MSCI Argentina Index (USD) The MSCI Argentina Index is designed to measure the performance of the large and mid cap segments of the Argentine market. With 6 constituents, the index covers approximately 85% of the Argentine equity universe. Cumulative Index Performance — Net Returns (Dec 2000 – Dec 2014) — USD Annual Performance (%) MSCI Argentina Year MSCI Argentina MSCI Emerging Markets MSCI ACWI IMI 19.01 65.97 -37.05 -38.94 77.37 64.00 -54.45 -4.02 67.31 62.27 25.75 100.35 -50.70 -19.65 2014 2013 401.52 400 2012 2011 2010 2009 2008 261.59 2007 2006 203.50 200 2005 2004 2003 2002 2001 0 Dec 00 Feb 02 Apr 03 Jun 04 Aug 05 Oct 06 Dec 07 Feb 09 Apr 10 Jun 11 Aug 12 Oct 13 MSCI Argentina MSCI Emerging Markets MSCI ACWI IMI -9.83 -4.61 -1.65 -8.08 -4.50 0.59 1 Yr YTD -2.19 -2.60 18.22 -18.42 18.88 78.51 -53.33 39.42 32.14 34.00 25.55 55.82 -6.17 -2.62 3.84 23.55 16.38 -7.89 14.35 36.41 -42.34 11.16 20.95 11.54 16.42 35.54 -17.58 -15.65 Fundamentals (December 31, 2014) Annualized 3 Mo MSCI ACWI IMI Dec 14 Index Performance — Net Returns (%) (December 31, 2014) 1 Mo MSCI Emerging Markets 3 Yr 5 Yr 19.01 19.01 7.53 -2.19 -2.19 4.04 3.84 3.84 14.30 6.13 1.78 9.48 10 Yr Since Div Yld (%) P/E P/E Fwd P/BV 1.29 2.95 2.41 5.62 13.17 18.08 7.18 10.58 15.09 1.35 1.52 2.06 Dec 29, 2000 10.12 7.10 8.43 10.43 6.37 5.20 Index Risk and Return Characteristics (December 31, 2014) Annualized Std Dev (%)2 Turnover (%)1 MSCI Argentina MSCI Emerging Markets MSCI ACWI IMI 1 0.04 5.95 2.92 Sharpe Ratio2,3 Maximum Drawdown Since 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr 10 Yr Dec 29, 2000 (%) Period YYYY-MM-DD 43.98 15.21 10.72 39.12 18.55 14.74 39.94 23.74 16.76 0.39 0.32 1.29 0.35 0.18 0.67 0.41 0.39 0.35 0.33 0.47 0.28 76.44 65.25 58.59 2008-06-30—2009-03-09 2007-10-29—2008-10-27 2007-10-31—2009-03-09 Last 12 months 2 Based on monthly net returns data 3 Based on BBA LIBOR 1M The MSCI Argentina Index was launched on Jan 01, 2001. Data prior to the launch date is back-tested data (i.e. calculations of how the index might have performed over that time period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-tested -- is no indication or guarantee of future performance. MSCI Argentina Index December 31, 2014 Index Characteristics Top 6 Constituents MSCI Argentina Number of Constituents Mkt Cap 6 Mkt Cap (USD Millions) Index Largest Smallest Average Median 7,761.54 2,081.92 349.13 1,293.59 1,517.22 (USD Billions) 2.08 1.68 1.66 1.38 0.62 0.35 7.76 YPF D ADR TELECOM ARGENTINA B ADR BANCO MACRO B ADR GRUPO FIN GALICIA B ADR BBVA BANCO FRANCES ADR PETROBRAS ARG SA ADR Total Index Wt. (%) 26.82 21.63 21.36 17.73 7.95 4.50 100.00 Sector Energy Telecom Srvcs Financials Financials Financials Energy Sector Wt. (%) 85.6 100.0 45.4 37.7 16.9 14.4 Sector Weights 31.32% 21.63% 47.04% Financials 47.04% Energy 31.32% Telecommunication Services 21.63% Index Methodology The index is based on the MSCI Global Investable Indexes (GIMI) Methodology—a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the relevant investment opportunity set with a strong emphasis on index liquidity, investability and replicability. The index is reviewed quarterly—in February, May, August and November—with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and mid capitalization cutoff points are recalculated. www.msci.com | [email protected] About MSCI MSCI Inc. is a leading provider of investment decision support tools to investors globally, including asset managers, banks, hedge funds and pension funds. MSCI products and services include indexes, portfolio risk and performance analytics, and ESG data and research. 1 The company's flagship product offerings are: the MSCI indexes with approximately USD 9 trillion estimated to be benchmarked to them on a worldwide basis ; Barra multi-asset class factor models, portfolio risk and performance analytics; RiskMetrics multi-asset class market and credit risk analytics; IPD real estate information, indexes and analytics; MSCI ESG (environmental, social and governance) Research screening, analysis and ratings; and FEA valuation models and risk management software for the energy and commodities markets. 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