518,896 (2,520,465) 23,609,012 owners Net income/(loss) for the period attributable to non-controlling interest (38,785) 5,987 (4,293) 5,014 EARNINGS PER SHARE (Note 6) Numerator: Net income (loss) for the period attributable to the Company's (85,162,134) 31,518,896 (2,520,465) 23,609,012 shareholders Denominator: Weighted average of common shares for the period 1,617,170 762,500 2,471,841 762,500 Basic earnings per share (52.66) 41.34 (1.02) 30.96 Diluted earnings per share (52.66) 41.34 (1.02) 30.96 The accompanying notes form an integral part of these condensed interim consolidated Financial Statements. See our report dated August 8, 2024 PRICE WATERHOUSE & CO. S.R.L. By the Statutory Audit Committee (Partner) Ernesto Allaria Fernando Díaz C.P.C.E.C.A.B.A. V. 1 F. 17 President Sebastián Morazzo Public Accountant (U.M.) C.P.C.E.C.A.B.A. V. 347 - F. 159 3 Bolsas y Mercados Argentinos S.A. CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT JUNE 30, 2024 AND DECEMBER 31, 2023 (Amounts stated in thousands of pesos and in constant currency - see Note 2.3) NOTE 06/30/2024 12/31/2023 NOTE 06/30/2024 12/31/2023 ASSETS LIABILITIES CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents 17 366,757,868 599,658,299 Creditors for transactions 26 465,985,236 645,039,748 Other financial assets 18 and 37 413,350,411 472,299,814 Payables for forward transactions to be settled 27 259,305,770 247,070,589 Receivables for forward transactions to be settled 19 259,305,770 247,070,589 Stock brokers' balances in settlement accounts 28 80,338,311 145,147,501 Trade receivables 20 4,654,097 5,638,621 Cash guarantees from stock brokers 29 77,954,108 106,133,411 Other receivables 21 4,634,063 6,132,111 Customer claims guarantee fund 30 355,419 566,160 Total current assets 1,048,702,209 1,330,799,434 Accounts payable 31 1,790,440 4,247,953 Payroll and social security contributions payable 32 1,115,311 1,550,233 Taxes payable 33 20,664,562 33,375,642 Other liabilities 34 15,378,175 45,574,704 NON-CURRENT ASSETS Total current liabilities 922,887,332 1,228,705,941 Other financial assets 18 and 37 170,430,268 317,080,679 Investments in associates 22 7,652,426 8,810,689 NON-CURRENT LIABILITIES Property, plant and equipment 23 16,121,069 16,218,721 Deferred tax liabilities 16 15,832,862 15,095,821 Intangible Assets 24 76,549,650 77,172,099 Provision for contingencies 35 5,768 10,369 Investment properties 25 3,211,226 3,245,804 Total Non-current Liabilities 15,838,630 15,106,190 Other receivables 21 64,178 71,661 TOTAL LIABILITIES 938,725,962 1,243,812,131 Total non-current assets 274,028,817 422,599,653 EQUITY (as per respective statement) Outstanding shares 8,315,078 8,315,078 Treasury shares (16,439) (16,439) Premium for trading of treasury shares (1,675,808) (1,675,808) Income appropriated to reserves 287,659,472 138,993,003 Unappropriated retained earnings (85,162,134) 189,043,207 Other equity items 174,779,568 174,779,568 Non-controlling interest 105,327 148,347 TOTAL EQUITY 384,005,064 509,586,956 Attributable to the controlling interest 383,899,737 509,438,609 Attributable to the non-controlling interest 105,327 148,347 TOTAL ASSETS 1,322,731,026 1,753,399,087 TOTAL LIABILITIES AND EQUITY 1,322,731,026 1,753,399,087 The accompanying notes form an integral part of these condensed interim consolidated Financial Statements. See our report dated August 8, 2024 PRICE WATERHOUSE & CO. S.R.L. By the Statutory Audit Committee (Partner) Ernesto Allaria Fernando Díaz C.P.C.E.C.A.B.A. V. 1 F. 17 President Sebastián Morazzo Public Accountant (U.M.) C.P.C.E.C.A.B.A. V. 347 - F. 159 4 Bolsas y Mercados Argentinos S.A. CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX-MONTH PERIODS ENDED June 30, 2024 AND 2023 (Amounts stated in thousands of pesos and in constant currency - see Note 2.3) Guarantee Cost of Adjustment to Premium for Other Legal Fund reserve Optional Unappropria Non- Outstandi Capital trading of Equity as per Section ted retained controlli treasury the cost of reserve reserve Total Total ITEMS ng shares adjustment treasury Components 45 of Law No. earnings ng shares treasury shares shares (1) 26831 interest Balances at December 31, 2023 762,500 7,552,578 (275) (16,164) (1,675,808) 174,779,568 1,082,020 32,649,195 105,261,788 189,043,207 509,438,609 148,347 509,586,956 Distribution of unappropriated retained earnings as per the decision of the Ordinary Shareholders' Meeting dated April 10, 2024 Legal reserve - - - - - - 580,997 - - (580,997) - - - Guarantee Fund Reserve (Section 45 of Law No. 26831) - - - - - - - 