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CAPITALIZACIÓN BURSÁTIL Instituto Argentino de Mercado de Capitales (IAMC) – Yearbook 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica Erpen Economics Department: Lic. Ramiro Tosi Lic. Mario Maydana IT Department: An.María M. Rodríguez Míguez Lic. Rosa Santantonio Fernando Berástegui Assistants: Mariana Casas Lic. Alberto Pascual Adriana Vidoni Instituto Argentino de Mercado de Capitales (IAMC) 25 de Mayo 359/67 - 8º piso (C1002ABG) Buenos Aires Argentina Tel.: 4316-6042/6036 Fax: 4316-6034 [email protected] www.iamc.sba.com.ar Publication data: Year XIII Proprietary rights register: 978987 Publishing Director: Mario S. Bagnardi Proprietary: Mercado de Valores de Buenos Aires S.A. (MERVAL) YEARBOOK 2012 INDEX Page Argentine Capital Markets in 2012 1 Merval Index & IAMC Bond Index performance during 2012: graph of the relevant domestic and international issues 6 Stock Market Indicators 8 The Argentine Economy in 2012 9 Argentine selected macroeconomic indicators 11 Annual price changes: top performers 12 Traded Value 13 Equity Market briefing 15 Fixed Income Market briefing 16 Stocks and Cedear’s market shares 18 Fixed Income market shares 19 Trust Funds market shares 20 Corporate bonds market shares 21 Market indexes portfolios 22 Merval Index: monthly % variations and closing values 24 M.AR Index: monthly % variations and closing values 25 Merval 25 Index: monthly % variations and closing values 26 IAMC Bond Index: monthly % variations and closing values 27 Historical volatilities of relevant market indexes 28 Merval Index: P/E evolution 29 M.AR Index: P/E evolution 30 Merval Index: P/BV evolution 31 M.AR Index: P/BV evolution 32

INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

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Page 1: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

CAPITALIZACIÓN BURSÁTIL

Inst

ituto

Arg

entin

o de

Mer

cado

de

Cap

itale

s (IA

MC

) – Y

earb

ook

2012

IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica Erpen Economics Department: Lic. Ramiro Tosi Lic. Mario Maydana IT Department: An.María M. Rodríguez Míguez Lic. Rosa Santantonio Fernando Berástegui Assistants: Mariana Casas Lic. Alberto Pascual Adriana Vidoni Instituto Argentino de Mercado de Capitales (IAMC) 25 de Mayo 359/67 - 8º piso (C1002ABG) Buenos Aires Argentina Tel.: 4316-6042/6036 Fax: 4316-6034 [email protected] www.iamc.sba.com.ar Publication data: Year XIII Proprietary rights register: 978987

Publishing Director: Mario S. Bagnardi Proprietary: Mercado de Valores de Buenos Aires S.A. (MERVAL)

YEARBOOK 2012

INDEX

Page Argentine Capital Markets in 2012 1

Merval Index & IAMC Bond Index performance during 2012: graph of the relevant domestic and international issues

6

Stock Market Indicators 8

The Argentine Economy in 2012 9

Argentine selected macroeconomic indicators 11

Annual price changes: top performers 12

Traded Value 13

Equity Market briefing 15

Fixed Income Market briefing 16

Stocks and Cedear’s market shares 18

Fixed Income market shares 19

Trust Funds market shares 20

Corporate bonds market shares 21

Market indexes portfolios 22

Merval Index: monthly % variations and closing values 24

M.AR Index: monthly % variations and closing values 25

Merval 25 Index: monthly % variations and closing values 26

IAMC Bond Index: monthly % variations and closing values 27

Historical volatilities of relevant market indexes 28

Merval Index: P/E evolution 29

M.AR Index: P/E evolution 30

Merval Index: P/BV evolution 31

M.AR Index: P/BV evolution 32

Page 2: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

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The Argentine stock markets in the context of world stock market indexes Despite the volatile international context stemming from the crisis in European countries (mainly Greece and Spain) and the fiscal situation in the United States, most of the Stock Markets in the world ended 2012 with positive variations.

Accordingly, the stability of financial markets relied on two key policies: the FED’s uninterrupted implementation of low interest rates and its bond repurchase scheme (known as “Operation Twist”).

If we take a glance at the 25 stock market indexes, which the IAMC surveys on a daily basis, we can note that 23 posted hikes (all measured in US dollars) in comparison with year-end 2011, while only 2 recorded a fall.

The stock market index that saw the highest jump was that of Venezuela (303%), followed by those of Turkey and the Philippines, which posted hikes of 61.5% and 41.9% respectively. The second best-performing Latin-American stock market index was that of Mexico, which climbed by 26.2%.

On the other hand, the Spanish stock market dropped by 2.3%, while the Brazilian Bovespa inched down by 2.1% (although this fall was triggered by the 9.9% depreciation of the real against the US dollar).

As for the local market, the Argentine Merval (M.A.R.) showed the worst figure among the 25 stock markets under analysis: down by 8%, while the Merval edged up by 1.6%

The 10 best-performing Stock Markets in 2012 Variations in US dollars between 12-28-12 and 12-29-11

41.9%

40.1%

31.8%

26.2%

23.2%

18.5%

18.5%

1.6%

18.1%

61.5%

-8.0%

-20%

-10% 0% 10%

20%

30%

40%

50%

60%

70%

80%

IBC (Venezuela)

ISE NAC-100 (Turkey)

PSI (the Philippines)SETI (Thailand)

DAX-30 (Germany)

IPC (Mexico)Hang Seng (Hong Kong)

KOSPI (Korea)

BUX (Hungary)Swiss Market Index (Switzerland)

Merval

M.AR

It should be noted that in the last month of 2012, the Argentine stock market indexes experienced a remarkable recovery, which enabled them to finish the year with a more favorable performance against the accumulated figure as of November 2012. In December, the Merval index was up by 16.2% in US dollars while M.A.R. advanced 20.2%

Performance of Local Stocks If we take a look at the 10 best-performing stocks (in pesos) in 2012, the first three are comprised in the General Board. The ranking was topped by Instituto Rosenbusch (ROSE) with a 100% rise, followed by Importadora y Exportadora de la Patagonia (PATA) y Rigolleau (RIGO), with hikes of 89.9% and 88.8%, respectively. Only 3 out of the top 10 belong to the Merval Board: Tenaris, ranking sixth with a variation of 63.9%, Grupo Financiero Galicia in the seventh place with a rise of 58.1% and Banco Francés in the eighth place, up by 44.7%.

The 2012 top-ten stocks

In ARS In USD1. Instituto Rosenbusch (ROSE) 100.0% 90.2%

2. Import. y Export. de la Patagonia (PATA) 89.9% 80.6%3. Rigolleau (RIGO) 88.8% 79.5%

4. Banco Santander (STD) 68.6% 60.3%

5. Alto Palermo (APSA) 67.4% 59.2%

6. Tenaris (TS) 63.9% 55.8%

7. Grupo Financiero Galicia (GGAL) 58.1% 50.4%

8. BBVA Banco Francés (FRAN) 44.7% 37.5%

9. Garovaglio y Zorraquín (GARO) 42.7% 35.7%10. Banco Río (BRIO) 29.3% 22.9%

Annual VariationStocks

It is worth mentioning that out of the 10 best-performing stocks, the 7 stocks which do not make up the Merval Index stood for a mere 3% of the total 2012 stock volume (Tenaris, Francés, and Galicia as a whole represent 44% of the total). This is why we consider relevant to analyze what happened with the price of the most traded stocks over the year.

As a result of the above mentioned, we can conclude that out of the 10 best traded stocks, all of which compose the Merval Index, 6 recorded an upward trend, while 4 went down. Among the best-performing stocks, we can name Tenaris (63.9%), Grupo Financiero Galicia (58.1%) and Banco Francés (44.7%), but the worst-performing ones were Pampa Energía (-50.2%) and YPF (-40.3%).

2012 Price Variations Top Ten Traded Stocks

In ARS In USD1. Grupo Financiero Galicia (GGAL) 58.1% 38.5% 22.34%

2. Tenaris (TS) 63.9% 43.6% 20.07%

3. YPF (YPFD) -40.3% -47.7% 13.46%

4. Telecom Argentina (TECO2) -3.8% -15.8% 7.39%

5. Petróleo Brasileiro - Ordinarias (APBR) 15.9% 1.5% 7.15%

6. Banco Macro (BMA) 28.0% 12.2% 6.81%

7. Siderar (ERAR) -6.0% -17.7% 3.38%

8. Pampa Energía (PAMP) -50.2% -56.4% 3.01%9. Petrobras Energía (PESA) 12.7% -1.3% 2.11%

10. BBVA Banco Francés (FRAN) 44.7% 26.7% 1.93%

Stocks Annual Variation Market share

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As for YPF specifically, it should be noted that in December it witnessed a notable recovery of 27.7%, and thus became the second best-performing stock in the Merval Board over the last month of 2012.

Stock Market Capitalization As of December 28, 2012 the total stock market capitalization stood at ARS 2.3 trillion (USD 472 billion), which represented a 43.6% rise in comparison with same period of 2011 (26% measured in dollars).

The local companies capitalization totaled ARS 168 billion (USD 34.3 billion), which implied a decline of 10.2% against year-end 2011 (-21.3% in dollars). In relation to the all-time high recorded in January 2011, the local companies’ capitalization, as measured in pesos, was down by 36.6%. It should be noted that by the end of October 2012, this figure in US dollars was even lower than that of December 2001.

Stock Market Capitalization of Local and Foreign Companies

0

10

20

30

40

50

60

70

Dec

-01

Jun-

02

Dec

-02

Jun-

03

Dec

-03

Jun-

04

Dec

-04

Jun-

05

Dec

-05

Jun-

06

Dec

-06

Jun-

07

Dec

-07

Jun-

08

Dec

-08

Jun-

09

Dec

-09

Jun-

10

Dec

-10

Jun-

11

Dec

-11

Jun-

12

Dec

-12

Loca

l com

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es (i

n B

n U

SD)

0

100

200

300

400

500

600

Fore

ign

com

pani

es (i

n B

n U

SD)

Local companies

Foreign companies

Out of the 79 local companies comprised in this calculation, 44 saw their capitalization go down (the total reduction amounted to ARS 39 billion), while 35 companies recorded a total hike of ARS 23 billion. Among the main falls, in terms of their impact on the total amount, can be named: YPF (-41%, which accounts for almost 70% of the total decrease), Siderar (-8.7%) and Telecom Argentina (-8.8%). In contrast, the following represent the most outstanding rises: Grupo Financiero Galicia (+57.3%), Banco Macro (+28%) and Alto Palermo (+50%).

In terms of GDP as of 3Q-12 (latest available), the stock market capitalization of local companies as of 12-28-12 accounted for 7.7%, against 9.9% posted on 12-29-11.

On the other hand, the capitalization of foreign companies reached ARS 2.14 trillion (USD 472 billion), which implied a rise of 50.7% since the end of 2011. This figure was brought about by the hikes in the capitalization of the Petróleo Brasileiro (+74.4%) and

Banco Santander (88%), both of which were partly offset by the fall of Repsol (-2.2%)

Cash Dividends Over 2012, the listed companies paid cash dividends in the amount of ARS 38.7 billion (USD 8.7 billion), 63% less than the previous year. This total comprises local companies in the amount of ARS 2.9 billion while the remaining ARS 35.8 billion was paid by foreign companies.

The shrinkage in the distribution of cash dividends resulted from a lower payment by both local and foreign companies. The former paid 78.5% less than in 2011, a year when an all-time high was recorded. In addition, the dividends paid by local companies in 2012 was the lowest figure (measured in pesos) ever disbursed since 2002. As for foreign companies, the 2012 cash dividends contracted by 61% against those of 2011.

Cash Dividends

ARS Bn $ Bn ARS Bn $ Bn

1st Half 36.7 8.3 55.3 13.6 -33.6%Local Co. 1.7 0.4 8.6 2.1 -80.6%Foreign Co. 35.1 7.9 46.7 11.5 -24.9%

2nd Half 2.0 0.4 49.9 11.8 -96.0%Local Co. 1.2 0.3 4.9 1.2 -74.7%Foreign Co. 0.7 0.2 44.9 10.6 -98.4%

Year 38.7 8.7 105.2 25.4 -63.2%Local Co. 2.9 0.6 13.6 3.3 -78.5%Foreign Co. 35.8 8.1 91.6 22.1 -60.9%

Term2012 2011

y / y

In terms of number of dividend-paying companies, we can conclude that there were 40 local companies against 49 in 2011. As for foreign companies, 4 out of 6 listed companies paid cash dividends. It is important to highlight that Andes Energía and Banco Santander failed to pay cash dividends, although Banco Santander implemented a stock issuance scheme with an option to cash payment by virtue of a share subscription coupon, which resembles a cash dividend.

Government Bonds The fixed-income market, measured by the IAMC Bond Index, posted a favorable variation as of year-end 2012 against the previous year, both in pesos and dollars. The index showed a 37.2% hike, but if revised downward due to the exchange rate depreciation, the rise stood at 20.2%

The positive performance of the IAMC Bond Index was sparked off by the hikes in all other sub-indexes, among which stood out the dollar-denominated ones: the rising caps on the purchase of foreign currency (suspended as

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from July) led to a growing demand by investors of instruments denominated and payable in foreign currency.

The highest increase in dollars was recorded in the USD-denominated Short Bonds Sub-index, which went up by 38.7% since year-end 2011. However, this sub-index has the lowest weighting of the four (16.4% of the total). The second best performing Sub-index was that of Long Bonds in dollars, which saw a rise of 35.8% and enjoyed the largest weighting in the General Index (35%). The remaining sub-indexes (Short Bonds in pesos and Long Bonds in pesos), measured in dollars, paced up by 6.5% and 9.3%, respectively.

Fixed-Income Market Performance – IAMC Bond Index (“Performing” Government Bonds)

Value as of 28-Dec-12

Monthly Variation

Variation as from

29-Dec-11Weighting

Short Bonds in ARS 2,252.50 3.39% 21.60% 32.13%

Short Bonds in USD 880.19 5.62% 58.35% 16.35%Long Bonds in USD 2,189.00 11.91% 24.76% 16.50%

Long Bonds in USD 1,610.43 9.23% 55.07% 35.02%IAMC Bond Index 1,819.86 7.17% 37.18% 100.00%

Value as of 28-Dec-12

Monthly Variation

Variation as from

29-Dec-11Weighting

Short Bonds in ARS 1369.36 1.82% 6.52% 32.13%

Short Bonds in USD 192.49 4.01% 38.70% 16.35%Long Bonds in USD 955.33 10.21% 9.28% 16.50%

Long Bonds in USD 328.05 7.56% 35.84% 35.02%IAMC Bond Index 370.43 5.54% 20.16% 100.00%

IAMC Bond Index in USD (Base 1/1/95=100)

IAMC Bond Index in ARS (Base 1/1/95=100)

If we analyze the top 10 performing government bonds over the year, it becomes evident that investors were particularly interested in instruments denominated and payable in foreign currency: 9 of all the bonds posting the highest increases are in dollars whereas the rest are in Euros.

It is important to add that most of these bonds had been issued as a result of the debt restructuring processes undertaken by the National Government as well as that of the Province of Buenos Aires.

2012 Top Ten Performing Bonds

In ARS In USD1. GDP linked bonds in Euros (TVPE) 80.5% 58.2%

2. Long Term Par Bond in USD Province of Bs. As. (BPLD) 61.3% 41.3%

3. Par Bond in USD New York Law 2005 Swap (PARY) 57.2% 37.7%

4. Discount Bond in USD Argentine Law 2010 Swap (DIA0) 56.6% 36.9%

5. Province of Bs. As. in USD at 9.375% Due 2018 (BP18) 55.9% 36.3%

6. Par Bond in USD Argentine Law 2005 Swap (PARA) 55.1% 35.9%

7. Province of Bs. As. in USD at 11.75% Due 2015 (BP15) 54.4% 35.2%

8. Discount Bond in USD Province of Buenos Aires (BDED) 53.5% 34.5%

9. Discount Bond in USD Argentine Law 2005 Swap (DICA) 52.4% 33.5%

10. BONAR VII in USD 7% - Due 2013 (AS13) 52.3% 33.4%

Bonds Annual Variation

The bond that took the lead was GDP-linked Bond (UVP) denominated in Euros (TVPE), which posted a hike of 80.5% in pesos. Ranking second was Long-term Par Bond in USD issued by the Province of Buenos Aires (BPLD) and third, Par Bond in USD New York Law issued by the National Government (PARY), up by 61.3% and 57.2%, respectively.

As for bonds posting a decline, we can only mention Consadep series 3 issued by the province of Tucumán (TUCS3), down by 22%. This bond was particularly affected by its early withdrawal last November, which entailed a debt haircut of 50% from its residual value in dollars.

Just like stocks, find below the 2012 ranking of the 10 best performing bonds, which taken as a whole stood for 75.5% of the total trading volume.

It can be observed that all the securities had been issued by the National Government, 6 of which were denominated in dollars and the remaining 4, in pesos.

