Infrastructure opportunities in Argentina Infrastructure January 2017 kpmg.com.ar 2 Contents KPMG Global Infrastructure 4 Introduction to Argentina 8 Concession & public works projects summary 11 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 the asset lifecycle – Strategy and development – Procurement and financing – Delivery and construction Client focus – Tax – Energy – Resource-related infrastructure – Water – Social Infrastructure – Cities – Digital – Developers – Asset owners Global Team – Investment – Transport – Public sector – Capital projects – Operations and performance Sector specialisation Client focus Integrated advice across the asset lifecycle Sector specialisation Global network Global network – Taking clients to new markets – Bringing global expertise to a domestic problem – Ability to pull together a virtual global team at pace – Integrated products, client focused 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 Rail Roads Airports and aviation Ports and logistics Healthcare Education Leisure Housing Urban regeneration Energy and natural resources Digital – – – – Power generation, transmission and distribution Water and wastewater Mining – – Oil and gas extraction, storage and transportation Solid waste management – – – Government accommodation Prisons Major Games Telecommunications infrastructure National broadband – Cities Client focus Our clients are evenly split from the private and public sector. This gives us insight across client peer groups and enables us to understand all points of view. We bring this global perspective to our clients when faced with local needs and challenges in infrastructure. We provide truly independent advice. This is particularly useful when assisting our clients in new sectors or geographies. Capital Projects Our clients are evenly split from the private and public sector. This gives us insight across client peer groups and enables Asset owners We bring this global perspective to our clients when faced with local needs and challenges in infrastructure. 6 us to understand all points of view. We provide truly independent advice. This is particularly useful when assisting our clients in new sectors or geographies. 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 Middle East US India Hong Kong/ China 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 with solid experience in the most relevant infrastructure sectors and also a wide experience in working with the Government. We have relationships with all the relevant entities and will consider each of the alternatives within the context of a project. KPMG recommends a financing strategy based on our knowledge of the local and regional financial markets, considering the particularities of the expected cash flow of the project. We provide independent advisory since we are not associated to any financial entity. Therefore we are in a position to offer to our clients the most appropriate structure of financing and the most favorable conditions that the market can offer. We also provide technical advice to the projects, with inhouse engineers assisting clients in identifying and mitigating the project risks by performing compliance assessments, construction project controls, contract compliance, project support, identification of potential cost recoveries on complex and troubled projects. KPMG in Argentina provides real-time, objective feedback to owners and contractors to facilitate proactive decision making to mitigate cost, schedule, quality, and other project risks. Clients get help with the identification of process improvement opportunities to increase the likelihood of success and realize the expected benefits of the investment. We also have the support from tax and accounting senior professionals with large experience in infrastructure projects, to adjust the structure to the local legislation and to the available options in the market. 7 2. Introduction to Argentina Why invest in Argentina? 1. Sustained Economic Growth The economic growth experienced over the last ten years (2005-2015) at an average rate of 4.7% makes Argentina rank above the average regional growth (3.2%) and it is featured as one of the most dynamic economies. 2. Attractive Business Profitability Argentina offers profitable business opportunities in a wide range of sectors. The flow of direct foreign 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 Integrated Economy Member of the G-20, founding member of the World Trade Organization (WTO) and Full member of 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 Human Resources Internationally renowned for the quality, creativity and versatility of its human resources. Highest ratio of 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 Natural Resources Second largest country in Latin America and eighth in the world (3.8 million square kilometers). Agricultural 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 Modern Infrastructure Fixed-line and mobile density among the highest in Latin America (World Bank). Around 60% of its population 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 Investment By law, equal treatment for domestic and foreign direct investment. Wide range of incentives and benefits 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 Legislative branch 2 chambers: 72 Senators and 257 Deputies Judicial branch First Instance Court, Court of Appeals and Supreme Court Geographic divisions 23 Provinces plus the City of Buenos Aires Economic integration & trade Principal destination countries (exports) Brazil, China, United States, Chile, Russia and Europe Principal countries of origin (imports) Brazil, United States, China, Europe, Mexico Free trade zone Mercosur (Southern Cone Common Market made up of 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 free trade zone –Mercosur Operate through a representative in Argentina. Central Bank of Argentina regulations Operate through an agency of a foreign corporation. Stability of tax system and indirect taxes Create a limited partnership or corporation. 9 5-Year Economic Forecast for Argentina Variable Unit 2010 2011 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 GDP USD billions 463 560 608 622 545 586 438 448 473 497 524 551 Average Exchange rate AR$ per USD 3.9 4.1 4.5 5.5 8.1 9.2 15 - - - - - Exports USD millions 68,187 84,051 80,246 81,660 71,935 71,977 - - - - - - Imports USD millions 56,793 73,961 Balance of Trade USD millions 11,394 10,090 12,272 Foreign Trade (only merchandise trade) 67,974 74,442 65,229 59,787 - - - - - - 7,218 6,706 12,190 - - - - - - -3.01 Fiscal General government structural balance % GDP -0.98 -3.48 -3.04 -3.65 -4.37 -6.72 -5.98 -5.33 -4.61 -3.13 -3.04 General government primary net lending/ borrowing % 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 General government gross debt % GDP 39.1 35.9 37.6 41.5 45.1 56.5 60.7 60.9 59.5 57.5 Source: Prepared on the basis of Argentine Economy Department and IMF, 2017 56.3 56.8 3. Concession & public works projects summary Concession projects summary The tables below present an overview of the current status of infrastructure projects in Argentina. The project status and categories are described below: represents the timing the project development is expected to be complete. These are shown to provide an indication of the pipeline of projects in the midterm. Awarded – Represents projects that have already been awarded or in the process of being awarded. These are shown to provide an indication of recent movement in the sector. Under study – Represents projects that are currently being studied, but have not yet entered the development stage. In tender process – Represents projects that are in the tender process in the year noted. These are shown to provide an indication of current activity. Concluded – Represents projects that will likely be tendered in the applicable year noted. These are shown to provide an indication of projects that are likely coming up for bid in the near future. In development – Represents projects with the following characteristics, but prior to tendering: Technical pre-feasibility and feasibility, economic, financial, legal, demand and social assessment, environmental planning, investment, business design and availability of land. The range of years noted w/d – Without any description of the project status. Likewise, the projects described in each of the tables are subdivided into two specific categories: Brownfield and Greenfield. The former is related to projects that have already been concluded and, in some cases, are or may be available for concession, or require certain improvements and/or maintenance. On the other hand, the Greenfield category is related to projects in development or under study. Finally, two explanations are required: i) to state the amounts of investments in US dollars (as they are originally stated in local currency), an exchange rate of ARS14 per US dollar was used; and ii) the total amounts disclosed in the following tables correspond only to the projects presented. OVERVIEW OF PROJECTS BY CATEGORY (in millions of current dollars) STATUS SECTOR Greenfield INVESTMENT 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 Brownfield 323 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 Energy 1 14.641 Telecommunications Urban and industrial developments Other projects 2.443 127 11 3.1. Roads The Argentine Government has granted concessions to local and foreign companies and allowed for partnerships between the public and private sectors to develop 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. The table below presented in the following page describes the detail of the current road and highway concessions and public works in Argentina. ROADS (investment in millions of dollars) CATEGORY STATUS PURPOSE LOCATION PROJECT Greenfield Concluded Construction Argentina N.R. No. 7 Greenfield Concluded Construction Argentina N.R. No. 7 Greenfield Concluded Construction Argentina Construction and implementation of load integrated control systems at Paso de los Libres Greenfield In development Construction La Rioja N.R. No. 76 Binational tunnel Las Leñas Road corridor San Nicolás / Zárate - Paso Pehuenche Road corridor Bahía Blanca - Paso Pehuenche Greenfield Under study Construction Argentina, Chile Greenfield Under study Construction Argentina Greenfield Under study Construction Argentina Greenfield Under study Construction Binational TUNNEL AGUA NEGRA Greenfield Under study Construction Argentina Bridge Reconquista -GoyaNew bridge and accesses Greenfield Under study Construction Greenfield Under study Construction Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area Under study - Argentina N.R. No. 16 Greenfield Under study - Argentina, Chile Implementation of integrated control of single head Paso Pehuenche Greenfield Under study Construction Argentina N.R. No. 7 Greenfield Under study Construction Argentina, Brazil Greenfield Under study Construction Argentina New international bridge over river Pepiri Guazu, between Paraiso (Brazil) and San Pedro (Argentina) New physical link between Paraná and Santa Fe New interchange between Argentina and Uruguay N.R. Nos. 9 and 34 Construction Argentina Quebrada Santo Domingo 65 1.200 1.000 1.000 San Juan - La Serena 964 296 110 Greenfield Under study 10 Regional Express Rail (RER) - September 2016 N.R. No. 3 Greenfield 20 Mitre Tigre viaduct Argentina Construction 30 140 Construction Under study INVESTMENT Regional Express Rail (RER) - September 2016 Under study Greenfield National Route No. 7: construction of railway at lagoon La Picasa National Route No. 7: construction of railway at lagoon La Picasa CONCESSION? San Martin viaduct Greenfield Argentina, Uruguay SECTION National Route 3 Section Coronel Dorrego Border Coronel Rosales / Bahia Blanca National Route 16 Autovía MakalléPresidente Roque Saenz Peña - Twinning 86 64 30 National route No. 7: construction of variation Palmira - intersection national route No. 40 s 25 8 2 1 Project for transforming routes 9 (Córdoba-Salta) and 34 (Rosario - La Banda) into highways W/D Total Greenfield 5.051 Brownfield Awarded Extension Córdoba By-pass avenue Córdoba Brownfield Awarded Extension Córdoba N.R. No. 158 Brownfield Awarded Extension Entre Ríos By-pass avenue Córdoba Brownfield Concluded Extension Argentina N.R. No. 14 Brownfield Concluded - Argentina N.R. No. 174 Brownfield In development Improvement Argentina N.R. No. 19 Roundabout of Provincial route No. 5 Roundabout Spilimbergo Av. Section No.1 National Route No. 9 Provincial route No. 2 Variation access by Villa María Miñones - La Hierra Twinning of national route 14 between Paso de los Libres and Gualeguaychú National route 174 Section Rosario-VictoriaSection inter-provincial border- Intersection National Route 11 Twinning of national route No. 19: section national route 11 Córdoba 141 86 22 780 71 529 13 CATEGORY STATUS PURPOSE LOCATION PROJECT SECTION San Fransisco (N.R.No. 158) - Montecristo (Long. 180 Km.) 411 By-pass CABA (Long. 94 Km.) 403 Brownfield In development Extension Córdoba R.N.Nº19 Brownfield In development Extension Buenos Aires Highway Parque Pte. Perón- Sections 1-2-3 and 4 Brownfield In development Extension Buenos Aires N.R.No. 5 Brownfield In development Extension Argentina N.R. No. 158 Brownfield In development Extension Buenos Aires N.R.No. 8 Brownfield In development Extension Córdoba N.R.No. 36 Brownfield In development Extension Chaco N.R.No. 16 Brownfield In development Extension Argentina N.R. No. 18 Brownfield In development Extension Buenos Aires N.R.No. 205 Brownfield In development Improvement Argentina N.R. No. 38 Brownfield In development Improvement Argentina N.R. No. 40 Brownfield In development Improvement Argentina N.R. No. 150 Brownfield In development Extension Córdoba By-pass avenue Córdoba Brownfield In development Improvement Argentina N.R. No. 145 Brownfield In development Improvement Argentina N.R. No. 7 Brownfield In development Extension Buenos Aires Highway La Plata Bs.As. (Pte. Balbín) Brownfield In development Improvement Argentina N.R. No. 127 Brownfield In development Extension Neuquén N.R.No. 22/151/V22 Brownfield In development Extension Buenos Aires N.R. No. 3 Brownfield In development Extension Argentina N.R. No. 26 Brownfield In tender process Extension Buenos Aires N.R.No. 7 Brownfield In tender process Extension Córdoba By-pass avenue Córdoba Brownfield Under study Extension CABA Ribereña Highway Brownfield Under study Extension Argentina N.R. No. 7 Brownfield Under study Extension Santa Fe Entre Ríos N.R. No. 168 14 Mercedes - Carlos Casares (Long. 224 Km.) TWINNING AND REPAVING OF N.R. No. 158: Section San Francisco - RÍO CUARTO C.del Señor (P.R.No. 39) - Pergamino (Long. 160 Km.) Río Cuarto - Acc.Alta Gracia (Long. 179 Km.) Resistencia (N.R.No. 11) - Pres.R.Saenz Peña (Long. 153 Km.) Twinning of national route No. 18: