Corporate Presentation Mercado a Término de Buenos Aires (MATba) Buenos Aires Options and Futures Exchange

background The Mercado a Término de Buenos Aires was created in 1907 with the aim to guarantee transparency to the grain market future trading and to register operations. It was, at that time, the first exchange to guarantee registered trading operations. It was the first market to be established in Latin America.

background MATba was considered the leader in the Flaxseed trading. MATba’s Flaxseed price was the setting price for the Flaxseed business all around the world. In 1991 the Market changed its name to its present one “MERCADO A TERMINO DE BUENOS AIRES S.A.” eliminating the Grain component of its name to allow the addition of other commodities. During the 90’s decade the market operated volumes well based around 24 million tons.

timeline The Cerealists Association of Buenos Aires was created based on the Liverpool Corn Trade Association First to guarantee all trading operations First market to be established in South America 1907

Changed its name to Mercado de Cereales a Termino de Buenos Aires timeline Changed its name to Mercado de Cereales a Termino de Buenos Aires 1910

MATba’s price for flaxseed was the benchmark price around the world timeline Established on its present headquaters at the Buenos Aires Grain Exchange MATba’s price for flaxseed was the benchmark price around the world 1930 1960

timeline Changed its name to its present one “MERCADO A TERMINO DE BUENOS AIRES S.A.” eliminating the Grain component of its name to allow the addition of other commodities. Started trading Options. Trading annual volumes well established around 24 million metric tons Started trading in US Dollars to avoid exchange rate differences 1990 1991 2000

volume Traded volume Harvest

This meant starting from the scratch timeline MATba closed its operations during the Argentine economic crisis, reopening in May 2002 This meant starting from the scratch Lets review the crisis situation and our strategy 2002

the argentine crisis In 2002, Argentina left the convertibility economic system (Fixed rate: 1 Peso = 1 US Dollar). The devaluation process forced MATba’s operation to close and to settle all current positions to reimburse broker’s collateral and trading guarantees. During this Crisis grain markets were inactive due to the pesification process of the economy from December/2001. MATba resumed its operations on May/2002 after being allowed to continue operating in US Dollars. MATba’s recovery after the crisis has been remarkable as it doubled and tripled its yearly volume since 2002.

strategy and attitude To overcome a difficult economic crisis were MATba had to start its trading operations from scratch several steps had to be taken: Regain traders trust by offering a variety of information solutions in order to guarantee the transparency and the stability of the exchange. Provide a stable enviromment in which trading could take place without adding the exchange rate to the traders concerns. Creating a very professional working force which could be able to gain respect quickly among the industry members

timeline MATba TODAY 2005

trading Open outcry pit trading Soybeans Wheat Electronic trading Corn Sunflower Seed

volume Monthly traded volume from May 2002 to April 2005

volume Traded volume comparison january/april from 2003 to 2005

MATba’s future a look ahead MATba is looking forward to reinforcing its reputation as the biggest agricultural futures and options exchange in Latin America. It will also continue to position itself as the most qualified reference in agricultural commodities in the South American markets. It will continue to educate and to accompany the brokers and the investors in order to maximize trading volumes and spreads. MATba will participate in every event related with the business in order to support its leadership stance.