INSTITUTO ARGENTINO DE MERCADO DE CAPITALES

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1 USD STOCK MARKET INDICATORS Official exchange rate Merval Index Implicit exchange rate End of currency controls The Merval Index rose 6.56% measured in ARS and 3.92% in USD. The index gained 42.83% YTD in ARS and 21.04% in USD. The Merval Argentina Index* jumped 8.8% m/m measured in ARS and 6.11% in USD. The index has also had a 25.82% YTD increase in ARS and 6.62% in USD. Stock traded value reached ARS 6.1 bn, +6. m/m. and +63% y/y. Only 1 stock within the Merval Index fell compared with previous month (FRAN -0,35%). Best performer: PAMP (+27,8%). Market capitalization of domestic companies: USD 66.8 bn (12,5% of 2Q16 GDP), +20,1% YTD. *The Merval Argentina Index includes only Argentinean companies. Indexes Close % Change (in ARS) P/E % Change (in USD) (ARS) m/m y/y YTD (trailing) m/m y/y YTD Merval 16675,7 6,56% 69,91% 42,83% 24,35 3,92% 4,40% 21,04% Merval ,5 8,02% 78,45% 46,07% 23,90 5,34% 9,65% 23,78% M.AR ,80% 63,93% 25,82% 18,44 6,11% 0,72% 6,62% Merval Index Companies Code Sector Aluar ALUA Metallurgic & Siderurgic 10,60 11,6% 26,8% -9,8% 24,87 8,8% -22,1% -23,6% Banco Macro BMA Banks 118,95 0,4% 120,7% 50,8% 11,06-2,1% 35,6% 27,8% BBVA Banco Francés FRAN Banks 101,00-0,3% 43,1% 13,7% 12,57-2,8% -12,1% -3,7% Consultatio CTIO Real Estate 44,00 2,7% 140,2% 32,0% 11,23 0,1% 47,5% 11,9% Cresud CRES Agriculture and Stockbreeding 27,25 3,2% 103,4% 53,5% -9,75 0,7% 25,0% 30,1% EDENOR EDN Electricity Distribution 14,80 16,1% 71,1% 18,9% -17,47 13,2% 5,1% 0,7% Grupo Financiero Galicia GGAL Banks 47,00 4,8% 89,7% 28,1% 11,86 2,2% 16,5% 8,5% Mirgor MIRG Automobile Industry 1369,00 1,6% 401,8% 154,2% 10,87-1,0% 208,3% 115,4% Pampa Energía PAMP Holdings 19,30 27,8% 129,8% 66,4% 10,95 24,7% 41,2% 41,0% Petroleo Brasileiro - Petrobras APBR Oil & Gas Industry 70,85 4,2% 142,2% 137,8% -6,82 1,6% 48,8% 101,5% San Miguel SAMI Agrobusiness 125,20 8,9% 214,4% 161,2% 21,28 6,2% 93,2% 121,4% Siderar ERAR Metallurgic & Siderurgic 9,09 11,5% 69,6% 12,8% 19,49 8,8% 4,2% -4,4% Soc. Comercial del Plata COME Holdings 3,03 0,0% -5,0% -15,4% 30,76-2,5% -41,6% -28,3% Tenaris TS Metallurgic & Siderurgic 215,50 4,6% 33,1% 35,8% -69,54 2,0% -18,2% 15,0% YPF YPFD Oil & Gas Industry 278,00 8,6% 30,9% 27,4% 267,99 5,9% -19,6% 7,9% IAMC Staff: General Director: Ernesto Allaria Executive Director: Lic. Mónica Erpen Economics: Lic. Mario Maydana, Lic. Pablo Sanches, Carolina Sosa Haudet IT: An. María M. Rodriguez Míguez, Lic. Rosa Santantonio, Fernando Berástegui Assistants: Adriana Vidoni, Lic. Alberto Pascual 1