2012 Price Variation Ranking Most Traded Goverment Securities

In ARS In USD1. BODEN in USD 7% - Due 2015 (RO15) 45.3% 27.3% 25.2%

2. BONAR X in USD 7% - Due 2017 (AA17) 51.2% 32.4% 12.6%

3. BONAR VII in USD 7% - Due 2013 (AS13) 52.3% 33.4% 6.8%

4. GDP linked Bond in ARS 2005 Swap (TVPP) 46.0% 27.9% 6.7%

5. BODEN in USD Variable Coupon – Due 2012 (RG12) 36.6% 28.6% 6.4%

6. GDP linked Bond in USD New York Law (TVPY) 28.1% 12.2% 5.8%

7. BONAR in ARS BADLAR+275 bp – Due 2014 (AE14) 17.5% 3.0% 4.7%

8. BONAR in ARS BADLAR+300 bp – Due 2015 (AS15) 17.4% 2.8% 2.8%9. BOGAR 2018 (NF18) 26.3% 10.6% 2.3%

10. Discount in USD Due 2033 Argentine Law 2005 Swap (DICA) 52.4% 33.5% 2.2%

Market ShareBonds

Annual Variation

Traded Value The total traded volume in 2012 stood at ARS 242.3 billion, which accounted for a rise of 16.6% in comparison with the traded volume recorded in 2011 (ARS 207.8 billion)

BCBA Traded Value Year 2012

0

25

50

75

100

125

150

175

200

225

250

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

AR

S B

illio

n

Options

Trust Funds

Carry Overs & Repos

CEDEAR

Corporate Bonds

Public Bonds

Equity

Others

72

237.8

209.9

131.9145.5

82.1

84

84.5

133.2

177.6

207.8

242.3

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Most of the overall upward trend was fostered by the 28% increase (+ARS 36.3 billion) in the volume of government bonds. The remaining relevant items saw some drops and minor advances: Carry-overs and Repos + 1.1%, Stocks -26.7% and Corporate Bonds +0.4%

However, it must be noted that deferred payment checks performed very satisfactorily. Although they stood for a very small portion of the total (0.8%), DPC went up by 33.9% and recorded a total traded volume close to ARS 2 billion.

If we are to analyze the volume composition, it can be noticed that the portion of government bonds increased from 62.5%, as recorded in 2011, to 68.6% in 2012. As a result, Carry-Overs and Repos as well as Stocks and Corporate Bonds saw their portions in the total traded volume of 2012 go down.

Annual Participation in Traded Value Year 2012

1.7%

1.1%4.1%

0.7%

22.9%

68.6%

Government Bonds Carry-overs and ReposStocks Corporate BondsDeferred Payment Checks CedearOther

The total volume in pesos traded in government bonds over 2012 amounted to ARS 166.3 billion, which is the second highest figure in the last 10 years (the previous all-time high was recorded in 2008 and stood at ARS 172.3).

The daily average traded volume in government bonds reached ARS 692 million, which entailed a 30.2% hike against 2011.

Government Bonds – Daily Average Traded Value

0

200

400

600

800

1,000

1,200

1,400

Dec

-06

Mar

-07

Jun-

07Se

p-07

Dec

-07

Mar

-08

Jun-

08Se

p-08

Dec

-08

Mar

-09

Jun-

09Se

p-09

Dec

-09

Mar

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Jun-

10Se

p-10

Dec

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Mar

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Jun-

11Se

p-11

Dec

-11

Mar

-12

Jun-

12Se

p-12

Dec

-12

Mill

ion

AR

S

Continuous Trading

Concurrence Market

It is worth mentioning that the average traded volume over 2012 (ARS 692 million) hit its all-time high since the abandonment of the currency board system. Out of the total traded volume in 2012, 34% was traded in the concurrence market while the remaining 66%, in the continuous trading system.

As for the total volume traded in stocks, the daily average stood at ARS 42 million against ARS 55 million in 2011. This entailed a 25% reduction and the lowest figure ever recorded since 2003.

Stocks – Daily Average Traded Value

0

20

40

60

80

100

120

140

160

Dec

-07

Mar

-08

Jun-

08

Sep-

08

Dec

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Mar

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Jun-

09

Sep-

09

Dec

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Mar

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Jun-

10

Sep-

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Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mill

ion

AR

S

Daily Average (in million ARS)

Daily average traded volume over the last 6 months(in million ARS)

Corporate Financing The total corporate financing through the local capital markets over 2012 totaled USD 7.8 billion, 3.3% less than the placements of 2011 (USD 8 billion).

Out of the above-mentioned total, 93.3% (USD 7.3 billion) was allocated to big companies. It should be remarked that nearly 27% of this total represented corporate bonds issued by YPF. As for the financing of SMEs, this accounted for the remaining 6.7% (USD 524 million). Therefore, the portion of SMEs in the total financing hit its all-time high since 2009, when the record figure was 8.2%.

The financing to big companies shrank by an annual rate of 4.5%. This fall was owed to the almost 38% reduction in the amount issued by financial trusts (FT), which was, to a great extent, offset by the rise of 80.4% in the issuance of Corporate Bonds (CB) (where the issuance of CB by YPF explained the total rise).

It is also worth mentioning that the 2012 FT amount, which was lower than that of 2011, was accounted for by the 81.6% contraction in the amounts issued by infrastructure FT. If we were to disregard the latter, the financing to big companies through FT would have dropped by 1% instead of by 40%.

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Corporate Financing through Local Capital Markets

2012 2011 y / yTotal Big Companies 7.3 7.6 -4.5%

Corporate Bonds 3.9 2.1 80.4%

Financial Trusts 3.4 5.4 -37.7%

Share Subscriptions 0.02 0.04 -50.6%

Total SMEs 0.5 0.4 18.2%

Corporate Bonds 0.0 0.0 16.8%

Deferred Payment Checks 0.4 0.3 23.3%

Financial Trusts 0.1 0.1 -4%

Share Subscriptions 0.004 0.006 -30%

Overall Total 7.8 8.1 -3.3%

Type of Company and Instrument

Total Financing in billion USD

On the other hand, the amount of CB and STDS (short-term debt securities) issued by big companies (USD 3.8 billion) was the highest ever recorded in the last 5 years.

As for the financing obtained by SMEs over the year, a 12-year high was posted: USD 524 million with a yearly rise of 18.2%

This record figure was primarily triggered by the all-time high in the trading of deferred payment checks, which reached USD 427 million. An increase in the portion of longer term DPC must also be noted.

Another SME financing instrument posting a hike over 2012, although lower than that of DPC, was SMEs CB: with a total of USD 28.8 billion, CB saw a yearly rise of 17%.

Last, there was a small drop in the issuance of SMEs trusts: USD 63 million against USD 66 million in 2011, which represents a decline of 4%.

It is interesting to note that from 2003 to 2012, 10,959 SMEs accessed financing through the local capital markets.

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Mer

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Per

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1.80

0

1.90

0

2.00

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2.10

0

2.20

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2.30

0

2.40

0

2.50

0

2.60

0

2.70

0

2.80

0

2.90

0

3.00

0

3.10

0

03-Jan-12

11-Jan-1219-Jan-12

27-Jan-12

04-Feb-1212-Feb-12

20-Feb-12

28-Feb-1207-Mar-12

15-Mar-12

23-Mar-12

31-Mar-12

08-Apr-1216-Apr-12

24-Apr-12

02-May-1210-May-12

18-May-12

26-May-12

03-Jun-12

11-Jun-12

19-Jun-1227-Jun-12

05-Jul-1213-Jul-12

21-Jul-12

29-Jul-12

06-Aug-12

14-Aug-12

22-Aug-1230-Aug-12

07-Sep-12

15-Sep-1223-Sep-12

01-Oct-12

09-Oct-12

17-Oct-12

25-Oct-1202-Nov-12

10-Nov-12

18-Nov-1226-Nov-12

04-Dec-12

12-Dec-1220-Dec-12

28-Dec-12

So

urce

: The

Arg

enti

ne In

stit

ute

of

Cap

ital

Mar

kets

(IA

MC

in it

s S

pani

sh

init

ials

)

Mar

-22:

The

la

w am

endi

ng

the

Arg

entin

e C

entr

al B

ank

Cha

rter

is

pass

ed.

Jan-

25:

2012

hi

ghes

t clo

sing

va

lue:

2,9

14 p

ts

Jan-

27:

New

A

rgen

tine

Cen

tral B

ank

regu

latio

n on

co

rpor

ate

pro

fits'

tra

nsfe

rs

abro

ad

Mar

-2:

Gar

gent

ine

Gov

ernm

ent

anno

unce

s its

inte

ntio

n to

am

end

the

Cen

tral B

ank

Cha

rter

Jan-

17:

Fran

ce is

do

wng

rade

d fro

m A

AA

to

AA

by S

&P

Jan-

30:

Rum

ors

spre

ad o

n th

e na

tiona

lizat

ion

of o

il co

mpa

ny Y

PF

Apr

-23:

Eu

rope

an

polit

ical

in

stab

ility

and

he

arsa

y ab

out a

cris

is

long

er th

an

expe

cted

.

Feb

-12:

Gre

ece

appr

ove

s th

e m

ost s

ever

e fis

cal a

djus

tmen

t in

its

hist

ory.

Apr

-16:

G

over

nmen

t an

noun

ces

the

take

-ove

r of Y

PF

ope

ratio

ns a

nd

expr

oria

tion

bill

Jul-

16:

The

IMF

dim

inis

hes

its

fore

cast

on

world

gr

owt

h am

idst

w

arni

ngs

to U

SA

and

UE

Jun-

7:Sp

ain

is

down

grad

ed

from

A to

B

BB

by

Fitc

h

Apr

-26:

A U

SD

5.7

bn fu

nd to

pay

off d

ebt i

s cr

eate

d wi

th th

e A

rgen

tine

Cen

tral

Ban

k re

serv

es.

Mar

-13:

A

seco

nd

Gre

ek

bailo

ut is

ap

prov

ed in

th

e am

ount

of

€30

bn

Jul-

4: T

he

Arg

entin

e C

entr

al

Ban

k es

tabl

ishe

s th

at fi

nanc

ial

inst

itutio

ns m

ust

lend

5%

of t

heir

depo

sits

at a

fixe

d ra

te o

f 15%

Jul-

5: T

he

Arg

entin

e C

entr

al

Ban

k ba

ns th

e pu

rcha

se o

f fo

reig

ncu

rren

cy fo

r sav

ing

purp

ose

s

May

-10:

Sp

ain

bails

B

anki

a B

ank

outM

ay-1

4:

It is

fe

ared

th

at

Gre

ece

may

se

cede

fro

m th

e EU

Aug

-3:

The

last

B

ode

n 20

12

inst

allm

ent i

s pa

id

Jul-

26:

Mar

io

Dra

ghi s

ays

all

nece

ssar

y st

eps

will

be

take

n to

ke

ep th

e Eu

ro s

afe

May

-28:

New

AFI

P

(Arg

entin

e T

ax

Offi

ce) r

egul

atio

n fo

r th

e pu

rcha

se o

f US

dolla

rs b

y res

iden

ts

will

ing

to tr

avel

ab

road

Aug

-25:

G

erm

any a

nd

Fran

ce re

fuse

to

gra

nt a

fu

rther

two-

year

term

so

that

Gre

ece

can

pay o

ff its

de

bt

Oct

-5:

Cha

co p

ays

a U

S-do

llar

deno

min

ated

bond

in

peso

s

Sep

-12:

Th

e G

erm

anSu

prem

e C

ourt

of

Just

ice

appr

oves

th

e cr

eatio

n of

the

Eur

opea

n B

ailo

ut

Fund

Oct

-22:

The

G

over

nmen

t an

noun

ces

the

Arg

entin

e C

apita

l M

arke

ts

Ref

orm

No

v-22

: Ju

dge

Grie

sa

rule

s th

at

Arg

entin

a m

ust p

ay U

SD

1.3 b

n to

ho

ldou

ts

No

v-28

: T

he N

ew Y

ork

App

ella

te

Cou

rt ho

lds

Judg

e G

riesa

's ru

ling

in a

beya

nceN

ov-

29:

The

law

refo

rmin

g th

e A

rgen

tine

Cap

ital M

arke

tsis

pas

sed

Dec

-31:

The

US

Sen

ate

reac

hes

anag

reem

ent t

o a

void

the

"Fis

cal C

liff"

Page 8: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

THE ARGENTINE CAPITAL MARKETS IN 2012

7

2012

IAM

C Y

earb

ook

EXH

IBIT

IAM

C B

ond

Inde

x Pe

rfor

man

ce o

ver Y

ear 2

012

1,30

0

1,35

0

1,40

0

1,45

0

1,50

0

1,55

0

1,60

0

1,65

0

1,70

0

1,75

0

1,80

0

1,85

0

3-Ene-12 9-Ene-12

13-Ene-12 19-Ene-12 25-Ene-12 31-Ene-12 6-Feb-12

10-Feb-12 16-Feb-12 24-Feb-12 2-Mar-12 8-Mar-12

14-Mar-12 20-Mar-12 26-Mar-12 30-Mar-12 10-Abr-12 16-Abr-12 20-Abr-12 26-Abr-12 4-May-12

10-May-12 16-May-12 22-May-12 29-May-12

4-Jun-12 8-Jun-12

14-Jun-12 21-Jun-12 27-Jun-12

3-Jul-12 10-Jul-12 16-Jul-12 20-Jul-12 26-Jul-12 1-Ago-12 7-Ago-12

13-Ago-12 17-Ago-12 24-Ago-12 30-Ago-12

5-Set-12 11-Set-12 17-Set-12 21-Set-12 28-Set-12 4-Oct-12

11-Oct-12 17-Oct-12 23-Oct-12 29-Oct-12 2-Nov-12 9-Nov-12

15-Nov-12 21-Nov-12 28-Nov-12

4-Dic-12 10-Dic-12 14-Dic-12 20-Dic-12 28-Dic-12

Jan-

17:

Fra

nce

is

dow

ngra

ded

fro

m

AA

A to

A

A b

y S

&P

Jan-

27:

New

A

rgen

tine

Cen

tral

Ban

k re

gula

tion

on

corp

ora

te

pro

fits'

tr

ansf

ers

abro

ad

Jan-

30:

Rum

ors

sp

read

on

the

natio

naliz

atio

n o

f oil

com

pany

YP

F

Feb

-12:

Gre

ece

appr

ove

s th

e m

ost

se

vere

fisc

al a

djus

tmen

t in

its h

isto

ry.

Mar

-2:

Gar

gent

ine

Go

vern

men

t an

noun

ces

its in

tent

ion

to a

men

d th

e C

entr

al B

ank

Cha

rter

Mar

-13:

A

seco

nd G

reek

ba

ilout

is

appr

ove

d in

th

e am

oun

t of

Eur

o 3

0 bn

Mar

-22:

T

he la

w

amen

ding

th

e A

rgen

tine

Cen

tral

B

ank

Cha

rter

is

pass

ed. A

pr-1

6:

Go

vern

men

t an

noun

ces

the

take

-ove

r of Y

PF

o

pera

tions

and

ex

pro

riatio

n bi

ll

Apr

-23:

E

uro

pean

po

litic

al

inst

abili

ty a

nd

hear

say

abo

ut

a cr

isis

long

er

than

ex

pect

ed.

Apr

-26:

A

US

D 5

.7 b

n fu

nd to

pay

o

ff d

ebt i

s cr

eate

d w

ith

the

Arg

entin

e C

entr

al B

ank

rese

rves

.