36,921,714 - (36,921,714) - - - Cash dividends - - - - - - - - - (39,733,966) (39,733,966) - (39,733,966) Directors' and Statutory Auditors' fees - - - - - - - - - (642,772) (642,772) - (642,772) Optional reserve - - - - - - - - 111,163,758 (111,163,758) - - - Partial reversal of the Capital adjustment account for capitalization purposes, as per Ordinary Shareholders' 3,050,000 (3,050,000) - - - - - - - - - - - Meeting held on April 10, 2024 Cash dividends from Caja de Valores S.A. - - - - - - - - - - - (4,235) (4,235) Income/(loss) for the period - - - - - - - - - (85,162,134) (85,162,134) (38,785) (85,200,919) Balances at June 30, 2024 3,812,500 4,502,578 (275) (16,164) (1,675,808) 174,779,568 1,663,017 69,570,909 216,425,546 (85,162,134) 383,899,737 105,327 384,005,064 Guarantee Cost of Adjustment to Premium for Other Equity Legal Fund reserve Optional Unappropria Non- Outstandi Capital trading of as per Section ted retained treasury the cost of Components reserve reserve Total controllin Total ITEMS ng shares adjustment treasury 45 of Law No. earnings shares treasury shares (1) g interest shares 26831 Balances at December 31, 2022 762,500 7,552,578 (275) (16,164) (1,675,808) 174,779,568 912,513 26,261,581 132,728,974 3,390,138 344,695,605 94,074 344,789,679 Distribution of unappropriated retained earnings as per the decision of the Ordinary Shareholders' Meeting dated April 11, 2023 Legal reserve - - - - - - 169,507 - - (169,507) - - - Optional reserve - - - - - - - - 3,220,631 (3,220,631) - - - Partial reversal of optional reserve, as per Ordinary Shareholders' Meeting held on April 11, 2023 Cash dividends - - - - - - - - (23,757,182) - (23,757,182) - (23,757,182) Directors' and Statutory Auditors' fees - - - - - - - - (543,021) - (543,021) - (543,021) Guarantee Fund Reserve (Section 45 of Law No. 26831) - - - - - - - 6,387,614 (6,387,614) - - - - Income/(loss) for the period - - - - - - - - - 31,518,896 31,518,896 5,987 31,524,883 Balances at June 30, 2023 762,500 7,552,578 (275) (16,164) (1,675,808) 174,779,568 1,082,020 32,649,195 105,261,788 31,518,896 351,914,298 100,061 352,014,359 It includes the effects from the spin-off of Mercado de Valores de Buenos Aires S.A. and contributions from Bolsa de Comercio de Buenos Aires. (See Note 1). The accompanying notes form an integral part of these condensed interim consolidated Financial Statements. See our report dated August 8, 2024 PRICE WATERHOUSE & CO. S.R.L. By the Statutory Audit Committee (Partner) Ernesto Allaria Fernando Díaz C.P.C.E.C.A.B.A. V. 1 F. 17 President Sebastián Morazzo Public Accountant (U.M.) C.P.C.E.C.A.B.A. V. 347 - F. 159 5 Bolsas y Mercados Argentinos S.A. CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX-MONTH PERIODS ENDED June 30, 2024 AND 2023 (Amounts stated in thousands of pesos and in constant currency - see Note 2.3) Cash and cash equivalents at the beginning of period Increase due to exchange difference attributable to cash and cash equivalents Cash and cash equivalents at the end of the period Net (decrease)/increase in cash and cash equivalents CASH FLOWS FROM OPERATING ACTIVITIES Income/(loss) for the period Adjustments to arrive at net cash flows (used in) / provided by operating activities: Income Tax Depreciation of property, plant and equipment Amortization of intangible assets Depreciation of investment properties Allowance for bad debts Income/(loss) from interests in associates Net exchange difference Changes in operating assets and liabilities: Net decrease/(increase) in accounts receivable Net decrease/(increase) in other receivables (Decrease) / increase in creditors for transactions, net Net (decrease)/increase in stock brokers' balances in settlement accounts Net (decrease)/increase in guarantees received from stock brokers Net decrease in customer claims guarantee fund Net (decrease)/increase in accounts payable Net decrease in payroll and social security contributions payable Net (decrease)/increase in taxes payable Net decrease in other liabilities Net decrease in allowances Income Tax payment Payment of Directors' and Statutory Auditors' fees Net cash flows (used in) / provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Net decrease in other financial assets Net decrease in interest in subsidiaries and associates Net payments for the acquisition of property, plant and equipment Payments for development of intangible assets Net cash flows provided by investment activities CASH FLOWS FROM FINANCING ACTIVITIES Payment of dividends from non-controlling interest Cash dividends Net