intersection national route 12 Córdoba - national route No. 14 Cañuelas - Saladillo (Long. 125.11 Km.) Improvement to interchange Córdoba PATQUÍA (N.R. No. 38) and by-pass to the north of Córdoba hills Paving of N.R. No. 40 south, section Malargue - Neuquén border Paving of national route No. 150: section Ischigualasto - Chile border (Paso Agua Negra) Roundabout of Provincial route No. 5 Roundabout Spilimbergo Av. Section No.1 Twinning of national route No. 145: intersection national route 40 south - access to Paso Pehuenche Paving of N.R. No. 7, Potrerillos- Chile border Extension interchange PR 11 (Long. 11 Km.) Improvement and twinning of national route 127 between Paso de los Libres and Gualeguaychú Access by Neuquén (Long. 15 Km.) Variation Cañuelas (Long. 8 Km.) Extension of provincial route No. 26: section Victoria - Nogoyá Luján - Junín (Long. 201.92 Km.) Roundabout of Provincial route No. 5 Roundabout Spilimbergo Av. Section No.3 Access by C.A.B.A. (Long. 7 Km.) Twinning of national route No. 7: Junín - San Luis border Santa Fe - Paraná (bridge + accesses) (Long. 6 Km.) CONCESSION? INVESTMENT 400 400 374 320 Yes 273 Yes 250 Yes 223 100 90 73 71 63 52 49 40 38 20 6 Yes 361 142 804 800 786 CATEGORY STATUS PURPOSE LOCATION PROJECT Brownfield Under study Extension Chaco Corrientes N.R.No. 16 bis Brownfield Under study Extension Argentina N.R. No. 33 Brownfield Under study Extension Argentina N.R. No. 34 Brownfield Under study Extension Buenos Aires N.R. No. 3 Brownfield Under study Extension Buenos Aires N.R. No. 3 Brownfield Under study Extension Santa Fe N.R.No. 33 Brownfield Under study Extension Misiones N.R.No.12 Brownfield Under study Extension Salta-Jujuy N.R.No. 34/66/1V66 Brownfield Under study Extension Argentina N.R. No. 33 SECTION Resistencia - Corrientes (bridge + accesses) (Long. 32 Km.) Twinning of N.R. No. 33: Rufino - Rosario Twinning of N.R. No. 34: Rosario - Sunchales Access by Bahía Blanca (Long. 77 Km.) S.M. del Monte (P.R.No. 41) - Azul (Long. 202 Km.) Venado Tuerto (N.R.No. 8) - Rosario (Long. 160 Km.) Garupá - El Dorado (P.R.No. 17) (Long. 187 Km.) Access to Salta Lib.Gral.San Martín (Long. 153 Km.) Twinning of N.R. No. 33: Pigüé - Bahía Blanca Roadway twinningOctober 2017 Twinning of N.R. No. 8: Río Cuarto - Villa Mercedes Twinning of N.R. No. 5: Luján - Bragado access Paving of national route No. 40: access to the airport of Mendoza - San Juan border Roadway twinningOctober 2017 Roadway twinningNovember 2017 Santo Tomé - Santa Fe (bridge + accesses) (Long. 8.5 Km.) Brownfield Under study Extension Santa Fe Highway 34 San Genaro NR 19 Brownfield Under study Extension Argentina N.R. No. 8 Brownfield Under study Extension Argentina N.R. No. 5 Brownfield Under study Improvement Argentina N.R. No. 40 Brownfield Under study Extension Santiago del Estero Highway 34 Taboada - La Banda (SE) Brownfield Under study Extension Santa Fe Highway 3 Firmat - Rosario Brownfield Under study Extension Santa Fe N.R. No. 11 Brownfield Under study Improvement Mendoza Cobertizos, Soberanía Safe road-July 2017 Highway 7 Carmen de Areco - Chacabuco Highway 3 Las Flores Azul Presidencia de la Plaza Saenz Peña Highway 9 Córdoba - V. Totoral Cobertizos, Guido and Uspallata Roadway twinningNovember 2016 Roadway twinningOctober 2017 Roadway twinning-July 2017 Roadway twinningAugust 2016 Brownfield Under study Extension Buenos Aires Brownfield Under study Extension Buenos Aires Brownfield Under study Extension Chaco Brownfield Under study Extension Córdoba Brownfield Under study Improvement Mendoza Brownfield Under study Extension Santa Fe Brownfield Under study Extension Buenos Aires Brownfield Under study Extension Jujuy Brownfield Under study Improvement Córdoba Brownfield Under study Improvement Salta Brownfield Under study Extension Río Negro Brownfield Under study Extension Santa Cruz Brownfield Under study Improvement Argentina Brownfield Under study Extension Buenos Aires Brownfield Under study Extension Chaco Brownfield Under study Improvement Argentina N.R.No. A012 Highway 5 Chivilcoy Bragado Highway 34 Jujuy - San Pedro Con. Costa Azul and Bridge over San Roque Highway 9/34 Ros. Border - Jujuy Highway 22 Travesía Cipolletti and fourth bridge Highway 3 by-pass Comodoro (Stage 1) Improvement Cristo Redentor system Highway 25 Cañuelas Lobos La Escondida Presidencia de la Plaza Improvement Cristo Redentor system Safe road-July 2017 By-pass Rosario (Long. 61.43 Km.) Roadway twinningOctober 2017 Roadway twinningAugust 2016 Specific worksSeptember 2016 Specific worksDecember 2016 Roadway twinningAugust 2017 Roadway twinningOctober 2017 Single center for load control Uspallata (Improvement Cristo Redentor system) Roadway twinningOctober 2017 Roadway twinning-July 2017 Passenger control center Los Horcones (Improvement Cristo Redentor system) CONCESSION? INVESTMENT 607 500 Yes 500 464 Yes 389 366 334 273 260 242 Yes 240 240 210 169 165 152 150 149 131 129 127 115 110 109 94 93 93 93 93 90 86 84 80 15 CATEGORY STATUS PURPOSE LOCATION PROJECT Brownfield Under study Extension Buenos Aires P.R.No. 6 Brownfield Under study Extension Córdoba N.R.No. 8/A005 Brownfield Under study Extension La Pampa Brownfield Under study Extension Corrientes Brownfield Under study Improvement Neuquén Brownfield Under study Improvement Santa Fe Highway 5 Anguil - Santa Rosa Highway 12 Corrientes Paso de la Patria SR 237 Collón Curá - V. La Angostura Highway 11 Santa Fe San Justo (Stage 1) Highway 5 Suipacha Chivilcoy Brownfield Under study Extension Buenos Aires Brownfield Under study - Argentina N.R. No. 7 Brownfield Under study Construction Argentina N.R. No. 11 Brownfield Under study Extension Brownfield Under study Extension Brownfield Under study Extension Brownfield Under study Extension Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area Buenos Aires province SECTION Interchange PR No. 6 and highway La Plata Bs.As.- PR11 (Long. 28 Km.) Access by Río Cuarto Holmberg (Long. 20.55 Km.) Roadway twinningOctober 2017 Roadway twinningOctober 2017 CONCESSION? INVESTMENT 74 73 72 68 Safe road-July 2017 62 Safe road-July 2017 60 Roadway twinningOctober 2017 National route 7Highway San Andrés de Giles National route 11 Resistencia- bordering Formosa- Autodromo 58 53 50 BRT Tres de Febrero BRT (Metrobus) 20 BRT Lanus BRT (Metrobus) 15 BRT Morón BRT (Metrobus) 15 BRT Mar del Plata BRT (Metrobus) 15 Brownfield Under study Improvement Argentina, Chile Improvement Cristo Redentor system Brownfield Under study Improvement Argentina, Chile Improvement Cristo Redentor system Binational system of management control of Paso Cristo Redentor (Improvement Cristo Redentor system) Adjustment to tunnel Cristo Redentor and Caracoles (Improvement Cristo Redentor system) 14 4 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 Ferrocarril Trasandino Central Greenfield Under study Construction Argentina, Chile Rail project Los Andes (Chile) Mendoza (Argentina) Choele-Choel - San Antonio Oeste/ Este Greenfield Under study Construction Río Negro New railway Greenfield Under study Construction CABA Urquiza line CABA 102 Greenfield Under study Construction Neuquén New railway Las Lajas - bordering Chile 45 Total Greenfield Brownfield In development CABA subways - new lines Improvements 848 Ferrocarril Belgrano Cargas Renewal of railways, sections J.V.González-Barranqueras (480 km) Tramos Avia Terai-Rosario (350 Km) rest of railways (360 Km) 767 Roca line Berazategui - La Plata 202 Mitre railway Start up of Mitre railway, section Tucumán - Rosario - Buenos Aires W/D Roca line to "La Paternal" - tunnel + central station and viaduct Regional Express Rail (RER) October 2016 800 Sarmiento line to Correo Central Regional Express Rail (RER) 2018 500 CABA subways - coaches Purchase 394 NCA line - Mitre Rosario - Córdoba 302 Sarmiento line connection with Mitre line Regional Express Rail (RER) 2018 300 San Martín line Pilar - Rufino 292 In development Improvement Brownfield In development Improvement Buenos Aires Improvement Brownfield Under study Extension Brownfield Under study Extension Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Extension Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study 7.736 CABA Brownfield Under study 149 Improvement Santa Fe Chaco - Salta - Tucumán Córdoba Mendoza San Juan Brownfield 5.100 Improvement Brownfield Under study Extension Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Improvement Tucumán Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area CABA Santa Fe Córdoba Buenos Aires Metropolitan Area Buenos Aires Santa Fe Buenos Aires Argentina Buenos Aires Metropolitan Area Buenos Aires Neuquén Buenos Aires Metropolitan Area Salta Buenos Aires Entre Ríos Buenos Aires Metropolitan Area San Martín line 258 Ferrocarril Belgrano Cargas Renewal of railways sections a2, a10, a7 of Belgrano Cargas 225 Roca line - "Constitución" station underground Regional Express Rail (RER) - July 2016 200 Roca line Bahía Blanca - Zapala 195 Signalling Roca line modernization-May 2016 176 Belgrano line Railway section C14 166 Urquiza line Intersection Rubén Darío Basavilbaso 166 Line electrification San Martin line modernizationJune 2017 150 Brownfield Under study Improvement Brownfield Under study Improvement CATEGORY STATUS PURPOSE LOCATION PROJECT SECTION Buenos Aires Metropolitan Area Line electrification Mitre line modernization-2018 Buenos Aires Belgrano Norte line Brownfield Under study Improvement Brownfield Under study Improvement Buenos Aires INVESTMENT 150 122 17 Brownfield Under study Improvement Brownfield Under study Improvement Buenos Aires Metropolitan Area Signalling Salta Buenos Aires Entre Ríos Buenos Aires Metropolitan Area Roca line modernization-May 2016 176 Belgrano line Railway section C14 166 Urquiza line Intersection Rubén Darío Basavilbaso 166 Line electrification San Martin line modernizationJune 2017 150 Brownfield Under study Improvement Brownfield Under study Improvement CATEGORY STATUS PURPOSE LOCATION PROJECT SECTION Line electrification Mitre line modernization-2018 Belgrano Norte line Brownfield Under study Improvement Buenos Aires Metropolitan Area Brownfield Under study Improvement Buenos Aires Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Extension Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Extension Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Improvement Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area Buenos Aires Brownfield Under study Improvement Argentina Brownfield Under study Extension Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Improvement Brownfield Under study Improvement Argentina Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area Santa Fe Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area Buenos Aires Buenos Aires Buenos Aires Metropolitan Area Buenos Aires Metropolitan Area INVESTMENT 122 Railway Grld Retiro - Maldonado. Track Renewal and Signaling Tracks-March 2017 113 ATS Equipment purchase Metropolitan Area of Buenos Aires Signal & Telecom-June 2016 108 Belgrano Sur line extension to Constitución station Regional Express Rail (RER) September-October 2016 100 San Martín railway Improvement and rebuilding of San Martín railway (Mendoza - Buenos Aires) 90 Mitre New Signalling Victoria-Capilla del Señor and Suárez-Zárate Signal & Telecom-June 2016 88 Sarmiento - New Signalling for lines: Merlo-Lobos and Moreno-Mercedes Signal & Telecom- August 2016 78 Track Renewal Branch Constitucion Temperley Tracks-April 2017 60 Roca line connection in Retiro Regional Express Rail (RER) January 2017 60 Track renewal Roca line modernization-May 2016 57 Electric power station San Martin line modernizationJune 2017 50 Belgrano Sur line Buenos Aires - Tapiales 48 Railway corridors Railway corridors access to ports of Mar del Plata and Quequén 35 Saenz transfer station Regional Express Rail (RER)Under bidding process 35 Stations between Berazategui and La Plata Roca line modernization-May 2016 33 Track Renewal Branch Bosques - V. Elisa Tracks-April 2017 28 FEPSA line 17 Low level crossing Roca line modernization-July 2016 15 Station surroundings Roca line modernization-June 2016 13 Mitre line Coghlan - Mitre 12 Mitre line Maldonado - Tigre intersection 10 Electrification Claypole - Bosques Electrification-July 2017 10 Third Rail Improvement for Mitre line Electrification-September 2016 8 Total Brownfield TOTAL 18 150 7.280 15.016 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 15,9 Greenfield Under study Construction Buenos Aires San Pedro Port New containers terminal - landfill for cabotage dock and extension of mooringImprovement to pier No. 1 - dredging of 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 Greenfield Under study Construction Santa Cruz Punta Quilla Port Repair of foundations and protections renewal of electricity distribution system Construction of building - environmental protection works 2,1 Total Greenfield 252,1 Brownfield In development Improvement Buenos Aires Bahía Blanca Port Dredging of access channels - Improvement to road and railway accesses - Puerto Belgrano, repair of Carena damConstruction of mining terminal 193,4 Brownfield In development Improvement Entre Ríos Ibicuy Port Refurbishment of infrastructure for the management of load - new terminal for the transfer of grains 40,7 Brownfield In tender process Improvement Santa Fe Santa Fe Port Improvements for general load and container - construction of new work 71,9 Brownfield Under study Improvement - Maintenance of port infrastructure Maintenance 436,0 286,0 Brownfield Under study Construction - Channel of Punta Indio Definition of the course of the Punta Indio channel starting at the Beta zone with 143,900 Km Brownfield Under study Improvement Buenos Aires Puerto La Plata Refurbishment of piers- improvement to land accesses- Refurbishment of retaining walls - New terminal for fuels - improvement of services and infrastructure 108,6 Brownfield Under study Improvement Buenos Aires Puerto Quequén Deepening of the access channelImprovement to road access- Site 0 Refurbishment of docks and breakwaters several improvements 104,5 Brownfield Under study Improvement Buenos Aires Puerto Mar del Plata Dredging of port basin - Refurbishment of pier - construction of new retaining docks construction of breakwaters - Improvement to road accesses and services in general 59,1 Brownfield Under study Extension Binational - Río Paraná Main navigable waterway Extension of Magdalena channel and other works 54,3 Brownfield Under study Extension Río Negro Puerto San Antonio Este Dredging of access channels - Extension of mooring site- Construction of railway access 48,2 Improvement to accesses (road and railways) - Refurbishment and tailoring of the dock for general cargo - Widening of south channel - areas for maneuvering and mooring for barges - New terminal Las Palmas - Improvement to terminal to grains 46,9 Brownfield Under study Improvement Chaco