Argentina CSD Alejandro Berney CEO Caja de Valores S.A. 25 de Mayo 362, Ciudad de Buenos Aires

Market overview Argentine market in process of opening up New FX regulations recently introduced 120 day restriction with 0% reserve and no limit on repatriation of portfolio investments Maintains unrestricted repatriation on dividends and income of Federal Debt BCRA made some monetary instruments (LEBACS & NOBACS) available for foreign investors Regulators current priorities: fixing macro imbalances and reducing unnecessary controls. Change in attitude towards foreign investment – with caution on short term flows Integration is currently all about local markets DMA introduced last year to allow broker dealers to trade through different markets Rofex – Merval / MAE – MATBA / Merval – MAV Integration with regional markets secondary to trade agreements 3

Key Initiatives Implementation of new capital markets law Significant number of new relationships and closures of previous entities More changes expected: new instruments / new inter-market connections Corporate Actions Conclude automation of new local and international corporate actions services Medium term: optimize end-to-end process from Issuer to Investor Core IT infrastructure replacement Finalize implementation of Millennium Exchange (LSEs stock exchange platform) Begin project for replacing CCP and Custody core systems Continue elimination of paper based instructions in short term Cybersecurity  Doubling our information security organization 1

Risk Continuity of Business Robust technology disaster recovery with 2 hot-back ups and dedicated fiber optics 3 back-up sites for operations: Alem, Sarmiento, Reconquista – may be too close In process of rolling out virtual desktop & VPN for key employees of critical processes Asset segregation and recovery in case of insolvency/bankruptcy Account structure: Depositante – Comitente Comitente account is beneficial holder for local clients, can be omnibus for non-residents Bankruptcy of local Depositante: Market or Central Bank takes control of Depositante Account Transfer of assets to new Depositante with same Comitente name and proof of relationship Will require proof of ownership or control of Comitente through local judge for other situations Global bankruptcy will be managed by local Depositante 2