annual report and financial statements · for the ﬁscal year n° 41 ended on december 31, 2014...

for the fiscal year N° 41ended on December 31, 2014

ANNUAL REPORTAND FINANCIAL STATEMENTS

1

TABLE OF CONTENTS

Caja de Valores S.A. Board of Directors 3

Caja de Valores S.A. Supervisory Board 3

Caja de Valores S.A. Senior Management 5

Letter from the Chairman 7

Annual Report 8

General Considerations 8

Compliance with Goals Set 9

Services 9

Technology 9

Representation at International Organizations 10

Organization and Methods 10

Quality Management 10

Human Resources 11

Corporate Social Responsibility and the Environment 11

Goals for Next Fiscal Year 12

General Economic and Company Activity Prospects for the New Fiscal Year 12

Stand-alone Financial Statements Ratios 12

Consolidated Financial Statements Ratios 13

Relationships with Other Companies and Entities 14

Shareholders' Contributions and Appropriation of Earnings 14

Garantía de Valores S.G.R. 15

Tecnología de Valores S.A. 15

Closing Words 15

Independent Auditors’ Report 16

Summary of Events as of December 31, 2014 19

Financial Statements 25

Statutory Audit committee’s Report 65

3

CAJA DE VALORES S.A.BOARD OF DIRECTORS

CHAIRMAN & CEOSr. Horacio F. Torres

DEPUTY CHAIRMANSr. Alberto L. Molinari

SECRETARYSr. Víctor A. Marina

TREASURERSr. Claudio A. Porzio

ALTERNATE DIRECTORSSr. Claudio H. Gilone

Sra. Luisa M. Hynes

Sra. Ana M. Montelatici

SUPERVISORY BOARD

REGULAR MEMBERSDr. Ricardo M. P. Trucco (Presidente)

Dr. Roberto G. Del Giudice

Dr. Enrique H. Picado

ALTERNATE MEMBERSDr. Daniel E. Marra

Dr. Alejandro Almarza

Dr. Miguel A. Mazzei

INDEPENDENT AUDITORSErnst & Young

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CAJA DE VALORES S.A. SENIOR MANAGEMENT

ASSOCIATE ADVISOR TO THE BOARD OF DIRECTORSEng. Alejandro S. Berney

COMPLIANCE OFFICERLic. Rosana M. Verdi

GENERAL MANAGERMr. Severo I. Rizzo

OPERATIONS DIVISION MANAGERMr. Walter E. Escudero

ADMINISTRATION & FINANCE DIVISION MANAGERCPA / Lic. Diego Ciabattini

INFORMATION TECHNOLOGY DIVISION MANAGERLic. Alejandro Wyss

INFORMATION SYSTEMS AREA MANAGERC.C. Harald K. Solberg

DATA PROCESSING AREA MANAGEREng. Paulo R. Dutra

VAULT AREA MANAGERMr. Daniel F. Michia

OPERATIONAL ACCOUNTING AUDIT MANAGERCPA Diego L. Rossi

LEGAL COUNSEL AREA MANAGERDr. Efraín D. Carvajal

HUMAN RESOURCES MANAGERMrs. Fabiana Navoni

CUSTOMER SUPPORT & SERVICES MANAGERLic. Manuel Ogando

IT SYSTEMS CERTIFICATION MANAGERLic. José Víctor González

TRADE SETTLEMENT MANAGERDr. Martín Paladino

CUSTOMER SERVICE & CUSTOMER RELATIONSHIP MANAGERDr. Martín S. Baretta Elisei

7

TO THE SHAREHOLDERS OFCAJA DE VALORES S.A. (CVSA)

A new period, Fiscal Year No. 41, has come to an end for Caja de Valores S.A. Once again, the Company has shown its strength and energy to keep on growing at a steady pace.

On the institutional front, we have been authorized by the National Securities Commission (CNV) to act as Collective Depository Agent (ADC) and Custody, Registration & Payment Agent (ACRyP) under the scope of the new regulatory framework provided for under Capital Market Act 26831 and supplementary rules, which confirms our capacity to adapt ourselves to changing scenarios. Operating income has been strengthened as a result of an increase in the volume of our services, which are provided by us to the capital market as a whole.

Positive results have been recorded in key indicators, such as securities custody and related activities -corporate events, international custody and deferred payment checks, as well as in constant technology upgrade.