Barranqueras Vilelas Port Brownfield Under study Improvement Buenos Aires San Nicolás Port Brownfield Under study Improvement Santa Fe Rosario Port Brownfield Under study Improvement Buenos Aires New terminal for grain Improvement to the road access Improvement to railway access Improvements to south dock - construction of north dock - Maximization of grain lift Improvements for bulk materialimprovement to containers terminal Transformation of terminals Tailoring of facilities for containers 42,8 37,4 33,9 21 PORTS AND WATERWAYS (investment in million of dollars) CATEGORY STATUS PURPOSE DESCRIPTION INVESTMENT Greenfield Brownfield Greenfield In development Under study In development Construction Improvement Construction Misiones Entre Ríos Misiones Posadas Portdel Concepción Uruguay Port Santa Ana Port Dredging of Ríoworks Uruguay - Improvement to Supplementary land accesses and docks - reconditioning of Supplementary YPF facilities works 3,1 30,6 3,1 Brownfield Greenfield Under Under study study Extension Santa CABA Cruz Brownfield Greenfield Under Under study study Improvement Construction Caleta Paula Port Buenos Aires Port Villa Constitución Lavalle Port Port Extension Master plan Improvement for general cargo and bulk Construction new work cargo 27,1 169,6 Santa Fe Corrientes Greenfield Brownfield Under study Under study Construction Extension Corrientes Tierra del Fuego Itá Ibaté Port Ushuaia Port 20,4 25,1 Under study study Under Construction Improvement Buenos Aires Aires Buenos San Pedro Port Dock Sud Port Brownfield Greenfield Under Under study study Extension Construction Chubut Corrientes Puerto Comodoro Corrientes Port Rivadavia Armada docknew - Improvement and extension Construction work of docks and services New containers terminal - landfill for cabotage of dock and extension mooringDredging nautical access - of improvement Improvement to pier No. 1 - dredging of to road accesses - Relocation of population access channels and supplementary Modernization of Gran Dock - storageworks tanksAdjustment to grain lift Greenfield Brownfield Extension of dock and reconditioning Construction new work 20,4 13,6 Brownfield Greenfield Under Under study study Extension Construction Santa Fe Formosa Puerto La Alumbrera YPF Port 10,2 4,1 Brownfield Under study Extension Chubut Caleta Córdova Port Greenfield Brownfield Under study Under study Construction Extension Santa Cruz Chubut Punta Quilla Port Puerto Madryn Increase in capacity New terminal for fuel Extension pier and dock, Repair of foundations andother protections improvements renewal of electricity distribution system - Brownfield Under study Extension Santa Cruz Deseado Port Brownfield Under study Improvement Chubut Camarones Port Brownfield study InUnder development Improvement Santa FeAires Buenos Shell/ Blanca YPF Port Bahía Port Brownfield Under study Improvement Entre Ríos Puerto Diamante Brownfield Brownfield In development Under study Improvement Improvement Ibicuy Port Martín García channel Brownfield In tender Under study process Entre Ríos Binational - Río de La Plata Improvement Chubut Santa Fe Rawson Santa FePort Port Improvements for general load and container Modernization of facilities - construction of new work Brownfield Brownfield Brownfield Under study Under study Under study Improvement Improvement Improvement Santa Cruz Santa Fe Brownfield Brownfield Under study In development Construction Tierra del Fuego San Julián Port Maintenance of port infrastructure Reconquista Port Channel of Punta Indio La Misión Port Improvement of facilities Maintenance Improvements to security, facilities and Definition of the course of the Punta Indio operations channel starting at the Beta zone with 143,900 Km Brownfield Under study Buenos Aires Rosales Port Brownfield Brownfield Under Under study study Santa FeAires Buenos Terminal transfer Puerto Lafor Plata Terminal of hydrocarbons Refurbishment of piers- improvement to land accesses- Refurbishment of retaining walls - New terminal for fuels - improvement of services and infrastructure Total Brownfield 1.984,3 TOTAL 2.236,4 Improvement LOCATION PROJECT Construction building - environmental Extension andofrefurbishment protection works Containers site, oil effluents, warehouses, etc. Total Greenfield Improved services Dredging of access channels - Improvement to road /extension and railwayofaccesses Repair docks - Puerto Belgrano, repair of Carena damConstruction mining -terminal Deepening ofof channel Improvement to Refurbishmentforofmanaging infrastructure for the infrastructure grains management of load - new terminal for the transfer of grains Maintenance dredging Brownfield Under study Improvement Buenos Aires Puerto Quequén Deepening of the access channelImprovement to road access- Site 0 Refurbishment of docks and breakwaters several improvements Brownfield Under study Improvement Buenos Aires Puerto Mar del Plata Dredging of port basin - Refurbishment of pier - construction of new retaining docks construction of breakwaters - Improvement to road accesses and services in general AIRPORTS (investment in million of dollars) CATEGORY Brownfield STATUS Under study PURPOSE Extension Greenfield Brownfield In tender Under study process Construction Extension Greenfield In tender process Construction Brownfield Greenfield Greenfield Brownfield Greenfield Brownfield Greenfield Brownfield Under study Improvement In tender process Construction Under study Construction Under study Under study Under study Under study Under study LOCATION Binational - Río Paraná PROJECT Main navigable waterway DESCRIPTION Extension of Magdalena channel and other works Construction of the air traffic Buenos Aires control towers, air traffic controlof Puerto San of Antonio Dredging of access channels - Extension Extension airport Río Negro Ezeiza accesses and parking at Este mooring site-building, Construction of railway access Ministro Pistarini airport Executive and (road building project of Improvement to accesses and Airports of cities of Salta, San NOA buildings of rescue services and railways) Salvador de Jujuy and La Rioja - Refurbishment and tailoring of the fire extinguisher and paving cargo - Widening of south Barranqueras Vilelas dock for general Chaco Construction of a hangar channel - areas for maneuvering andin the Buenos Aires - Mar Port International airport Astor International Airport Astor mooring for barges - New terminal Las del Plata Piazzolla Piazzolla 15,9 20,4 8,1 2,1 6,8 6,8 252,1 5,8 5,4 193,4 4,8 40,7 4,1 1,7 71,9 0,7 436,0 0,4 286,0 115,4 67,9 33,9 108,6 104,5 59,1 INVESTMENT 54,3 28,6 48,2 2,2 46,9 1,8 Palmas - Improvement to terminal to grains Improvement Construction Improvement Construction Improvement Buenos Aires - San Fernando Buenos Aires Chubut-Comodoro Rivadavia Chubut-Comodoro Santa Fe Rivadavia Buenos Aires Construction of 50,000m2 of aircraft hangar for general Improvement to the road access aviation in the international airport Improvement to railway access San Nicolás Port of San Fernando Improvements to south dock - construction of New building north dock - New Maximization terminal of grain lift Improvements for bulk material- New international airport control Rosario Port improvement to containers terminal center "General Enrique Transformation of terminals Mosconi". New terminal for grain Tailoring of facilities for containers Total Greenfield Brownfield Awarded Improvement Buenos Aires Ezeiza Brownfield In tender process Improvement Chubut - Trelew Almirante Zar airport Brownfield In tender process Improvement Buenos Aires Bahía Blanca Brownfield In tender process Improvement Chubut - Puerto Madryn Refurbishment of runway 16L34R and taxiway, extension of domestic platform and new signing of Comandante Espora airport 22 25,1 20,4 Airport Ministro Pistarini "El Tehuelche” airport Refurbishment of runway 17-35" of the airport Refurbishment and extension of pavings and facilities of new visual aids 27,8 42,8 21,7 37,4 2,1 33,9 84,1 7,1 11,6 6,0 Tailoring and extension of the passengers terminal 2,1 Greenfield process Construction del Plata Piazzolla International Airport Astor Piazzolla Greenfield Under study Construction Buenos Aires - San Fernando Construction of 50,000m2 of aircraft hangar for general aviation in the international airport of San Fernando Greenfield Under study Construction Chubut-Comodoro Rivadavia New building PORTS AND WATERWAYS (investment in million of dollars) Greenfield CATEGORY Under study STATUS Construction PURPOSE Greenfield Brownfield In development Improvement Construction Awarded Greenfield development Construction InIntender Improvement process Brownfield Greenfield Greenfield Under study Under study Construction Brownfield In tender process Improvement Brownfield In tender process Improvement In tender process Improvement Greenfield Greenfield Brownfield Greenfield Under study Under study Under study Construction Construction Construction Greenfield Under study Construction Greenfield Under study Construction Brownfield Brownfield In development Improvement Under study Improvement Chubut-Comodoro Rivadavia LOCATION Improvement Brownfield In tender process Improvement Brownfield Under study Improvement Brownfield Brownfield Under study Under study Construction Improvement Brownfield Under study Extension Buenos Aires Brownfield Under study Improvement Mendoza Improvement Buenos Aires Brownfield Under study Extension Jujuy Brownfield Under study Extension San Juan Brownfield Under study Extension City of Buenos Aires Brownfield Under study Improvement 2,1 DESCRIPTION Total Greenfield Refurbishment of runway 17-35" Posadas Port PistariniSupplementary works Airport Ministro of the airport Refurbishment and extension of Misiones Santa Ana Port Supplementary works Chubut - Trelew Almirante Zar airport pavings and facilities of new CABA Buenos Aires Port Master plan visual aids Refurbishment of runway 16L34R and taxiway, extension of Corrientes Lavalle Port Construction new work Buenos Aires domestic platform and new Bahía Blanca Corrientes Itásigning Ibaté Port new work of ComandanteConstruction Espora airport New containers terminal landfill forof the Chubut - Puerto Tailoring and-extension "El Tehuelche” airport cabotage dock and extension of mooringMadryn passengers terminal improvements ImprovementRefurbishment to pier No. 1 -and dredging of Buenos Aires San Pedro Port at Ezeiza facilities ( demolition, access channels and supplementary works Ezeiza-Cañuelas highway disassembly, removal and Adjustment to grain lift Buenos Aires Collector road for highway transportation of constructions no Ezeiza Ezeiza-Cañuelas, intersection La used and current facilities Corrientes Corrientes Port Constructionlonger new work Horqueta that will replaced with new Formosa YPF Port New terminalbuildings) for fuel Iguazú: Increase tourism and Repair of foundations protections connectionand through renewal of electricity NEA withdistribution Brazil, Eastsystem coast of- the Santa Cruz Punta Quilla Port ConstructionUSA, of building Europe- environmental and Middle East / protection works Resistencia: Increase exchange of air cargo and passengers Totalcoast Greenfield between Brazil, East of the USA and Europe. /Salta: Dredging of access channels - Improvement Designed to develop regional to road and railway accesses - Puerto Iguazú Implementation tourism, air cargo and connection Buenos- Resistencia Aires Bahía Blanca Portof improvements Belgrano, repair of Carena with dam- Salta - Tucumán in the airports of passengers the West Constructioncoast of mining of theterminal Pacific Ocean, Mexico and USA with Refurbishment of infrastructure forconnection the Far- East Tucumán: managementtoofthe load new /terminal for the Entre Ríos Ibicuy Port Designed to develop alternatives transfer of grains of export of perishable, fragile or Improvements forvalue-added general loadcargo, and container high with the Santa Fe Santa Fe Port - constructionpossibility of new work of connecting air cargo from the Neuquén or General Maintenance of port MaintenanceRoca airports. infrastructure Tailoring of of platform B of Indio Ezeiza; Definition of the course the Punta A plan for works has been Channel of Punta change of immigration, customs channel starting at the Beta zone with National approved and is conducted for the Indio areas and check-in counters, 143,900 54 airports of the national systemKm among others. In development Under study 21,7 Buenos Aires Misiones Ezeiza Brownfield Brownfield PROJECT 27,8 New terminal New international airport control center "General Enrique Mosconi". Buenos Aires Ezeiza Puerto La Plata Mendoza Jujuy Puerto Quequén San Juan Improvement Extension Brownfield Brownfield Under study Under study Improvement Extension Brownfield Brownfield Under study Under study Extension Extension Córdoba - Ambrosio Puerto Extension of International Airport of access channels - Extension of San Antonio Dredging Río Negro Taravella of Córdoba, Ambrosio Taravella Este mooring site- Construction of railway access Brownfield Under study Improvement Formosa Brownfield Brownfield Under study Under study Improvement Improvement Brownfield Under study Improvement Brownfield Brownfield Under study Under study Improvement Improvement Main renovations on terminal Improvement(October to accesses (road and - December 2016) railways) - Refurbishment and tailoring of the cargo -terminal Widening of south Barranqueras Vilelas dock for general Passenger refurbishment Chaco Chubut Esquel channel - areas for maneuvering Port (October - December and 2016) mooring for barges - New terminal Las Palmas Río Negro - San Improvements in San Carlos de - Improvement to terminal to grains Improvements Carlos de Bariloche Bariloche terminal Improvement to the road access Buenos Aires - La ImprovementRecovery to railway access Recovery La Plata Airport Buenos Aires San NicolásofPort Plata Improvements to south dock - construction of north dock - Maximization of Total grain Brownfield lift Formosa Rosario Port Brownfield Under study Improvement Buenos Aires New terminal for grain 3,1 11,6 169,6 20,4 6,0 20,4 2,1 15,9 1,8 13,6 4,1 2,1 252,1 193,4 250,0 40,7 71,9 436,0 286,0 107,1 104,5 beacon system on runway 18-36 (April - June 2016) Under study Under study Santa Fe 3,1 7,1 Deepening ofNew the passenger access channelterminal Improvement(November to road accessSite 2016) 0- February Refurbishment of docks and breakwaters - New passenger terminal (August several improvements November 2016) Brownfield Brownfield Improvement 84,1 108,6 pier - construction of new retaining docks Buenos Aires Puerto Mar del Plata construction New of breakwaters Improvement commercial- platform (north)to City of Buenos Aires Jorge Newbery Airport road accesses and services in general (2017) Renovations and expansion of Mendoza Mendoza areaschannel (May - August Binational - Río Main navigable Extension of