2 USD BOND MARKET INDICATORS Official exchange IBIAMC Index Implicit exchange rate End of currency controls The IAMC Bond Index * (IBIAMC) gained 2,9% since the previous month, measured in ARS and 0,4% in USD. The Index reached its seventh consecutive month of growth. In September, the Treasury issued three new bonds in ARS, all of them with a fixed rate of interest. The codes of these bonds are: TM18, TS18 and TO21. Also, the Modified Durations of these bonds are (taking the last day of Sept-16): 1,1, 1,48 and 3,17. By the time of the release of this Briefing ( th ), the Treasury will have issued two more fixed interest rate bonds in ARS. Sovereign Bonds in USD PAY0 DIA0 PARA DICY DICA AA46 PAY0 AY24 DIY0 PARY AA21 GJ17 DIA0 PAA0 5% DIY0 PAA0 PARA AA26 AY24 DICA DICY PARY AO20 AA17 AN18 0% AD16-5% AN18 - GJ CER Adjusted Sovereign Bonds 12% NF18 DIP0 PAP0 8% PR13 CUAP PARP DICP 6% DIP0 PAP0 NF18 CUAP 4% TC21 DICP PARP 2% PR13 0% Badlar and Lebac Adjusted Sovereign Bonds Badlar Bonds - Sept 2016 Lebac Bonds - Sept 2016 Badlar Bonds - Sept 2015 Lebac Bonds - Sept 2015 PR14 29% AMX9 PR15 PR15 28% A2S6 A2S6 AY17 27% AO17 AM20 AM17 26% AY16 AS16 AMX8 A2M6 AMX9 AM17 0,0 0,5 1,0 1,5 2,0 2,5 3,0 Closing Price *** Top Ten Traded Bonds** Code Currency Annual m/m % Chg Current Govering YTM Maturity Coupon (ARS, BCBA) in ARS in USD Yield Law Treasury Bond in ARS Fixed Rate 2018 TM18 ARS 22,75% 104,2 2,46% 0,16% 22,24% 21,85% 1,13 5-Mar-18 Argentina Treasury Bond CER Adjusted 2021 TC21 ARS 2,50% 106,45 5,29% 2,68% 2,51% 2,63% 4,41 22-Jul-21 Argentina DISCOUNT BOND in ARS - Arg DICP ARS 5,83% 689,9 4,53% 1,94% 4,89% 3,90% 8,91 31-Dec-33 Argentina BONAD 2016 AO16 USD 1,75% ,95% 0,40% 1,76% 14,23% 0,06 28-Oct-16 Argentina BONAR X AA17 USD 7,00% 1608,5 2,21% -0,32% 6,89% 3,94% 0,50 17-Apr-17 Argentina BONAD 2018 AM18 USD 2,40% ,97% 1,40% 2,47% 4,63% 1,38 18-Mar-18 Argentina BONAR 2024 AY24 USD 8,75% ,75% 0,21% 7,57% 5,24% 3,98 7-May-24 Argentina DISCOUNT BOND in USD - Arg DICA USD 8,28% ,03% -0,50% 7,21% 6,60% 7,74 31-Dec-33 Argentina DISCOUNT BOND in USD - NY DICY USD 8,28% ,95% 0,40% 7,21% 6,61% 7,73 31-Dec-33 New York PAR BOND in USD - NY PARY USD 2,50% ,97% 3,35% 3,47% 6,54% 11,97 31-Dec-38 New York The IAMC Bond Index is a composite of the most traded sovereign bonds. // ** Price Time Priority under the standard period (T+3) // *** BCBA closing price per 100 of face value, including accrued interest (dirty price). 2

3 MARKET INDICATORS Month % change TRADED VALUE (USD Billion) m/m y/y YTD TOTAL 44,6 48,2 49,3 56,4 72,7 57,2 8,35 15,9% -14,2% 26,0% Shares 3,8 3,2 2,0 2,9 4,7 3,6 0,40 3,5% 0,2% 41,0% CEDEAR 0,6 0,2 0,3 0,4 0,3 0,2 0,01 2,9% -65,8% -2,7% Government Bonds 26,7 30,2 33,8 40,3 55,1 39,9 6,57 20,1% -10,8% 31,7% Corporate Bonds 0,5 0,6 0,5 1,5 2,5 1,2 0,22 1,4% 32,2% 107,9% Deferred Payment Cheks 0,3 0,3 0,4 0,5 0,6 0,6 0,11 34,6% -40,1% 175,2% Trust Funds 0,2 0,3 0,3 0,3 0,2 0,1 11,77-0,2% -40,6% -11,7% Repos and Carry-overs 11,7 12,8 11,3 9,8 8,7 11,1 0,95-3,3% -37,3% -16,2% Options 0,4 0,3 0,2 0,3 0,3 0,2 0,02-14,4% -13,8% 14,8% Securities Loans 0,5 0,4 0,4 0,4 0,4 0,2 0,07 135,8% 77,0% 60,9% MARKET SIZE (eop) Total Market Capitalizatioin (USD Billion) % -23% 9% Domestic Market Cap (USD Billion) % 20% Domestic Market Cap. / GDP 13,9% 8,0% 5,9% 9,4% 10,2% 11,3% 12,5% -0,5 pp 3,9 pp 2,4 pp Domestic Companies Average Free Float 31,2% 31,4% 31,7% 31,2% 32,4% 32,4% 32% 0,01p.p. -1,3p.p. -0,7 p.p Listed Companies Initial Public Offerings CORPORATE PRIMARY MARKET Total (USD Billion) 7,77 8,06 7,80 10,87 7,82 9, ,2% 13,0% 43,2% Big Companies (USD Billion) 7,42 7,62 7,27 10,26 7,13 8, ,7% 29,2% 47,7% SMEs (USD Billion) 0,35 0,44 0,52 0,61 0,69 0, ,8% -48,2% 1,8% CASH DIVIDENDS (USD Billion) Total 21,7 25,4 8,7 6,3 9,7 3,8 0,13-86% 8172% 99% Domestic Companies 2,4 3,3 0,6 0,7 0,7 0,6 0,13-6% 8172% 17,0% Foreign Companies 19,3 22,1 8,1 5,6 9,0 3,2 0,00-100% - n/d 3