Our partnership with Millennium, a London Stock Exchange affiliate, has enabled us to start putting in place a new world-class trading system, additionally to a market interconnectivity project, which has delivered optimal results by facilitating intermarket trading in Argentina.

Quality management and development of our human resources have also been strong pillars that helped us achieve success as mentioned before; let alone our commitment to Corporate Social Responsibility principles.

We rely on our potential for continued growth, by facing challenges and seizing every opportunity to expand our service supply.

I am sure that we can achieve such goals because we constantly promote staff training and technology enhancement.

Therefore, I am grateful to CVSA employees, officers, directors, managers, and shareholders for their support, which enables us to be optimistic about the future of this Company.

Many thanks.

Horacio Fabián TorresCVSA CHAIRMAN & CEO

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TO THE SHAREHOLDERS OF CAJA DE VALORES S.A.

The Company’s Board of Directors submits for your consideration the Letter to the Shareholders, the Bal-ance Sheet, the Statements of Income, Changes in Shareholders’ Equity and Cash Flows, Consolidated Statements, Exhibits, Notes and the Statutory Audit Committee’s and Independent Auditors’ Reports for fis-cal year No. 41 ended December 31, 2014.

GENERAL CONSIDERATIONS

Caja de Valores S.A. ended its fiscal year with income amounting to ARS 230,102,790 and participating actively in the new regulation of the capital market.

The company worked dynamically to adapt to the new regulatory framework; finally, it obtained its registration as collective deposit agent (ADC) and custody, registration and payment agent (ACRyP), under CNV (Argentine National Securities Commission) registration No. 19.

In addition, to face the medium- and long-term challenges of the new context with respect to Caja de Valores, the position of executive director has been included in by-laws, with strategic and Company representation functions regarding the different market participants. The function began to be performed as from September 2014 in the form of an advisor that was a member of the Board of Directors, as it had to be formalized by the General Shareholders’ Meeting. The purpose is to optimize decision-making processes and establish more fluency in the execution and periodic follow-up thereof.

Furthermore, in line with the regulatory requirements already mentioned, the Company appointed the Regulatory Compliance Officer and the Public Assistance Officer, which have already assumed their relevant functions.

From the economic point of view, domestic and external factors caused the Argentine economy to show a slight deceleration in 2014, which affected certain economy sectors. Devaluation at the beginning of the year and conflicts with the holdouts were some of the key factors in the economic development of the ending year.

However, the abovementioned context did not affect the performance of Caja de Valores, whose main indicators were strengthened. Thus, custody increased considerably as a result of new issues, disclosing almost 465 billion in nominal values as of this year-end, as compared to the 325 billion booked as of December 2013. The valuation in Argentine pesos increased as well, exceeding ARS 783 billion during this year.

The following graph shows the changes in custody during fiscal 2014 and its valuation:

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695

366.

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Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

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Nominal vs. Peso-Valued Custody Holdings

Nominal Custody Holdings Peso-Valued Custody Holdings

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COMPLIANCE WITH GOALS SET

SERVICES

The Company has been active in the fulfillment of its goals, which focused on the adaptation to CNV regulations and Capital Markets Law No. 26,831.

Obtaining the registration as collective deposit agent and as custody, registration and payment agent was only an aspect of this achievement, as it also advanced in the modernization of operating processes and the update of documents and procedures.

In addition, efforts were made to adapt to FATCA (Foreign Account Tax Compliance Act), for which registration under GIIN 84I80F.99999.SL.032 was obtained.

As to services, human resources efforts, plus the technological investment, allowed obtaining very satisfactory results.

Thus, during 2014, about 12,200 corporate event settlements were processed, which exceeded the 2013 figure and accounted for ARS 288 billion paid, thus representing 92% more than in the previous year.

As to services rendered as registration and payment agent, processes exceeded 20,600, including both certificate issues and the physical and telephone management of payments to holders.

The deferred check market continued to expand, holding over 70,500 instruments, which represented more than ARS 5,700 million in cash, i.e. 72% more than in the previous year.

Continuing with deferred checks, the collection management for these instruments increased, as more than 67,000 notes were presented for collection for a value exceeding ARS 4 billion, which doubled the amount earned during 2013.

