Bolsas y Mercados Argentinos S A : Annual Report 2022 and Financial Statements as of 12/31/22

BYMA, BOLSAS Y MERCADOS ARGENTINOS

Table of contents

1.

MESSAGE FROM THE CHAIRMAN

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2. ORDINARY MEETING OF SHAREHOLDERS

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ANNUAL REPORT 2022

3.	4.	5.
ANNUAL REPORT	BYMA	CAJA DE VALORES

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ANNUAL REPORT 2022

6.

TECNOLOGÍA DE VALORES

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11.

OUR TEAM

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7. INSTITUTO ARGENTINO DE MERCADO DE CAPITALES

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12. SUSTAINABILITY

49

8. OWNERSHIP STRUCTURE, SHAREHOLDERS, BYMA STOCK VALUE

32

13.

EDUCATION AND FINANCIAL INCLUSION: BYMA EDUCA

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9.	10.
TRANSPARENCY	FINANCIAL DATA
AND CORPORATE
GOVERNANCE

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40

14.	15.
CONSOLIDATION	CORPORATE
OF UNALLOCATED	GOVERNANCE
RESULTS	CODE

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BYMA, BOLSAS Y MERCADOS ARGENTINOS

ANNUAL REPORT 2022

1.

MESSAGE FROM THE CHAIRMAN

Dear shareholders,

We are pleased to share BYMA financial results for its 6th Fiscal Year ended on 31 December 2022.

In addition to the economic and financial information included in the financial statements submitted for your approval, I hereby share business activities-related considerations and conclusions, which --together with other projects and initiatives carried out during the year- have shaped our performance and have provided for behavioral changes while enhancing the performance of different Capital Market players.

With the conviction that the market

does not stand still -and in line with our founding principles- we always show ourselves within the best environment to formalize businesses; and to this end, we have focused on achieving the technical efficiency needed to leverage trading and custody activities, and the use and distribution of market data.

For example, we ended the year reporting an 86% growth in the volume of daily orders, reaching thresholds of 4,000,000 orders

giving rise to 280,000 operations in one trading session, and representing a 60% annual growth in trades settled in our Price-Time Priority platform. These results were reached and have been maintained until these days thanks to improvements and investments made in our infrastructure and applications, mainly based on the decisions made by our technology teams -who have applied their expertise, experience and spirit of innovation on projects leveraging our business units' growth

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BYMA, BOLSAS Y MERCADOS ARGENTINOS

ANNUAL REPORT 2022

and development and also making interaction with our clients easier, while driving to higher corporate results.

We are aware of our commitment towards technological transformation and our efforts will not stop upon achieving small changes. We are committed to make the big changes our industry needs.

During this fiscal year, business activity grew in all our business units, the most outstanding being: the sovereign fixed income business unit, reporting an increase exceeding 100% compared to the previous year, the Repos business unit, reporting a 90% annual increase and Equity, with an increase exceeding 76%.

It is worth mentioning that since January 2022 the regulatory body has authorized Caja de Valores to issue ETF CEDEARs, an instrument made up of different types of assets or which replicates indices of different sectors and regions. Like the rest of the CEDEARs, they can be traded in BYMA through accessible amounts in pesos. The immediate and wide acceptance of ETF CEDEARs -issued by Caja de Valores, BYMA Group, to

the satisfaction of investors- and the implementation of a renewed Market Makers program led to an exceptional trading volume representing 72% of the annual volume in Equity, together with the rest of the CEDEARs.

During the second half of the year, we have promoted the trading of Options

and we are pleased to observe that their traded volume has increased, as well as local issuers' shares of stock, thus evidencing investors' interest in these types of assets.

Our OMS order management support is currently being used by 50 Agents. Together with our trading platform ANIMA -which users has increased by 170%, both platforms have turned to be our technological and connectivity support to enhance transactionality.

The Central Securities Depository's business activity is evidencing a rapid growth in each of its business lines and in the number of active sub-accounts. Looking ahead to the year 2023 -which presents social and economic concerns and challenges- Caja de Valores role will be key in this domestic context, not only in respect to government financing, but also as the only Central Security Depository in Argentina acting as custodian of foreign assets, and a leader in the issuance and custody of digital products for SME financing: e-checks, electronic invoices and electronic promissory notes.

Considering Argentina's current inflationary context, we continue to offer multiple services for all the industry players. Our commitment is to preserve shareholders' equity by closely monitoring and controlling costs and expenses, and as a consequence, the evolution of operating expenses was lower compared to the evolution of the official retail price indices. This efficiency

ratio is evidenced in the operating margin, which reported to be close to 40%, while we keep on moving towards our goal of 50%.

BYMA Group activity has been possible thanks to our staff commitment and suitability, to the support of internal learning and training processes, talent mapping, the support for leaders and a special passion always focused on training good people. In addition to our corporate culture -focused on transformation and results- we also aim to impact positively on our planet and on society through different initiatives, such as volunteer and financial education programs. We strongly believe that people are the key pillars of evolution.

Since its foundation, BYMA -a publicly listed company- has committed to develop its business activities under the rules of transparency and shareholder protection, and undertaking this responsibility means that the Group's growth, transformation processes and business models shall always comply with the rules on corporate governance and best practices.

In BYMA, we have coined the following phrase, which summarizes how we are and how we feel:

"In BYMA, we work for many more people than ourselves".

Please let me thank all BYMA staff and the staff of our related companies, our collaborators, consultants, suppliers

and clients, and I take this opportunity to invite you all to be part of our goal to improve the welfare of the society to which we belong.

I also express my gratitude to each member of the Board of Directors, who work jointly with me in Management and whose decisions ratify the principles of Sustainability.

Finally, I thank my family for their daily support, and I express my deepest gratitude for the trust BYMA shareholders place in the Board of Directors and in me.

Ernesto Allaria

Presidente

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