May

-10:

S

pain

bai

ls

Ban

kia

Ban

k o

ut May

-14:

It is

fe

ared

that

G

reec

e m

ay

sece

de fr

om

th

e E

U

May

-28:

New

AF

IP

(Arg

entin

e T

ax O

ffic

e)

regu

latio

n fo

r the

pur

chas

e o

f US

do

llars

by

resi

dent

s w

illin

g to

trav

el a

bro

ad

Jun-

7:S

pain

is

dow

ngra

ded

fro

m A

to

BB

B b

y F

itch

Jul-

4: T

he

Arg

entin

e C

entr

al

Ban

k es

tabl

ishe

s th

at fi

nanc

ial

inst

itutio

ns m

ust

lend

5%

of t

heir

depo

sits

at a

fixe

d ra

te o

f 15%

Jul-

5: T

he

Arg

entin

e C

entr

al

Ban

k ba

ns th

e pu

rcha

se o

f fo

reig

n cu

rren

cy fo

r sav

ing

purp

ose

s

Jul-

16:

The

IMF

dim

inis

hes

its

fore

cast

on

wo

rld

gro

wth

am

idst

w

arni

ngs

to U

SA

an

d U

E

Jul-

26:

Mar

io

Dra

ghi s

ays

all

nece

ssar

y st

eps

will

be

take

n to

ke

ep th

e E

uro

saf

e Aug

-3:

The

last

B

ode

n 20

12

inst

allm

ent i

s pa

id

Aug

-25:

G

erm

any

and

Fra

nce

refu

se

to g

rant

a

furt

her t

wo

-ye

ar te

rm s

o

that

Gre

ece

can

pay

off

its

debt

Sep

-12:

The

G

erm

an

Sup

rem

e C

our

t o

f Jus

tice

appr

ove

s th

e cr

eatio

n o

f the

E

uro

pean

B

ailo

ut F

und

Oct

-5:

Cha

co p

ays

a U

S-d

olla

r de

nom

inat

ed

bond

in

peso

s

Oct

-22:

The

G

ove

rnm

ent

anno

unce

s th

e A

rgen

tine

Cap

ital

Mar

kets

Ref

orm N

ov-

22:

Judg

e G

riesa

ru

les

that

A

rgen

tina

mus

t pay

US

D

1.3 b

n to

ho

ldo

uts

No

v-28

: T

he N

ew Y

ork

A

ppel

late

C

our

t ho

lds

Judg

e G

riesa

's ru

ling

in a

beya

nce

No

v-29

: T

he

law

refo

rmin

g th

e A

rgen

tine

Cap

ital M

arke

ts

is p

asse

d

Dec

-31:

The

US

Sen

ate

reac

hes

an

agre

emen

t to

avo

id th

e "F

isca

l Clif

f"

Page 9: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

STOCK MARKET INDICATORS

8

2012

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

STOCK INDEXESMerval (eop) 1,072.0 1,375.4 1,543.3 2,090.5 2,151.7 1,079.7 2,320.7 3,523.6 2,462.6 2,854.3

Annual Var. (in ARS) 104.2% 28.3% 12.2% 35.5% 2.9% -49.8% 115.0% 51.8% -30.1% 15.9%Merval Argentina (eop) 1,015.3 1,278.4 1,331.8 1,542.4 1,578.3 773.6 1,652.9 2,964.8 1,904.3 1,999.4

Annual Var. (in ARS) 112.6% 25.9% 4.2% 15.8% 2.3% -51.0% 113.7% 79.4% -35.8% 5.0%Merval 25 (eop) 1,064.7 1,337.9 1,526.1 2,052.2 2,158.7 1,077.0 2,317.9 3,591.3 2,528.8 2,864.8

Annual Var. (in ARS) 102.8% 25.7% 14.1% 34.5% 5.2% -50.1% 115.2% 54.9% -29.6% 13.3%

PUBLIC BONDSIAMC Bond Index - Annual Var. (in ARS) 13.8% 30.0% 27.8% 20.6% -10.8% -42.2% 133.6% 38.7% 5.2% 37.2%Subindexes

Short Term in ARS - Annual Var. 20.1% 25.7% 23.9% 7.5% 4.9% -17.2% 201.9% 37.0% 25.6% 21.6%Short Term en U$S - Annual Var. 4.8% 22.4% 2.6% 1.2% 6.3% -26.5% 120.5% 16.7% 21.0% 58.3%Long Term in ARS - Annual Var. 35.8% 50.5% 45.3% 22.6% -14.6% -44.2% 126.1% 64.7% -22.4% 24.8%Long Term en U$S - Annual Var. 30.6% 37.0% 15.5% 18.7% -9.5% -54.5% 186.3% 28.3% 20.2% 55.1%

TRADED VALUE (ARS Million)Total 339.31 325.79 577.5 532.2 849.8 962.7 545.9 722.0 848.2 1,005.5Shares 35.52 56.01 79.1 64.9 93.1 85.2 46.0 60.8 55.4 41.3CEDEAR 13.06 9.70 9.1 9.3 16.0 17.2 9.2 9.4 4.1 6.8Public Bonds 135.59 181.89 381.0 333.8 595.9 697.6 316.0 431.5 530.4 690.2Corporate Bonds 0.43 2.72 13.8 1.9 1.5 5.0 7.1 8.3 10.9 11.1Deferred Payment Cheques 0.001 0.17 0.8 1.7 2.5 2.6 3.5 4.7 6.0 8.2Trust Funds 0.16 0.30 0.6 3.0 3.8 4.4 5.8 3.5 5.6 5.2Repos and Carry-overs 146.55 64.94 80.9 105.6 121.6 133.3 143.5 189.4 224.2 230.3Options 3.02 6.00 6.5 5.7 5.4 4.4 3.7 5.9 4.7 4.0Loans 2.66 3.66 5.4 6.1 9.9 13.0 11.1 8.4 6.9 8.4Others 2.32 0.40 0.09 0.17 0.11 0.05 0.02 0.01 0.004 0.0001Option Strikes(1) 2.45 3.94 5.2 4.1 4.6 2.4 2.3 4.6 3.5 3.3Short Sales(1) 0.06 0.05 0.03 0.06 0.1 0.1 0.2 0.3 0.1 0.3Trading sessions 249 252 252 248 247 247 244 246 245 242

MARKET SIZETotal Market Capitalizatioin (eop, ARS Billion) 542 690 771 1,229 1,773 1,234 2,185 1,900 1,611 2,314Domestic Market Cap (ARS Billion)(2) 103 121 144 157 180 138 174 254 188 168Domestic Market Cap. / GDP 25.7% 25.6% 25.1% 22.3% 19.8% 12.8% 14.2% 16.1% 9.9% 7.7%Domestic Companies' Average Free Float (eop) - - - - - 31.9% 32.1% 31.2% 31.5% 31.7%Listed Companies (eop) 111 108 105 107 110 111 105 104 105 107Initial Public Offerings - - - 3 4 1 - 2 1 1

COMPANIE'S FINANCINGTotal (ARS Billion) 2.1 2.4 6.3 5.9 7.1 4.2 3.9 7.8 8.1 7.8Big Companies (ARS Billion) 2.1 2.4 6.2 5.7 6.7 3.8 3.6 7.4 7.6 7.3SME (ARS Billion) 0.01 0.04 0.14 0.25 0.36 0.36 0.32 0.35 0.44 0.52

CASH DIVIDENDS (ARS Billion)Total 13 21 26 28 49 70 91 88 92 39Domestic Companies 3.3 6.1 5.8 3.4 3.7 11.4 6.6 9.2 13.5 2.9Foreign Companies 10.2 14.8 20.1 24.8 45.5 58.2 84.8 78.4 78.5 35.8

INTEREST RATES (eop)

UST 10 Y (%) 4.26 4.24 4.39 4.70 4.03 2.22 3.84 3.29 1.88 1.76LIBOR in U$S 180 days (%, annual) 1.22 2.78 4.70 5.37 4.60 1.75 0.43 0.46 0.81 0.51EMBI+ Argentina (bps) 5,632 4,703 504 216 410 1,704 659 496 925 991Carry Overs in ARS - 30 days rate (%, annual) 3.45 4.40 8.00 9.50 10.50 7.00 12.15 13.00 14.00 16.00Guaranteed DPC(3) (%, annual) n/d 7.00 10.60 12.80 18.00 24.90 13.50 13.90 17.00 19.90

YEARS

Notes: (1) This amount is distributed among the different items according to the instrument (shares, public bonds, etc.) (2) Domestic market capitalization excludes: Andes Energía (AEN), Tenaris (TS), Repsol YPF (REP), Banco Santander (STD), Telefónica S.A. (TEF) y Petróleo Brasileiro (APBR). (3) CPD: Deferred Payment Cheques. Interest Rate is a traded-value weighted average.

Page 10: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

THE ARGENTINE ECONOMY IN 2012

9

2012

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HIGHLIGHTS OF YEAR 2012

• According to INDEC’s Monthly Estimates of Economic Activity (EMAE), during 2012, the economic activity registered an increase of 1.9% against 2011, when the economy grew 8,9%.

• In 2012, manufacturing activity (measured by INDEC’s EMI1), fell 1.2% against 2011. This was the first annual decrease for the EMI since year 2002 (in 2009 it went up 0.1% y-o-y). Out of the 12 sectorial indexes comprising the EMI, 9 went up, while the other 3 (which together explain 37% of the EMI) fell. The highest increase was that of Tobacco Industry (+6.6%), while Basic Metals showed the sharpest decrease (-8.7%).

• During 2012, construction activity (based on INDEC’s figures), showed a reduction of 3.2%. This contraction was the largest since year 2002, being even higher than the reduction experienced in year 2009 (-2%). Residential construction, which explains 50% of the index, fell 2.4%, while infrastructure constructions showed the sharpest decrease (-7.3%), even though they account for less than 10% on the index. The only sector with an increase was oil-related constructions (+10%), although, again, it explains a small percentage of the overall index.

• Year 2012 tax revenues added up to ARS680 billion, with a year-over-year nominal increase of 26%, although this was the lowest annual increase since 2009. Income Tax revenues were 27% higher than in previous year, while VAT and Social Security rose by 22.8% and 31.5%, respectively. These three items explained 76% of the annual increase. Tariffs on external trade (exports and imports) went up by 6.4%, accounting for 13% of the annual rise in tax revenues.

• Accumulated primary balance as of November 2012 (latest available data) posted a surplus of ARS6.7 billion, though 49% less than the surplus registered for the same period of 2011. It is worth mentioning that 2012 surplus was reached after including transfers (“adelantos transitorios”) from the Central Bank (the stock of these going up from an ARS67 billion at the end of 2011 to ARS127 billion as of December 2012).

• Year 2012 exports totaled $81.2 billion, implying an annual decrease of 3%. Regarding imports, they went down by 7.3% against 2011. Despite these lower levels against the previous year, both exports and imports of 2012 were the second higher value for the annual series since 1993.

• As a consequence of the above mentioned data, year 2012 trade balance posted a surplus of $12.7 billion, 26.7% higher than in 2011. However, this increase in the trade balance was explained by a contraction in imports higher than in exports rather than by exports growing faster than imports.

• Retail inflation in 2012, based on INDEC’s estimates, was 10.8%. If the core measure is considered (“IPC Resto”, which excludes regulated and seasonal prices), retail prices went up by 8.8%. On the other hand, the average of retail inflation rates estimated by private consultancy firms, which is released by means of the House of Representatives opposition parties’ members (known as “Inflación Congreso”) posted an annual increase for retail prices of 25.2%.

1 Monthly Industrial Estimate.

Page 11: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

THE ARGENTINE ECONOMY IN 2012

10

2012

IAM

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• As from December 2012 (according to INDEC’s estimates), formal private sector’s salaries were up by 24.8% since December 2011. Salaries of the informal (non-registered) private sector rose by 33.5% during the same period. The overall Salaries’ Index (INDEC) posted an annual increase of 24.5%.

• As of 12-28-12, total deposits of the Argentine Banking System (pesos plus US dollars) totaled ARS588.6 billion. This implied a rise of 36.4% against December 2011. From this amount, ARS424 billion belonged to the private sector, whose deposits showed an annual increase of 41.6%. If only dollar-denominated deposits of the private sector are considered, they amounted to $9.8 billion, going down by 35% against the figures of December 2011.

• Total bank loans to the private sector as of December 2012 (pesos plus US dollars, monthly average of daily balances) reached ARS365.3 billion, up by 40% against the value registered in December 2011, and the highest of the series since 2001. Loans denominated in US dollars totaled $27 billion, posting a reduction of 42% against the end of 2011.

• The nominal peso-dollar exchange rate (banks, ask price) got depreciated by 14.2% along year 2012, ending up in ARS4.9175 per US dollar. Regarding the Euro, the ARS also experienced a depreciation in 2012: 16.6%, ending the year in ARS6.505 per €. Finally, the Argentine Peso also showed depreciation against the Brazilian Real: 4.3%.

• The balance of the Argentine Central Bank (BCRA) intervention in the foreign exchange market in year 2012 posted a surplus of $9.2 billion. Even though this result was 190% higher than in 2011 ($3.2 billion), it was lower than that of year 2010 ($11.8 billion). In this regard, the informal (black market) foreign exchange (known as “blue dollar”), according to different sources of information, ended 2012 at ARS6.80 per dollar (ask price), which represented an annual nominal depreciation of 43.6%.

• International reserves of the Argentine Central Bank (BCRA) ended year 2012 in $43.2 billion, implying a decrease of 7% against the level at the end of 2011.

Page 12: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

ARGENTINA’S SELECTED MACROECONOMIC INDICATORS

11

2012

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

NATIONAL ACCOUNTS

GDP (ARS Million, current prices) 375.909 447.643 531.939 654.439 812.456 1.032.758 1.145.458 1.442.655 1.842.022 2.182.909 (1)

GDP Real Growht Rate (y/y) 8,8% 9,0% 9,2% 8,5% 8,7% 6,8% 0,9% 9,2% 8,9% 1,8% (1)

Per-capita GDP (U$S, current prices) 3.350 3.962 4.694 5.436 6.595 8.175 7.618 9.061 11.038 11.797 (2)

Current Account / GDP 6,4% 2,1% 2,9% 3,7% 2,8% 2,1% 3,6% 0,8% 0,1% 0,6% (3)

ECONOMIC ACTIVITY, MANUFACTURING AND CONSTRUCTION

Monthly Economic Activity Estimates - INDEC y/y 8,8% 9,0% 9,2% 8,5% 8,7% 6,8% 0,9% 9,2% 8,9% 1,9%

Industrial Production - INDEC (EMI). y/y 16,2% 10,7% 8,4% 8,4% 7,6% 5,0% 0,1% 9,7% 6,6% -1,2%

Industrial Production - FIEL (IPI). y/y 13,2% 10,9% 7,7% 7,8% 7,3% 1,0% -4,4% 8,8% 4,4% -1,7%

Construction (ISAC - EMI). y/y 37,8% 20,5% 18,7% 16,2% 7,2% 4,5% -2,0% 11,0% 8,7% -3,2%

FISCAL BALANCE

Tax revenues (ARS Billion) 72,3 98,3 119,3 150,0 199,8 269,4 304,9 409,9 540,1 679,8

Primary Balance (ARS Billion) 8,7 17,3 19,6 23,2 25,7 32,5 17,3 25,1 4,9 6,7 (4)

Primary Balance / GDP 2,3% 3,9% 3,7% 3,5% 3,2% 3,1% 1,5% 1,7% 0,3% 0,3%

EXTERNAL SECTOR

Exports (ARS Billion) 29,9 34,6 40,4 46,5 56,0 70,0 55,7 68,1 84,0 81,2

Imports (ARS Billion) 13,9 22,4 28,7 34,2 44,7 57,4 38,8 56,5 73,9 68,5

Trade Balance (ARS Billion) 16,1 12,1 11,7 12,4 11,3 12,6 16,9 11,6 10,0 12,7

PRICES, SALARIES AND EXCHANGE RATE

Retail Inflation - Annual rate (INDEC) 3,7% 6,1% 12,3% 9,8% 8,5% 7,2% 7,7% 10,9% 9,5% 10,8%

Commodities Price Index (BCRA) - Annual Var in U$S 20,6% -5,7% 10,4% 18,9% 49,8% -32,3% 26,3% 22,7% -8,3% 25,0% (4)

Salaries Index, General Level - y/y 12,1% 9,3% 20,3% 18,9% 22,7% 22,4% 16,7% 26,3% 29,4% 24,5% (4)

Unemployment Rate (4Q of each year) 14,5% 12,1% 10,1% 8,7% 7,5% 7,3% 8,4% 7,3% 6,7% 7,6% (5)

Peso-US Dollar exchange rate (retail, ask, eop) 2,96 2,98 3,05 3,10 3,17 3,47 3,83 4,00 4,32 4,93

BANKING AND MONEY

Total Deposits (ARS Billion, eop) 91,5 114,3 133,8 166,9 200,7 231,5 266,5 371,4 453,9 588,6

M2 (ARS Billion eop) 62,4 83,3 103,9 123,6 145,8 173,2 196,8 252,1 324,9 451,2

Private Sector Loans (ARS Billion)(6) 30,7 38,6 52,5 74,2 104,6 128,5 139,0 190,6 282,1 365,3

BCRA International Reserves ($ Billion, eop) 14,1 19,6 28,1 32,0 46,2 46,4 48,0 52,2 46,4 43,2

Overnight Offered Rate - up to 15 day (eop) 1,61% 2,10% 8,37% 8,65% 10,83% 10,31% 8,72% 10,11% 9,08% 10,85%

CD in ARS - 30 up to 44 days (eop)(7) 3,59% 2,52% 4,08% 3,96% 9,55% 17,25% 9,69% 10,16% 12,76% 13,92%

BADLAR rate - Private Banks (eop) 2,81% 4,00% 7,63% 9,88% 13,63% 19,75% 10,00% 11,25% 17,19% 15,69%

YEARS

Notes: eop: end of period (1) Nominal GDP as from 3Q-12 (latest available data). (2) Considering nominal GDP as from 3Q-12, and the annual average of banks’ peso-dollar bid exchange rate. (3) It considers the accumulated current account as from 3Q-12 (latest available data). (4) Data as from November 2012 (latest available data). (5) Data as from 3R-12 (latest available). (6) It includes both deposits in ARS and in USD. Monthly average of daily values. The annual figure considers the data for December. (7) Including both private and public sector deposits.

