Training for investors, members and employees of the Argentine Securities Market

1. Training for investors, members and employees • of the Argentine Securities Market • Lic. Mónica Erpen • IAMC • Executive Director

2. INSTITUTO ARGENTINO DE MERCADO DE CAPITALES MERVAL IAMC (1984 – 2011) Provides Stockbrokers and Brokerage Firms with a comprehensive support. Promotes the dynamics of capital markets as an alternative for investors and as a source of corporate financing. Production of Information Training Delivery of Information

3. Production of Information Training Delivery of Information INSTITUTO ARGENTINO DE MERCADO DE CAPITALES Stockbrokers and Brokerage Firms Private and public entities related to Capital Markets Investors Investment Professionals Companies Journalists

4. INSTITUTO ARGENTINO DE MERCADO DE CAPITALES Research & Development Publications Training • Periodic Reports: Daily, Monthly, Half-Year • Yearbook • Research on capital markets relevant indicators (primary and secondary market). • Briefing • Regular Training Courses: Periodic, Specific, In-company • Certified Financial Advisor Program (AFC) • Active participation in Seminars, Conferences, and Faculty Chairs • Strategic Alliances (UBA Postgraduate Course, Thomson Reuters, UBA, IAEF, Chamber of Trusts and Direct Investment Funds) • PRO.DI.BUR (Programa de Difusión Bursátil - Capital Markets Promotion Program) • Product development • Simulation Spreadsheets: • 2005 and 2010 Sovereign Debt Restructuring • GDP Warrants’ Payments • Fixed Income Calculator (both for sovereign and sub-sovereign bonds) • Contributor to Thomson Reuters and Bloomberg All of them, freely avaliable at : www.iamc.sba.com.ar Book: “Capital Markets. Handbook for non-specialists” (Jointly published with UBA. 3rd edition available at bookstores)

5. INSTITUTO ARGENTINO DE MERCADO DE CAPITALES Regular Training Courses • Capital Markets Operator – 4-month-course. Since 1984. • Expert in Capital Markets – 1-year-course. Since 1992. • Advance Program in Capital Markets (for residents of the provinces). Since 2007. + 8,000 students trained in all courses Specific Training Courses • Anti-Money Laundering. • Corporate Valuation. • Corporate Financing depending on the companies’ tax situation. • Financial Calculus applied to Capital Markets. • Options – Intensive Workshop. • Portfolio Management. • Technical Analysis. • Trust Funds and Direct Investment Funds: Theory and Practice.

6. PRO.DI.BUR - Enrollments per year More than 110,000 enrollments Declared of educational interest both by province and national Ministries for Education. With participants from all over the country. Participation is completely free of charge

7. PRO.DI.BUR Evolution of the Program PRO.DI.BUR Secondary Schools PRO.DI.BUR Universities

8. PRO.DI.BUR A contest of Theory and Practice Prizes: • Investors I (1st half of the year) • Investors II (2nd half of the year) / “El Gran Inversor” 2 prizes of ARS5,000 in shares, respectively ARS30,000 to buy books and educational material • Secondary Schools • Universities and Boards of Professionals Netbooks With the sponsorship of all the institutions of the Argentine Securities Market

9. PRO.DI.BUR Investors Profile Have you ever invested in capital markets? Participants per age group • Some results from the questionnaires answered voluntarily by participants between 2007 and 2011: • 19,861 enrolled participants. • All the provinces were represented: 31% of the participants live in a province. • 62% of the participants are between the 18 and 35 year-age group. • Almost 59% have never invested in securities (67% in 2007 and 62% in 2009).

10. PRO.DI.BUR Professionals, students and employees have a similar participation in total enrollment. Media channels used to learn about PRO.DI.BUR Participants by occupation Internet and the newspapers are the main media channels by which participants learn about PRO.DI.BUR.

11. www.iamc.sba.com.ar