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		11		34		73
2. Ternium Argentina (L, AR)  Steel
2. Ternium Argentina (L, AR)   Steel	95		41		42		81
3. BBVA (L, AR)  Diversified Banks
3. BBVA (L, AR)   Diversified Banks	93		33		42		86
4. Petrobras Argentina (L, AR)  Oil & Gas Integrated
4. Petrobras Argentina (L, AR)   Oil & Gas Integrated	92		3		68		82
5. Telecom Argentina (XL, AR)  Integrated Telecommunication
5. Telecom Argentina (XL, AR)   Integrated Telecommunication	86		76		58		89
6. Grupo Financiero Galicia (L, AR)  Diversified Banks
6. Grupo Financiero Galicia (L, AR)   Diversified Banks	76		67		92		94
7. Aluar Aluminio Argentino (L, AR)  Aluminum
7. Aluar Aluminio Argentino (L, AR)   Aluminum	69		15		95		84
8. SCP (S, AR)  Oil & Gas Production
8. SCP (S, AR)   Oil & Gas Production	64		35		70		65
9. Pampa (L, AR)  Electric Utilities
9. Pampa (L, AR)   Electric Utilities	50		29		20		24
10. Edenor (L, AR)  Electric Utilities
10. Edenor (L, AR)   Electric Utilities	49		27		33		34

January 1, 2012. 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. Telecom Argentina (XL, AR)   Integrated Telecommunication
1. Telecom Argentina (XL, AR)   Integrated Telecommunication	86		76		58		89
2. Grupo Financiero Galicia (L, AR)   Diversified Banks
2. Grupo Financiero Galicia (L, AR)   Diversified Banks	76		67		92		94
3. Banco Macro (L, AR)   Diversified Banks
3. Banco Macro (L, AR)   Diversified Banks	47		62		33		32
4. Tenaris (XL, LU)   Oil & Gas Equipment
4. Tenaris (XL, LU)   Oil & Gas Equipment	35		58		46		39
5. Ternium Argentina (L, AR)   Steel
5. Ternium Argentina (L, AR)   Steel	95		41		42		81
6. SCP (S, AR)   Oil & Gas Production
6. SCP (S, AR)   Oil & Gas Production	64		35		70		65
7. BBVA (L, AR)   Diversified Banks
7. BBVA (L, AR)   Diversified Banks	93		33		42		86
8. Pampa (L, AR)   Electric Utilities
8. Pampa (L, AR)   Electric Utilities	50		29		20		24
9. Edenor (L, AR)   Electric Utilities
9. Edenor (L, AR)   Electric Utilities	49		27		33		34
10. Aluar Aluminio Argentino (L, AR)   Aluminum
10. Aluar Aluminio Argentino (L, AR)   Aluminum	69		15		95		84

January 1, 2012. 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	69		15		95		84
2. Grupo Financiero Galicia (L, AR)   Diversified Banks
2. Grupo Financiero Galicia (L, AR)   Diversified Banks	76		67		92		94
3. SCP (S, AR)   Oil & Gas Production
3. SCP (S, AR)   Oil & Gas Production	64		35		70		65
4. Petrobras Argentina (L, AR)   Oil & Gas Integrated
4. Petrobras Argentina (L, AR)   Oil & Gas Integrated	92		3		68		82
5. Telecom Argentina (XL, AR)   Integrated Telecommunication
5. Telecom Argentina (XL, AR)   Integrated Telecommunication	86		76		58		89
6. Tenaris (XL, LU)   Oil & Gas Equipment
6. Tenaris (XL, LU)   Oil & Gas Equipment	35		58		46		39
7. Ternium Argentina (L, AR)   Steel
7. Ternium Argentina (L, AR)   Steel	95		41		42		81
8. BBVA (L, AR)   Diversified Banks
8. BBVA (L, AR)   Diversified Banks	93		33		42		86
9. Petrobras (XXL, BR) ☀   Oil & Gas Integrated
9. Petrobras (XXL, BR) ☀   Oil & Gas Integrated	100		11		34		73
10. Banco Macro (L, AR)   Diversified Banks
10. Banco Macro (L, AR)   Diversified Banks	47		62		33		32

January 1, 2012. 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. Grupo Financiero Galicia (L, AR)   Diversified Banks
1. Grupo Financiero Galicia (L, AR)   Diversified Banks	76		67		92		94
2. Telecom Argentina (XL, AR)   Integrated Telecommunication
2. Telecom Argentina (XL, AR)   Integrated Telecommunication	86		76		58		89
3. BBVA (L, AR)   Diversified Banks
3. BBVA (L, AR)   Diversified Banks	93		33		42		86
4. Aluar Aluminio Argentino (L, AR)   Aluminum
4. Aluar Aluminio Argentino (L, AR)   Aluminum	69		15		95		84
5. Petrobras Argentina (L, AR)   Oil & Gas Integrated
5. Petrobras Argentina (L, AR)   Oil & Gas Integrated	92		3		68		82
6. Ternium Argentina (L, AR)   Steel
6. Ternium Argentina (L, AR)   Steel	95		41		42		81
7. Petrobras (XXL, BR) ☀   Oil & Gas Integrated
7. Petrobras (XXL, BR) ☀   Oil & Gas Integrated	100		11		34		73
8. SCP (S, AR)   Oil & Gas Production
8. SCP (S, AR)   Oil & Gas Production	64		35		70		65
9. Tenaris (XL, LU)   Oil & Gas Equipment
9. Tenaris (XL, LU)   Oil & Gas Equipment	35		58		46		39
10. Edenor (L, AR)   Electric Utilities
10. Edenor (L, AR)   Electric Utilities	49		27		33		34

January 1, 2012. 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, 2012.