Mercado de Valores de Buenos Aires Index MERVAL

MERVAL Top 10: Value Investment Strategy

TOP 10 Value	VALUEVVV		GROWTHVV		SAFETYVV		COMBINED
1. YPF (XL, AR)  Oil & Gas Integrated
1. YPF (XL, AR)   Oil & Gas Integrated	95		12		52		62
2. Cresud (L, AR)  Real Estate Diversified
2. Cresud (L, AR)   Real Estate Diversified	86		86		1		67
3. Ternium Argentina (L, AR)  Steel
3. Ternium Argentina (L, AR)   Steel	85		100		70		100
4. Petrobras (XXL, BR) ☀  Oil & Gas Integrated
4. Petrobras (XXL, BR) ☀   Oil & Gas Integrated	55		29		50		43
5. Consultatio (XS, AR)  Real Estate Diversified
5. Consultatio (XS, AR)   Real Estate Diversified	45		1		100		43

July 13, 2018. 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. Ternium Argentina (L, AR)   Steel
1. Ternium Argentina (L, AR)   Steel	85		100		70		100
2. Transener (S, AR)   Electric Utilities
2. Transener (S, AR)   Electric Utilities	10		100		96		95
3. Aluar Aluminio Argentino (L, AR)   Aluminum
3. Aluar Aluminio Argentino (L, AR)   Aluminum	27		100		82		86
4. Transportadora de Gas del Norte (M, AR)   Oil & Gas Transportation
4. Transportadora de Gas del Norte (M, AR)   Oil & Gas Transportation	2		100		90		90
5. Holcim (Argentina) (M, AR)   Construction Materials
5. Holcim (Argentina) (M, AR)   Construction Materials	14		100		61		73
6. Banco Macro (L, AR)   Diversified Banks
6. Banco Macro (L, AR)   Diversified Banks	2		100		70		70
7. Edenor (L, AR)   Electric Utilities
7. Edenor (L, AR)   Electric Utilities	6		100		68		61
8. Grupo Financiero Galicia (L, AR)   Diversified Banks
8. Grupo Financiero Galicia (L, AR)   Diversified Banks	1		98		61		55
9. Transportadora de Gas Del Sur (L, AR)   Oil & Gas Transportation
9. Transportadora de Gas Del Sur (L, AR)   Oil & Gas Transportation	2		94		85		72
10. Central Puerto (M, AR)   Power Producers & Traders
10. Central Puerto (M, AR)   Power Producers & Traders	44		88		91		94

July 13, 2018. 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. Consultatio (XS, AR)   Real Estate Diversified
1. Consultatio (XS, AR)   Real Estate Diversified	45		1		100		43
2. Transener (S, AR)   Electric Utilities
2. Transener (S, AR)   Electric Utilities	10		100		96		95
3. Tenaris (XL, LU)   Oil & Gas Equipment
3. Tenaris (XL, LU)   Oil & Gas Equipment	23		59		95		76
4. Central Puerto (M, AR)   Power Producers & Traders
4. Central Puerto (M, AR)   Power Producers & Traders	44		88		91		94
5. Transportadora de Gas del Norte (M, AR)   Oil & Gas Transportation
5. Transportadora de Gas del Norte (M, AR)   Oil & Gas Transportation	2		100		90		90
6. Pampa (L, AR)   Electric Utilities
6. Pampa (L, AR)   Electric Utilities	31		84		87		95
7. Transportadora de Gas Del Sur (L, AR)   Oil & Gas Transportation
7. Transportadora de Gas Del Sur (L, AR)   Oil & Gas Transportation	2		94		85		72
8. Aluar Aluminio Argentino (L, AR)   Aluminum
8. Aluar Aluminio Argentino (L, AR)   Aluminum	27		100		82		86
9. Ternium Argentina (L, AR)   Steel
9. Ternium Argentina (L, AR)   Steel	85		100		70		100
10. Banco Macro (L, AR)   Diversified Banks
10. Banco Macro (L, AR)   Diversified Banks	2		100		70		70

July 13, 2018. 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. Ternium Argentina (L, AR)   Steel
1. Ternium Argentina (L, AR)   Steel	85		100		70		100
2. Transener (S, AR)   Electric Utilities
2. Transener (S, AR)   Electric Utilities	10		100		96		95
3. Pampa (L, AR)   Electric Utilities
3. Pampa (L, AR)   Electric Utilities	31		84		87		95
4. Central Puerto (M, AR)   Power Producers & Traders
4. Central Puerto (M, AR)   Power Producers & Traders	44		88		91		94
5. Transportadora de Gas del Norte (M, AR)   Oil & Gas Transportation
5. Transportadora de Gas del Norte (M, AR)   Oil & Gas Transportation	2		100		90		90
6. Aluar Aluminio Argentino (L, AR)   Aluminum
6. Aluar Aluminio Argentino (L, AR)   Aluminum	27		100		82		86
7. Tenaris (XL, LU)   Oil & Gas Equipment
7. Tenaris (XL, LU)   Oil & Gas Equipment	23		59		95		76
8. Holcim (Argentina) (M, AR)   Construction Materials
8. Holcim (Argentina) (M, AR)   Construction Materials	14		100		61		73
9. Transportadora de Gas Del Sur (L, AR)   Oil & Gas Transportation
9. Transportadora de Gas Del Sur (L, AR)   Oil & Gas Transportation	2		94		85		72
10. Banco Macro (L, AR)   Diversified Banks
10. Banco Macro (L, AR)   Diversified Banks	2		100		70		70

July 13, 2018. 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 July 13, 2018.