parking Magdalena and other 2016) Paraná waterway works Under study INVESTMENT Refurbishment of departing piers- improvement to land New area in Terminal B accesses- Refurbishment of retaining (August - September 2016)walls - New terminal for fuels - improvement of Main renovations and new services and infrastructure Expansion of main check-in areas Jorge Newbery Airport Dredging of port basin - Refurbishment of (August - September 2016) Brownfield 1,8 Improvements for bulk materialTOTAL improvement to containers terminal Transformation of terminals Tailoring of facilities for containers 73,3 36,5 20 17 12 59,1 10 8 54,3 8 48,2 6 46,9 6 3 3 42,8 588,1 672,3 37,4 33,9 23 3.4. Water supply, drainage system and flood control Argentina faces five important challenges in the drinking water supply and sanitation sector: (i) limited coverage and large supply of services compared to earnings; (ii) poor quality, which requires increased investments; and (iii) high levels of contamination in sources and recipients. The drinking water supply service covers 96% of population. Together, Argentina and Uruguay are the region leaders (considering Latin America and the Caribbean) in providing access to drinking water to 91% of their population on average. According to the National Census of year 2010, 83.9% of the Argentinians use the public water system as the main source of water for drinking and cooking, 14.8% use water from drillings or wells and 1.3% drain water from rain, or use cistern-trucks, rivers, waterways or intermittent rivers as the main source of water for drinking and cooking. Regarding sanitation, the sewage drainage is insufficient to manage the increasing flow as long as more and more residential dwellings are connected to the system, which causes frequent overflows. Sewage treatment varies greatly from province to province in the country. According to the Pan American Health Organization (PHO), at a national level, 10% of sewage was treated in 1999. In the capital cities of some provinces, such as Mendoza, Córdoba, Tucumán, Neuquén, Jujuy, Salta and San Juan, most of sewage was treated, whereas in the two biggest urban areas, Buenos Aires and Rosario, the treatment is lower than the country’s average, which poses serious environmental hazards. The Hydric Resources Office, through the Public Works Bureau, submits the policies of the sector for the consideration of the Department of Planning, Public Investment and Utilities in charge of approving them. Within this political framework, the National Entity of Sanitation Hydric Works (ENOHSA), a decentralized entity reporting to the Hydric Resources Office, provides financing and technical assistance to the service providers. No national law of water and sanitation has been issued yet, though some provinces already have one. This situation hinders the progress towards a national and consistent law involving issues such as financing, subsidies, rates and service standards. The federal structure of the country and the dispersion and overlap of responsibilities between different bodies of the government hinder even more the development of a consistent policy. Fourteen out of the 23 provinces have regulatory authorities that have limited capacity and institutional responsibilities that are not well defined. In the metropolitan areas of Buenos Aires, there are two agencies: one in charge of planning and the other in charge of service control. The regulatory authorities are all met in AFERAS, the Association of Regulators of Water Supply and Sanitation of the Republic of Argentina. WATER SUPPLY, DRAINAGE SYSTEM AND FLOOD CONTROL (investment in millions of dollars) CATEGORY STATUS LOCATION PROJECT / DESCRIPTION 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 Greenfield In development Chaco - Barranqueras and 13 towns Second aqueduct for Chaco 204 Greenfield In development Jujuy - San Salvador de Jujuy Drinking water system of the City of San Salvador de Jujuy 20 Greenfield In tender process Chaco - Gran Resistencia, Pte. Roque Sáenz Peña, Villa Ángela and Gral. San Martín Plan of sewer pipelines of AMGR, Pte. RS Peña, V. Ángela and Gral. San Martín 204 Greenfield In tender process Tucumán Integral system of sewage pipelines, Gran Tucumán, Alderetes Banda del Río Salí 34 Greenfield Under study Construction Córdoba Embankment work and canalization in agricultural area, extension of bridges light, 33% for maintenance of dams, streams and lakes and 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 Greenfield Under study Construction CABA Embankment work and canalization (e.g. Arroyo Vega, Maldonado), 33% for maintenance of streams and lakes and 25% for the maintenance and repair of sewage. 762 Mendoza Strategic plan –Cacique Guaymallén channel 339 Buenos Aires - San Nicolás and Aqueduct in the northwest region of the province of Buenos Aires: Intake of raw water and initial section of 400 km with 10 reservoirs 305 24 Greenfield Under study Greenfield Under study PURPOSE Construction INVESTMENT 1.508 Greenfield In development Jujuy - San Salvador de Jujuy Drinking water system of the City of San Salvador de Jujuy 20 Greenfield In tender process Chaco - Gran Resistencia, Pte. Roque Sáenz Peña, Villa Ángela and Gral. San Martín Plan of sewer pipelines of AMGR, Pte. RS Peña, V. Ángela and Gral. San Martín 204 Greenfield In tender process Tucumán Integral system of sewage pipelines, Gran Tucumán, Alderetes Banda del Río Salí 34 WATER SUPPLY, DRAINAGE SYSTEM AND FLOOD CONTROL (investment in millions of dollars) Under study STATUS Construction PURPOSE Greenfield Greenfield Awarded Under study Construction Greenfield Awarded Greenfield Under study Awarded Greenfield Greenfield Greenfield Awarded Under study Awarded Buenos Aires - Dock Sud Mendoza Buenos Aires - Dock Sud Greenfield Greenfield Greenfield Awarded Under study In development Buenos Buenos Aires Aires -- Avellaneda San Nicolás and north Aires cities. ChacoBuenos - Barranqueras and 13 towns Aqueduct in the northwest Pipe for industrial effluents region of the province of Buenos Aires: Intake of raw water and initial section of 400 km with 10 reservoirs and 8 EBaqueduct for Chaco Second Greenfield In development Jujuy - San Salvador de Jujuy Greenfield Greenfield Under study In tender process Drinking water system ofResistencia, the City of San Salvador de Jujuy Comprehensive plan for construction of protections and extraction pumps to combine rainfall and the Río Paraná rises Plan of sewer pipelines of AMGR, Pte. RS Peña, V. Ángela and (+8mt) and Barranqueras Gral. San Martín Greenfield Greenfield In tender process Under study Greenfield Under study Construction Greenfield Greenfield Under study Under study Construction Chaco - Gran Resistencia, Pte. Roque Sáenz Peña, Villa Ángela and Gral. San Martín Buenos Aires - end of aqueduct at Guamini and cities of the Tucumán northwest of the province of Buenos Aires Santa Fe - Rosario and Great Córdoba Rosario Buenos Aires - Malvinas Argentinas, José C. Paz and Santa Cruz Moreno and Pilar Greenfield Under study Greenfield Greenfield Under study study Under Construction CABA Córdoba Greenfield Greenfield Greenfield Under study Under study Under study Construction Buenos Aires - La Plata Mendoza Santa Fe - Rafaela Greenfield Under study Construction Buenos Aires - San Nicolás and Mendoza north Buenos Aires cities. Greenfield Under study Construction - Greenfield Under study Greenfield Under study Greenfield Greenfield Greenfield Under study Under study Under study Greenfield Greenfield Under study Under study Construction Greenfield Greenfield Under study Under study Construction Construction Construction Córdoba LOCATION Embankment work and canalization in agricultural area, extension of bridges light, 33% for maintenance of dams, streams and lakes and 25% for the/ maintenance and repair of sewage. PROJECT DESCRIPTION Greenfield CATEGORY Buenos Aires - Avellaneda Santa Cruz Sewer river side Buildingonofright aqueduct in the north of the province of Santa Cruz 187 829 Buenos Aires - Dock Sud Sewage pipe under water- Riachuelo Embankment work and canalization (e.g. Arroyo Vega, Maldonado), 33% foron maintenance streams to and andarea 25% for the Sewer left side andofdeviation lowlakes coastal maintenance and repair of sewage. Preliminary treatment plan- Riachuelo Strategic plan –Cacique Guaymallén channel Pumping stations (E and S) of Riachuelo plant 186 CABA Buenos Aires - Bahía Blanca Construction Total Greenfield Greenfield Under study Integral system of sewage pipelines, Gran Tucumán, Alderetes Aqueduct in the northwest region of the province of Buenos Aires: Banda del Río Salí End of aqueduct of 450 km, 10 reservoirs and 6 EB Embankment work and canalization in agricultural area, extension of Plan of sewer pipelines of Ros and Gros bridges light, 33% for maintenance of dams, streams and lakes and 25% for the maintenance and repair of sewage. Plan of sewer pipelines of the northwest region Building of aqueduct in the north of the province of Santa Cruz Aqueduct Rio work Colorado - Bahía Blanca Embankment and canalization (e.g. Arroyo Vega, Maldonado), 33% maintenance ofof streams lakes and 25% for the Plan for of sewer pipelines City of and Córdoba maintenance and repair of sewage. Water treatment plant of Donato Gerardi - La Plata Strategic plan –Cacique Guaymallén channel Aqueduct Aqueduct in the northwest region of the province of Buenos Aires: Redesign of the production schedule intake in Intake of raw water and initial section in of Mendoza, 400 km with 10 reservoirs Cacheuta and 8 EB and new plant 96 339 83 23 305 204 20 283 204 34 271 204 1.508 170 829 136 762 136 102 339 102 305 68 34 283 Buenos Aires - end of aqueduct Entre Ríos - Concordia at Guamini and cities of the northwest of the province of Santa Cruz Buenos Aires Salta Santa Fe - Rosario and Great Rosario Buenos Aires - Malvinas Argentinas, José C. Paz and Moreno and Pilar Drinking water system, City of Concordia Aqueduct in the northwest region of the province of Buenos Aires: End of aqueduct of 450 km, 10system–Santa reservoirs andCruz 6 EB Construction of drinking water 27 271 25 Rain drainage Cerillos- La Merced and El Carril Plan of sewer pipelines of Ros and Gros Drinking water and sewage systems at Cuenca Alta MatanzaRiachueloMerlo Plan of sewer pipelines of the northwest region 12 204 Buenos Aires - Bahía Blanca Tucumán - Concepción Brownfield Greenfield In development Under study Improvement Santiago del Estero Córdoba Aqueduct Rio Colorado - Bahía Blanca Tailoring of pump and propelling plant and plant for the treatment of Plan of sewer pipelines of Citydel of Estero Córdoba sewage effluents of Santiago Greenfield Brownfield Greenfield Under study In tender process Under study Construction Extension Buenos Aires - La Plata Salta Santa Fe - Rafaela Water treatment plant of Donato Gerardi - La Plata and construction Strategic plan 2015-2019, extension of the service of sewer Aqueduct Greenfield Brownfield Under Under study study Construction Improvement Mendoza Buenos Aires Greenfield Under study Construction - Greenfield Brownfield Under study Under study Improvement Formosa Mendoza Greenfield Under study Construction Tucumán - Concepción Greenfield Under study Entre Ríos - Concordia Greenfield Brownfield Under Under study study Construction Improvement Santa Santa Cruz Fe Greenfield Under study Construction Salta Greenfield Under study Construction Buenos Aires Brownfield Under study Total Greenfield Improvement Misiones Brownfield Brownfield Extension Improvement Córdoba del Estero Santiago Under study In development 762 109 Construction of treatment plant for sewage effluents Comprehensive plan for Resistencia, construction of protections and Coverage pumps and mitigation of flood risksand the Río Paraná rises extraction to combine rainfall (+8mt) and Barranqueras Wastewater treatment plant in Concepción Formosa Chaco Construction 1.508 INVESTMENT Comprehensive for managing Salado basin Rio Reconquista Redesign of the plan production schedule in Mendoza, intake in and Lujan.and Maintenance Cacheuta new plant of canalization and drainage of routes, urban sewage Maintenance of piping of streams Construction of treatment plant for sewage effluents Protection of urban and suburban areas strongly influenced by the Coverage and mitigation of flood risks regional economy. Improved access to urban areas. Maintenance of dams, streams and lakes, maintenance and repair of sewage. Wastewater treatment plant in Concepción Drinking water system, City of Concordia Maintenance and renewal of rainfall drainage system in the city of Santa Fe, prevention of the combined effect ofCruz river rises and Construction of drinking water system–Santa overflow by rain. Maintenance of the Salado system and Rain drainage La Merced and El Carril canalization of Cerillosthe province. Maintenance of urban sewage. Drinking water and sewage systems at Cuenca Alta MatanzaComprehensive RiachueloMerloplan for Posadas and Montecarlo, construction of protections and extraction pumps to combine rainfall and the Río Paraná rises 37 33 5 170 6.531 136 54 136 102 28 102 68 4.819 37 34 573 33 27 25 494 12 5 253 6.531 Tailoring pump and propelling plant and plant for the treatment of AqueductofLos Molinos sewage effluents of Santiago del Estero Total Brownfield 6.268 TOTAL 12.799 48 54 25 3.5. Waste disposal In the province of Buenos Aires and in the City of Buenos Aires, the company in charge of managing solid waste in the metropolitan area is Coordinación Ecológica Área Metropolitana Sociedad del Estado (CEAMSE), which was created by the authorities of both, the province and the City of Buenos Aires. Waste removal is awarded to private companies. At present, most of the waste disposal projects are being developed by the province and City of Buenos Aires. WASTE DISPOSAL (investment in millions of dollars) CATEGORY STATUS Greenfield Under study Greenfield Under study Greenfield Under study Greenfield Under study Greenfield Under study PURPOSE LOCATION PROJECT DESCRIPTION INVESTMENT CABA City of Buenos Aires - to be constructed in the Complejo Ambiental Norte III Treatment of 5000 daily tons of waste from the City of Buenos Aires. It consists of a MBT Plant; Incinerator with energy generation and sanitary landfill with refuse. It includes the remediation of the current garbage dumping sites of each city. 476 Construction Buenos Aires Metropolitan area of Buenos Aires 3 - to be constructed in the Complejo Ambiental Norte III Treatment of 4983 daily tons of waste from the municipalities of Merlo; Moreno; General San Martín; Tigre; Tres de Febrero; Malvinas Argentinas;Morón; Pilar; San Isidro; San Miguel; Vicente López; José C. Paz; Escobar; Hurlingham; Ituzaingó; San Fernando; General Rodríguez. It consists of a MBT Plant; Incinerator with energy generation and sanitary landfill with refuse. It includes the remediation of the current garbage dumping sites of each city. 473 Construction Buenos Aires Metropolitan area of Buenos Aires 1 - to be constructed in the Complejo González Catán Treatment of 4500 daily tons of waste from the municipalities of La Matanza; Lomas de Zamora; Quilmes; Almirante Brown; Lanús; Avellaneda; Berazategui; Esteban Echeverría; Ezeiza; Presidente Perón. It consists of a MBT Plant; Incinerator with energy generation and sanitary landfill with refuse. 