TARJETA NARANJA 2017 Fixed Income Report Sales and Trading: Juan Jose Aldazabal Estanislao Diaz Saubidet (5411) 4328 5000 (5411) 4328 5000 [email protected] [email protected] Javier Gourdy Allende Jorge A. Oteiza (5411) 4328 5000 (5411) 4328 5000 [email protected] [email protected] 14 November 2014 1- Tarjeta Naranja 2017 Security Description Payment Schedule Security Information Tarjeta Naranja 17 Issue: 2011-01-28 Capital: 100 Asset Class Corporate From: To: Coupon Value Date 2014-11-14 2011-07-28 2014-07-28 Int: 9% Settlement Date 2014-11-19 2015-01-28 2015-01-28 Int: 9% - Amort:33% 2015-07-28 2015-07-28 Int: 9% 2016-01-28 2016-01-28 Int: 9% - Amort:33% 2016-07-28 2016-07-28 Int: 9% 2017-01-28 2017-01-28 Int: 9% - Amort:33% Asset Name ISIN Quote Currency Country USP89610AA06 USD Argentina Legislation NY Flow Currency USD Cash Sweep NO Callable Call Type Yes Date American Coupon Description Coupon Last Payment 2014-07-28 USD 4.5000 Last Amortization 2014-07-28 USD 0.0000 Last Interest 2014-07-28 USD 4.5000 Rate Type Fixed Next Payment 2015-01-28 USD 37.8333 Frequency Semi-Anual Next Amortization 2015-01-28 USD 33.3333 Day Count Day Count Next Interest 2015-01-28 USD 4.5000 Security Analysis Price 102 Yield 7.15% Spread Tech Value Accrued Int. November 14, 2014 6.47 102.78 2.77 Dirty Price M. Duration 2017-01-30 Settlement On 2014-11-19 104.78 1.08 Residual Value 100.0% Parity 101.95 Capital Int Maturity 0 Banco Comafi - Research Department 2- Tarjeta Naranja 2017 Yield to Call Analysis galiar17 Yield to Call ● 2015-01-28 104.5000 2016-01-28 102.2500 30 Price 109.0000 20 % Date 2014-01-28 40 Call Schedule - Call From ● 10 ● 01/15 ● 07/15 o Yield to Call ● − Yield to Maturity ● ● ● 01/16 07/16 01/17 Date Price-Yields November 14, 2014 Price 102 Yield Maturity 7.15 Yield to Next NA Yield to Worst NA Banco Comafi - Research Department 3- Tarjeta Naranja 2017 Price-Yield Sensitivity Analysis 103.571 5.90 103.432 5.20 103.455 6.00 103.316 5.30 103.339 6.10 103.201 5.40 103.224 6.20 103.086 5.50 103.108 6.30 102.971 5.60 102.993 6.40 102.856 5.70 102.878 6.50 102.741 5.80 102.763 6.60 102.627 5.90 102.649 6.70 102.513 6.00 102.534 6.80 102.399 6.10 102.42 6.90 102.286 6.20 102.306 7.00 102.172 6.30 102.193 7.10 102.059 6.40 102.08 7.15 102 6.47 102 7.20 101.947 6.50 101.967 7.30 101.834 6.60 101.854 7.40 101.722 6.70 101.741 7.50 101.609 6.80 101.629 7.60 101.498 6.90 101.517 7.70 101.386 7.00 101.405 7.80 101.275 7.10 101.293 7.90 101.163 7.20 101.182 8.00 101.052 7.30 101.071 8.10 100.942 7.40 100.96 8.20 100.831 7.50 100.849 8.30 100.721 7.60 100.739 8.40 100.611 7.70 100.629 8.50 100.501 7.80 100.519 8.60 100.392 7.90 100.409 103.0 103.688 5.10 102.5 5.00 103.548 $ 103.664 5.80 November 14, 2014 102.0 5.70 101.5 Price 101.0 Spread 100.5 Price 103.5 Sensitivity Table Yield 6.0 6.5 7.0 7.5 8.0 8.5 % Banco Comafi - Research Department 4- Tarjeta Naranja 2017 Future Cashflow Date 2015-01-28 2015-07-28 2016-01-28 2016-07-28 2017-01-30 November 14, 2014 Coupon USD 37.8333 USD 3.0000 USD 36.3333 USD 1.5000 USD 34.8333 Past Cashflow Date 2011-07-28 2012-01-30 2012-07-30 2013-01-28 2013-07-29 2014-01-28 2014-07-28 Coupon USD 4.5000 USD 4.5000 USD 4.5000 USD 4.5000 USD 4.5000 USD 4.5000 USD 4.5000 Banco Comafi - Research Department