Economic Reform and Fiscal Tightening Overview

Mutual fund industry transformation Replacing Lebacs Assets under management (ARS bn) and number of accounts $800 $700 $600 $500 $400 $300 $200 $213 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 600.000 566.146 $737 $698 500.000 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 400.000 $557 300.000 Oct-18 Dec-18 Feb-19 0 200.000 100.000 10

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