397 Mendoza Metropolitan area of Mendoza - to be constructed in the area of Campo Espejo - Treatment of 1077 daily tons of waste from the departments of Gral. Lavalle; Gral Las Heras; Capital; Godoy Cruz; Guaymallén; Luján de Cuyo and Maipú. It consists of a MBT Plant; Incinerator with energy generation and sanitary landfill with refuse. It includes the remediation of the current garbage dumping sites of each city. 95 Buenos Aires Metropolitan area of Buenos Aires 2 - to be constructed in the Complejo Ambiental Ensenada Treatment of 927 daily tons of waste from La Plata; Florencio Varela; Berisso; Ensenada. It consists of a MBT Plant; Incinerator with energy generation and sanitary landfill with refuse. 69 Jujuy Metropolitan area of Jujuy - to be constructed in the area of garbage dumping site "El Pongo” - Treatment of 457 daily tons of waste from the the municipalities of: Dr. Manuel Belgrano; El Carmen; Ledesma; San Pedro; Palpalá; Humahuaca, Cochinoca and Tilcara. It consists of a MBT Plant; Incinerator with energy generation and sanitary landfill with refuse. It includes the remediation of the current garbage dumping sites. 59 Treatment of 330 daily tons of waste from Paraná. It consists of a MBT Plant; Incinerator with energy generation and sanitary landfill with refuse. It includes the remediation of the current garbage dumping sites. 42 Construction Construction Construction Greenfield Under study Greenfield Under study Construction Entre Ríos Metropolitan area of Paraná - to be constructed in the area of the current garbage dumping site - Greenfield Under study Construction Chubut Metropolitan area of Comodoro Rivadavia Rada Tilly - to be built in the industrial site - Treatment of 234 daily tons of waste from Comodoro Rivadavia and Rada Tilly. It consists of a MBT Plant; Incinerator with energy generation and sanitary landfill with refuse. It includes the remediation of the current garbage dumping sites of each city. 30 Greenfield Under study Construction Santa Cruz Metropolitan area of Río Gallegos- to be constructed in the area of the current garbage dumping site - Treatment of 81 daily tons of waste from Güer Aike. It consists of a MBT Plant; Incinerator with energy generation and sanitary landfill with refuse. It includes the remediation of the current garbage dumping sites. 17 Greenfield Under study Construction Jujuy Comprehensive management of RSU 26 Construction 11 Total Greenfield 1.667 TOTAL 1.667 3.6. Entertainment and other projects TURISM AND ENTERTAINMENT (investment in million dollars) CATEGORY Greenfield STATUS Execution PURPOSE Construction LOCATION Buenos Aires PROJECT Shopping Center Al Río Greenfield Execution Construction City of Buenos Aires Greenfield W/D Construction Buenos Aires - Lobos Greenfield W/D Construction Río Negro - San Carlos de Bariloche Greenfield W/D Construction Buenos Aires -Zárate Greenfield W/D - Buenos Aires -Vicente López Shopping Center Madero Harbour Tourist complex Jumeirah Culú Culú Greenfield W/D - Buenos Aires -La Matanza Wholesale shopping mall Greenfield W/D - Buenos Aires -Pilar Caesar Park Hotel Greenfield W/D Construction Misiones -Iguazú Iguazú Tourist Port Condo-hotel Design Suites Greenfield W/D - Corrientes -Predio Selva Iryapú Greenfield W/D - Buenos Aires -La Plata Abes Argoth Hotel Buenos Aires -La Plata Dazzler Tower of the Fën Hotels local chain Greenfield W/D Construction Misiones -Iguazú Runaway over Tupicuá Stream Greenfield W/D - Misiones -Iguazú Terminal Park Greenfield W/D - Misiones -Iguazú Stopover point (on Route No. 12) Greenfield W/D - Corrientes Lodge Spa & Resort Greenfield W/D - Misiones -Iguazú Ship arrival and departure point (over Paraná River) Greenfield W/D - La Rioja Hot springs resort with auxiliary services Total Greenfield Improvement Río Negro - San Carlos de Bariloche 146 475 Howard Johnson Hotel Tourist complex W/D - 68 Misiones - Lago Urugua-i Brownfield 147 81 - - - Race circuit, shopping mall, and a 6-star hotel named “Velociudad” W/D W/D INVESTMENT Hotel Hilton - 5 stars Greenfield Greenfield DESCRIPTION 61 Recreational center including a resort, a shopping area, a golf club and a theme park. 38 100 hectares 34 18 Construction and facilities 18 12 133 rooms 8 4 1500 meters of elevated runaway (concrete base and metallic structure) Pools, spa, rehabilitation center, pedestrian zone, parking, and vehicle circulation area Lunch area for 120 people, 8 commercial stores, restrooms, 100 sq. m. for Tourism purposes, covered paths, vehicle circulation area with covered parking lots for passengers’ boarding and getting off Premium lodging, including a pool, whirlpool baths, jacuzzi, sauna, and a mini gymnasium Broad 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 purposes, covered paths, watch area on the Paraná River bank, vehicle circulation area with covered parking lots for passengers’ boarding and getting off Ecotourism, with an autochthonous flora and fauna reserve for education purposes 4 3 2 2 2 1 1.124 Renovation of the Bariloche ski center facilities 1 Total Brownfield 1 TOTAL 1.125 27 3.7. Energy Over the last years, Argentina has been experiencing difficulties in connection with energy self-sufficiency, which had an adverse impact on the balance of trade leading to an adverse balance of trade as a consequence of the significant increase in gas and electricity imports. In this scenario, the new investments to be made in the oil and gas sector are essential as well as in other projects destined to the production of energy (hydropower plants, such as Chihuidos I or Cepernic-Kirchner). with the goals set by the new Renewable Energy Law No. 27.191 –formerly law “Guinle”- (an 8% share of renewables in total generation of energy by 2017 and 20% by 2025), but also in connection with the aim of gradually reducing the dependence on hydrocarbons. Argentine energy matrix heavily relies on hydrocarbons (about 86% thereof). Hydraulic energy accounts for less than 5%, and nuclear power accounts for 2%. However, the heavy dependence on hydrocarbons for generating energy is not a recent condition. From 1990 to 2013, the contribution of hydrocarbons resources to the energy matrix increased from 86% to 87%, according to the statistical information provided by the Energy Department and CAMMESA. Therefore, the projects aimed at the generation of renewable resources have increased in importance over the last years, not only in connection The Argentine Government has adopted different policies and entered into agreements with foreign companies in order to create an environment suitable for the growth of the oil and gas industry as well as other sources of renewable energy. Accordingly, we can mention the Hydrocarbons Law (No. 27.007) aimed at fostering the production of unconventional hydrocarbons and the offshore exploitation, or the referred Renewable Energy Law (No. 27.191). Additionally, it is worth mentioning that, recently, measures have been adopted to put an end to the anachronistic rate freeze in the energy market (for the residential consumption of both electricity and gas), which will enable a progressive adjustment by the generation, transportation and distribution companies, while encouraging production and investment. ELECTRIC ENERGY (investment in million dollars) CATEGORY Greenfield Greenfield Greenfield Greenfield Greenfield STATUS PURPOSE Awarded/Tender Process Awarded/Tender Process Awarded/Tender Process Awarded/Tender Process Awarded/Tender Process LOCATION PROJECT INVESTMENT Santa Cruz - Santa Cruz River Hydropower Project on Santa Cruz River Neuquén - Neuquén River Chihuído I Generation Mendoza - Tunuyán River Hydropower Project on Tunuyán River Los Blancos and Los Tordillos Hydropower Complex 799 El Tambolar Generation 339 Mendoza - Grande River Portezuelo del Viento Generation 305 San Juan - San Juan River Punta Negra Hydraulic Plant/Dam Generation 230 San Juan - San Juan River Greenfield Execution Greenfield Execution Construction Chubut Malaespina I Greenfield Execution Construction San Juan Cañada Honda III Greenfield Under study Construction Argentina, Paraguay Greenfield Under study Construction Argentina, Brazil Greenfield Under study National Greenfield Under study Binational - Uruguay River Greenfield Under study Greenfield Under study Greenfield Under study Construction DESCRIPTION Presidente Kirchner y Gobernador Jorge Cepernic Hydropower Complex Corpus Christi Hydropower Plant Panambí Hydropower Plant Construction of a wind farm for the production of 50 Mw of energy Construction of a photovoltaic plant with a 5Mw-capacity 3.325 1.036 81 8 - 4.200 Construction 2.474 GENREN Project Renewable energies 1.270 Garabí Generation 1.221 National Distributed generation Generation 407 Cuyo - Greater Buenos Aires 500 kV line Diamante River - Coronel Charlone 490 km length, new Thermal Power Station 500/132 kV - 2 x 300 MVA, 2 reactors in the form of rods of 500 kV of 50 Mvar each 354 Chubut - El Escorial El Angelito Wind Farm Construction 322 292 271 Greenfield Under study Buenos Aires Bahía Blanca and Vivorata Thermal Power Stations 500 kV lines of 407 km. 1 x 150 MVar line reactors in Bahía Blanca, and 2 x 80 MVar in Vivoratá Thermal Power Station New Thermal Power Station at Vivoratá 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 Great Buenos Aires- Choele Choel and Bahía Blanca II 500 kV lines of 350 km. 150 Greenfield Under study Greenfield Under study Greenfield Under study Greenfield National Construction Under study Distributed generation Generation 407 Cuyo - Greater Buenos Aires 500 kV line Diamante River - Coronel Charlone 490 km length, new Thermal Power Station 500/132 kV - 2 x 300 MVA, 2 reactors in the form of rods of 500 kV of 50 Mvar each 354 Chubut - El Escorial El Angelito Wind Farm Construction 322 Bahía Blanca and Vivorata Thermal Power Stations 500 kV lines of 407 km. 1 x 150 MVar line reactors in Bahía Blanca, and 2 x 80 MVar in Vivoratá Thermal Power Station New Thermal Power Station at Vivoratá 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 DESCRIPTION 292 Buenos Aires ELECTRIC ENERGY (investment in million dollars) CATEGORY STATUS PURPOSE LOCATION Greenfield Greenfield Under study Awarded/Tender Process Binational River Santa Cruz- -Paraná Santa Cruz River Greenfield Awarded/Tender Under study Process Awarded/Tender Process Awarded/Tender Under study Process Awarded/Tender Process Great Buenos AiresNeuquén Comahue- Neuquén River Greenfield Greenfield Greenfield PROJECT Mendoza - Grande River Aña Cua Hydropower Project on Santa Cruz River Choele Choel and Bahía Blanca II Chihuído I Thermal Power Stations Hydropower Project on Tunuyán Riverand Choele Choel Puerto Madryn El Tambolar II Thermal Power Stations Portezuelo del Viento Punta Negra Hydraulic Second connection Plant/Dam circuit of the Patagonia area Malaespina I Mendoza - Tunuyán River San Juan - SanAiresJuan Great Buenos River Comahue Greenfield Execution Greenfield Greenfield Under study Execution Construction San Juan - San Juan River Patagonia Chubut Greenfield Execution Construction San Juan Cañada Honda III Argentina, Paraguay Buenos Aires Argentina, Brazil Corpus Christi Hydropower Plant 500 kV line AbastoVivoratá Panambí Hydropower Plant Greenfield Greenfield Greenfield Under study Under study Under study Construction Greenfield Under study National GENREN Project Greenfield Under study Binational - Uruguay River Greenfield Under study Greenfield Under study 500 kV line San Garabí Francisco-Santo Tomé/500 kV line Distributed generation Malvinas-San Francisco/New San Francisco Thermal 500 kV line Diamante Power Station River - Coronel Charlone Greenfield Greenfield Under study Under study Construction Greenfield Greenfield Under study study Under Construction Salta - Valles Buenos Aires Calchaquíes Greenfield Under study Construction Misiones -Alto Uruguay Greenfield Under study Construction National Litoral-Center - Cuyo - Greater Buenos Aires Chubut - El Escorial Greater Buenos Aires Litoral Total Greenfield Binational - Paraná River Brownfield Concluded - Greenfield Brownfield Under study Concluded Litoral Great Buenos AiresComahue Litoral-Buenos Aires - Brownfield Under study Improvement Greenfield Under study Argentina, Uruguay Great Buenos AiresTotal Brownfield Comahue TOTAL Greenfield Under study Patagonia NUCLEAR ENERGY (investment in million dollars) CATEGORY STATUS PURPOSE Atucha, Abasto and El Angelito Wind Farm New GBA Thermal Power Stations - 500 kV Parabolic mirrored Bahía Blanca and solar thermal power Vivorata Thermal station with a 20 MW/h Power Stations generation capacity Alto Uruguay Biomass Park (PBAU) 2014/2018 5-year plan Aña Cua Yacyretá Hydroelectric Choele Choel and Dam Blanca II Bahía Transmission Thermal PowerLine Yacyretá-Buenos Aires Stations Renovation of Salto Choele GrandeChoel Powerand Station Puerto Madryn II Thermal Power Stations Second connection circuit of the Patagonia area LOCATION PROJECT Greenfield Greenfield Execution Under study - Paraná, Bariloche, Rio Gallegos, La Pampa, Buenos SantiagoAires del Estero, and Formosa Greenfield Execution - Buenos Aires - Ezeiza RA-10 Greenfield Execution - Buenos Aires - Lima Greenfield Greenfield Execution Under study Construction - Formosa Litoral-Center Greenfield Execution - Buenos Aires - Ezeiza Greenfield Under study - To be defined 500 kV line San CAREM-25 Francisco-Santo Tomé/500 kV line New Uranium Plant Malvinas-San Francisco/New Industrial Plant San of Fuel Francisco Thermal Elements for Research Power Station Reactors V Nuclear Power Station Greenfield Under study Construction Buenos Aires - Lima Nuclear Medicine 500 kV line AbastoCenters - Phase 1 Vivoratá Atucha III Nuclear Presidente Generation Kirchner y Gobernador Jorge Cepernic Hydropower Complex 500 kV lines of 350 km. 150 mVar line reactor in Choele Generation Choel. Series compensation Los Blancos and Los Tordillos Second connection circuit of Hydropower Complex the Patagonia area 500 kV Generation line of 354 km in Choele Choel - Puerto Madryn #2 70% series compensation. Generation 500 kV line of 552 km in Puerto Madryn - Northern of Generation Santa Cruz #2 Series Construction wind farm for compensationofinaPuerto the production of to 50that Mw of Madryn identical energy installed in circuit #1. Construction of 150 a photovoltaic Line of 317 km MVar line plant withinaVivoratá, 5Mw-capacity reactors and 120 MVar in Abasto Expansion Abasto Thermal Power Station Series Compensation of Construction Vivoretá Thermal Power Station towards Bahía Blanca Renewable and Abasto energies 120 km. 1 x 80 MVar/180 km Generation line reactor 1 x 120 MVar/500/132 kV-1 x 300 Generation MVar line reactor 4 connections in 132 (2 with 490 km length, newkV Thermal EPESF) Power Station 500/132 kV - 2 x 300 MVA, 2 reactors in the form of rods of 500 kV of 50 Including Mvar eacha new 500 kV line of 89 km from Abasto to the new Construction GBA Thermal Power Station New line of 89 km from the 500 kV lines of 407 km. 1 x new GBA Thermal Power 150 MVar line reactors in Station to Atucha 120 mVar Bahía Blanca, and 2 x 80 line reactor in Atucha MVar in Vivoratá Thermal Power Station New Thermal Construction Power Station at Vivoratá 500/132 kV – 2 x 450 MVA with a single rod reactor of 90 MVar -. Connections with the Construction 132 kV network of the Atlantic area Generation Water 83km. 150 500 kVlevel linesfilling of 350 mVar line reactor in Choele Choel. Series compensation Second connection circuit of the Patagonia area 500 kV line of 354 km in Choele Choel - Puerto Madryn #2 70% series compensation. 