cash flows used in financing activities Net (decrease)/increase in cash and cash equivalents 06/30/2024 06/30/2023 599,658,299 340,139,703 10,007,134 55,598,793 366,757,868 492,421,297 (242,907,565) 96,682,801 (85,200,919) 31,524,883 11,657,978 18,634,319 1,379,748 543,590 2,102,963 1,136,308 34,578 34,578 440,307 1,158,264 (569,053) (11,224,894) (58,916,691) 984,524 (3,365,828) 1,246,264 (151,874) (179,054,512) 97,518,052 (64,809,191) 2,148,077 (28,179,303) 10,589,375 (210,741) (15,029) (2,519,594) 710,177 (434,922) (637,498) (4,586,947) 6,082,110 (30,206,446) (27,540,914) (4,601) (10,861) (19,045,068) (7,877,693) (642,772) (543,021) (407,555,591) 69,733,314 207,148,837 52,727,413 (203,441) (1,282,096) (231,377) (1,480,514) (1,585,926) 204,386,227 50,706,669 (4,235) - (39,733,966) (23,757,182) (39,738,201) (23,757,182) (242,907,565) 96,682,801 The accompanying notes form an integral part of these condensed interim consolidated Financial Statements. See our report dated August 8, 2024 PRICE WATERHOUSE & CO. S.R.L. By the Statutory Audit Committee (Partner) Ernesto Allaria Fernando Díaz C.P.C.E.C.A.B.A. V. 1 F. 17 President Sebastián Morazzo Public Accountant (U.M.) C.P.C.E.C.A.B.A. V. 347 - F. 159 6 Bolsas y Mercados Argentinos S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2024 (Amounts stated in thousands of pesos and in constant currency - see Note 2.3) NOTA 1 - INCORPORATION OF THE COMPANY On December 27, 2012, Capital Market Law No. 26831 was enacted. This law, effective as from January 28, 2013, provides for a comprehensive reform of the prior public offering regime. The new law reforms capital market regulatory and operative aspects, and it also broadens the regulatory powers of the National Securities Commission (CNV) in the field of public offerings. In order to channel the needs of the new capital markets contemplated in the above-mentioned legislation, the Shareholders of Mercado de Valores de Buenos Aires S.A. (Merval) and of Bolsa de Comercio de Buenos Aires (BCBA) signed, on March 1, 2013, a framework agreement for the incorporation of a company named Bolsas y Mercados Argentinos S.A. (BYMA). This Company would be subject to public offering and listing of its shares and its capital stock would be subscribed fifty percent by the Shareholders of Mercado de Valores de Buenos Aires S.A. and the other fifty percent by BCBA, in accordance with the provisions of the above-mentioned framework agreement. Such agreement was confirmed by the Board of Directors of Merval at the meeting held on March 1, 2013, and approved by its Extraordinary Shareholders' Meeting held on April 9, 2013. On July 23, 2013, the Extraordinary Shareholders' Meeting of Merval approved the spin-off of certain assets relating to its business activity as a market, the reduction of that Company's capital stock, and the incorporation of the new spun-off business, BYMA, and its by-laws. The assets of Mercado de Valores de Buenos Aires S.A. to be spun-off, in accordance with the special spin-off Statement of Financial Position at March 31, 2013, approved by the above-mentioned Shareholders' Meeting, were as follows: (a) 509,791,920 for all shares held by Caja de Valores S.A., measured at their fair value as of the spin-off effective date; (b) 40,000,000 in cash; and (c) 160,000,000 for all elements inherent in the securities market business, measured at their fair value as of such date (pursuant to the above-stated framework agreement). On December 5, 2013, the CNV, by Resolution No. 17242, decided to consent to the partial spin-off of Merval's Equity and the amendment to Article 7 of the Corporate By-laws. Subsequently, the shareholders of Merval and BCBA subscribed two Addenda to the framework agreement for the incorporation of BYMA: a) Addendum dated April 4, 2014: it was agreed to reformulate the capital increase approved at BYMA for BCBA to hold a twenty percent (20%) interest in BYMA's capital. This Addendum was approved by the Extraordinary Shareholders' Meeting dated June 5, 2014; b) Addendum dated July 7, 2016: it was agreed that BCBA would transfer to BYMA all its equity interest held in Caja de Valores S.A. This decision was approved by the Annual and Extraordinary Shareholders' Meeting held on September 14, 2016. The CNV's Issuers Division consented to the amendments made to the framework agreement. On December 21, 2016, particular Resolution No. 2202 of the Legal Entities Regulator, ordered the registration of BYMA with the Public Registry kept by such entity. On December 29, 2016, the CNV, through Resolution