1

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In

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Inst

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In

stitu

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Inst

ituto

Ar

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Ar

Ar gggg g

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o de

Mer

entin

o de

Mer

entin

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Mer

entin

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Mer

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Ca

cado

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Ca

cado

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Ca

cado

de

Ca

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spi

tale

spi

tale

spi

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rsar

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rsar

io25

° A

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io19

84-2

009

1984

-200

919

84-2

009

1984

-200

919

84-2

009

Indice Merval en $Variaciones mensuales y anuales

8

10 109

7 78

56

9

1112

0

2

4

6

8

10

12

14

Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic

Can

tidad

de

vece

s

2.9%

35.5%

12.2%28.3%

104.2%

36.5%

-49.8%

-29.1%-24.3%-37.4%

-20.9%

12.7%25.1%

5.9%

28.0%

77.7%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

Var.

Anu

al

Variacioines Mensuales Indice Merval (en $)

Variaciones Anuales Indice Merval (en $) Cantidad de meses con variación positiva 1993-2008

-45%-40%-35%-30%-25%-20%-15%-10%-5%0%5%

10%15%20%25%30%35%40%45%50%55%

Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic

Var.

Men

sual

(%)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Mes 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Ene 0.4% 17.4% -5.5% 8.5% 6.6% -10.9% -13.5% 2.9% 27.8% 48.7% 4.7% 6.4% -0.1% 16.2% -0.9% -6.7%

Feb -9.2% -4.6% -25.9% -12.0% 3.6% 12.1% 2.4% 11.5% -18.2% -9.3% 8.0% 3.7% 13.5% -4.5% -0.1% 7.7%

Mar 8.2% -14.3% 18.6% 2.7% -1.6% 3.4% 10.3% -9.9% 1.8% 9.5% -4.6% 1.6% -10.2% 5.0% 1.7% -2.7%

Abr -5.6% -2.3% 2.5% 11.1% 2.3% -1.6% 34.3% -10.5% -1.8% -11.1% 12.3% -10.3% -3.7% 6.0% 2.5% -0.4%

May -4.9% 10.9% 10.7% 6.1% 7.7% -13.9% -7.0% -8.9% 0.8% -18.1% 6.7% -11.6% 10.2% -13.4% 4.1% 5.3%

Jun 9.3% -14.2% -6.6% 1.2% 4.0% -8.6% -4.8% 7.0% -8.4% 10.4% 12.9% -0.8% -8.0% 3.5% -2.3% -4.4%

Jul -0.7% 5.1% 12.7% -12.9% 5.0% 7.0% -4.6% 1.0% -20.3% 2.5% -1.3% 2.2% 10.3% -0.6% -0.5% -8.9%

Ago 9.4% 10.6% -0.7% -3.7% -2.0% -39.1% 6.5% -5.4% -0.3% 4.4% -5.6% -1.4% 4.9% -2.3% -5.4% -7.4%

Sep 8.5% 0.2% -4.9% 9.7% -1.3% 6.1% 5.5% 0.2% -23.9% 5.3% 16.0% 20.0% 7.2% -1.5% 6.1% -10.1%

Oct 4.3% -5.0% -5.8% 2.1% -19.7% 20.3% 0.8% -7.3% -7.7% 10.0% 12.3% 12.7% -5.1% 8.8% 7.5% -36.8%

Nov -5.7% -8.6% 16.1% 8.2% -0.7% 6.9% -0.5% -9.4% -9.9% 14.5% 7.2% -5.8% -3.4% 10.4% -6.1% -1.7%

Dic 21.5% -12.3% 9.9% 5.2% 4.9% -12.0% 2.7% 4.3% 45.9% 5.5% 7.6% 13.4% -0.7% 6.3% -2.5% 8.6%

Var. %Anual 36.5% -20.9% 12.7% 25.1% 5.9% -37.4% 28.0% -24.3% -29.1% 77.7% 104.2% 28.3% 12.2% 35.5% 2.9% -49.8%