500 kV line of 552 km in Puerto Madryn - Northern of Santa Cruz #2 Series compensation in Puerto Madryn identical to that installed in circuit #1. DESCRIPTION Line of 317 km 150 MVar line reactors in Vivoratá, and 120 MVar in Abasto Expansion Abasto Thermal Power Station Series Compensation of Vivoretá Thermal Power Radioisotope Production and Station towards Bahía Blanca Research and AbastoReactor RA-10 CAREM-25 Nuclear reactor 120 km. 1 x 80 MVar/180 km line reactor 1 x 120 Dioxitek - NewkV-1 Uranium MVar/500/132 x 300Plant MVar line reactor 4 connections in 132 kV (2 with PIECRI EPESF) 1100 MW gross capacity 1000 MW net capacity New Nuclear Power Station 800 MW gross capacity - 750 INVESTMENT 271 3.325 238 1.036 799 339 238 305 230 231 81 8 4.200 215 2.474 1.270 1.221 407 156 354 322 90 68 292 21 18.191 271 1.200 238 600 238 1.800 19.991 231 INVESTMENT 380 215 233 127 119 156 61 29 4.750 4.071 Brownfield Under study Improvement Argentina, Uruguay Renovation of Salto Grande Power Station - Total Brownfield 1.800 TOTAL 19.991 NUCLEAR ENERGY (investment in million dollars) CATEGORY STATUS PURPOSE LOCATION PROJECT DESCRIPTION INVESTMENT Greenfield Execution - Paraná, Bariloche, Rio Gallegos, La Pampa, Santiago del Estero, and Formosa Nuclear Medicine Centers - Phase 1 Greenfield Execution - Buenos Aires - Ezeiza RA-10 Radioisotope Production and Research Reactor RA-10 233 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 Elements for Research Reactors V Nuclear Power Station 380 Greenfield Execution - Buenos Aires - Ezeiza Greenfield Under study - To be defined Greenfield Under study Construction Buenos Aires - Lima Atucha III Nuclear Power Station Greenfield Under study - To be defined VI Nuclear Power Station 1100 MW gross capacity 1000 MW net capacity New Nuclear Power Station 800 MW gross capacity - 750 MW net capacity 1200 MW gross capacity 1100 MW net capacity Greenfield Under study Construction To be defined CAREM-120 CAREM-120 Nuclear reactor 679 Greenfield Under study Construction Río Negro - Pilcaniyeu Uranium Enrichment Industrial Plant 543 Greenfield Under study Uranium Enrichment Plant Nuclear Medicine Centers - Phase 2 Greenfield Under study Greenfield Under study Neuquén, Cordoba, Rosario, and Salta Tucumán, Corrientes, San Juan, and Bahía Blanca Jujuy, La Rioja, San Luis, and Trelew PIECRI 61 Greenfield Under study Construction To be defined CONUAR Greenfield Under study - Buenos Aires - Ezeiza Radioisotope Production Plant Concluded - 271 New Fuel Elements Manufacturing Plant 170 136 14.254 Atucha III Nuclear Power Station Buenos Aires 2.171 271 Total Greenfield Brownfield 4.071 271 Nuclear Medicine Centers - Phase 3 Nuclear Medicine Centers - Phase 4 4.750 - 740 Project for the Extension of the Useful Life of Embalse Nuclear Power Station Project for the Extension of the Useful Life of Atucha I Nuclear Power Station Brownfield Execution Expansion Córdoba - Rio Tercero Embalse Nuclear Power Station Brownfield Under study Expansion Buenos Aires - Lima Atucha I Nuclear Power Station Brownfield Under study Improvement - Facilities maintenance 806 Brownfield Under study - Chubut - Paso de los Indios Cerro Solo Uranium Mine 204 Brownfield Under study - Mendoza - San Rafael 68 Brownfield Under study - Córdoba - City of Córdoba and Los Gigantes San Rafael Mining Camp and Industrial Facilities Brownfield Under study - Salta - Tonco PRAMU Salta Brownfield Under study - To be defined PRAMU PRAMU Córdoba Permanent closure of Córdoba Manufacturing Plant and Los Gigantes Mine Permanent closure of Don Otto Mine 1.018 1.018 34 17 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 Greenfield W/D Construction National New Networks Distribution Greenfield W/D Construction Córdoba New gas pipeline New Gas Pipeline 3.384 571 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 Greenfield W/D Construction National New Networks Distribution Greenfield W/D Construction Córdoba New gas pipeline NEA Region New Gas Pipeline (GNEA) Greenfield Execution Construction 3.384 571 1.440 Total Greenfield Brownfield Brownfield W/D Expansion W/D 96.649 Expansion Gas Pipelines Distribution Neuquén Improvement National 8.237 Current networks sustainable distribution 690 Total Brownfield 8.927 TOTAL 105.576 31 3.8. Telecommunications TELECOMMUNICATIONS (investment in millions of dollars) CATEGORY STATUS LOCATION PROJECT DESCRIPTION Greenfield Execution Buenos Aires Data Center and NOC REFEFO Operating Control Greenfield Execution Buenos Aires Benavidez Earth Station Operating center and satellite follow-up Towers, base stations, antennas, and equipment Detail engineering, development and launching of ARSAT 1; detail engeneering, development and future launching of ARSAT 2; detail engineering ARSAT 3 Greenfield Execution National 4G LTE Mobile Telephone Network Greenfield Execution National Argentine satellite ARSAT 1, 2, and 3 Greenfield Execution National Federal Optic Fiber Network (REFEFO) Greenfield Under study - Maintenance Greenfield Under study Buenos Aires Telecommunications Tower 32 Laying of 5800 km of fiber optic cables INVESTMENT Included in REFEFO Included in REFEFO 3.290 146 130 337 368 m high telecommunications tower, with digital TV, and FM, UHF, VHF and microwave transmission antennas 314 Total Greenfield 4.217 TOTAL 4.217 3.9. Urban and industrial developments URBAN AND INDUSTRIAL DEVELOPMENTS (inversión en millones de dólares) CATEGORY STATUS PURPOSE Awarded/Tend er Process Construction Greenfield Awarded/Tend er Process Greenfield TYPE LOCATION PROJECT Urban infrastructure City of Buenos Aires Buildings in the new governmental district Construction Urban infrastructure City of Buenos Aires Awarded/Tend er Process Construction Urban infrastructure Greenfield Awarded/Tend er Process Construction Greenfield Execution Construction Greenfield Execution Construction Industrial Buenos Aires -Pilar Greenfield Execution Construction Industrial Buenos Aires Florencio Varela Greenfield Execution Construction Urban infrastructure City of Buenos Aires Greenfield In tender process Construction Urban infrastructure Buenos AiresAvellaneda Urbanization of Villa Inflamable shantytown Alianza Plot - 1st stage Greenfield In tender process Construction Urban infrastructure Mendoza Greenfield In tender process Construction Urban infrastructure City of Buenos Aires Covered stadium and outer spaces of the provincial sports facilities located at General San Martín Park Greenfield In tender process Construction Urban infrastructure Chaco Resistencia Greenfield In tender process Construction Urban infrastructure Mendoza Greenfield In tender process Construction Urban infrastructure Buenos AiresQuilmes Greenfield In tender process Construction Urban infrastructure Chubut-Puerto Madryn Greenfield Urban infrastructure Urban infrastructure Construction 26,4 Olympic Village II 10,8 City of Buenos Aires Constitución Pedestrian circulation works Construction 6,4 Santa Fe - Rosario Sports Museum Building Construction 4,1 Misiones-Itambe Guazú / Posadas Itambe Guazú Urbanization Construction of new pharmaceutical manufacturing plant Florencio Vareala Industrial Plark Refurbishment and expansion of the new offices of the Ministry of Sciences, Technology, and Productive Innovation, stage II Construction 15,9 Olympic Village dwellings Construction 12,2 Multipurpose covered stadium for 6000 spectators Building housing the main offices of the Tax Bureau of Mendoza, and building housing the administrative offices of the Ministry of Tourism Sports center Néstor Kirchner - 2nd stage Public infrastructure, urban equipment supply, and supplementary works in Nueva Chubut neighborhood. Executive project, construction and start-up 7,9 Construction 6,7 Construction 2,9 Construction and Improvement 2,8 Construction of public infrastructure, supply of communitary equipment, and supplementary works 2,8 Construction 2,1 Western Iron Bridge Greenfield In tender process Construction Urban infrastructure Tucumán NOA Sur Regional Center - SENASA Building Greenfield In tender process Construction Industrial Buenos Aires San Antonio de Areco Industrial Park Greenfield In tender process Construction Urban infrastructure Córdoba Greenfield In tender process Construction Urban infrastructure Buenos AiresFlorentino Ameghino Executing units Infiqc and Ciquibic (Conicet) Greenfield Under study Construction Industrial Córdoba Greenfield Under study Construction Greenfield Under study Construction Under study Construction 12 19,4 MendozaGuaymallén Sierras Pampeanas 36 Construction of 440 houses and supplementary works Urban infrastructure Chaco 112,6 10,5 Construction Mesopotamia 5,000 houses Construction In tender process Greenfield INVESTMENT Construction of UG3-P1; UG3-P7, and UG3-P8 Buildings Greenfield Urban developments Urban developments Urban developments DESCRIPTION Construction, Execution and Development of Work 2 Construction 1,9 Exhibitions (Cultural) Center Construction 1,4 Nissan Pick-up manufacturing (70,000 units) 407 New Environmental Projects New Environmental Projects New Environmental Projects 346 277 277 33 URBAN AND INDUSTRIAL DEVELOPMENTS (inversión en millones de dólares) CATEGORY STATUS PURPOSE Awarded/Tend Under study er Process Construction Construction Greenfield Greenfield Greenfield Under study Awarded/Tend er Process Under study Construction Construction Construction Greenfield Greenfield Awarded/Tend Under study er Process Construction Construction Greenfield Greenfield Awarded/Tend Under study er Process Construction Construction Greenfield Greenfield Execution Under study Construction Construction Greenfield Greenfield Under study Execution Construction Construction Greenfield Greenfield Greenfield Greenfield Under study Execution Construction Construction Greenfield Under study Construction Greenfield Greenfield Under study Execution Construction Construction Greenfield Under study Construction TYPE Urban Urban developments infrastructure Urban developments Urban infrastructure Urban developments Urban Urban developments infrastructure Urban Industrial infrastructure Urban Industrial infrastructure Urban Industrial developments Urban infrastructure Industrial Urban developments Urban Urban developments infrastructure Industrial LOCATION City of Buenos Cuyo Aires NOA City of Buenos Aires Patagonia City of Buenos Pampa Aires Constitución SantaFe Fe- Rosario Santa Misiones-Itambe Santa /Fe Guazú Posadas Pampa Aires Occidental Buenos -Pilar Misiones Buenos Aires Posadas Florencio Varela Santa Fe - Rosario Chubut City of Buenos Comodoro Aires Rivadavia Corrientes Urban Industrial infrastructure Industrial BuenoaAiresAires Buenos Escobar Avellaneda Buenos Aires -La Matanza Construction Construction Urban Urban infrastructure infrastructure MendozaMendoza Uspallata Under study In tender process Construction Construction Urban infrastructure Urban infrastructure City of Buenos Aires City of Buenos Aires Greenfield Greenfield study InUnder tender process Construction Construction Industrial Urban infrastructure Corrientes - Goya Chaco Resistencia Greenfield Under study Construction Greenfield Greenfield In tender Under study process Construction Construction Urban infrastructure Urban Urban infrastructure infrastructure Greenfield Under study Construction Greenfield Greenfield In tender Under study process Misiones-Puerto Libertad Misiones-San Mendoza Vicente City of Buenos Aires Buenos AiresCórdoba - Rio Quilmes Tercero San Juan - 9 de julio Chubut-Puerto Madryn Buenos Aires - InUnder tender study process Under study Construction Construction Greenfield Greenfield InUnder tender study process Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Construction Construction Construction Under study In tender process Under study Construction Construction Greenfield Greenfield Under study In tender process Construction Construction Greenfield Under study Construction Greenfield Greenfield In tender Under study process Construction Construction Greenfield Greenfield In tender process Under study Greenfield Greenfield Greenfield Construction Industrial Urban Industrial infrastructure Industrial Urban infrastructure Industrial Industrial Urban infrastructure Urban infrastructure Pergamino Tierra del Fuego MendozaGuaymallén PROJECT New Environmental Buildings in the new Projects governmental district New Environmental Projects Olympic Village II New Environmental Projects New Environmental Pedestrian circulation Projects works General Motors - First state-of-the-art Sports Museum aluminum Building automotive plant Itambe Guazú Oil Fuel Urbanization Construction of new New Environmental pharmaceutical Projects manufacturing plant Urbanization of 2000 ha Florencio Vareala Industrial Plark Central area and Refurbishment expansion of the new offices of the Ministry of Coastline Sciences, Technology, and Productive Innovation, Arca Mexico - Bottling stage II Plant Urbanization Villa Loma Verde of Industrial Inflamable shantytown Park Alianza Plot - 1st stage Mercedes - Benz Covered stadium and Construction of the Uspallata outer spaces of Primary Customs Zone provincial sports facilities stage IIat General San located Constitución Martín Park transhipment center Olympic dwellings MassalinVillage Particulares Cigarette Manufacturing Multipurpose covered Plan (investment stadium for 6000 plan until 2019) spectators Building housing the main Urbanization of 100 ha offices of the Tax Bureau of Mendoza, and building Urbanization of 100 ha housing the administrative offices of the of Ministry Constuction lithiumof Tourism batteries plant Sports center Néstor Atanor - 2nd stage Kirchner Public Petro infrastructure, San Juan - Oil urban equipment supply, refinery and supplementary works of fertilizing inConstruction Nueva