No. 18424, registered BYMA as market under registration No. 639. Then, on January 5, 2017, an application was submitted to the CNV for BYMA's admission to public offering regime, which was authorized by the regulatory entity on March 16, 2017 by Resolution No. 18559. At March 31, 2017, Merval transferred 100% of its equity interest in Caja de Valores S.A., consisting of 116,452,536 book-entry shares with a nominal value of $1 per share, and 100% of its equity interest in Mercado Argentino de Valores S.A., consisting of 1,600,000 registered shares with a nominal value of $1 per share. In addition, the BCBA transferred its equity interests in Caja de Valores S.A. and Tecnología de Valores S.A., consisting of 116,452,536 shares with a nominal value of $1 and 25,000 shares with a nominal value of $1, respectively. See our report dated August 8, 2024 PRICE WATERHOUSE & CO. S.R.L. By the Statutory Audit Committee (Partner) Ernesto Allaria Fernando Díaz C.P.C.E.C.A.B.A. V. 1 F. 17 President 7 Bolsas y Mercados Argentinos S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2024 (Amounts stated in thousands of pesos and in constant currency - see Note 2.3) During April 2017, the Entity completed the operating migration processes in relation to the activity of market and clearing house. Consequently, as from April 17, 2017, the transfer and automatic registration of the Member Brokers, Issuers and all issues listed in Merval to BYMA was made, with no additional requirements or cost whatsoever. Consideration of technological risk The nature of the main operations conducted by Bolsas y Mercados Argentinos S.A. (whether directly or through its subsidiaries and associates) and their interrelation with the generation of financial accounting information require a high level of reliance on technology and information security. For this purpose, Bolsas y Mercados Argentinos S.A. and its subsidiaries (the "Group") have in place policies and procedures aimed at ensuring an adequate control environment on these aspects, within the framework of what is important to guarantee adequate processing of information. In addition, current regulations of the CNV define minimum requirements as performance of tasks, security and service continuity, among other aspects, that the IT systems used by Bolsas y Mercados Argentinos S.A. (owing to its activity as a market and clearing house) and Caja de Valores S.A. (owing to its activity as Central Depositary Agent of Marketable Securities and Registrar and Payment Agent) must fulfill; these entities are subject to a yearly external systems audit under the terms of Titles VI and VIII, respectively, of CNV regulations, their 2013 restated text and amendments. NOTA 2 - BASIS FOR PREPARATION 2.1 Accounting policies These condensed interim consolidated Financial Statements (the "Financial Statements") for the six- month period ended on June 30, 2024 were prepared in accordance with IAS 34 Interim Financial Reporting . These Financial Statements must be read jointly with the Company's annual consolidated Financial Statements for the year ended on December 31, 2023, prepared in accordance with the International Financing Reporting Standards (IFRS), as approved by the International Accounting Standards Board (IASB). The accounting policies adopted for the Group are consistent with those used for the preparation of the annual consolidated Financial Statements for the year ended on December 31, 2023. 2.2 Comparative information The condensed interim consolidated Statement of Financial Position for the current period is presented in comparative format with that for the fiscal year ended on December 31, 2023, taking into account what is mentioned in Note 2.3., while the condensed interim consolidated Statement of Comprehensive Income is presented in comparative format with that for the three-month period commenced on April 1 and ended on June 30, 2023 and the six-month period commenced on January 1 and ended on June 30, 2023, taking into account what is mentioned in Note 2.3. Additionally, the condensed interim consolidated Statements of Changes in Equity and of Cash Flows are presented in comparative format with those for the six-month period ended on June 30, 2023, taking into account what is mentioned in Note 2.3. Certain reclassifications have been included in the condensed interim consolidated Financial Statement figures presented for comparative purposes to conform them to the current year presentation. See our report dated August 8, 2024 PRICE WATERHOUSE & CO. S.R.L. By the Statutory