BYMA incorporates new operation: Term by Lots

This is a forward trading mode, with conditions similar to normal spot trading. With this trading, investors may lock in a certain price for the purchase or sale of equities or fixed income securities at a fixed maturity date (last trading day of the month) with daily settlements of price differences (with respect to the previous day's close).

BYMA within the secondary trading environment that it performs on the MILLENNIUM platform, has decided to incorporate a new type of transaction that it has called "Term by Lots."

This is a price-time priority transaction with collateral management by BYMA (which guarantees the settlement of these transactions on the maturity date). When executing a purchase or sale of Term by Lots, both participants must constitute an initial guarantee that will remain in BYMA's guarantee system in order to provide certainty on the settlement date, where the seller will deliver the goods and the buyer the corresponding funds.

The trading will be developed by amounts of identical nominal securities, the so-called "Lots", composed of 1,000 shares and 1,000 government securities.

The trading, approved by CNV last November 30, 2017, is governed by the terms defined in Circular 3573. Additionally, BYMA will inform by Communiqués the assets that are enabled to this trading as well as the initial guarantees and operating quotas that participants must satisfy.

Initially the assets and maturities enabled by BYMA as of next Monday, January 15 will be:

Equity Securities:

Grupo Financiero Galicia (GGAL)

Pampa Energía (PAMP)

Fixed Income Securities:

Argentine Nation Bond in USD Maturity 2024 (AY24)

Argentine Nation Bond in USD Maturity 2037 (AA37)

Enabled Maturities: 28-02-2018, 27-04-2018, 29-06-2018

On Batch Term Trading:

Within the potential benefits of trading Term by Lots we can mention:

• Standardized trading of marketable securities in lots of VN 1.000, both equities and fixed income;
• Setting a certain bid/ask price for marketable securities on standardized maturity dates;
• Encouraging the participation of institutional and asset management investors trading high volumes;
• Trading in Secured Segment (PPT) with BYMA collateral management;
• Possibility of obtaining leverage;
• Promoting arbitrage between spot and options markets;

BYMA continues to incorporate products and transactions to develop and enhance the Argentine capital market.