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ANNUAL PRICE CHANGES: TOP PERFORMERS

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ANNUAL PRICE CHANGES OF THE 25 MOST TRADED STOCKS ⁽*⁾

EDN -53.6%

TRAN -50.3%PAMP -50.2%

YPFD -40.3%CEPU2 -39.4%

LEDE -28.2%MOLI -11.9%

BHIP -8.1%COME -6.4%ERAR -6.0%

ALUA -5.8%TECO2 -3.8%

REP 2.8%M.AR 5.0%

CRES 9.2%MIRG 9.9%

PESA 12.7%MERVAL 25 13.3%IRSA 13.4%

APBR 15.9%MERVAL 15.9%

TEF 18.1%APBRA 25.4%

BMA 28.0%FRAN 44.7%

GGAL 58.1%TS 63.9%

STD 68.6%

ANNUAL PRICE CHANGES OF THE 25 MOST TRADED PUBLIC BONDS ⁽*⁾

DICP 12.0%PBG13 13.5%

RA13 15.8%AS15 17.4%

AE14 17.5%PR14 22.4%

PR12 25.5%NF18 26.3%

TVPY 28.1%TVY0 31.1%

TVPA 31.8%PR15 34.2%

RG12 36.6%

Bonos IAMC 37.2%RO15 45.3%TVPP 46.0%

RA13 46.8%PR13 48.7%

AA17 51.2%AS13 52.3%DICA 52.4%BDED 53.5%

BP15 54.4%PARA 55.1%

BP18 55.9%BP21 76.5%

TVPE 80.5%

(*) Considering only the securities traded under the standard period (T+3) in pesos.

12

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TRADED VALUE

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TRADED VALUE

YEAR 2012 (in million ARS)

CONCURRENCE MARKET Jan Feb Mar Apr May Jun Jul Aug Set Oct Nov DecStocks 1,030 937 0 956 892 837 744 780 635 640 524 964 Cash 1,030 937 1,016 956 892 837 744 780 635 640 524 964 Forward 0 0 0 0 0 0 0 0 0 0 0 0Cedear 69 48 80 75 86 108 245 435 150 114 116 106Government Bonds 3,106 2,956 4,491 2,977 4,023 4,313 4,718 5,639 5,465 5,222 6,862 6,484 Cash 3,106 2,956 4,491 2,977 4,023 4,313 4,718 5,639 5,465 5,222 6,862 6,484 Forward 0 0 0 0 0 0 0 0 0 0 0 0Corporate Bonds 51 31 124 74 31 81 86 67 123 83 114 152Deferred Checks 146 104 139 107 160 210 209 220 185 166 167 155Financial Trusts 110 37 71 59 93 70 36 63 59 73 66 90 Participation Certificate 8 15 9 10 16 7 9 3 15 16 8 4 Trust Debt Securities 102 22 62 49 78 63 27 61 44 57 58 86Warrants 0 0 0 0 0 0 0 0 0 0 0 0Repos & Carry-Overs 4,370 3,932 4,341 3,811 4,969 4,259 4,600 5,390 4,814 5,252 5,263 4,172Options 128 108 86 46 61 47 55 74 90 76 55 133Loans 157 110 239 96 126 184 175 193 166 175 197 209TOTAL CONCURRENCE M. 9,165 8,264 10,587 8,202 10,440 10,108 10,867 12,861 11,687 11,801 13,363 12,464 Excercises ¹ 34 107 53 72 13 63 30 108 18 116 17 168Short Sales ¹ 6 3 7 6 10 8 12 4 1 4 7 7

CONTINUOUS TRADINGGovernment Bonds 7,936 7,142 10,105 6,905 9,088 8,594 8,735 9,272 8,757 10,647 12,052 10,853Corporate Bonds 128 118 263 120 75 70 96 128 183 166 130 190Financial Trusts 51 28 25 43 35 18 19 43 60 56 23 22 Participation Certificate 8 17 13 12 16 9 8 3 19 17 8 3 Trust Debt securities 43 10 11 31 19 9 11 40 41 38 15 19Repos & Carry-Overs 28 23 32 18 31 24 34 31 30 27 37 26TOTAL CONTINUOUS T. 8,142 7,311 10,424 7,086 9,227 8,707 8,884 9,475 9,029 10,896 12,242 11,091

TOTAL VOLUME 17,308 15,575 21,012 15,288 19,668 18,814 19,752 22,336 20,716 22,697 25,605 23,555

Total Volume - CM + CT

Jan Feb Mar Apr May Jun Jul Aug Set Oct Nov Dec

Stocks CedearsGovernment Bonds Repos & Carry-OversOthers

Distribution of Total Volume

G. BONDS68%

CEDEAR1%

STOCKS4%

Others4%

REPOS & CO.23%

¹ They are not included in the total volume because they are in Stocks and Government Bonds.

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TRADED VALUE

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Annual Traded Value by type of security and transaction. Years 2002-2012

0

25

50

75

100

125

150

175

200

225

250

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

AR

S B

illio

n

Options

Trust Funds

Carry Overs & Repos

CEDEAR

Corporate Bonds

Public Bonds

Equity

Others

72

237.8

209.9

131.9145.5

82.1

84

84.5

133.2

177.6

207.8

242.3

Traded value and annual shares by instrument and transaction type (in millions of ARS)

Instruments 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

4,153 8,845 14,113 19,938 16,093 23,001 21,050 11,221 14,955 13,579 9,9545.8% 10.5% 17.2% 13.7% 12.2% 11.0% 8.9% 8.4% 8.4% 6.5% 4.1%

40,258 33,770 45,836 96,019 82,781 147,186 172,319 77,103 106,158 129,953 166,34255.9% 40.0% 55.8% 66.0% 62.7% 70.1% 72.5% 57.9% 59.8% 62.5% 68.6%4,552 3,251 2,450 2,298 2,316 3,957 4,238 2,240 2,306 992 1,6326.3% 3.8% 3.0% 1.6% 1.8% 1.9% 1.8% 1.7% 1.3% 0.5% 0.7%

22,042 36,491 16,366 20,396 26,187 30,024 32,916 35,005 46,598 54,935 55,51330.6% 43.2% 19.9% 14.0% 19.8% 14.3% 13.8% 26.3% 26.2% 26.4% 22.9%

991 2,138 3,334 6,884 4,607 5,737 7,266 7,639 7,596 8,346 8,8831.4% 2.5% 4.1% 4.7% 3.5% 2.7% 3.1% 5.7% 4.3% 4.0% 3.7%

TOTAL 71,996 84,495 82,099 145,535 131,984 209,905 237,790 133,208 177,613 207,805 242,324

Others

Stocks

Government Bonds

CEDEAR

Repos and Carry-Overs

Traded value (in millions of USD) and annual share

Instruments 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

1,232 3,008 4,740 6,575 5,255 7,296 6,093 2,947 3,758 3,152 2,0245.8% 10.5% 17.2% 13.7% 12.2% 11.0% 8.9% 8.4% 8.4% 6.5% 4.1%

11,946 11,486 15,394 31,663 27,030 46,689 49,875 20,250 26,673 30,169 33,82755.9% 40.0% 55.8% 66.0% 62.7% 70.1% 72.5% 57.9% 59.8% 62.5% 68.6%1,351 1,106 823 758 756 1,255 1,227 588 579 230 3326.3% 3.8% 3.0% 1.6% 1.8% 1.9% 1.8% 1.7% 1.3% 0.5% 0.7%6,541 12,412 5,497 6,726 8,551 9,524 9,527 9,194 11,708 12,753 11,28930.6% 43.2% 19.9% 14.0% 19.8% 14.3% 13.8% 26.3% 26.2% 26.4% 22.9%

294 727 1,120 2,270 1,504 1,820 2,103 2,006 1,909 1,938 1,8061.4% 2.5% 4.1% 4.7% 3.5% 2.7% 3.1% 5.7% 4.3% 4.0% 3.7%

TOTAL 21,364 28,740 27,573 47,992 43,097 66,584 68,825 34,986 44,626 48,243 49,278

Repos and Carry-Overs

Other instruments

Stocks

Government Bonds

CEDEAR

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CONCURRENCE MARKET ⁽*⁾ Price, volume, traded value and annual price change

Stock Market Indexes General Panel (cont.)

Min. Máx. Close Var. % Symbol VolumeTraded Value

(ARS) Min. Máx. Close Var. %

MERVAL 2,118.07 2,976.83 2,854.29 15.90 CARC 8,793,372 9,146,116 0.85 1.32 1.09 23.86

MERVAL 25 2,160.70 3,047.46 2,864.79 13.29 CECO2 1,916,252 4,267,616 1.50 3.22 1.53 -46.88

M.AR. 1,475.09 2,343.82 1,999.38 4.99 CELU 5,144,272 17,795,891 2.65 4.55 3.79 -1.30

IGB 130,787.60 165,314.82 164,018.92 13.49 CGPA2 327,876 335,446 0.73 1.31 0.77 -30.00

BURCAP 7,661.47 10,147.98 9,777.50 12.43 COLO 75,898 401,915 3.05 7.50 4.40 -13.73

COUR 4,000 86,400 21.60 21.60 21.60 84.46

Merval and Merval 25 (last quater) CTIO 597,248 1,549,791 2.20 2.65 2.20 -16.98

Symbol VolumeTraded Value

(ARS) Min. Máx. Close Var. % DGCU2 215,148 444,867 1.50 2.73 1.50 -39.62

ALUA 45,859,266 113,843,187 1.94 3.11 2.42 -5.81 DOME 21,100 104,110 3.31 5.75 5.10 46.17

APBR 9,912,057 669,050,754 56.40 78.00 65.30 15.88 DYCA 489,966 2,600,461 3.61 6.21 4.00 -30.92

BHIP 29,832,387 37,758,640 0.91 1.73 1.28 -8.08 EMDE 7,145 11,364 1.48 1.80 1.48 -16.38

BMA 73,260,284 678,198,691 7.35 12.50 12.10 28.04 ESME 16,565 212,052 12.00 13.50 12.00 1.20

CEPU2 3,292,006 49,392,180 8.80 21.75 10.40 -39.36 ESTR 80,413 250,099 2.37 3.84 2.85 -1.94

COME 250,378,780 152,294,142 0.36 0.93 0.55 -6.44 FERR 601,951 1,244,617 1.37 1.91 2.10 9.26

CRES 3,933,890 21,430,006 4.20 6.58 5.54 9.22 FIPL 3,556,120 5,569,855 1.34 1.71 1.42 -9.99

EDN 146,627,618 124,939,926 0.52 1.71 0.65 -53.62 GALI 743,090 5,026,932 6.00 9.62 8.20 26.15

ERAR 174,368,423 336,003,248 1.19 2.02 1.58 -6.00 GARO 2,505,581 14,987,110 4.04 7.56 5.70 42.67

FRAN 21,975,150 192,587,739 7.00 11.75 11.50 44.65 GBAN 255,728 631,480 1.55 2.90 1.59 -42.81

GAMI 1,329,654 19,881,939 9.98 25.00 14.00 -38.62 GCLA 766,196 6,530,797 6.25 10.72 8.50 1.09

GGAL 663,664,645 2,223,444,093 2.70 4.61 4.50 58.12 GRAF 12,458 13,569 1.03 1.25 1.03 -8.04

INDU 9,060,918 14,049,462 0.99 2.27 1.25 -26.47 GRIM 529,476 1,441,948 1.43 2.27 2.10 16.88

LEDE 6,501,155 35,751,829 4.20 7.04 5.10 -28.23 INAG 49,058 286,873 5.00 6.50 5.00 2.04

MIRG 875,152 53,285,824 48.00 84.85 71.45 9.92 INTR 137,486 444,739 2.80 3.66 3.00 4.44

MOLI 3,356,027 80,768,798 16.60 30.05 25.90 -11.95 INVJ 11,701,414 19,280,872 1.42 1.88 1.85 10.12

PAMP 212,989,166 299,694,245 0.80 2.18 0.97 -50.20 IRSA 5,541,003 26,072,896 3.52 5.42 4.80 13.41

PESA 44,330,706 210,101,793 2.25 3.85 3.38 12.67 JMIN 1,026,978 3,702,178 3.00 4.48 3.89 -12.88

STD 1,602,299 62,007,277 29.11 52.09 53.00 68.58 LONG 1,952,297 4,032,303 1.50 2.03 1.67 10.43

TECO2 45,926,711 735,489,254 12.00 19.63 15.50 -3.85 METR 4,523,872 3,031,018 0.41 0.93 0.70 1.45

TEF 1,051,553 83,584,779 68.00 95.00 89.00 18.06 MOLI5 3 75 - - - -

TGNO4 33,624,667 19,426,804 0.37 0.99 0.59 -26.71 MORI 385,329 1,450,453 1.80 4.80 2.00 -47.23

TRAN 68,369,564 49,876,291 0.45 1.34 0.57 -50.26 MTBA 1 500,000 487,000.00 487,000.00 487,000.00 -

TS 17,923,792 1,998,155,740 86.14 141.81 139.80 63.89 MVIA 30 81 - - - -

YPFD 13,708,065 1,339,955,734 65.79 188.46 99.00 -40.28 NORT6 5,550 833,955 137.85 191.20 191.20 484.05

OEST 1,005,022 1,791,333 1.64 1.95 1.68 1.82General Panel OVOP 48,750 399,085 8.05 8.41 8.41 3.94

PATA 171,168 5,704,211 26.10 51.25 50.50 89.92

AEN 1,170,425 4,421,850 2.50 4.70 3.15 18.87 PATA5 3,956 160,218 40.50 40.50 40.50 -

AEN.B 3,000,000 10,150,000 3.05 3.05 3.05 - PATY 251,700 2,264,998 6.70 12.20 7.50 -25.00

AGRO 1,403,612 4,067,411 1.95 4.04 2.48 -31.87 PERK 950,425 613,248 0.58 1.07 0.66 -11.76

ALPA 426,932 3,285,364 5.68 8.10 7.40 - POLL 7,592,211 1,427,860 0.11 0.27 0.20 16.96

ALPAB 2,221,804 18,085,485 - - - - PSUR 1,167,121 1,093,411 0.68 1.18 0.72 4.35

APBRA 602,198 40,018,364 56.35 73.00 66.30 25.40 REGE 5,426 53,886 8.17 8.25 10.00 -4.77

APBRD 57,000 2,857,317 10.80 10.85 10.80 -0.97 REP 209,965 24,405,415 89.88 139.00 135.00 2.82

APSA 215,785 4,855,498 14.97 27.00 27.00 67.37 RIGO 167,159 4,581,266 10.08 22.88 19.95 88.78

AUSO 3,719,068 3,244,955 1.32 2.12 1.50 -15.06 ROSE 5,500,024 7,232,800 1.02 2.18 2.18 100.00

BOLT 4,557,651 11,083,114 1.43 4.10 1.94 -47.03 SALO 144,829 139,398 0.65 1.27 0.65 -31.58

BPAT 1,386,824 4,699,659 2.88 3.77 3.50 12.90 SAMI 599,267 8,246,258 3.74 5.68 4.60 -4.94

BRIO 1,781,836 11,649,862 4.80 7.95 7.90 29.30 SEMI 1,113,232 1,705,407 1.12 1.91 1.28 -23.64

BRIO6 64,229 409,673 5.00 7.60 7.60 5.56 STHE 4,094,954 6,269,999 1.13 4.00 1.54 -30.37

CADO 1,235,832 5,759,681 3.75 5.25 4.20 -3.64 TGLT 399,190 2,699,958 6.30 11.70 7.50 -33.04

CAPU 541,053 1,562,427 1.31 2.54 1.44 -30.14 TGSU2 7,544,714 18,933,402 1.65 2.78 2.22 -12.15

CAPX 494,695 1,786,237 2.65 4.55 3.50 -20.45 VALO 1 5,150,000 5,000,000 5,000,000 5,000,000 10.75

⁽*⁾ Adjusted prices. Maximum and minimum prices consider only closing prices (not intraday) Close price is the last traded price of the year. When a ‘-‘ is shown, no price was registered for the standard trading (T+3) Trade value and volume includes all cash and future transactions.

