Equity index transition agreement between S&P Dow Jones Indices and BYMA

In March 2018, Bolsas y Mercados Argentinos ("BYMA") and S&P Dow Jones Indices ("S&P DJI") signed an Index Operating and Licensing Agreement. The alliance between BYMA and S&P DJI, the leading global provider of index concepts, data and research, comprises the implementation of international methodological standards, as well as the integration of operational processes and business strategies, enhancing the visibility, governance and transparency of existing indexes. The agreement also enables the development, licensing, distribution and administration of current and future indexes, which will be developed as innovative and practical tools to serve local and international investors. BYMA's indexes, both newly created and existing, will use the co-brands "S&P/MERVAL" and "S&P/BYMA" (hereinafter the "Indexes") and may be used as underlyings for liquid financial products, thus contributing to expand the depth of the Argentine capital market.S&P DJI and BYMA are working together and with external providers to ensure a smooth transition of the calculation, management and distribution of the Indices. Based on a review of the current transition plan, S&P DJI and BYMA agreed to postpone the transition date from December 3, 2018 to January 14, 2019.S&P DJI will assume responsibility for the calculation, production, maintenance, licensing and distribution of the indices. BYMA will continue to license and distribute real-time index information, as well as additional operational information (including Open/High/Min/Min/Volume and Last tick).

Transition Schedule

October 3, 2018Beginning of the parallel period when clients may begin receiving files in S&P DJI's UFF 2.0 (Universal File Format) for testing purposes. Bolsas y Mercados Argentinos files and calculations will remain official until January 11, 2019.

January 11, 2019End of parallel period.January 14, 2019Official start date, which includes the following activities:

1. Index names will change to co-branded S&P MERVAL and S&P/BYMA, as described above;
2. The revised and rebranded methodologies will be posted on the S&P DJI website, both in English www.spdji.com and in Spanish www.espanol.spdji.com , on the website of the Argentine Capital Markets Institute www.iamc.com.ar/metodologiabur and on the BYMA website www.byma.com.ar
3. S&P DJI will become the official responsible for the calculation of the indices included in Annex1;
4. Initial use of S&P DJI files (will only be delivered via SFTP);
5. Discontinuation of BYMA trading day closing files;
6. Adjustment of Index levels according to the official Exchange values of January 11, 2019, in order to ensure continuity in index data during the transition process.

Equity Indexes Transition Agreement between S&P Dow Jones Indices and Bolsas y Mercados Argentinos