Mercado de Valores de Buenos Aires Index MERVAL

MERVAL Top 10: Value Investment Strategy

TOP 10 Value	VALUEVVV		GROWTHVV		SAFETYVV		COMBINED
1. Petrobras (XXL, BR) ☀  Oil & Gas Integrated
1. Petrobras (XXL, BR) ☀   Oil & Gas Integrated	100		18		61		94
2. Telecom Argentina (XL, AR)  Integrated Telecommunication
2. Telecom Argentina (XL, AR)   Integrated Telecommunication	95		97		49		91
3. Ternium Argentina (L, AR)  Steel
3. Ternium Argentina (L, AR)   Steel	92		89		58		94
4. Petrobras Argentina (L, AR)  Oil & Gas Integrated
4. Petrobras Argentina (L, AR)   Oil & Gas Integrated	82		58		35		65
5. BBVA (L, AR)  Diversified Banks
5. BBVA (L, AR)   Diversified Banks	81		85		67		91
6. Aluar Aluminio Argentino (L, AR)  Aluminum
6. Aluar Aluminio Argentino (L, AR)   Aluminum	73		77		85		97
7. SCP (S, AR)  Oil & Gas Production
7. SCP (S, AR)   Oil & Gas Production	61		95		63		82
8. Tenaris (XL, LU)  Oil & Gas Equipment
8. Tenaris (XL, LU)   Oil & Gas Equipment	50		23		34		34
9. Edenor (L, AR)  Electric Utilities
9. Edenor (L, AR)   Electric Utilities	41		30		84		66
10. Banco Macro (L, AR)  Diversified Banks
10. Banco Macro (L, AR)   Diversified Banks	30		57		34		26

January 1, 2011. Top 10s are published weekly by Top 10 schedule. (Free Stock Update)

MERVAL Top 10: Growth Investment Strategy

TOP 10 Growth	VALUEVVV		GROWTHVV		SAFETYVV		COMBINED
1. Grupo Financiero Galicia (L, AR)   Diversified Banks
1. Grupo Financiero Galicia (L, AR)   Diversified Banks	9		100		31		9
2. Telecom Argentina (XL, AR)   Integrated Telecommunication
2. Telecom Argentina (XL, AR)   Integrated Telecommunication	95		97		49		91
3. SCP (S, AR)   Oil & Gas Production
3. SCP (S, AR)   Oil & Gas Production	61		95		63		82
4. Ternium Argentina (L, AR)   Steel
4. Ternium Argentina (L, AR)   Steel	92		89		58		94
5. BBVA (L, AR)   Diversified Banks
5. BBVA (L, AR)   Diversified Banks	81		85		67		91
6. Aluar Aluminio Argentino (L, AR)   Aluminum
6. Aluar Aluminio Argentino (L, AR)   Aluminum	73		77		85		97
7. Petrobras Argentina (L, AR)   Oil & Gas Integrated
7. Petrobras Argentina (L, AR)   Oil & Gas Integrated	82		58		35		65
8. Banco Macro (L, AR)   Diversified Banks
8. Banco Macro (L, AR)   Diversified Banks	30		57		34		26
9. Pampa (L, AR)   Electric Utilities
9. Pampa (L, AR)   Electric Utilities	29		49		76		54
10. Edenor (L, AR)   Electric Utilities
10. Edenor (L, AR)   Electric Utilities	41		30		84		66

January 1, 2011. Top 10s are published weekly by Top 10 schedule. (Free Stock Update)

MERVAL Top 10: Safety Investment Strategy

TOP 10 Safety	VALUEVVV		GROWTHVV		SAFETYVV		COMBINED
1. Aluar Aluminio Argentino (L, AR)   Aluminum
1. Aluar Aluminio Argentino (L, AR)   Aluminum	73		77		85		97
2. Edenor (L, AR)   Electric Utilities
2. Edenor (L, AR)   Electric Utilities	41		30		84		66
3. Pampa (L, AR)   Electric Utilities
3. Pampa (L, AR)   Electric Utilities	29		49		76		54
4. BBVA (L, AR)   Diversified Banks
4. BBVA (L, AR)   Diversified Banks	81		85		67		91
5. SCP (S, AR)   Oil & Gas Production
5. SCP (S, AR)   Oil & Gas Production	61		95		63		82
6. Petrobras (XXL, BR) ☀   Oil & Gas Integrated
6. Petrobras (XXL, BR) ☀   Oil & Gas Integrated	100		18		61		94
7. Ternium Argentina (L, AR)   Steel
7. Ternium Argentina (L, AR)   Steel	92		89		58		94
8. Telecom Argentina (XL, AR)   Integrated Telecommunication
8. Telecom Argentina (XL, AR)   Integrated Telecommunication	95		97		49		91
9. Petrobras Argentina (L, AR)   Oil & Gas Integrated
9. Petrobras Argentina (L, AR)   Oil & Gas Integrated	82		58		35		65
10. Banco Macro (L, AR)   Diversified Banks
10. Banco Macro (L, AR)   Diversified Banks	30		57		34		26

January 1, 2011. Top 10s are published weekly by Top 10 schedule. (Free Stock Update)

MERVAL Top 10: Combined Investment Strategy

TOP 10 Combined	VALUEVVV		GROWTHVV		SAFETYVV		COMBINED
1. Aluar Aluminio Argentino (L, AR)   Aluminum
1. Aluar Aluminio Argentino (L, AR)   Aluminum	73		77		85		97
2. Ternium Argentina (L, AR)   Steel
2. Ternium Argentina (L, AR)   Steel	92		89		58		94
3. Petrobras (XXL, BR) ☀   Oil & Gas Integrated
3. Petrobras (XXL, BR) ☀   Oil & Gas Integrated	100		18		61		94
4. Telecom Argentina (XL, AR)   Integrated Telecommunication
4. Telecom Argentina (XL, AR)   Integrated Telecommunication	95		97		49		91
5. BBVA (L, AR)   Diversified Banks
5. BBVA (L, AR)   Diversified Banks	81		85		67		91
6. SCP (S, AR)   Oil & Gas Production
6. SCP (S, AR)   Oil & Gas Production	61		95		63		82
7. Edenor (L, AR)   Electric Utilities
7. Edenor (L, AR)   Electric Utilities	41		30		84		66
8. Petrobras Argentina (L, AR)   Oil & Gas Integrated
8. Petrobras Argentina (L, AR)   Oil & Gas Integrated	82		58		35		65
9. Pampa (L, AR)   Electric Utilities
9. Pampa (L, AR)   Electric Utilities	29		49		76		54
10. Tenaris (XL, LU)   Oil & Gas Equipment
10. Tenaris (XL, LU)   Oil & Gas Equipment	50		23		34		34

January 1, 2011. Top 10s are published weekly by Top 10 schedule. (Free Stock Update)

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Top 10 lists may contain fewer than 10 stocks due to Obermatt’s top 10 quality standards.

Top 10 Stocks from the purely finance fact-based Obermatt Method for the investment strategies Value, Growth and Safety in the stock index Mercado de Valores de Buenos Aires Index MERVAL from January 1, 2011.