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CONCURRENCE MARKET⁽*⁾ Price, volume, traded value and annual price change

Symbol Volume

Traded Value (ARS) Min. Máx. Close Var. % Symbol Volume

Traded Value (ARS) Min. Máx. Close Var. %

AA13 31,900,000 32,882,672 85.45 99.73 99.63 28.96 CUAP 5,527,988 3,527,207 57.00 70.00 70.00 27.85AA17 1,538,712,315 7,472,520,579 380.71 577.00 577.00 51.19 DIA0 17,559,041 90,517,733 418.06 665.00 665.00 56.60AA17C 53,099,571 197,718,784 64.08 87.00 86.20 14.16 DIA0C 271,575 985,509 92.26 92.26 92.26 0.87AA17D 67,722,504 272,010,630 64.49 93.37 90.00 7.59 DICA 88,761,639 464,510,451 414.02 675.00 667.00 52.44AE14 1,837,971,371 1,894,800,472 84.08 101.50 105.20 17.54 DICAD 74,241 346,092 - - - -AE14C 136,553,978 104,926,838 14.54 15.58 15.45 -5.10 DICE 32,146 205,964 564.36 704.24 627.07 27.42AJ12 210,297,615 217,213,429 98.60 105.15 105.15 6.64 DICP 649,983,891 824,313,358 103.45 132.37 129.75 11.98AJ12C 29,225,098 25,060,290 - - - - DICPC 1,070,636 1,186,126 - - - -AS13 472,065,286 2,880,628,174 446.52 695.00 684.00 52.25 DICY 35,440,428 199,420,080 443.78 704.98 672.89 48.47AS13C 49,521,729 224,807,677 92.65 101.00 101.00 12.47 DIP0 2,218,655 2,491,692 102.32 119.53 119.54 3.91AS13D 32,568,889 159,596,054 90.95 109.50 109.50 13.74 DISD 10,000 42,300 - - - -AS15 871,330,636 1,108,927,943 105.45 129.90 128.25 17.38 DIY0 21,259,078 118,665,076 437.58 694.76 655.89 49.97AS15C 41,903,038 40,728,108 - - - - ERA13 1,000,000 1,000,100 - - - -BAE13 1,018,000 1,023,478 93.50 101.56 101.56 8.62 ERF13 1,000,000 1,000,500 - - - -BAN12 3,000,000 3,021,220 97.63 97.63 100.69 - FORM3 1,820,578 6,806,388 335.63 535.89 410.00 23.90BAPX9 24,812,000 117,672,910 414.85 507.00 507.00 22.38 GJ17 34,653,039 194,278,527 425.55 662.78 609.00 44.05BARX1 1,347,000 3,757,810 269.40 300.00 298.00 40.00 L01F2 5,000,000 4,978,701 993.63 996.97 996.97 1.68BARY1 13,570,000 36,282,461 215.57 300.00 287.00 32.37 L01FC 1,870,753 1,740,949 214.59 214.59 214.59 - BB2A3 15,000,000 15,075,000 - - - - L01G2 11,626,815 11,301,880 950.42 999.00 999.00 5.11BB2G2 45,000,000 46,069,775 102.89 102.89 102.89 - L01GC 2,766,433 1,871,008 145.42 149.70 149.70 0.21BB2J2 28,066,000 28,575,575 96.51 101.49 101.49 5.17 L02E3 141,463,498 139,909,852 973.96 999.50 999.50 2.62BBA13 29,030,000 29,490,875 92.22 96.28 101.00 4.41 L02EC 9,850,994 7,191,020 143.48 154.43 150.30 -2.67BBD12 54,000,000 55,030,200 - - - - L02Y2 9,300,000 9,246,042 990.64 997.94 997.94 0.74BBE13 14,030,000 14,337,300 88.97 100.82 100.82 13.32 L02YC 1,808,195 1,468,942 183.15 183.15 183.15 -BBG12 500,000 511,600 98.75 98.75 102.32 - L03O2 29,980,495 29,763,979 988.17 996.00 996.00 0.79BBJ12 1,000,000 1,032,400 - - - - L03OC 24,980,495 18,135,794 152.93 159.36 159.36 4.07BBL12 45,010,000 46,596,542 96.39 100.48 104.45 4.24 L04A2 2,000,000 1,996,020 998.01 998.01 998.01 9.34BBM13 12,010,000 12,148,890 91.67 92.41 92.42 0.82 L04L2 5,000,000 4,998,725 999.75 999.75 999.75 -BBN13 1,508,000 7,332,110 492.65 492.65 492.65 - L04S3 10,000,000 8,846,980 - - - -BBO12 2,100,000 2,158,000 100.000 102.900 102.900 2.900 L05D2 48,164,553 47,275,279 953.052 999.730 999.730 4.898BBY13 17,000,000 17,091,266 91.72 96.10 96.10 4.77 L05DC 497,840 334,917 146.25 146.25 146.25 -BCOR3 3,735,332 3,084,286 68.376 86.27 86.13 24.98 L05S2 3,000,000 2,903,322 967.774 967.77 967.77 -BDC14 21,505,000 106,583,873 481.90 517.10 515.50 6.97 L06F3 20,550,000 19,716,933 917.10 999.50 999.50 8.98BDED 75,310,271 391,411,725 376.933 580.00 580.00 53.53 L06J2 3,550,000 3,435,155 978.007 997.70 997.70 2.01BDEE 652,400 3,918,930 454.873 705.39 705.39 65.93 L06JC 121,241 87,934 162.075 162.08 162.08 - BED12 10,000 10,167 101.67 101.67 101.67 - L06M3 61,550,000 55,996,048 903.70 935.76 935.76 3.55BLS12 2,000,000 2,000,000 100.00 100.00 100.00 - L07M2 3,000 2,986 995.21 995.21 995.21 13.08BNY14 1,897,000 9,236,255 486.00 491.50 491.50 1.13 L07MC 2,316,850 2,112,363 - - - -BO2N2 500,000 509,000 101.80 101.80 101.80 - L07N2 11,878,786 11,749,731 985.57 998.00 998.00 1.26BOD12 600,000 602,800 94.81 100.00 100.00 5.47 L07NC 11,878,786 8,580,348 150.98 159.36 150.98 -0.19BOJ12 10,000 10,000 95.44 95.44 100.00 - L08F2 6,512,000 6,485,705 992.77 996.89 996.89 0.74BON12 1,000,000 1,017,000 101.60 101.80 101.80 0.20 L08FC 17,992 17,185 - - - -BOO12 5,000,000 5,155,000 99.40 99.40 103.10 - L08G2 3,500,000 3,443,321 977.06 993.00 993.00 1.63BP15 79,653,000 411,937,897 414.35 620.00 620.00 54.36 L09E3 7,215,500 6,879,647 937.23 996.83 996.83 6.36BP15C 238,000 831,373 73.625 73.63 73.63 - L09Y2 16,450,000 16,209,838 983.914 985.41 985.41 0.15BP15D 345,000 1,296,855 - - - - L10A3 55,200,000 50,806,728 908.31 929.52 929.52 2.34BP18 89,740,000 364,205,859 320.01 515.00 515.00 55.89 L10O2 19,825,680 19,621,730 957.19 998.42 998.42 16.75BP21 54,600,000 222,433,332 317.61 523.52 550.00 76.50 L10OC 7,925,680 5,768,468 152.93 159.68 159.68 4.28BP21C 300,000 988,740 66.13 66.13 71.57 - L11A2 10,000 9,969 996.90 996.90 996.90 -BP28 1,500,000 6,460,550 376.31 460.00 460.00 297.89 L11E2 3,000,000 2,994,888 998.30 998.30 998.30 0.15BP28C 100,000 271,087 - - - - L11L2 12,974,675 12,919,747 974.40 999.75 996.37 2.25BPLD 79,611,137 162,949,795 168 290 290.00 61.32 L11LC 464,675 319,787 154 154 153.57 -BPLE 14,974,295 41,437,736 226.907 350 347.00 45.73 L12D2 1,000,000 998,105 998.105 998 998.11 -BPMD 11,496,195 30,350,326 217.11 350.00 330.01 52.00 L13F3 9,300,000 8,605,666 925.81 963.95 963.95 4.12CCH1 1,137,437 5,401,468 394.649 497 502.46 25.90 L13J2 3,550,000 3,526,127 975.023 998 997.71 2.33CHSG2 484,602 2,231,671 392.41 579.72 470.00 19.57 L13JC 121,788 89,301 163.40 163.40 163.40 -CLG12 20,000 19,740 99 99 98.70 - L13M3 19,700,000 18,474,679 933 944 944.18 1.17CLY12 1,000,000 993,400 99.34 99.34 99.34 - L14N2 82,385,359 81,222,745 943.80 996.00 996.00 5.53CN13 3,559,000 17,686,095 485 510 510.00 5.15 L14NC 9,180,488 6,780,305 143.58 158.65 143.58 -9.50CO13 25,394,000 124,771,306 436.942 509.61 531.00 14.94 L15G2 3,662,000 3,624,365 989.16 992.27 992.27 0.31CO17 16,782,020 81,384,095 391.953 575 579.00 48.18 L16E3 453,048,315 445,802,954 970.80 995.00 994.18 2.41

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CONCURRENCE MARKET⁽*⁾ Price, volume, traded value and annual price change (cont.)

Symbol Volume

Traded Value (ARS) Min. Máx. Close Var. % Symbol Volume

Traded Value (ARS) Min. Máx. Close Var. %

L16EC 2,704,590 1,919,514 143.90 149.32 145.59 -0.53 TVPA 1,022,470,010 692,975,712 35.70 54.97 50.15 31.84L17O2 4,930,713 4,876,014 969.88 998.00 998.00 2.90 N12S2 10,000,000 10,348,000 1,034.80 1,034.80 1,034.80 27.53L17OC 1,830,713 1,311,943 152.69 158.41 158.41 3.73 N14M2 12,259,342 12,782,816 1,042.70 1,042.70 1,042.70 2.82L18A2 3,132,000 3,120,641 985.71 997.72 997.72 1.22 N15G2 7,000,000 7,252,000 993.68 1,004.29 1,041.50 6.09L19D2 48,846,093 48,321,536 980.66 998.00 998.00 1.77 N15Y3 38,648,600 40,529,473 1,002.51 1,021.50 1,021.50 47.29L19DC 1,917,862 1,397,032 148.00 152.60 151.90 2.64 N18J4 10,000 10,500 981.54 991.26 1,034.90 25.03L19S2 66,040,000 64,957,637 967.74 999.48 999.48 3.28 N21M2 29,971,814 31,257,302 1,039.00 1,043.68 1,043.68 0.45L20F3 50,000 48,341 966.82 966.82 966.82 - N21N2 18,000,000 18,767,540 1,004.90 1,004.94 1,043.26 16.19L20J2 12,000,000 11,984,976 998.75 998.75 998.75 7.59 N22G2 1,000,000 1,020,000 981.89 981.89 1,020.00 13.71L20M3 2,000,000 1,938,150 969.08 969.08 969.08 - N22Y3 8,800,000 9,065,100 992.49 992.49 992.49 25.09L21G3 50,000 45,282 905.65 905.65 905.65 - N23A4 16,185,000 17,107,350 933.16 984.86 1,027.72 36.91L21M2 13,000,000 12,938,640 994.42 997.70 997.70 0.33 N23Y2 12,500,000 12,712,500 1,017.00 1,017.00 1,017.00 3.80L21MC 1,268,248 1,155,059 - - - - N29F2 6,700,000 6,967,330 1,039.90 1,039.90 1,039.90 6.94L21N2 101,562,044 99,555,106 977.44 998.00 998.00 2.10 NF18 500,062,393 1,184,714,256 205.52 262.76 263.50 26.27L21NC 1,878,902 1,392,622 156.48 156.92 156.92 0.28 NF18C 5,226 9,903 37.85 37.85 38.26 -29.50L22F2 2,000,000 1,989,792 994.71 995.08 995.08 1.35 NO20 790,000 1,474,136 165.00 181.05 182.00 20.40L22G2 8,155,638 8,119,763 994.13 997.50 997.00 0.29 NRH1 700,000 1,457,862 186.77 186.77 208.27 52.09L22GC 5,796,165 4,096,602 149.77 157.26 153.85 2.72 NRH2 6,224,000 32,036,304 450.68 535.90 545.66 20.07L23E3 78,227,116 77,426,891 987.05 991.57 991.57 0.46 PAA0 8,728,252 16,627,896 142.32 228.00 228.00 47.50L24O2 17,023,818 16,667,521 932.24 998.43 998.43 7.10 PAA0D 911,900 1,405,705 33.44 33.44 33.44 -L25L2 50,000 48,026 960.53 960.53 960.53 - PAE0 500,000 1,381,000 281.00 281.00 281.00 -L26D2 32,000,000 31,285,573 959.26 979.38 979.38 2.10 PAP0 431,479 172,218 31.88 41.90 41.90 8.83L26S2 59,380,494 58,998,414 950.50 998.70 998.70 5.07 PARA 176,166,707 339,502,350 148.79 235.00 234.00 55.09L27F3 16,746,942 16,377,357 972.15 979.62 978.96 0.70 PARAC 4,022,390 5,788,766 - - - -L27J2 9,000,000 8,757,258 961.95 994.90 994.90 3.43 PARE 134,001 377,996 258.22 285.00 275.00 50.91L27JC 924,980 630,869 150.83 151.52 150.83 - PARP 321,535,611 135,027,669 33.95 47.50 47.50 10.46L27M3 50,000 47,622 952.45 952.45 952.45 - PARY 111,455,807 228,203,752 160.34 254.00 249.00 57.15L28N2 10,005,000 9,985,288 932.50 999.50 999.50 7.18 PARYC 384,355 626,169 33.99 33.99 33.99 -10.22L28NC 4,999,998 3,559,108 147.53 147.53 147.53 - PAY0 3,189,027 6,885,163 154.77 240.00 230.00 48.61L29G2 3,003,182 2,987,126 989.05 999.50 990.00 0.10 PB14 1,472,901 2,060,374 121.99 152.79 153.50 24.29L29GC 1,503,182 1,066,065 153.01 154.01 153.01 -0.64 PB17 1,521,280 1,173,248 61.72 80.83 81.69 27.00L30E3 53,219,456 52,606,148 978.47 989.49 989.49 1.13 PBG13 49,415,000 242,591,436 462.15 531.00 528.00 13.55L30Y2 16,640,132 16,367,158 965.64 997.50 993.00 2.83 PBY13 14,941,000 70,586,232 426.82 509.00 509.00 17.93L30YC 821,980 632,328 169.49 179.78 169.49 -5.72 PR10 1,086 597 - - - -L31O2 111,155,836 109,559,949 945.50 992.40 992.40 4.96 PR12 95,789,411 280,245,924 248.59 311.79 313.00 25.54LAG12 345,500 339,713 98.33 98.33 98.33 - PR13 653,635,268 749,661,262 95.20 148.00 148.00 48.74LB2G2 2,832,000 2,779,665 - - - - PR13C 5,502,480 4,797,196 22.60 22.60 22.60 -24.79LB2M2 5,000,000 4,911,450 98.23 98.23 98.23 - PR14 520,566,218 487,580,859 76.37 97.25 94.50 22.37LB2N2 1,000,000 969,470 - - - - PR15 356,302,913 323,609,243 75.30 102.50 102.00 34.21LB4G2 27,300,000 26,979,498 - - - - PRE0 22,347,655 21,655,047 80.93 97.36 95.92 17.27LB4M2 3,000,000 2,985,090 - - - - PRE4 348 87 - - - -LEG12 200,000 199,356 99.68 99.68 99.68 - PRE9 50,370,325 106,412,809 184.39 226.67 224.25 20.61LND12 4,047,400 19,435,840 464.56 494.43 494.43 6.43 PRO6 1,503 751 - - - -LRD12 27,000 25,532 94.85 94.85 94.85 - PRO7 4,293,836 3,609,379 69.31 87.72 86.64 22.35LRJ12 906,000 898,634 98.75 99.63 99.63 0.89 PROR1 1,062,048 2,790,919 207.76 259.91 262.84 28.47LRN12 10,000 9,676 96.76 96.76 96.76 - RA13 82,553,163 470,708,287 446.64 673.00 669.00 46.76LRO12 23,500 22,654 95.27 98.37 98.37 3.25 RA13C 4,418,700 19,397,185 91.75 98.44 98.44 9.12LRS12 18,000 17,349 95.79 97.13 97.13 1.40 RA13D 6,930,613 33,495,105 - - - -LUN12 1,500,000 1,467,720 97.85 97.85 97.85 - RG12 490,594,000 2,766,787,350 452.96 690.00 638.00 36.64N03O2 25,670,000 26,391,123 1,002 1,038 1,038.33 9.26 RG12C 24,522,963 109,061,116 97.75 99.60 99.25 2.10N05S2 15,000,000 15,545,625 1,036.38 1,036.38 1,036.38 - RG12D 32,519,675 156,009,102 99.00 113.25 104.00 5.52RNG12 116,315 88,240 36.50 43.84 65.00 60.59 RN32 101,800 78,258 50.75 70.03 80.00 38.00RNG21 1,939,638 9,475,170 393 576 580.00 45.80 TVPAC 50,631 26,564 4.73 4.73 11.00 35.51RNG22 3,093,975 1,995,317 46.54 67.24 70.00 43.38 TVPAD 1,306,400 743,596 5.26 5.73 12.00 -RO15 2,397,695,904 13,011,535,818 416.62 616.50 615.50 45.27 TVPE 1,290,750,658 699,980,548 30.00 57.75 56.55 80.50RO15C 151,844,903 614,343,223 70.31 95.50 94.00 7.02 TVPP 46,944,313,278 5,910,585,588 4.39 7.59 6.92 46.04RO15D 340,544,573 1,497,191,890 70.00 101.30 96.60 7.99 TVPPC 121,447,591 9,542,785 - - - -RS14 72,574,763 134,177,324 161.40 198.50 198.50 23.35 TVPY 5,510,401,172 3,847,984,426 36.02 54.50 50.25 28.07SARH 5,200,000 27,369,365 465.62 589.00 589.00 23.15 TVPYC 21,333,090 11,700,891 6.93 7.17 13.20 2.13TUC3C 2,550 8,728 76.82 76.82 78.55 - TVPYD 16,049,047 9,708,507 5.64 6.79 6.70 14.46TUCS1 2,730,829 6,189,390 193 258 260.00 33.68 TVY0 1,252,354,922 924,459,788 35.75 53.31 49.75 31.13TUCS2 5,067,901 23,054,976 381.70 553.00 445.00 17.19 TVY0C 4,122,667 2,169,236 - - - -TUCS3 85,065 252,975 278 357 290.00 -22.04

⁽*⁾ Adjusted prices. Maximum and minimum prices consider only closing prices (not intraday) Close price is the last traded price of the year. When a ‘-‘ is shown, no price was registered for the standard trading (T+3) Trade value and volume includes all cash and future transactions.

