BYMA incorporates "Short Sale" and "Securities Lending".

BYMA incorporates the "Short Sale" as a new type of transaction, and also updates the conditions of the "Securities Lending" transaction,

Generating actions towards a more efficient Argentine capital market, and attractive for local and international investors, BYMA incorporates the "Short Sale" as a new type of transaction, and also updates the conditions of the "Securities Lending" transaction, which will be carried out in accordance with the best international practices and regulations, enhancing the possible re-entry of our country to the category of EMERGING MARKET.

Both transactions may be carried out on the MILLENNIUM platform used by BYMA, within the secondary trading environment, under the price-time priority mode, and with collateral management by BYMA, which acts as central counterparty guaranteeing the settlement of these transactions on the maturity date.

About "Short Selling"

Short Selling, an existing trading mode in the international capital markets, enhances and expands spot trading and especially futures and options trading, by generating the implementation of arbitrage strategies, enabling a greater participation of both local and international investors.

With this "Short Sale" operation, investors may sell marketable equity and fixed income securities, which they do not hold in their investment portfolio, obtained on "Loan" in the same trading session.

About "Securities Lending"

BYMA updates the trading conditions and relaunches its use by incorporating the "Securities Lending" operation in normal spot. With this "Securities Lending" operation, investors can obtain an additional yield on a portfolio of marketable securities, while allowing for further development of the options market.

BYMA, through both "Put and Short" and "Securities Lending" trades, provides greater certainty and strength to the settlement cycle of trades.

The continuous risk monitoring and control system implemented by BYMA will help detect abusive practices and the accumulation of open short positions, which may generate a systemic risk to the market.

About BYMA Circulars No. 3574 SECURITIES LENDING and No. 3575 SHORT SELLING

The new "Short Selling" transaction will be governed by BYMA Circular No. 3575 and the "Securities Lending" transaction by BYMA Circular No. 3574, both approved by the NATIONAL SECURITIES AND EXCHANGE COMMISSION (CNV) on 12/04/18, in full compliance with the guidelines set forth by General Resolution No. 720/18 issued by the CNV on 11/01/18.

Supplementarily and prior to its launching, BYMA will inform the marketable securities that are enabled for "Short Sale" and "Securities Lending" trading, as well as the initial guarantees and the operating quotas that participants must satisfy.