4 ARS per unit of USD or EUR ECONOMY ARS per unit of BRL Exchange Rates: ARS per unit of foreign currency (eop) Month USD m/m YTD EUR m/m YTD BRL m/m YTD 15,34 2,5% 17,0% 17,23 3,3% 21,0% 4,71 1,5% 42,1% EXCHANGE RATES ARS/USD ARS/EUR ARS/BRL RETAIL INFLATION AND INFLATION EXPECTATIONS Inflation Expectations Survey (UTDT) 3 Consumer Price Index (CPI CABA) Consumer Price Index (CPI San Luis) 50% 45% 40% 35% 20% Month y/y Month y/y m/m Month y/y m/m 43,1% 1,3% 41,0% 0,6% Inflation Expectations (UTDT) Consumer Price Index (CPI CABA) Consumer Price Index (CPI San Luis) 2017 Inflation target 5 4,5 4 3,5 3 2,5 2 17% 12% 1,5 In September, the peso dropped 2,5% against the USD. During this year, the currency has depreciated 17%. The Central Bank continued cutting down its monetary policy interest rate (Lebac) by 208 bps m/m. In Sept-16 the Central Bank s president, Federico Sturzenegger, announced the implementation of an Inflation Targeting regime. According to the BCRA targets, the 2017 inflation must be between 17% and 12%. It will also change the monetary policy interest rate to the 7-day peso Repo rate instead of Lebac. September s retail inflation was 1,1% m/m and core inflation 1,5% m/m (for the first time in concordance with the Central Bank target). With data until August, exports grew 12% y/y while imports declined 7%. This represented in a trade surplus of USD 0,71 bn. Lebac INTEREST RATES Badlar (Private Banks) 1 Interbank Loan (BAIBAR) 2 m/m y/y m/m y/y m/m y/y 27.13% -208 p.p. 176 bps % -181 bps. 106 bps % -188 bps. 75 bps. 40% Lebac's Rate Interbank Loan rate (BAIBAR) 35% Badlar Rate (private banks) 20% Sources: Central Bank, Torcuato Di Tella University of Argentina and Thomson Reuters (1) Interest rate on CD of more than ARS1 million and between 30 and 35 days of maturity. (2) BAIBAR: Buenos Aires InterBank Accepted Rate (Call Money) (3) Retail inflation expectations values are based on a poll elaborated by Torcuato Di Tella University. 4

5 ARS Bn y-o-y % chg ECONOMY Basis Points Expo & Impo (USD Bn) Trade Balance (USD Bn) FISCAL SECTOR Primary Balance (ARS bn) Financial Result (ARS bn) y/y Accum. Accum. y/y y/y Accum. Accum. y/y % % % % Primary Result Financial Result EMBI SPREADS, eop (*) EMBI+ Argentina EMBI+ Brazil EMBI+ Latam m/m y/y YTD m/m y/y YTD 439,0-1,8% - 0% 319,0 3% -29% -39% 711, EMBI+ Argentina EMBI+ Brazil EMBI+ Latam % 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% -10.0% -12.0% ECONOMIC ACTIVITY EMI (INDEC) IPI (FIEL) EMAE (INDEC) y/y Accum. y/y y/y Accum. y/y y/y Accum. y/y -7,9% -4,0% -7,3% -4,4% -5,9% -2,3% IPI (INDEC) IPI (FIEL) EMAE (INDEC) TRADE BALANCE Exports (USD bn) Imports (USD bn) Trade Balance (USD bn) Month value y/y value y/y Value Accum. 5,75 12,02% 5,05-7,1% 0, , TB Expo Impo Sources: Central Bank of Argentina, Torcuato Di Tella University, FIEL, Ministry of Finance, National Institute of Statistics and Census and Thomson Reuters. (*) Source: Thomson Reuteres and JPMorgan 5