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ANNUAL MARKET SHARE OF STOCKS

Pos. Symbol Name Traded Value Share Acum. (ARS) (%) Share (%)

1 GGAL Grupo Financiero Galicia 2,223,444,093 22.34 22.342 TS Tenaris 1,998,155,740 20.07 42.413 YPFD YPF 1,339,955,734 13.46 55.874 TECO Telecom Argentina 735,489,254 7.39 63.265 APBR Petróleo Brasileiro - Petrobras 711,926,434 7.15 70.416 BMA Banco Macro 678,198,691 6.81 77.237 ERAR Siderar 336,003,248 3.38 80.608 PAMP Pampa Energía 299,694,245 3.01 83.619 PESA Petrobras Argentina 210,101,793 2.11 85.72

10 FRAN BBVA Banco Frances 192,587,739 1.93 87.6611 COME Sociedad Comercial del Plata 152,294,142 1.53 89.1912 EDN EDENOR 124,939,926 1.26 90.4413 ALUA Aluar 113,843,187 1.14 91.5914 TELF Telefónica 83,584,779 0.84 92.4315 MOLI Molinos Río de la Plata 80,768,873 0.81 93.2416 STD Banco Santander 62,007,277 0.62 93.8617 MIRG Mirgor 53,285,824 0.54 94.4018 TRAN Transener 49,876,291 0.50 94.9019 CEPU Central Puerto 49,392,180 0.50 95.3920 BHIP Banco Hipotecario 37,758,640 0.38 95.7721 LEDE Ledesma 35,751,829 0.36 96.1322 IRSA IRSA 26,072,896 0.26 96.3923 REP REPSOL YPF 24,405,415 0.25 96.6424 CRES Cresud 21,430,006 0.22 96.8525 ALPA Alpargatas 21,370,849 0.21 97.07

Otros 291,730,214 2.93 100.00

9,954,069,299

Year 2012 Market Share (10 first stocks)

GGAL 22.34%

TS 20.07%

YPFD 13.46%TECO 7.39%

Otros 12.35%

FRAN 1.93%

PESA 2.11%

APBR 7.15%

BMA 6.81%

PAMP 3.01%

ERAR 3.38%

ANNUAL MARKET SHARE OF CEDEAR

Pos. Symbol Name Traded Value Share Acum. (ARS) (%) Share (%)

1 C Citigroup 167,845,070 10.28 10.282 AAPL Apple Inc. 110,798,155 6.79 17.073 VALE Companhia Vale do Rio Doce 70,969,123 4.35 21.424 NEM Newmont Mining Corp. 60,448,740 3.70 25.135 GG Goldcorp Inc. 55,200,142 3.38 28.516 LMT Lockheed Martin Corporation 48,309,631 2.96 31.477 BHP BHP Billiton Limited 43,674,802 2.68 34.148 PFE Pfizer Inc. 41,022,947 2.51 36.669 IBM IBM Corp. 40,787,655 2.50 39.1610 MO Altria Group Inc. 34,385,215 2.11 41.2611 GOOG Google Inc. 31,861,292 1.95 43.2212 INTC Intel Corporation 30,780,498 1.89 45.1013 CAT Caterpillar Inc. 30,155,347 1.85 46.9514 AMGN Amgen Inc. 28,445,322 1.74 48.6915 ABT Abbott Laboratories 28,360,922 1.74 50.4316 BBD Banco Bradesco S. A. 27,447,025 1.68 52.1117 EBAY Ebay Inc. 27,341,797 1.68 53.7918 BSBR Banco Santander (Brasil) S.A. 25,934,035 1.59 55.3819 KO The Coca Cola Company 25,488,278 1.56 56.9420 MCD McDonalds Corporation 25,090,831 1.54 58.4821 XOM Exxon Mobil Corp. 23,239,789 1.42 59.9022 BA.C Bank of America Corporation 22,696,895 1.39 61.2923 CVX Chevron Corp. 22,473,148 1.38 62.6724 WMT Wal-Mart Stores Inc. 21,184,832 1.30 63.9725 PGAMB Procter and Gamble 18,670,298 1.14 65.11

Other 569,414,392 34.89 100.001,632,026,181 992293131

Year 2012 Market Share (10 first companies)

C 10.28%

AAPL 6.79%

VALE 4.35%

NEM 3.70%

BHP 2.68%PFE 2.51%

LMT 2.96%

GG 3.38%

IBM 2.50%MO 2.11%

Other 58.74%

Includes cash and future transactions, grouped by security.

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ANNUAL MARKET SHARE OF PUBLIC BONDS

Concurrence Market Pos. Symbol Name Traded Value Share Accum.

(ARS) (%) Share (%)1 RO15 BODEN en u$s 7% - Vto. 2015 15,123,070,932 26.88 26.882 AA17 BONAR X en u$s 7% - Vto. 2017 7,942,249,993 14.12 41.003 TVPP Valor Negociable Vinculado al PIB en $ 5,920,128,373 10.52 51.524 TVPY Valor Negociable Vinculado al PIB en u$s Ley N. Y. 3,869,393,825 6.88 58.405 AS13 BONAR VII en u$s 7% - Vto. 2013 3,265,031,905 5.80 64.216 RG12 BODEN en u$s Cupón Variable 1ra. Serie - Vto. 2012 3,031,857,568 5.39 69.607 AE14 BONAR en $ BADLAR+275 pbs. - Vto. 2014 1,999,727,310 3.55 73.158 NF18 BOGAR 2018 1,184,724,159 2.11 75.269 AS15 BONAR en $ BADLAR+300 pbs. - Vto. 2015 1,149,656,051 2.04 77.30

10 TVY0 Valor Neg. Vinc. al PIB en u$s Ley N.Y. 2035 Cje. 2010 926,629,024 1.65 78.9511 DICP DISCOUNT en $ Step Up - Vto. 2033 825,499,484 1.47 80.4112 PR13 Bono de Consolidación en $ 6ta. Serie 2% 754,458,458 1.34 81.7613 TVPE Valores Negociables Vinculados al PIB en Euros 699,980,548 1.24 83.0014 TVPA Valor Negociable Vinculado al PIB en u$s Ley Argentina 693,745,872 1.23 84.2315 RA13 BODEN en u$s Cupón Variable 1ra. Serie - Vto. 2013 523,600,577 0.93 85.1616 PR14 Bono de Consolidación en $ 7ma. Serie 487,580,859 0.87 86.0317 DICA DISCOUNT en u$s Step Up Vto. 2033 Ley Arg. 464,856,543 0.83 86.8618 L16E3 Lebac Interna en $ Vto. 16/01/2013 447,722,469 0.80 87.6519 BP15 Bono en u$s 11.75% Pcia. de Bs. As. - Vto. 2015 414,066,125 0.74 88.3920 BDED DISCOUNT en u$s Pcia. Bs. As. Step Up - Vto. 2017 391,411,725 0.70 89.0821 BP18 Bono en u$s 9.375% Pcia. de Bs. As. - Vto. 2018 364,205,859 0.65 89.7322 PARA PAR en u$s Step Up Vto. 2038 Ley Arg. 345,291,115 0.61 90.3523 PR15 Bono de Consolidación en $ 8va. Serie 323,609,243 0.58 90.9224 PR12 Bono de Consolidación en $ 4ta. Serie 2% 280,245,924 0.50 91.4225 PBG13 Titulos de Deuda Bs. As. 9% Vto. 2013 en U$S 242,591,436 0.43 91.85

Other 4,584,959,944 8.14 100.00TOTAL 56,256,295,321

Year 2012 Market Share (10 first bonds)

RO15 26.88%

AA17 14.12%

TVPP 10.52%

TVPY 6.88%

AS13 5.80%

RG12 5.39%

AE14 3.55%NF18 2.11%

AS15 2.04%TVY0 1.65%

Other 21.06%

Continuous Trading Pos. Symbol Name Traded Value Share Accum.

(ARS) (%) Share (%)1 RO15. BODEN en u$s 7% - Vto. 2015 26,795,868,299 24.34 24.342 AA17. BONAR X en u$s 7% - Vto. 2017 12,997,049,499 11.81 36.153 AS13. BONAR VII en u$s 7% - Vto. 2013 8,053,973,736 7.32 43.46 38.74 RG12. BODEN en u$s Cupón Variable 1ra. Serie - Vto. 2012 7,640,298,693 6.94 50.40 45.535 AE14. BONAR en $ BADLAR+275 pbs. - Vto. 2014 5,851,827,740 5.32 55.72 52.126 TVPY. Valor Negociable Vinculado al PIB en u$s Ley N. Y. 5,830,402,875 5.30 61.02 57.437 TVPP. Valor Negociable Vinculado al PIB en $ 5,145,838,635 4.67 65.69 62.478 AS15. BONAR en $ BADLAR+300 pbs. - Vto. 2015 3,578,757,729 3.25 68.94 67.259 DICA. DISCOUNT en u$s Step Up Vto. 2033 Ley Arg. 3,140,162,977 2.85 71.79 71.9310 NF18. BOGAR 2018 2,681,104,982 2.44 74.23 76.4911 DICP. DISCOUNT en $ Step Up - Vto. 2033 2,321,901,236 2.11 76.34 79.512 TVY0. Valor Neg. Vinc. al PIB en u$s Ley N.Y. 2035 Canje 2010 1,874,746,997 1.70 78.04 81.9813 PR13. Bono de Consolidacion en $ 6ta. Serie 2% 1,527,170,883 1.39 79.43 84.3514 DICY. DISCOUNT en u$s Step Up Vto. 2033 Ley N.Y. 1,171,760,358 1.06 80.49 86.3815 PARY. PAR en u$s Step Up Vto. 2038 Ley N.Y. 1,103,281,682 1.00 81.49 88.1316 RA13. BODEN en u$s Cupón Variable 1ra. Serie - Vto. 2013 1,017,309,941 0.92 82.42 89.5717 BP15. Bono en u$s 11.75% Pcia. de Bs. As. - Vto. 2015 992,563,170 0.90 83.32 90.7218 TVPE. Valores Negociables Vinculados al PIB en Euros 980,876,199 0.89 84.21 91.7319 TVPA. Valor Negociable Vinculado al PIB en u$s Ley Argentina 866,469,458 0.79 85.00 92.5520 PR14. Bono de Consolidación en $ 7ma. Serie 846,799,530 0.77 85.77 93.3421 L16E3 Lebac Interna en $ Vto. 16/01/2013 671,967,922 0.61 86.38 94.122 PR12. Bono de Consolidación en $ 4ta. Serie 2% 665,487,308 0.60 86.98 94.7123 BP18. Bono en u$s 9.375% Pcia. de Bs. As. - Vto. 2018 663,601,378 0.60 87.59 95.2324 GJ17. GLOBAL en u$s 8.75% Vto. 2017 Ley N.Y. - Canje 2010 653,283,740 0.59 88.1825 DIY0. DISCOUNT en u$s Step Up Vto. 2033 Ley N.Y. - Canje 2010 626,411,364 0.57 88.75

Other 12,386,927,533 11.25 100.00TOTAL 110,085,843,863

Year 2012 Market Share (10 first bonds)

RO15. 24.34%

AA17. 11.81%

AS13. 7.32%

RG12. 6.94%

AE14. 5.32%

TVPY. 5.30%

TVPP. 4.67%

AS15. 3.25%

DICA. 2.85%Other 25.77%

NF18. 2.44%

Includes cash and future transactions, grouped by security.

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TRUST FUNDS: 2012 MARKET SHARE

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ANNUAL MARKET SHARE OF SECURITIES ISSUED BY TRUST FUNDS Concurrence Market

Pos. Symbol Name Traded Volue Share Accum.(ARS) (%) Share (%)

1 TALB1 V.D.F. Albanesi Gas 1 Clase B 35,154,500 4.25 4.252 TSRI1 V.D.F. Superv. Renta Inmobiliaria 1 28,233,790 3.42 7.673 TLA32 V.D.F. CMR Falabella 32 Clase A 17,362,728 2.10 9.774 TRA56 V.D.F. Ribeiro 56 Clase A 15,385,968 1.86 11.635 TPV11 V.D.F. Pvcred 11 Clase A 15,054,785 1.82 13.456 TAV16 V.D.F. Aval Rural 16 14,355,879 1.74 15.197 TNC12 V.D.F. Tinuviel 12 Clase C 13,923,467 1.68 16.878 TBV52 V.D.F. Supervielle Cred. Banex 52 13,638,881 1.65 18.529 TGB79 V.D.F. Garbarino 79 Clase B 11,983,966 1.45 19.97

10 TBV53 V.D.F. Supervielle Cred. Banex 53 11,720,240 1.42 21.3911 TRB56 V.D.F. Ribeiro 56 Clase B 10,387,492 1.26 22.6512 CACT7 C.P. Tarjeta Actual 7 9,789,585 1.18 23.8313 TAV17 V.D.F. Aval Rural 17 en u$s 9,619,046 1.16 25.0014 TBB86 V.D.F. Consubond 86 Clase B 9,106,047 1.10 26.1015 TAV18 V.D.F. Aval Rural 18 en U$S 8,918,358 1.08 27.1816 TLB32 V.D.F. CMR Falabella 32 Clase B 8,750,971 1.06 28.2417 TBCT6 V.D.F. Tarjeta Actual 6 Clase B 8,680,555 1.05 29.2918 TCA22 V.D.F. Best Consumer Finance 22 Clase A 8,663,862 1.05 30.3419 TDC79 V.D.F. Secubono 79 Clase C 8,614,263 1.04 31.3820 TBV50 V.D.F. Supervielle Cred. Banex 50 TV 8,385,032 1.01 32.3921 CNU13 C.P. Tinuviel Serie 13 8,316,093 1.01 33.4022 CFER1 C.P. Tarjeta Fertil 1 8,284,562 1.00 34.4023 TMDA5 V.D.F. Mutual 17 de Enero 5 Clase A 7,834,833 0.95 35.3524 TGB83 V.D.F. Garbarino 83 Clase B 7,741,018 0.94 36.2925 CCNA6 Cert. de Part. Fid. Fin. Centrocard 6 7,649,346 0.93 37.21

Other 518,950,448 62.79 100.00TOTAL 826,505,715

Year 2012 Market Share (10 first Trust Funds)

TBV52 1.65%

TAV16 1.74%TNC12 1.68%

TPV11 1.82%

TRA56 1.86%

TLA32 2.10%

TSRI1 3.42%

TGB79 1.45%

Other 78.61%

TBV53 1.42%

TALB1 4.25%

Continuous Trading

Pos. Symbol Name Traded Value Share Accum.(en Pesos) (%) Share

1 TUBB1 V.D.F. Chubut RegalÍas HidrocarburÍferas 35,452,836 8.40 8.402 TALB1 V.D.F. Albanesi Gas 1 Clase B 34,833,250 8.26 16.663 TSRI1 V.D.F. Superv. Renta Inmobiliaria 1 25,253,145 5.99 22.654 TNC12 V.D.F. Tinuviel 12 Clase C 17,901,700 4.24 26.895 TBV52 V.D.F. Supervielle Cred. Banex 52 13,604,479 3.22 30.126 TBV53 V.D.F. Supervielle Cred. Banex 53 11,667,385 2.77 32.887 CACT7 C.P. Tarjeta Actual 7 11,258,393 2.67 35.558 CNU13 C.P. Tinuviel Serie 13 9,967,015 2.36 37.919 TMDC6 V.D.F. Mutual 17 de Enero 6 Clase C 9,948,652 2.36 40.27

10 CFER1 C.P. Tarjeta Fertil 1 9,132,916 2.16 42.4411 CCNA6 Cert. de Part. Fid. Fin. Centrocard 6 8,329,542 1.97 44.4112 CMDE6 C.P. MUTUAL 17 DE ENERO 6 8,113,284 1.92 46.3313 CACT6 C.P. Tarjeta Actual 6 7,956,080 1.89 48.2214 CNU12 C.P. Tinuviel 12 7,934,206 1.88 50.1015 TMDA5 V.D.F. Mutual 17 de Enero 5 Clase A 7,834,833 1.86 51.9616 CACT8 Cert. de Part. Fid. Fin. Tarjeta Actual 8 6,707,525 1.59 53.5517 CCNA2 C.P. Centrocard 2 6,165,359 1.46 55.0118 CFER2 C.P. Tarjeta Fertil 2 6,110,288 1.45 56.4619 CSUA5 C.P. Sucredito 5 6,080,370 1.44 57.9020 TNC11 V.D.F. Tinuviel 11 Clase C 5,775,340 1.37 59.2721 TUB25 V.D.F. Red Mutual 25 Clase B 5,480,964 1.30 60.5722 CCNA3 C.P. Centrocard 3 5,261,276 1.25 61.8123 TLA33 V.D.F. CMR Falabella 33 5,174,820 1.23 63.0424 TMA85 V.D.F. Megabono Credito 85 Clase A 5,149,845 1.22 64.2625 TPI25 V.D.F. Banco Piano 25 5,142,854 1.22 65.48

Other 145,624,527 34.52 100.00TOTAL 421,860,884

Year 2012 Market Share (10 first Trust Funds)

TALB1 8.26%

TSRI1 5.99%

TUBB1 8.40%

CFER1 2.16%Other 57.57%TMDC6 2.36%

TNC12 4.24%

TBV52 3.22%

TBV53 2.77%

CNU13 2.36%

CACT7 2.67%

Includes cash and future transactions, grouped by security.

