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

2. 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

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

4. 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