There was also a significant drive in the custody and registration of book-entry mortgage bills, as a result of the PROCREAR program. In this sense, during 2014, more than 26,100 notes were booked, which tripled the amount processed in 2013.

The services rendered to our depositors abroad also increased significantly; in 2014, more than 43,000 instructions were settled, which represented an increase of more than 32% as compared to the previous year.

TECHNOLOGY

As to technology, just as in 2013, the Company was able to reach 100% of availability of the main application throughout 2014.

With respect to infrastructure component updates, electronic mail services were updated, as well as those related to Linux environment virtualization (supporting critical services), and services related to development tools and execution of Java language-based environments began.

In addition, the market interconnectivity project using protocol FIX was completed, the milestone of which was the performance of the first intermarket transaction in Argentina: it took place on June 25, 2014, between Merval (using the platform provided by Caja de Valores) and ROFEX.

Since that event, interconnection has developed in terms of volume and participants in both markets, it is unique in Argentine and has been recognized as one of the main benchmark cases by the international community using FIX (http://www.fixtradingcommunity.org/pg/conferences/1195047).

The systems that will support the new operations for the Merval bilateral segment have been concluded, as well as the services for brokerage agents and the first platform in the history of Merval to provide direct access to market participants to the trading environment (known internationally as DMA).

A significant part of efforts and activities made during the year was related to the joint project begun with Millennium, owned by London Stock Exchange Group, in order to add a new trading system.

This project will allow us to obtain a stock transaction platform with excellent specifications as regards speed, capacity, scalability, strength and reliability, placing our market in a privileged position due to having one of the more efficient systems in the world, with the most advanced software available in the Argentine market. Thus, as of December 2014, this project progressed 35%, meeting the schedules and scopes established in the plan.

On the other hand, the first stage of the platform for contact with principals, called Single Contact Portal, was concluded; such platform was developed pursuant to Law No. 26,831 and had the acceptance and validation of the CNV throughout its development.

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REPRESENTATION AT INTERNATIONAL ORGANIZATIONS

In 2014, the international involvement policy continued, which included the following meetings:

ACSDA(America’s Central Securities Depositories Associations):16th General Assembly (March, Chile):The Company participated as member of the Executive Committee and lectured on the LEI (Legal Entity Idenfitier) initiative.

Workshop on current developments (December – United States):These meetings were held to share experiences and the latest developments in different areas of the activity of central depositories, such as risks, CPSS – IOSCO, FATCA, businesses outside the main activity, etc.

ANNA(Association of National Numbering Agencies):• Meetings held in Iceland and Indonesia (in May and

November, respectively).During the meetings, Caja de Valores S.A. acted as Board member, fulfilling its role as Marketing Director and acting also as Regional Manager for Latin America.During the day prior to the Indonesia meeting, an operational workshop was performed, in which experiences were shared regarding the implementation of the new LEI (Legal Entity Identifier) standard, as well as practical issues related to the allocation of international codes.The Marketing Director position continues to be effective until the meeting to be held in June 2015.

• The Company also participated in the following Board meetings:January: Argentina, welcoming the rest of the directors.March: New York, apart from participating in the Board of Directors’ meeting, a meeting was held with the Associations’s Public Relations and Marketing Advisor.July: London, organized by the London Stock Exchange.September: Berlin, organized by DM Datenservice, the numbering agency in Germany.

The Americas Securities Services Forum 2014 - Citi´s Global Transaction Services (March – St. Petersburg, US):As in previous years, the Company participated in this event, which is organized by Citibank and gathers asset custody and management service providers and customers not only from America but also from the rest of the world; Caja de Valores participated in different meetings with industry investors and participants in order to keep them informed about the main aspects of our market and, especially, regulatory changes.

ORGANIZATION AND METHODS

During fiscal 2014, the company focused on updating documents and forms, improving existing processes and giving priority to the publication of online forms, both for customers and for internal use, in order to cooperate in the reduction of paper consumption and environment care.

In compliance with CNV Resolution 622 (2013) and IRS FATCA, all the areas involved worked jointly in the amendment of supporting processes and documentation, as well as in the development of new applications.

A total of 72 documents and 120 forms were published, including documentation on new processes, format amendments and updates.

In addition, as mentioned, as of year-end there were a total of 251 policies, codes, standards, instructions and procedures in force.