Chubut plant neighborhood. Samsung - New mobile phones, tablets, and other devices manufacturing Western Iron Bridge plant Misiones Stadium-Olympic Village Urban Industrial infrastructure Tucumán La Pampa NOA Sur Regional Center -Forestal SENASAPico Building Construction Construction Industrial Industrial Buenos Aires San Antonio deBuenos Aires Areco Ezeiza In tender process Under study Construction Construction Urban infrastructure Industrial Greenfield Greenfield In tender process Under study Construction Construction Urban infrastructure Industrial Córdoba City of Buenos Aires AiresBuenos Florentino Formosa Ameghino Greenfield Greenfield Understudy study Under Construction Construction Industrial Industrial Corrientes Córdoba Mercedes Greenfield Under study Construction Greenfield Under study Construction Greenfield Brownfield Under study Execution Construction Expansion 34 Total Greenfield Urban developments Urban developments Urban developments Industrial Mesopotamia Chaco Sierras Buenos Aires Pampeanas Zárate Construction Industrial Parkof an air filter, oil, and car fuel manufacturing plant Executing unitsproduction Infiqc and PCBox - New Ciquibic plant in (Conicet) the Parque Patricios District Exhibitions (Cultural) Glass NEA- Safety glass Center production plant Nutricorrientes - Rice Nissan processing plant New Environmental Projects Expansion of Toyota’s New Environmental manufacturing plant where Projects the Hilux pick-up and the New SW4Environmental SUV are Projects manufactured 115,000 sq. m. of new buildings, 131,000 sq. m. of logistics yards, and 4.3 km of access roads to the plant DESCRIPTION INVESTMENT Construction 277 26,4 Construction of UG3-P1; UG3-P7, and UG3-P8 Buildings 277 10,8 207 Construction 207 6,4 First plant Construction 183 4,1 Investment 5,000 housesin refinery 112,6 170 138 36 2,000 houses New metropolitan area N-S Knowledge City Construction Project 93,9 12 66 60 10,5 Construction Construction of 440 houses and Construction supplementary works Vito van production 39 19,4 Construction Construction 32,7 15,9 Construction Construction 30,6 12,2 Executive project, Construction construction and start-up 44 34 29 7,9 27,5 Construction 6,7 27,5 26 Construction Investment in plant Construction and Construction of Improvement Microstar production plant (soy fertilizer) Construction of public infrastructure, Construction supply of communitary equipment, and Construction supplementary works Manufacturing of balls for mills in the Construction mining, cement, and Construction, other industries Execution and Development of Work 2,9 20 18 2,8 14 14 2,8 12,0 2,19 2 6 Construction Construction 1,9 2 Construction Construction Pick-up Construction manufacturing (70,000 units) 1,4 1 4071 3.667 346 277 277 543 URBAN AND INDUSTRIAL DEVELOPMENTS (inversión en millones de dólares) CATEGORY STATUS PURPOSE Greenfield Brownfield Awarded/Tend Execution er Process Construction Improvement Brownfield Greenfield Brownfield Execution Awarded/Tend er Process Execution Improvement Construction Improvement Greenfield Brownfield Greenfield Awarded/Tend er InProcess tender process Awarded/Tend er Process Construction Improvement Construction Brownfield Greenfield In tender Execution process In tender Execution process In tender process Execution Improvement Construction Brownfield Greenfield In tender process Execution Improvement Construction Greenfield Brownfield Brownfield Greenfield Brownfield Greenfield Brownfield Greenfield Brownfield Greenfield Brownfield Greenfield Brownfield Brownfield Construction Improvement Improvement Construction In tender process In tender process In tender process Construction In tender process In tender Construction process In tender In tender process process In tender In tender process process Improvement Improvement Improvement Construction Improvement Construction Improvement Under study In tender process Under study Construction Improvement Greenfield Brownfield Under study In tender process Under study Construction Improvement Greenfield Brownfield In tender Under study process Construction Improvement Greenfield Brownfield Brownfield Brownfield Greenfield Under study In tender process Expansion Improvement Expansion Construction TYPE LOCATION PROJECT DESCRIPTION Urban Urban infrastructure developments Urban Urban developments infrastructure Urban infrastructure City of Buenos Misiones Aires Posadas Tierra del Fuego City of Buenos Ushuaia Aires Buenos Aires City of Buenos Aires Buenos AiresConstitución Luján Santa Fe - Rosario Buildings in theofnew Consolidation Salí River governmental district Corridor Misiones-Itambe City of Buenos Guazú Aires / Posadas City of Buenos Buenos Aires Aires -Pilar City of Buenos Buenos Aires Aires Florencio Varela Itambe Guazú Nuestra Señora de las Urbanization Mercedes Cathedral Construction of new National Congress pharmaceutical manufacturing plant Legislative Palace Florencio Vareala Industrial Plark Refurbishment, Refurbishment reconditioning and and expansion revaluationofofthe thenew former offices of the Ministry of basic workshop buildings, Sciences, lunch areaTechnology, for Car Dealers and Productive Innovation, Association stage II Municipal building - 1st Consolidation of the Construction Production Facilities Construction Developmentofof the UG3-P1; coastlineUG3-P7, - 2nd stage and UG3-P8 - Stage Restoration Buildings III Refurbishment of Construction the resting area for pilgrins, construction of the Baptistery Construction building Restoration 5,000 housesand revaluation Urban infrastructure Urban infrastructure Urban infrastructure Urban Urban infrastructure infrastructure Urban Industrial infrastructure Urban infrastructure Industrial Industrial Urban infrastructure City of Buenos City of -Buenos Aires Monserrat Aires Urban infrastructure Urban infrastructure Urban infrastructure Chubut - Esquel Buenos AiresAvellaneda City of Buenos Aires Urban infrastructure Urban infrastructure Urban Urban infrastructure infrastructure Urban Urban infrastructure infrastructure Industrial Urban Urban infrastructure developments Urban developments Urban Urban infrastructure developments Mendoza Santa Cruz - Río Gallegos City of Buenos Aires La Rioja Chaco Buenos AiresResistencia Avellaneda Buenos Aires Campana Mendoza Santa Fe - City of Santa Fe Pampa Buenos AiresQuilmes Neuquén - Añelo Urban Urban infrastructure developments Chubut-Puerto Santa Fe - Rosario Madryn Industrial Urban infrastructure Urban developments San Luis MendozaGuaymallén Mendoza - Las Heras Coastline Olympic Village II Nuestra Señora de Luján Church Pedestrian circulation works Nuestra Señora de Luján Church Sports Museum Building stage Urbanization of Villa Inflamable shantytown Alianza Plot - 1st stage National Palace of Arts Covered stadium and outer spaces of the provincial sports facilities Juan Bautista Rocha located at General San Municipal Martín ParkGymnasium Juan Domingo and Olympic Village Perón dwellings Santa Rosa Multipurpose covered Neighborhoods stadium for 6000 Roma Municipal Theater spectators Building housing the main Axion of the Tax Bureau offices of Mendoza, and building housing the administrative Coastline offices of the Ministry of Operation and Tourism maintenance Sports center Néstor Comprehensive urban Kirchner - 2nd stage conversion Public infrastructure, urban equipment supply, Ludueña and Saladillo and supplementary works inStreams Nueva Chubut neighborhood. Cementos Avellaneda -. Expansion Plan Western Iron Bridge Comprehensive urban conversion Brownfield Under study Improvement Greenfield Brownfield In tender Under study process Construction Improvement Urban Urban infrastructure developments Mendoza - Las Tucumán Heras NOA Sur Regional Center Comprehensive urban -conversion SENASA Building Greenfield Brownfield In tender Under study process Construction Improvement Urban Industrial developments Buenos Aires San Antonio de Santa Fe - Rosario Areco Industrial SouthernPark of the City Brownfield Greenfield InUnder tender study process Improvement Construction Urban Urban developments infrastructure Neuquén - Añelo Córdoba Comprehensive urbanand Executing units Infiqc conversion Ciquibic (Conicet) Brownfield Greenfield study InUnder tender process Expansion Construction Industrial Urban infrastructure Brownfield Greenfield Under study Under study Expansion Construction Industrial Industrial Bahía Blanca Córdoba Dow Argentina Nissan Brownfield Greenfield Understudy study Under Improvement Construction Urban Urban developments developments Santa Fe - Rosario Mesopotamia Ludueña and Saladillo New Environmental Streams Projects Greenfield Brownfield Under study Under study Construction Expansion Greenfield Brownfield Under study Under study Construction Improvement Brownfield Under study Expansion Urban developments Industrial Urban developments Urban developments Industrial Santa Fe - Santo Buenos AiresTome Florentino Ameghino Buenos Aires - Chaco Tucuman Colombres Sierras Tucumán - San Pampeanas Miguel de Tucumán Córdoba - Rio Cuarto Nestlé Exhibitions (Cultural) Center New Environmental Projects Scania New Environmental Projects Eastern of the City Modesto Maranzana Thermal Power Station INVESTMENT 26,49 8 10,8 4,1 6,4 11,3 4,1 112,6 11,1 Front restoration 9,9 36 Restoration and revaluation 9,9 12 Construction Expansion and Construction of 440 refurbishment houses and Comprehensive supplementary refurbishment and works revaluation, and technological improvement Construction Refurbishment, revaluation, and expansion Construction Improvement to the urban infrastructure Executive project, construction and Revaluation start-up Refinery expansion 8 10,5 5,3 19,4 4,0 15,9 2,4 12,2 2,3 7,9 1,9 814 Construction Port conversion Stage 2 6,7 178 Construction Añelo Sustainable Plan (2015-2019) Recovery of Construction Ludueña andand Improvement Saladillo Streams sides - 2nd stage Duplication of Construction ofthe production of the public infrastructure, plant located in supply of Calera communitary Las Heras and equipment, Sustainable Plan supplementary (2015-2019) works Las Heras Construction Sustainable Plan (2020-2024) Construction, Urban conversion of Execution and former Military Development ofUnit 121 Work Añelo Sustainable Construction Plan (2020-2024) Expansion of plant capacity Construction Expansion of the resin production Pick-up plant manufacturing Recovery of (70,000 units) Ludueña and Saladillo Streams sides - 1st stage Investment in Colombres Plant 2,9 107 112 Consolidation of Salí River Corridor Expansion 2,8 77 68 2,8 63 2,1 54 2 50 49 1,9 41 1,4 32 407 32 346 277 29 277 24 21 35 URBAN AND INDUSTRIAL DEVELOPMENTS (inversión en millones de dólares) CATEGORY STATUS TYPE LOCATION Construction Improvement Urban Urban infrastructure developments City of Buenos Tierra del Fuego Aires Ushuaia Buildings in the new governmental Central area district Awarded/Tend Under study er Process Construction Expansion Urban Industrial infrastructure City of Buenos Córdoba - Rio Aires Cuarto Olympic Village II BRF Brownfield Greenfield Awarded/Tend Under study er Process Improvement Construction Urban Urban developments infrastructure Ludueña and Saladillo Pedestrian circulation Streams works Greenfield Brownfield Awarded/Tend Under study er Process City of Buenos Santa- Fe - Rosario Aires Constitución Construction Improvement Greenfield Brownfield Execution Under study Construction Improvement Greenfield Brownfield Execution Under study Construction Improvement Urban Industrial infrastructure Greenfield Brownfield Execution Under study Construction Improvement Industrial Urban infrastructure Greenfield Brownfield Execution Under study Construction Improvement Urban Urban infrastructure developments City Buenos San of Juan Aires Chimbas Brownfield Under study Improvement Greenfield Brownfield In tender Under study process Urban infrastructure Urban Industrial infrastructure Buenos Buenos AiresAires Avellaneda Morón - 1st stage of Villa Urbanization “La Cantábrica 2” Inflamable shantytown Industrial Park Alianza Plot - 1st stage Greenfield In tender process Construction Urban TOTAL infrastructure Mendoza Greenfield In tender process Construction Urban infrastructure City of Buenos Aires Covered stadium and outer spaces of the provincial sports facilities located at General San Martín Park Greenfield In tender process Construction Urban infrastructure Chaco Resistencia Greenfield In tender process Construction Urban infrastructure Mendoza Greenfield In tender process Construction Urban infrastructure Buenos AiresQuilmes Greenfield In tender process Construction Urban infrastructure Chubut-Puerto Madryn Greenfield Brownfield Awarded/Tend er Process Under study Greenfield Brownfield PURPOSE Construction Expansion Urban Urban infrastructure developments Urban Urban infrastructure developments Misiones Santa Fe -- Rosario Posadas Misiones-Itambe Buenos AiresGuazú / Posadas Quilmes Buenos Jujuy Aires -Pilar Buenos Aires Florencio Varela Jujuy Jujuy Total Brownfield PROJECT Sports Museum Building Western of the City Itambe Guazú Quilmes riverside Urbanization Construction new Restoration ofofthe Historic pharmaceutical Council, Train Station, and manufacturing plant surroundings - 1st stage Florencio Vareala Improvement of publicIndustrial Plark- bicycle sports spaces Refurbishment and and lane - tourism spaces expansion of the new supply of equipment offices the Ministry Border of between AMSJof Sciences, Technology, and Chimbas and Productive Innovation, Restoration of the Historic stage II and surroundings Council Restoration 36 4,5 Supply of equipment 12 4,3 Construction Chimbas Park Restoration Construction of 440 houses andof 6.5 ha Expansion supplementary (17 plots) works 10,54 3,6 19,41 2.443 7,9 Construction 6,7 Construction 2,9 Construction and Improvement 2,8 Construction of public infrastructure, supply of communitary equipment, and supplementary works 2,8 Construction 2,1 In tender process Construction Urban infrastructure Tucumán NOA Sur Regional Center - SENASA Building Greenfield In tender process Construction Industrial Buenos Aires San Antonio de Areco Industrial Park Greenfield In tender process Construction Urban infrastructure Córdoba Greenfield In tender process Construction Urban infrastructure Buenos AiresFlorentino Ameghino Executing units Infiqc and Ciquibic (Conicet) Greenfield Under study Construction Industrial Córdoba Greenfield Under study Construction Greenfield Under study Construction 36 112,66 12,2 Greenfield Construction 4,17 Construction Western Iron Bridge Under study 6,47 Executive project, construction and start-up MendozaGuaymallén Greenfield 10,8 11 Multipurpose covered stadium for 6000 spectators Building housing the main offices of the Tax Bureau of Mendoza, and building housing the administrative offices of the Ministry of Tourism Sports center Néstor Kirchner - 2nd stage Public infrastructure, urban