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CORPORATE BONDS: 2012 MARKET SHARE

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ANNUAL MARKET SHARE

Concurrence Market Pos. Symbol Name Traded Value Share Accum.

(ARS) (%) Share(%)1 OIRS9 Irsa Clase 4 Vto. 14/02/2014 en U$S 54,371,351 5.35 5.352 OPX23 Petrobras Argentina Vto. 2017 43,160,748 4.24 9.593 OIRX7 IRSA Clase 2 Vto. 2020 41,902,060 4.12 13.714 OCS1V Confina Santa Fe C. Plazo Serie 1 37,562,971 3.69 17.415 OTX11 Transp. Gas del Sur Vto. 14/05/2017 33,821,325 3.33 20.736 OAOY2 Arcor Clase 1 7.25% vto. 09/11/2017 33,295,191 3.27 24.017 OYPF9 YPF S.A. Clase 9 32,303,225 3.18 27.188 OHSB4 HSBC Bank Argentina Clase 3 29,067,700 2.86 30.049 OGTP6 Gpat Cia. Financiera Serie 6 25,651,542 2.52 32.57

10 ODNM1 Asociados Don Mario Serie 1 en U$S 25,180,219 2.48 35.0411 OHIY5 Banco Hipotecario Regs. 9.75% V. 2016 24,234,510 2.38 37.4312 ONY13 Tarjeta Naranja Clase 13 9% en U$S - Vto. 28/01/2017 23,780,542 2.34 39.7613 OCD3V Cordial Cia. Financiera 3 23,243,340 2.29 42.0514 OSUP4 Grupo Supervielle Clase 4 TF en U$S 20,927,470 2.06 44.1115 OBFR2 BBVA Banco Francés Clase 1 20,109,919 1.98 46.0916 OCR10 Cresud Clase 10 en U$S 19,860,909 1.95 48.0417 OAEX1 Aeropuertos Arg. 2000 T. 10.75 Vto. 2020 17,580,270 1.73 49.7718 OPSA5 PSA Finance Arg. Cia. Fin. 5 TV 17,376,098 1.71 51.4819 OCGM1 CGM Leasing Argentina Serie 1 TV 17,262,244 1.70 53.1720 OPNY1 Pan american Energy LLC Cl. 1 Vto. 07/05/2021 17,120,553 1.68 54.8621 OCEY1 Capex Clase 1 Vto. 10/03/2018 - Euroc 16,829,153 1.66 56.5122 OGBY1 Bco. Galicia 8.75% Vto. 05/05/2018 15,766,075 1.55 58.0623 OCR11 Cresud Clase 11 15,006,300 1.48 59.5424 OCD1V Cordial Cia. Financiera 1 Cto. Pzo. 14,942,145 1.47 61.0125 OSTK1 Standard Bank Argentina Clase 1 13,407,360 1.32 62.33

Other 383,058,338 37.66 100.00TOTAL 1,016,821,558

Year 2012 Market Share(10 first corporate bonds)

OPX23 4.24%

OIRX7 4.12%

OCS1V 3.69%

OTX11 3.33%

OAOY2 3.27%

OYPF9 3.18%

OHSB4 2.86%OGTP6 2.52%

OIRS9 5.35%

ODNM1 2.48%

Other 64.96%

Continuous Trading

Pos. Symbol Name Traded Value Share Accum.(ARS) (%) Share(%)

1 OPNY1 Pan american Energy LLC Cl. 1 Vto. 07/05/2021 122,662,080 7.36 7.362 OTX11 Transp. Gas del Sur Vto. 14/05/2017 83,700,342 5.02 12.383 OGBY1 Bco. Galicia 8.75% Vto. 05/05/2018 83,299,099 5.00 17.384 OBST1 Banco de Servicios y Trans. Cl. 1 72,125,282 4.33 21.715 OPX23 Petrobras Argentina Vto. 2017 69,559,823 4.17 25.886 OAOY2 Arcor Clase 1 7.25% vto. 09/11/2017 58,862,569 3.53 29.417 OIRX7 IRSA Clase 2 Vto. 2020 58,266,573 3.50 32.918 OCR10 Cresud Clase 10 en U$S 58,013,805 3.48 36.399 OHIY5 Banco Hipotecario Regs. 9.75% V. 2016 56,467,922 3.39 39.78

10 OHSB2 HSBC Bank Argentina Clase 1 56,028,830 3.36 43.1411 OAEX1 Aeropuertos Arg. 2000 T. 10.75 Vto. 2020 43,753,820 2.63 45.7612 OYPF9 YPF S.A. Clase 9 43,245,295 2.59 48.3613 ONY13 Tarjeta Naranja Clase 13 9% en U$S - Vto. 28/01/2017 39,328,800 2.36 50.7214 OEMG5 Emgasud Clase 8 34,443,110 2.07 52.7915 ODNX9 EDENOR Clase 9 9.75% Vto. 25/10/2022 32,669,573 1.96 54.7516 OCEY1 Capex Clase 1 Vto. 10/03/2018 - Euroc 32,318,350 1.94 56.6817 OAPX2 Alto Palermo Clase 1 Vto. 11/05/2017 31,989,615 1.92 58.6018 OIRX6 IRSA Clase 1 Vto. 2017 31,741,416 1.90 60.5119 OINV1 Inversora Juramento Clase 1 30,279,165 1.82 62.3320 OPSA5 PSA Finance Arg. Cia. Fin. 5 TV 28,790,500 1.73 64.0521 OCRX8 Cresud Serie 4 Clase 8 Vto. 07/09/2014 28,661,575 1.72 65.7722 OPNX4 Pan American Energy Regs. 7,75% Vto. 2012 26,370,356 1.58 67.3523 OHPX0 Hidr. Piedra del Aguila Clase 1 21,655,020 1.30 68.6524 OTRX9 Transener Clase 2 9,75% Vto. 15/08/2021 21,182,984 1.27 69.9225 OGTP6 Gpat Cia. Financiera Serie 6 21,123,260 1.27 71.19

Other 480,126,510 28.80 100.00TOTAL 1,666,665,674

Year 2012 Market Share(10 first corporate bonds)

OTX11 5.02%

OGBY1 5.00%

OBST1 4.33%

OPX23 4.17%

OAOY2 3.53%

OIRX7 3.50%

Other 56.86% OHSB2 3.36%

OPNY1 7.36%

OHIY5 3.39%

OCR10 3.48%

Includes cash and future transactions, grouped by security.

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MARKET INDEXES PORTFOLIOS

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QUARTERLY PORTFOLIO COMPOSITION & WEIGHTS

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QALUA 2.46 2.26 - 2.26 ALUA 3.10 2.80 2.51 2.95APBR 5.93 5.75 6.10 8.64 BHIP 1.78 1.37 - -BHIP 1.41 - - - BMA 13.28 12.49 9.61 10.79BMA 10.55 10.07 7.94 8.25 BPAT 2.31 - - -BPAT 1.83 - - - CELU 1.06 0.75 - -CEPU2 - 1.66 - - CEPU2 1.23 2.06 2.06COME 1.71 1.96 2.71 2.83 COME 2.15 2.43 3.28 3.71EDN 3.02 3.16 2.90 2.64 EDN 3.80 3.91 3.52 3.45ERAR 5.80 5.46 6.23 5.52 ERAR 7.30 6.77 7.54 7.22FRAN 3.59 3.14 3.12 3.14 FRAN 4.52 3.89 3.78 4.11GGAL 20.31 24.78 23.20 18.23 GAMI - 0.45 - -LEDE 1.24 - - - GGAL 24.94 24.98 24.59 23.84MOLI 1.62 1.64 - - IRSA - 0.44 - -PAMP 5.76 5.13 4.73 3.74 LEDE 1.56 1.27 - -PESA 2.17 2.15 3.10 3.70 MIRG 1.52 1.40 - -TECO2 7.98 9.07 10.28 9.08 MOLI 2.05 2.04 1.94 -TRAN 1.81 - - - PAMP 7.25 6.36 5.72 4.90TS 18.65 16.13 13.78 14.89 PESA 2.73 2.66 3.75 4.84YPFD 4.16 7.66 15.92 17.07 TECO2 10.04 11.24 12.44 11.87

TGNO4 1.35 0.73 - -Number of Stocks 18 15 12 13 TGSU2 0.51 0.47 - -

TRAN 2.28 2.02 - -YPFD 5.23 9.49 19.27 22.32

Number of Stocks 21 22 13 11

Merval Indexweight

M.AR IndexweightSymbol Symbol

1Q 2Q 3Q 4QALUA 2.34 2.10 1.84 2.05APBR 5.63 5.35 5.43 7.84BHIP 1.34 1.03 0.70 0.76BMA 10.02 9.37 7.07 7.49BPAT 1.74 - - -CELU 0.80 0.56 0.39 -CEPU2 0.93 1.55 1.52 0.76COME 1.62 1.82 2.41 2.57CRES - - - 0.38EDN 2.87 2.93 2.59 2.40ERAR 5.50 5.08 5.55 5.01FRAN 3.41 2.92 2.78 2.85GAMI 0.38 0.33 0.38 0.48GGAL 19.28 23.04 20.67 16.55INDU - 0.32 0.37 0.39INVJ 0.42 - - -IRSA - 0.33 - -LEDE 1.17 0.96 0.77 0.72MIRG 1.15 1.05 0.98 1.01MOLI 1.54 1.53 1.42 1.62PAMP 5.46 4.77 4.21 3.40PESA 2.06 2.00 2.76 3.36STD - - 0.56 0.73TECO2 7.57 8.43 9.16 8.24TEF - - 0.38 0.69TGNO4 1.02 0.54 0.45 0.49TGSU2 0.38 0.35 - -TRAN 1.72 1.51 1.14 1.18TS 17.71 15.00 12.27 13.51YPFD 3.94 7.12 14.18 15.49

Number of Stocks 25 25 25 25

Merval 25 IndexweightSymbol

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MARKET INDEXES PORTFOLIOS

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QUARTERLY PORTFOLIO COMPOSITION & WEIGHTS

1Q 2Q 3Q 4QShort in USD 10.45 8.46 18.93 16.35Short in ARS 40.83 32.51 32.35 32.13Long en USD 30.41 44.21 33.72 35.02Long in ARS 18.31 14.82 15.00 16.50

IAMC Bond IndexweightSubindex

1Q 2Q 3Q 4QAS13 23.69 32.54 10.33 21.96RA13 3.96 4.49 3.04 2.39RG12 72.35 62.97 32.70 -RO15 - - 53.93 75.65

Bonds 3 3 4 3

1Q 2Q 3Q 4QAE14 24.08 36.42 40.84 40.50AJ12 2.98 5.28 - -AS15 12.25 19.09 24.74 29.22NF18 42.81 26.96 17.40 13.80PR12 4.69 3.54 6.80 5.40PR14 4.68 6.78 5.88 5.53PRE9 2.28 1.93 1.76 2.01RS14 6.23 - 2.58 3.54

Bonds 8 7 7 7

Short in ARS Indexweight

Short in USD IndexweightSymbol

Symbol

1Q 2Q 3Q 4QAA17 30.19 27.19 59.64 83.02DIA0 1.20 1.90 3.71 -DICA - 6.35 20.27 8.97DICY - 9.90 - -GJ17 - - - 1.48PARA 1.52 1.35 - 3.61PARY - - 16.38 2.92RO15 67.09 53.31 - -

Bonds 4 6 4 5

1Q 2Q 3Q 4QDICP 53.11 58.87 43.36 37.33PARP 29.31 3.85 8.75 10.16PR13 17.58 37.28 37.63 38.70PR15 - - 10.26 13.81

Bonds 3 3 4 4

Especieweight

Long in USD IndexSymbol weight

Long in ARS Index

IAMC Bond Index quarter - over - quarter variation

11%

21%

10%

7%6%

4%5% 5%

13%

5%

18%

10%

3%

-1%

12%10%

8%

5%

12%

8%

-5%

0%

5%

10%

15%

20%

25%

1°T 2°T 3°T 4°T

Short in USD Short in ARS Long in USD Long in ARS IAMC Bond

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MERVAL INDEX: MONTHLY % CHANGE AND CLOSING VALUES

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Merval Index in ARS: monthly % change

MONTH 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Jan 48.7% 4.7% 6.4% -0.1% 16.2% -0.9% -6.7% -0.2% -1.0% 2.0% 13.2%

Feb -9.3% 8.0% 3.7% 13.5% -4.5% -0.1% 7.7% -5.4% -3.4% -3.8% -5.0%

Mar 9.5% -4.6% 1.6% -10.2% 5.0% 1.7% -2.7% 10.5% 6.9% -2.0% 1.4%

Apr -11.1% 12.3% -10.3% -3.7% 6.0% 2.5% -0.4% 13.3% 1.0% 0.5% -15.4%

May -18.1% 6.7% -11.6% 10.2% -13.4% 4.1% 5.3% 24.5% -8.0% -4.6% -0.7%

Jun 10.4% 12.9% -0.8% -8.0% 3.5% -2.3% -4.4% 0.0% -0.8% 3.4% 4.0%

Jul 2.5% -1.3% 2.2% 10.3% -0.6% -0.5% -8.9% 8.3% 9.7% -1.2% 2.3%

Aug 4.4% -5.6% -1.4% 4.9% -2.3% -5.4% -7.4% 3.6% -2.5% -10.7% 0.3%

Sep 5.3% 16.0% 20.0% 7.2% -1.5% 6.1% -10.1% 16.5% 13.1% -17.2% 1.8%

Oct 10.0% 12.3% 12.7% -5.1% 8.8% 7.5% -36.8% 2.0% 13.8% 18.3% -5.2%

Nov 14.5% 7.2% -5.8% -3.4% 10.4% -6.1% -1.7% 1.5% 8.4% -11.8% 4.1%

Dec 5.5% 7.6% 13.4% -0.7% 6.3% -2.5% 8.6% 8.1% 8.0% -3.9% 18.0%

AnnualVar.

77.7% 104.2% 28.3% 12.2% 35.5% 2.9% -49.8% 115.0% 51.8% -30.1% 15.9%

YEAR

Merval Index in ARS: end-of-month values

-

300

600

900

1,200

1,500

1,800

2,100

2,400

2,700

3,000

3,300

3,600

Dec

-01

Apr

-02

Aug

-02

Dec

-02

Apr

-03

Aug

-03

Dec

-03

Apr

-04

Aug

-04

Dec

-04

Apr

-05

Aug

-05

Dec

-05

Apr

-06

Aug

-06

Dec

-06

Apr

-07

Aug

-07

Dec

-07

Apr

-08

Aug

-08

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Dec

-10

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

Mer

val I

ndex

in A

RS

Page 26: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

M.AR INDEX: MONTHLY % CHANGE AND CLOSING VALUES

25

2012

IAM

C Y

earb

ook

M.AR Index in ARS: monthly % change

MONTH 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Jan 51.8% 5.1% 6.7% 0.5% 8.3% -0.7% -5.5% -2.3% -1.6% 3.9% 14.0%

Feb -10.9% 8.3% 3.8% 12.7% -4.7% 1.4% 6.7% -8.4% -4.0% -5.8% -7.0%

Mar 7.7% -3.7% 1.8% -10.8% 1.8% 1.8% -4.2% 3.5% 9.9% -4.9% 0.2%

Apr -10.4% 14.1% -10.4% -3.7% -1.8% 3.0% -3.7% 6.8% 4.9% 0.8% -20.8%

May -18.8% 5.9% -12.6% 9.6% -10.2% 4.1% 0.8% 15.9% -8.3% -5.0% 1.0%

Jun 3.6% 14.6% -1.1% -9.6% 0.0% -2.9% -13.0% 23.7% 1.3% 5.8% 0.9%

Jul 8.3% -1.5% 1.9% 9.4% 1.0% -1.8% -2.8% 8.7% 9.4% -0.6% 0.4%

Aug 5.1% -5.9% -2.0% 2.8% -1.2% -6.0% -7.2% 11.0% 3.1% -9.7% -1.5%

Sep 4.9% 16.6% 20.0% 5.3% -0.7% 4.5% -5.8% 14.7% 13.1% -17.2% 2.5%

Oct 11.9% 12.9% 12.3% -2.6% 9.0% 8.2% -38.8% 2.5% 18.4% 14.6% -5.7%

Nov 16.7% 7.3% -6.0% -4.3% 6.7% -5.1% 4.8% -4.5% 11.2% -16.2% 4.9%

Dec 3.4% 7.1% 13.9% -2.1% 8.5% -3.3% 10.2% 11.4% 5.4% -4.5% 22.1%

AnnualVar.