QUALITY MANAGEMENT

The Company has maintained its high quality standards based on a continuous improvement in processes and Management’s commitment to identify, record and immediately address deviations by monitoring each area through management indicators. This was performed under the periodic review of the internal and external audit, which was carried out in this case by IRAM (Argentine Standardization and Certification Institute).

During September, the annual external audit was conducted. The audit has a positive outcome, as we were able to recertify under ISO 9001:2008 the processes related to:

• Customer service at the national and international levels, for Head Office and the branches.

• Management and support for queries, incidents and stock requests.

We also obtained IQNET certificates, which allow Caja de Valores to prove the certification of its Quality Management System at a global level.

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The following actions were taken in connection with the customer satisfaction measurement process:

• Continuous follow-up of customers’ claims, comments and suggestions.

• Internal customer satisfaction surveys to know what they think about the services they receive from the areas that support the Quality Management System.

• Satisfaction surveys for issuers, depositors and holders in the registry, both at Head Office and our branches, to know what they think about the services they receive.

As shown below, in all cases, the overall satisfaction level has reached the target value proposed by Management (90%).

HUMAN RESOURCES

The Human Resources Area focused on improving its management processes and the promotion of good practices for human capital management. Thus, pursuing the Company’s goal, training and development management continued to be promoted, as well as internal communications and personnel integration, benefits, employment management and corporate social responsibility actions.

As to the role of Caja de Valores as financial trust party required to comply with anti-asset laundering and terrorism financing prevention regulations, training continued to be provided to personnel in this regard through an activity designed for those related directly to operations and for the whole organization’s liaisons. The activity was performed by specialized external advisors and was spread through the Compliance area to the leaders of our branches.

A high training level was maintained, reaching 94% of the company’s headcount. In addition, out of the total training planned at the beginning of the year, an 86% compliance percentage was reached, while the target value fixed by Management is 75%.

In order to satisfy training needs that are common to different sectors and other ones that are specific of our staff, priority was given to internal and tailored training, fulfilling 85% of the activities performed with company facilitators and “in-company” courses, while the remaining 15% was covered with open courses.

In addition, out of total activities, 73% is related to training for position competence, focusing on technical activities during this year, as well as customer care, quality management system knowledge improvement and regulatory compliance activities.

We continued spreading knowledge on first aid and CPR, calling physicians certified by the American Heart Association during 2014 to train our personnel. We also organized the flu vaccination campaign for the ninth consecutive year, comprising all personnel.

CORPORATE SOCIAL RESPONSIBILITY AND THE ENVIRONMENT

In 2014, the Company continued participating in the “Nochebuena Para Todos” (Christmas Eve for Everyone) Project, cooperating with low-income families in Sachayoj Quimili, located in a rural area of the province of Santiago del Estero.

We also continued with the paper and bottle top collection campaigns for Hospital Garrahan and cooperated with different institutions, including: Hospital Garrahan, Escuela Secundaria Básica N°15 de Lanús, Asociación Río Colorado, Hospital Muñiz, Hospital Gutiérrez, CUI.D.AR., FUNDAMIND, Escuela de la Familia Agrícola EFA N° 3120, Prov. Santa Fe, CRISTO REY, Jardín Comunitario Estrella de Belén, Fundación Junior Achievement, Hermanas Discípulas de Jesús de San Juan Bautista, Hogar María del Rosario de San Nicolás, Asociación Civil Pequeños Pasos, Fundación Natalí Dafne Flexer, Casa Salesiana Santa Catalina, COAS, Don Orione and Escuela Media N° 21 “Dr. Mariano Moreno”.

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External Customer Satisfaction Level

91.65% 93.01%95.25%96.64%94.10%92.66%91.82%92.31%

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GOALS FOR NEXT FISCAL YEAR

For the new year, one of the main priorities is to conclude with the implementation of the new Capital Markets Law No. 26,831, as well as the regulations issued by the CNV. The impact is significant; some of the main issues are:

• Access to different markets through changes in the trading platform in order to allow interconnection with FIX instructions and the DMA, as well as the introduction of the multimarket station;

• The number of participants, with the addition of a great number of new agents and the subsequent account opening and documentation files;

• Information transparency with the introduction of the Single Contact Portal so that principals may have access through Internet and mobile applications to their balances and movements directly from Caja de Valores systems;

• In our organization, the introduction of the Regulatory Compliance Officer and the Public Assistance Officer.

