Statement of Province of Cordoba Ad Hoc Bondholder Group on Proposed Restructuring Terms

On September 11, 2020, the Province of Cordoba disclosed that it engaged in discussions with the Province
of Cordoba Ad Hoc Bondholder Group represented by White & Case LLP and BroadSpan Capital LLC
(the “Bondholder Group” or the “Group”). The Province further disclosed that it presented a proposal to
the Bondholder Group for the restructuring of its outstanding international bonds, which has since been
published on the Province’s website.
Unfortunately, the Province’s initial restructuring proposal is not one which members of the Group can or
will support. While recognizing the challenges facing the Province as a consequence of the COVID-19
pandemic, the Group remains optimistic about the medium term economic and financial prospects of the
Province and the fundamental capacity of the Province to honor its debt obligations. The Group sees no
justification for the destruction of bondholder value implicit in the Province’s initial proposal, and believes
a more measured approach will be sufficient to address the current pressures on the Province’s public
finances. In this context, the Bondholder Group presented a counterproposal to the Province that would
defer the near-term bond maturity and provide corresponding cash flow relief in the coming years. The
Bondholder Group’s proposal is set forth in Annex A below.
The members of the Group further discussed the restructuring goals with the Province on Friday, September
11, 2020, and plan to continue to engage constructively with the Province and its advisers to find a debt
solution that can command the support of the Province’s international bondholders.

Annex A: Indicative Restructuring Terms

The Transaction will affect only the Province of Cordoba’s U.S.

$725,000,000 7.125% Notes due 2021, with an outstanding aggregate
principal amount of U.S. $709,405,000 (the “2021 Bonds”). For the
avoidance of doubt, the Province’s U.S. $510,000,000 7.450% Notes due
Transaction 2024 and U.S. $450,000,000 7.125% Notes due 2027 will not be affected by
the Transaction.

Holders of the 2021 Bonds will be invited to exchange their bonds for new
bonds maturing in 2024 (the “New 2024 Bonds”).

Exchange Holders of 2021 Bonds who participate in the Transaction will receive at
Consideration settlement, for each U.S. $1000 principal amount of 2021 Bonds tendered in
the exchange, U.S. $1000 principal amount of New 2024 Bonds.

The New 2024 Bonds will be issued on, and bear interest from, the
New 2024 Bonds settlement date and:

 Mature on June 10, 2024

  Bear interest at a rate of 7.125% per annum, payable quarterly in
arrears commencing December 10, 2020
 Pay principal in equal quarterly installments commencing December
10, 2021

Treatment of Accrued Any and all accrued and unpaid interest on the 2021 Bonds as at the
Interest settlement date will be paid in full in cash on the settlement date.

Legal Documentation To be mutually agreed by the parties.

for Transaction

Province of Cordoba to pay the reasonable fees of the Group’s legal and
Advisor Fees financial advisers, White & Case LLP and BroadSpan Capital LLC, at
settlement.