77.0% 112.6% 25.9% 4.2% 15.8% 2.3% -51.0% 113.7% 79.4% -35.8% 5.0%

YEAR

M.AR Index in ARS: end-of-month values

(100)100300500700900

1,1001,3001,5001,7001,9002,1002,3002,5002,7002,9003,100

Dec

-01

Apr

-02

Aug

-02

Dec

-02

Apr

-03

Aug

-03

Dec

-03

Apr

-04

Aug

-04

Dec

-04

Apr

-05

Aug

-05

Dec

-05

Apr

-06

Aug

-06

Dec

-06

Apr

-07

Aug

-07

Dec

-07

Apr

-08

Aug

-08

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Dec

-10

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

M.A

R In

dex

in A

RS

Page 27: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

MERVAL 25 INDEX: MONTHLY % CHANGE AND CLOSING VALUES

26

2012

IAM

C Y

earb

ook

Merval 25 Index in ARS: monthly % change

MONTH 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Jan 4.4% 6.6% 0.4% 14.8% -0.9% -6.7% -0.2% -0.4% 2.4% 13.0%

Feb 8.2% 3.1% 13.8% -4.2% -0.3% 7.6% -6.1% -3.4% -3.9% -4.8%

Mar -4.5% 1.3% -10.5% 4.6% 1.7% -2.8% 9.6% 7.5% -1.7% 0.9%

Apr 12.3% -10.3% -3.4% 5.9% 3.1% -0.5% 13.1% 1.3% 0.4% -15.9%

May 6.5% -12.0% 10.8% -13.3% 4.5% 5.5% 23.3% -8.0% -4.6% -0.1%

Jun 13.3% -0.7% -7.7% 3.3% -1.4% -4.2% 3.1% -0.8% 3.5% 3.4%

Jul -1.6% 2.4% 10.1% -0.1% -0.3% -9.1% 8.3% 9.7% -1.1% 2.3%

Aug -5.6% -0.3% 4.7% -2.6% -5.4% -7.6% 3.5% -2.4% -10.7% -0.1%

Sep 15.4% 19.0% 7.5% -1.0% 6.2% -10.2% 16.9% 12.8% -17.2% 1.7%

Oct 11.6% 11.0% -4.8% 8.6% 7.5% -36.7% 1.4% 13.2% 18.1% -5.3%

Nov 7.3% -5.4% -3.5% 10.5% -6.1% -1.7% 1.2% 9.2% -11.7% 3.5%

Dec 8.0% 12.8% -0.7% 6.7% -2.5% 8.5% 8.3% 8.6% -3.6% 17.8%

AnnualVar.

102.8% 25.7% 14.1% 34.5% 5.2% -50.1% 115.2% 54.9% -29.6% 13.3%

YEAR

Merval 25 Index in ARS: end-of-month values

-

300

600

900

1,200

1,500

1,800

2,100

2,400

2,700

3,000

3,300

3,600

Dec

-02

Apr

-03

Aug

-03

Dec

-03

Apr

-04

Aug

-04

Dec

-04

Apr

-05

Aug

-05

Dec

-05

Apr

-06

Aug

-06

Dec

-06

Apr

-07

Aug

-07

Dec

-07

Apr

-08

Aug

-08

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Dec

-10

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

Mer

val 2

5 In

dex

in A

RS

Page 28: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

IAMC BOND INDEX: MONTHLY % CHANGE AND CLOSING VALUES

27

2012

IAM

C Y

earb

ook

IAMC Bond Index in ARS: monthly % change

MONTH 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Jan 64.7% -1.8% -0.3% -0.1% 6.5% 4.7% 6.1% 12.5% -6.0% 0.5% 1.3%

Feb 11.9% -4.6% 2.7% 2.1% 4.1% -2.2% -2.5% -12.3% -4.1% -1.1% 2.2%

Mar 8.4% -3.2% 2.2% -2.2% -3.3% 0.2% -3.2% -15.6% 12.6% 1.3% 4.7%

Apr 11.1% 12.7% 2.8% -0.6% -0.1% 2.1% -7.9% 15.3% -0.6% 0.6% -0.4%

May 2.8% 2.2% -1.7% 7.4% -3.9% 0.4% 3.6% 20.0% -6.1% 0.1% -1.8%

Jun -3.9% 8.1% 0.2% -0.1% -0.1% -3.9% 1.5% 21.4% 6.1% -1.4% 7.5%

Jul -4.6% -2.4% 1.3% 11.9% 4.9% -6.4% 1.0% 15.3% 9.8% 2.6% 5.1%

Aug 6.4% 5.5% 3.2% -1.5% 1.4% -8.3% -1.8% 1.6% 4.1% -0.4% 0.8%

Sep 2.2% -3.6% 3.7% 7.4% 0.6% 7.0% -7.3% 22.0% 5.9% -8.7% 5.3%

Oct -4.2% -4.5% 6.3% -0.5% 2.2% 1.0% -49.2% 4.7% 7.1% 12.0% -2.1%

Nov 1.8% 2.0% 2.3% -0.4% 4.3% -7.3% 6.3% 1.5% 1.7% -6.3% 2.8%

Dec -5.0% 3.8% 5.2% 2.6% 2.8% 2.6% 19.9% 9.9% 4.5% 7.3% 7.2%

AnnualVar.

110.4% 13.1% 31.3% 27.9% 20.6% -10.8% -42.2% 133.6% 38.7% 5.2% 37.2%

YEAR

IAMC Bond Index in ARS: end-of-month values

-

150

300

450

600

750

900

1,050

1,200

1,350

1,500

1,650

1,800

1,950

Dec

-01

Apr

-02

Aug

-02

Dec

-02

Apr

-03

Aug

-03

Dec

-03

Apr

-04

Aug

-04

Dec

-04

Apr

-05

Aug

-05

Dec

-05

Apr

-06

Aug

-06

Dec

-06

Apr

-07

Aug

-07

Dec

-07

Apr

-08

Aug

-08

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Dec

-10

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

IAM

C B

ond

Inde

x in

AR

S

Page 29: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

HISTORICAL VOLATILITIES OF RELEVANT MARKET INDEXES

28

2012

IAM

C Y

earb

ook

Merval Index – Year 2012

15%

20%

25%

30%

35%

40%

3-Ja

n-12

11-J

an-1

219

-Jan

-12

27-J

an-1

26-

Feb-

1214

-Feb

-12

24-F

eb-1

26-

Mar

-12

14-M

ar-1

222

-Mar

-12

30-M

ar-1

212

-Apr

-12

20-A

pr-1

22-

May

-12

10-M

ay-1

218

-May

-12

29-M

ay-1

26-

Jun-

1214

-Jun

-12

25-J

un-1

23-

Jul-1

212

-Jul

-12

20-J

ul-1

230

-Jul

-12

7-A

ug-1

215

-Aug

-12

24-A

ug-1

23-

Sep-

1211

-Sep

-12

19-S

ep-1

228

-Sep

-12

9-O

ct-1

217

-Oct

-12

25-O

ct-1

22-

Nov

-12

13-N

ov-1

221

-Nov

-12

30-N

ov-1

210

-Dec

-12

18-D

ec-1

228

-Dec

-12

Ann

ual p

erce

ntag

e

40 trading sessions

M.AR Index – Year 2012

15%

20%

25%

30%

35%

40%

3-Ja

n-12

11-J

an-1

219

-Jan

-12

27-J

an-1

26-

Feb-

1214

-Feb

-12

24-F

eb-1

26-

Mar

-12

14-M

ar-1

222

-Mar

-12

30-M

ar-1

212

-Apr

-12

20-A

pr-1

22-

May

-12

10-M

ay-1

218

-May

-12

29-M

ay-1

26-

Jun-

1214

-Jun

-12

25-J

un-1

23-

Jul-1

212

-Jul

-12

20-J

ul-1

230

-Jul

-12

7-A

ug-1

215

-Aug

-12

24-A

ug-1

23-

Sep-

1211

-Sep

-12

19-S

ep-1

228

-Sep

-12

9-O

ct-1

217

-Oct

-12

25-O

ct-1

22-

Nov

-12

13-N

ov-1

221

-Nov

-12

30-N

ov-1

210

-Dec

-12

18-D

ec-1

228

-Dec

-12

En p

orce

ntaj

e an

ual

40 trading sessions

Merval 25 Index – Year 2012

15%

20%

25%

30%

35%

3-Ja

n-12

11-J

an-1

219

-Jan

-12

27-J

an-1

26-

Feb-

1214

-Feb

-12

24-F

eb-1

26-

Mar

-12

14-M

ar-1

222

-Mar

-12

30-M

ar-1

212

-Apr

-12

20-A

pr-1

22-

May

-12

10-M

ay-1

218

-May

-12

29-M

ay-1

26-

Jun-

1214

-Jun

-12

25-J

un-1

23-

Jul-1

212

-Jul

-12

20-J

ul-1

230

-Jul

-12

7-A

ug-1

215

-Aug

-12

24-A

ug-1

23-

Sep-

1211

-Sep

-12

19-S

ep-1

228

-Sep

-12

9-O

ct-1

217

-Oct

-12

25-O

ct-1

22-

Nov

-12

13-N

ov-1

221

-Nov

-12

30-N

ov-1

210

-Dec

-12

18-D

ec-1

228

-Dec

-12

Ann

ual p

erce

ntag

e

40 trading sessions

Merval Index – Years 2002-2012

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Dec

-02

Mar

-03

Jun-

03Se

p-03

Dec

-03

Mar

-04

Jun-

04Se

p-04

Dec

-04

Feb-

05M

ay-0

5A

ug-0

5N

ov-0

5Fe

b-06

May

-06

Aug

-06

Oct

-06

Jan-

07A

pr-0

7Ju

l-07

Oct

-07

Jan-

08A

pr-0

8Ju

l-08

Oct

-08

Jan-

09A

pr-0

9Ju

l-09

Oct

-09

Jan-

10M

ar-1

0Ju

n-10

Sep-

10D

ec-1

0M

ar-1

1Ju

n-11

Sep-

11D

ec-1

1M

ar-1

2Ju

n-12

Sep-

12D

ec-1

2

Ann

ual p

erce

ntag

e

40 trading sessions

M.AR Index – Years 2002-2012

0%

10%

20%

30%

40%

50%

60%

70%

80%

Dec

-02

Mar

-03

Jun-

03Se

p-03

Dec

-03

Mar

-04

Jun-

04Se

p-04

Dec

-04

Feb-

05M

ay-0

5A

ug-0

5N

ov-0

5Fe

b-06

May

-06

Aug

-06

Oct

-06

Jan-

07A

pr-0

7Ju

l-07

Oct

-07

Jan-

08A

pr-0

8Ju

l-08

Oct

-08

Jan-

09A

pr-0

9Ju

l-09

Oct

-09

Jan-

10M

ar-1

0Ju

n-10

Sep-

10D

ec-1

0M

ar-1

1Ju

n-11

Sep-

11D

ec-1

1M

ar-1

2Ju

n-12

Sep-

12D

ec-1

2

En p

orce

ntaj

e an

ual

40 trading sessions

Merval 25 Index – Years 2002-2012

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Feb-

03Ju

n-03

Oct

-03

Feb-

04Ju

n-04

Sep-

04Ja

n-05

May

-05

Aug

-05

Dec

-05

Apr

-06

Aug

-06

Nov

-06

Mar

-07

Jul-0

7N

ov-0

7Fe

b-08

Jun-

08O

ct-0

8Fe

b-09

Jun-

09O

ct-0

9Ja

n-10

May

-10

Sep-

10Ja

n-11

May

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

Ann

ual p

erce

ntag

e

40 trading sessions

Page 30: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

MERVAL INDEX: P/E EVOLUTION

29

2012

IAM

C Y

earb

ook

Merval Index Price P/E

Years 2003 - 2012

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20Ja

n-03

May

-03

Sep-

03Ja

n-04

May

-04

Sep-

04Ja

n-05

May

-05

Sep-

05Ja

n-06

May

-06

Sep-

06Ja

n-07

May

-07

Aug

-07

Dec

-07

Apr

-08

Aug

-08

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Dec

-10

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

Mer

val I

ndex

P/E

Moving Average of 120 trading sessions

Average 2003-2012

Merval Index P/E Year 2012

0

1

2

3

4

5

6

7

8

9

Jan-

12

Feb-

12

Mar

-12

Apr

-12

May

-12

Jun-

12

Jul-1

2

Aug

-12

Sep-

12

Oct

-12

Nov

-12

Dec

-12

Mer

val I

ndex

P/E

Merval Index P/E Year 2012

Page 31: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

M.AR INDEX: P/E EVOLUTION

30

2012

IAM

C Y

earb

ook

M.AR Index P/E Years 2003 – 2012

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

Jan-

03M

ay-0

3Se

p-03

Jan-

04M

ay-0

4Se

p-04

Jan-

05

May

-05

Sep-

05Ja

n-06

May

-06

Sep-

06Ja

n-07

May

-07

Aug

-07

Dec

-07

Apr

-08

Aug

-08

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Dec

-10

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

M.A

R In

dex

P/E

Moving Average of 120 Trading Sessions

Average 2003-2012

M.AR Index P/E Year 2012

0

1

2

3

4

5

6

7

8

Jan-

12

Feb-

12

Mar

-12

Apr

-12

May

-12

Jun-

12

Jul-1

2

Aug

-12

Sep-

12

Oct

-12

Nov

-12

Dec

-12

M.A

R In

dex

P/E

M.AR Index P/E Year 2012

Page 32: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

MERVAL INDEX: P/BV EVOLUTION

31

2012

IAM

C Y

earb

ook

Merval Index Price to Book Value

Years 2003 – 2012

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0Ja

n-03

May

-03

Sep-

03

Jan-

04

May

-04

Sep-

04

Jan-

05

May

-05

Sep-

05

Jan-

06

May

-06

Sep-

06

Jan-

07

May

-07

Aug

-07

Dec

-07

Apr

-08

Aug

-08

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Dec

-10

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

Mer

val I

ndex

Pric

e to

Boo

k Va

lue

Moving Average of 120 Trading Sessions

Average 2003-2012

Merval Index Price to Book Value Year 2012

0.8

0.9

1.0

1.1

1.2

1.3

1.4

1.5

Jan-

12

Feb-

12

Mar

-12

Apr

-12

May

-12

Jun-

12

Jul-1

2

Aug

-12

Sep-

12

Oct

-12

Nov

-12

Dec

-12

Mer

val I

ndex

Pric

e to

Boo

k Va

lue

Merval Index P/BV Year 2012

Page 33: INDEX Capitales (IAMC) – Yearbook 2012 2012 Ye… · Capitales (IAMC) – Yearbook 2012 YEARBOOK 2012 IAMC Staff General Director: Mario S. Bagnardi Executive Director: Lic. Mónica

M.AR INDEX: P/BV EVOLUTION

32

2012

IAM

C Y

earb

ook

M.AR Index Price to Book Value Years 2003 - 2012

0.6

1.0

1.4

1.8

2.2

2.6

3.0

3.4

Jan-

03M

ay-0

3Se

p-03

Jan-

04M

ay-0

4Se

p-04

Jan-

05M

ay-0

5Se

p-05

Jan-

06M

ay-0

6Se

p-06

Jan-

07M

ay-0

7A

ug-0

7D

ec-0

7A

pr-0

8A

ug-0

8D

ec-0

8A

pr-0

9A

ug-0

9D

ec-0

9A

pr-1

0A

ug-1

0D

ec-1

0A

pr-1

1A

ug-1

1D

ec-1

1A

pr-1

2A

ug-1

2D

ec-1

2

M.A

R In

dex

Pric

e to

Boo

k Va

lue

Moving Average of 120 Trading SessionsAverage 2003-2012

M.AR Index Price to Book Value Year 2012

0.7

0.8

0.9

1.0

1.1

1.2

1.3

1.4

Jan-

12

Feb-

12

Mar

-12

Apr

-12

May

-12

Jun-

12

Jul-1

2

Aug

-12

Sep-

12

Oct

-12

Nov

-12

Dec

-12

M.A

R In

dex

Pric

e to

Boo

k Va

lue

M.AR Index P/BV Year 2012