equipment supply, and supplementary works in Nueva Chubut neighborhood. Urban infrastructure Sierras Pampeanas 26,4 14 Olympic Village dwellings Construction Chaco Revaluation Constructionof the central area of the Construction of city UG3-P1; Increase UG3-P7, in poultry and meatUG3-P8 production Buildings Recovery of Ludueña and Construction Saladillo Streams sides - 3rd stage Revaluation of the Construction central area Ginkgos Park 5,000 houses consolidation 15,9 6.109 In tender process Mesopotamia INVESTMENT Construction Greenfield Urban developments Urban developments Urban developments DESCRIPTION Construction, Execution and Development of Work 2 Construction 1,9 Exhibitions (Cultural) Center Construction 1,4 Nissan Pick-up manufacturing (70,000 units) 407 New Environmental Projects New Environmental Projects New Environmental Projects 346 277 277 3.10. Other projects OTHER PROJECTS (investment in million dollars) CATEGORY Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield STATUS Awarded/Tend er Process Awarded/Tend er Process Awarded/Tend er Process Awarded/Tend er Process Awarded/Tend er Process Awarded/Tend er Process Awarded/Tend er Process Awarded/Tend er Process Awarded/Tend er Process Awarded/Tend er Process Awarded/Tend er Process PURPOSE TYPE LOCATION PROJECT DESCRIPTION Construction Security Buenos Aires Mercedes Agote Prison - Stage I Construction 40,1 Construction 37 Construction 17,9 Completion of the construction of the Criminal Justice Center 12,6 Orán Federal Penitentiary Litoral Federal Penitentiary in Coronda Construction Security Salta Construction Security Santa Fe - Coronda Construction Security Santa Fe - Rosario Criminal Justice Center Construction Security Santa Fe - Piñero 5th mini-prison in Penitentiary Unit No. 11 Construction Health City of Buenos Aires Construction Security Buenos Aires Marcos Paz Construction Security Buenos Aires Marcos Paz Federal Center for Young Adults Construction Security Construction Security Buenos Aires Ezeiza La Pampa - Santa Rosa Buenos Aires Marcos Paz Ezeiza Federal Penitentiary New Court of Accounts Building 2nd Federal Penitentiary Construction Security INVESTMENT Construction 6,5 Drug Production Plant Construction 4,3 2nd Federal Penitentiary Construction of nursing homes Effluent treatment plant and completion of the sewage pipe laying Construction of nursing homes Construction 2,8 2,1 1,6 2 Construction of the Town Hall Jail 1,2 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 Chubut - Comodoro Rivadavia Santa Cruz - Río Gallegos High Complexity Hospital High Complexity Hospital New High Complexity Hospital Chaco Federal Penitentiary New San Roque Hospital Dr. Victorino Tagarelli Hospital New Hospital - 1st stage Pilar City Central Hospital Construction 44,6 Construction, supply of equiment, and start-up 42,6 Construction 28,6 Construction 25 Construction 20,8 Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process Construction Health Construction Health Construction Health Chubut - Trelew Construction Security Chaco - Resistencia Construction Health San Juan - Jachal Construction Health Medoza - San Carlos Construction Health Neuquén - San Martín de los Andes Construction Health Buenos Aires -Pilar Construction Health Buenos Aires - San Antonio de Areco Construction Health Construction Construction - 1st stage 4,8 Construction 3,4 Construction and direction of the first stage 3,4 Hospital Construction - 1st stage 3,2 Mendoza - La Paz Intensive Care Unit Construction 3,0 Security Buenos Aires Marcos Paz CF II Residential Unit Construction Health Buenos Aires - San Martín Dr. Diego Thompson Hospital Construction Health Buenos Aires General Rodriguez Emergencies Building Construction 2,0 Construction Security Neuquén Argentine Coast Guard Construction 1,7 Construction Health Buenos Aires Marcos Paz Addition Prevention Local Center (cePla) Comprehensive Work Execution 1,3 Comprehensive Management, Operation and Maintenance Comprehensive Management, Operation and Maintenance Comprehensive Management, Operation and Maintenance Construction of collective cellblock Completion of 1st and 2nd floors of Avellaneda Block Total Greenfield Brownfield Awarded/Tend er Process Improvement Healt h City of Buenos Aires Brownfield Awarded/Tend er Process Improvement Healt h City of Buenos Aires Sr. Pedro de Elizalde Childrens Hospital Brownfield Awarded/Tend er Process Improvement Healt h City of Buenos Aires Dr. Juan A. Fernandez Hospital Salta Güemes Federal Penitentiary - Stage I Chubut - Esquel Río Negro - Viedma Brownfield Brownfield Awarded/Tend er Process Awarded/Tend er Process In tender process Expansion Expansion Expansion Secu rity Secu rity Secu rity 2,6 323 Dr. Francisco Muñiz Infectious Diseases Hospital Brownfield 2,9 10,7 10,0 8,9 Expansion 3 Esquel Prision Expansion 2,8 Viedma Penal Colony Expansion 19 Refurbishment of floor 12, 37 OTHER PROJECTS (investment in million dollars) CATEGORY Greenfield Brownfield Greenfield Brownfield Greenfield Brownfield Greenfield Greenfield Brownfield Greenfield Brownfield Greenfield Brownfield Greenfield Greenfield Greenfield Greenfield STATUS Awarded/Tend In tender er process Process Awarded/Tend er In Process tender Awarded/Tend process er Process In tender Awarded/Tend er process Process Awarded/Tend In tender er Process process Awarded/Tend In tender er Process process Awarded/Tend In tender er Process process Awarded/Tend er Process Awarded/Tend er Process Awarded/Tend er Process Awarded/Tend er Process PURPOSE TYPE LOCATION Construction Expansion Secu Security rity Buenos Aires Chubut - Trelew Mercedes Construction Improvement Construction Security Secu rity Security Salta City of Buenos Aires Santa Fe - Coronda Orán Federal Penitentiary Supreme Court of Litoral Federal Justice Penitentiary in Coronda Improvement Construction Secu Security rity Buenos Aires - San Santa Fe - Rosario Nicolás Supreme Court of Criminal Justice Center Justice Secu Security rity Healt Health h Secu Security rity La Pampa Santa Santa Fe - -Piñero Rosa Buenos Aires - Aires City of Buenos Lomas de Zamora Buenos Aires Río Negro - General Marcos Paz Roca Buenos Aires Marcos Paz 5th mini-prison in Santa Rosa Penal Penitentiary Unit No. 11 Colony Luisa C. de Gandulfo Drug Production Plant Hospital 2nd Federal Deputy Mayor Miguel Penitentiary Rocha Penal Colony Federal Center for Young Adults Buenos Aires Ezeiza La Pampa - Santa Rosa Buenos Aires Marcos Paz Ezeiza Federal Penitentiary New Court of Accounts Building 2nd Federal Penitentiary Construction Expansion Construction Expansion Construction Expansion Construction Security Total Brownfield Construction TOTAL Security Construction Security Construction Security PROJECT Agote PrisonInstitute - Stage I Penitentiary DESCRIPTION Expansion of the ConstructionInstitute Penitentiary Building Construction Comprehensive reconditioning and Construction restoration Comprehensive Completion of the reconditioning and construction of the restoration Construction Criminal Justice Center of Annexed Building Construction Expansion Construction Expansion Construction of nursing Expansion homes Effluent treatment plant and completion of the sewage pipe laying Construction of nursing homes Construction INVESTMENT 40,1 7 37 4,9 17,9 4 12,6 6,5 3 4,3 2,1 2,8 2,1 2,1 127 450 1,6 2 Construction of the Town Hall Jail 1,2 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 Chubut - Comodoro Rivadavia Santa Cruz - Río Gallegos High Complexity Hospital High Complexity Hospital New High Complexity Hospital Chaco Federal Penitentiary New San Roque Hospital Dr. Victorino Tagarelli Hospital New Hospital - 1st stage Pilar City Central Hospital Construction 44,6 Construction, supply of equiment, and start-up 42,6 Construction 28,6 Construction 25 Construction 20,8 Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process In tender process Construction Health Construction Health Construction Health Chubut - Trelew Construction Security Chaco - Resistencia Construction Health San Juan - Jachal Construction Health Medoza - San Carlos Construction Health Neuquén - San Martín de los Andes Construction Health Buenos Aires -Pilar Construction Health Buenos Aires - San Antonio de Areco Construction Health Mendoza - La Paz Construction Security Buenos Aires Marcos Paz CF II Residential Unit Construction Health Buenos Aires - San Martín Dr. Diego Thompson Hospital Construction Health Buenos Aires General Rodriguez Emergencies Building Construction Security Neuquén Health Buenos Aires Marcos Paz Construction Hospital Intensive Care Unit Construction - 1st stage 4,8 Construction 3,4 Construction and direction of the first stage 3,4 Construction - 1st stage 3,2 Construction 3,0 Construction of collective cellblock Completion of 1st and 2nd floors of Avellaneda Block 2,0 Argentine Coast Guard Construction 1,7 Addition Prevention Local Center (cePla) Comprehensive Work Execution 1,3 323 Brownfield Awarded/Tend er Process Improvement Healt h City of Buenos Aires Dr. Francisco Muñiz Infectious Diseases Hospital Brownfield Awarded/Tend er Process Improvement Healt h City of Buenos Aires Sr. Pedro de Elizalde Childrens Hospital Brownfield Awarded/Tend er Process Improvement Healt h City of Buenos Aires Dr. Juan A. Fernandez Hospital Salta Güemes Federal Penitentiary - Stage I Chubut - Esquel Esquel Prision Río Negro - Viedma Viedma Penal Colony Brownfield Brownfield Brownfield Brownfield Brownfield Brownfield Awarded/Tend er Process Awarded/Tend er Process In tender process In tender process In tender process In tender process In tender process Expansion Expansion Expansion Improvement Improvement Expansion Improvement Secu rity Secu rity Secu rity Healt h Healt h Healt h Healt h 2,6 Construction Total Greenfield Brownfield 2,9 City of Buenos Aires Gral. José de San Martín Hospital City of Buenos Aires Roffo Hospital San Juan - Rivadavia Dr. Marcial Quiroga Hospital City of Buenos Aires De Clínicas Hospital Comprehensive Management, Operation and Maintenance Comprehensive Management, Operation and Maintenance Comprehensive Management, Operation and Maintenance 10,7 10,0 8,9 Expansion 3 Expansion 2,8 Expansion 19 Refurbishment of floor 12, operating room and highcomplexity systems - 2nd Stage A Recovery and revaluation - 1st stage Expansion Restoration 1st Stage 17,9 14,3 10,0 8,6 39 4. Financing market in Argentina The Argentine financial system is mainly made up of banks, and an increasing capital market, which supplement each other to finance the productive public sector, and some governmentdriven projects. The new capital markets law (Law No. 26831, passed and enacted in late 2012) set forth a series of measures aimed at strengthening market regulation and supervision by the Argentine Securities and Exchange Commission, thus promoting an open and competitive market, oriented towards the real economy. In addition, the rules and regulations governing Public Offerings of financial instruments were updated for the purposes of speeding up the processes and reducing bureaucracy. The law also provided for the 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 increase the solvency of the whole system. requirements of the Argentine Central Bank (BCRA). Economic soundness is also guaranteed by the fact that the system is “dedollarized” due to strict rules and regulations that restrict the currency mismatch, the strong reduction in the exposure to the public sector, and the income recorded by banks for many years. Banks also keep high liquidity margins, while the nonperforming loan portfolios record the minimum historic levels, and the related allowances have been duly set up. The main banks in terms of assets are the following: Assets per bank in million dollars – data as of May 2015 1 NACIÓN 41,264 2 PROV. DE BS. AS. 12,900 The securities markets currently in operation in the country are Mercado de Valores de Buenos Aires, Mercado Abierto Electrónico (MAE), Mercado de Valores (MAV), MATba, and ROFEX, each specialized in a different series of instruments. 3 SANTANDER 11,791 4 GALICIA 11,290 5 BBVA FRANCÉS 8,994 The instruments most commonly used to finance businesses are corporate bonds and financial trusts. Deferred payment checks, discounted at the capital market, have been the instrument most commonly used by small- and medium-sized companies, while the subscription of new shares has had a lower share in the financing scheme. 6 MACRO 8,602 7 HSBC 5,782 8 CREDICOOP 5,500 9 CIUDAD 5,251 10 INDUSTRIAL 5,057 11 PATAGONIA 4,903 12 CITIBANK 4,439 13 HIPOTECARIO 3,252 14 PROV. DE CÓRDOBA 2,811 15 SUPERVIELLE 2,705 16 SANTE FE 2,567 17 SAN JUAN 2,091 18 ITAÚ 1,976 19 COMAFI 1,308 20 ENTRE RÍOS 1,111 A considerable share in the demand for these instruments comes from a series of institutional investors, such as Insurance Companies, Mutual Funds, and the Fund to Guarantee the Sustainability of the Government Social Security System (“Fondo de Garantía de Sustentabilidad”). In Argentina, there are many rules and regulations that establish minimum investment percentages applicable to these institutional investors and banks in relation to production projects driven by the private sector and infrastructure projects, which guarantee a minimum demand. This is the case of “subsection k” for insurance companies, “subsection q” for the Fund to Guarantee the Sustainability of the Government Social Security System, Communication “A” 5319 for banks, and other provisions for Mutual Funds. Some public-private projects were financed, in part, by these institutional investors within the framework of these rules and regulations. The banking system continues to be the main financial intermediary between the different economic players. Throughout the different stages of the economic cycle, Argentine banks have always shown great economic soundness, with a capital that is far in excess of the prudential 40 By June 2015, banking credit for the private sector represented approximately 14% of GDP. The main destinations for loans from the Argentine financial system are personal loans and company financing, which represent 57% of banks’ financial assets. Banking System Assets Portfolio as a percentage of total financial assets - June 2015 5% Other financial assets 3% Private bonds, financial trust & Leasing 12% Credit to public sector 57% 23% Credit to private sector BCRA Securities 41 42 43 Contact us For further information, please visit us online at www.kpmg.com.ar or contact: Mariano Sánchez Leader Partner of Advisory T: +54 11 4316 5850 E: [email protected] Martín Lopardo Director of Advisory T: +54 11 4316 5745 E: [email protected] Guillermo Ferraro Director of Advisory T: +54 11 4316 5745 E: [email protected] kpmg.com.ar kpmg.com/app @KPMGArgentina KPMG Argentina KPMG Argentina KPMG AR Talentos The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. 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