Indice Merval medido en $

2

Inst

ituto

In

stitu

to

Inst

ituto

In

stitu

to

Inst

ituto

Ar

ArAr

Ar

Ar gggg g

entin

o de

Mer

entin

o de

Mer

entin

o de

Mer

entin

o de

Mer

entin

o de

Mer

cado

de

Ca

cado

de

Ca

cado

de

Ca

cado

de

Ca

cado

de

Ca p

itale

spi

tale

spi

tale

spi

tale

spi

tale

s25

° A

nive

rsar

io25

° A

nive

rsar

io25

° A

nive

rsar

io25

° A

nive

rsar

io25

° A

nive

rsar

io19

84-2

009

1984

-200

919

84-2

009

1984

-200

919

84-2

009

Indice Merval en U$SVariaciones mensuales y anuales

-50%-45%-40%-35%-30%-25%-20%-15%-10%-5%0%5%

10%15%20%25%30%35%40%45%50%55%

Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic

Var.

Men

sual

(%)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008Variacioines Mensuales Indice Merval (en U$S)

Variaciones Anuales Indice Merval (en U$S) Cantidad de meses con variación positiva 1993-2008

0.4%

33.6%10.2%

26.7%

134.1%

36.5%

-54.2%

-29.1%-24.3%

-37.4%

-20.9%

12.7%25.1%

5.9%

28.0%

-47.3%-75%

-50%

-25%

0%

25%

50%

75%

100%

125%

150%

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

Var.

Anu

al

1010 10

9

7 78

56

9

1112

0

2

4

6

8

10

12

14

Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic

Can

tidad

de

vece

s

Mes 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Ene 0.4% 17.4% -5.5% 8.5% 6.6% -10.9% -13.5% 2.9% 27.8% -24.9% 10.0% 6.8% 1.7% 8.5% -2.1% -7.0%

Feb -9.2% -4.6% -25.9% -12.0% 3.6% 12.1% 2.4% 11.5% -18.2% -16.9% 8.3% 3.8% 12.8% 0.9% 0.1% 7.7%

Mar 8.2% -14.3% 18.6% 2.7% -1.6% 3.4% 10.3% -9.9% 1.8% -20.4% 2.4% 3.8% -9.4% 4.7% 1.7% -3.0%

Abr -5.6% -2.3% 2.5% 11.1% 2.3% -1.6% 34.3% -10.5% -1.8% -11.7% 18.2% -9.5% -3.5% 7.1% 2.8% -0.2%

May -4.9% 10.9% 10.7% 6.1% 7.7% -13.9% -7.0% -8.9% 0.8% -32.2% 5.5% -15.4% 11.2% -14.4% 4.5% 7.5%

Jun 9.3% -14.2% -6.6% 1.2% 4.0% -8.6% -4.8% 7.0% -8.4% 3.3% 15.3% -0.6% -8.1% 3.5% -2.8% -2.1%

Jul -0.7% 5.1% 12.7% -12.9% 5.0% 7.0% -4.6% 1.0% -20.3% 6.3% -5.4% 1.7% 11.2% -0.1% -1.4% -9.4%

Ago 9.4% 10.6% -0.7% -3.7% -2.0% -39.1% 6.5% -5.4% -0.3% 7.0% -6.8% -2.2% 3.1% -3.1% -6.5% -7.1%

Sep 8.5% 0.2% -4.9% 9.7% -1.3% 6.1% 5.5% 0.2% -23.9% 2.2% 17.6% 20.6% 7.2% -1.8% 6.4% -13.0%

Oct 4.3% -5.0% -5.8% 2.1% -19.7% 20.3% 0.8% -7.3% -7.7% 16.9% 13.9% 13.1% -8.0% 9.3% 7.7% -41.5%

Nov -5.7% -8.6% 16.1% 8.2% -0.7% 6.9% -0.5% -9.4% -9.9% 11.0% 3.2% -5.0% -2.2% 11.1% -6.2% -1.2%

Dic 21.5% -12.3% 9.9% 5.2% 4.9% -12.0% 2.7% 4.3% 45.9% 13.6% 9.4% 12.2% -2.8% 6.2% -2.7% 6.2%

Var. %Anual

36.5% -20.9% 12.7% 25.1% 5.9% -37.4% 28.0% -24.3% -29.1% -47.3% 134.1% 26.7% 10.2% 33.6% 0.4% -54.2%

Indice Merval medido en U$S