Audit Committee (Partner) Ernesto Allaria Fernando Díaz C.P.C.E.C.A.B.A. V. 1 F. 17 President 8 Bolsas y Mercados Argentinos S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2024 (Amounts stated in thousands of pesos and in constant currency - see Note 2.3) 2.3 Measuring unit International Accounting Standard No. 29 Financial reporting in hyperinflationary economies (IAS 29) requires that the financial statements of an entity that reports in the currency of a hyperinflationary economy, whether they are based on a historical cost approach or a current cost approach, be stated in terms of the measuring unit current at the end of the reporting year. To this end, in general terms, the inflation rate should be computed in the non-monetary items as from the acquisition date or the revaluation date, as applicable. These requirements also comprise the comparative information contained in the financial statements. To determine the existence of a hyperinflationary economy under the terms of IAS 29, the standard details a series of factors to consider, including a cumulative inflation rate over three years that approximates or exceeds 100%. For this reason, as set forth by IAS 29, the Argentine economy should be considered highly inflationary as from July 1, 2018. In turn, Law No. 27468 (Official Gazette published on December 4, 2018) amended Section 10 of Law No. 23928, as amended, and provided that the repeal of the all regulations that establish or authorize index-adjustment, monetary restatement, cost variation or any other way of restatement of debts, taxes, prices or tariffs of goods, works or services/utilities, does not apply to the Financial Statements, and the provisions of Section 62 in fine of General Companies Law No. 19550 (1984 restated text), as amended, will continue to apply. That law also repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the National Executive Branch, through its control authorities, the power to set the effective date of the rules governing Financial Statements to be filed. Therefore, under General Resolution No. 777/2018 (Official Gazette 12/28/2018), the National Securities Commission (CNV) established that the issuing entities under its control shall apply to Financial Statements for annual, interim and special periods ending on or after December 31, 2018 the method of restatement to constant currency, pursuant to IAS 29. Therefore, these Financial Statements at June 30, 2024 have been restated. Pursuant to IAS 29, the financial statements of entities reporting in the currency of a hyperinflationary economy shall be stated in terms of the measuring unit current at the date of the financial statements. Statement of financial position amounts not already expressed in terms of the measuring unit current at the date of the Financial Statements shall be restated by applying a general price index. All items in the statement of income shall be expressed in terms of the measuring unit current at the date of the financial statements by applying the change in the general price index from the dates when the items of income and expenses were initially recorded in the Financial Statements. Restatement of opening balances is calculated as from the indexes established by the FACPCE based on price indexes published by the National Institute of Statistics and Census (INDEC). Below are the main procedures to be applied for the adjustment for inflation mentioned above: Monetary assets and liabilities recorded at the monetary unit current at year end are not restated as they are already expressed in terms of the monetary unit current at the date of the Financial Statements. Non-monetary assets and liabilities accounted for at their acquisition cost at the date of the Financial Statements, and equity items are restated by applying the corresponding index adjustments. -All items in the statement of income are restated by applying the corresponding index adjustments. The effect of inflation on the Company's net monetary position is included in the statement of income, in Financial and holding results, under the heading Income/(loss) on monetary position. Comparative amounts have been inflation-adjusted following the same procedure explained above. In the first period of application of the inflation adjustment, the equity accounts were restated as follows: See our report dated August 8, 2024 PRICE WATERHOUSE & CO. S.R.L. By the Statutory Audit Committee (Partner) Ernesto Allaria Fernando Díaz C.P.C.E.C.A.B.A. V. 1 F. 17 President

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