Letter of Intent Buenos Aires, Argentina March 3, 2022

 36. We are continuing our efforts to resolve outstanding external arrears. In particular, we are seeking to resolve outstanding arrears to holdout creditors that did not participate in the 2005/10 debt exchange or settle under the terms provided in 2016 to resolve holdout claims. Moreover, we are gradually repaying the debt owed to the binational (Paraguayan and Argentine) entity, Yacyreta, as compensation for energy serviced to Argentina. The arrears to the entity that are undisputed are expected to be settled by the end of 2022, supported by an allocation made in the 2022 budget, and we are in discussions to resolve the disputed claims (resulting from a difference in views on the applicable exchange rate). Claims by the French export credit agency (US$30 million)