Simultaneously, we continued modernizing our technological platforms. We made a full implementation of the trading system change and at the end of last year we received the first Millenium IT delivery. During the current year, we focused on validating the developments performed for our market, as well as developing the interfaces to other systems (such as settlement, guarantees, custody, etc.) in order to make it operational in late 2015. An important part of this project is the education provided to operators, which will be carried out jointly with Mercado de Valores de Buenos Aires SA.

This year we will also study and define future changes to other central systems. We defined a priority for the Shareholders’ and Bondholders’ Book Log system and the Merval transactions Administration, Registration and Settlement system, and it is intended to end the year with the plans to implement new platforms in 2016.Notwithstanding all these structural changes, we believe that it is fundamental to continue adding services rendered by the depository and introducing alternative income sources. For that purpose, we will start a custody service for foreign depositories.

This project implied a technology development to automate connectivity between SWIFT 15022 messaging and settlement and custody central systems, as well as the addition of functionalities, such as pre-matching, the announcement of corporate events and customer service in English.

We will also introduce the possibility of performing transactions against the payment abroad, where Caja de Valores offers services to local depositors, thus allowing to reduce the risk of transactions and increasing efficiency by performing two simultaneous movements.

So many changes —at a technological and service provision level— imply a transformation in the risk level for Caja de Valores and the Argentine market, of which Caja is a key part.

Thus, we gave more importance to the approach in this regard by creating a committee allowing to define, assess and give priority to them and constantly seeking the reduction thereof through effective controls.

GENERAL ECONOMIC AND COMPANY ACTIVITYPROSPECTS FOR THE NEW FISCAL YEAR

The ending year was characterized by increasing macroeconomic imbalance. At a regional level, the decrease in raw material prices affected deceleration in South American economies in the last 18 months.

Year 2015 will no doubt be a year of changes. Elections will win the political agenda. At an economic level, it will be fundamental to continue monitoring the level of reserves, current account deficit control and the monetary expansion, among other variables, by acting on inflation and interest rates.

We are convinced that this year will entail great challenges and opportunities for our activity in particular. The implementation of the new Capital Markets Law and market interconnection will increase the flow of operations, which, added to the new issues, will increase custody levels, the main component of our revenues.

STAND-ALONE FINANCIAL STATEMENTS RATIOS

Caja de Valores S.A. has finished its fiscal year as of December 31, 2014, with a final income of ARS 230,102,790 and has successfully performed its role in the Argentine capital market.

Operating income due to services related to Custody, Receivables, Services to Third Parties, Data Processing and Transfers, among the most relevant ones, amounted to ARS 304,058,437, representing a 62% increase as compared to the previous fiscal year. The increase in the average nominal value of securities throughout the year largely explains the amount billed.

Operating costs, in addition to administrative and selling expenses, increased less than revenues, showing operating income (loss) for ARS 43,816,253, higher than that booked in 2013.

Financial income (expense) and holding gains (losses) amounting to ARS 345,478,519 were the return of the portfolio invested conservatively and income from foreign exchange rate variations.

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CONSOLIDATED FINANCIAL STATEMENTS RATIOS

The following are the ratios used to analyze the balance sheet and income structure of the consolidated financial statements for the fiscal years ended December 31, 2014, and 2013:

Due to Caja de Valores S.A.’s role as paying agent of debts for securities in custody, assets and liabilities include funds to be calculated and payables for transactions calculated for ARS 2,583,366,556 as of 12/31/2014 and ARS 2,342,937,802 as of 12/31/2013, which significantly impact on solvency, debt-to-equity and current ratios. If the funds calculated were deducted from liabilities and assets, they would change as follows:

1 Average shareholders’ equity 1.

2 Income before taxes, less other income (expense) was considered as recurring income.

Ratio Calculation 2014 2013

SolvencyShareholders’ equity ARS 1.008.681.076

0,36ARS 795.847.812

0,32Liabilities ARS 2.780.809.447 ARS 2.480.290.467

Debt-to-equity ratioLiabilities ARS 2.780.809.447

2,76ARS 2.480.290.467

3,12Shareholders’ equity ARS 1.008.681.076 ARS 795.847.812

Current ratioCurrent assets ARS 3.671.230.343

1,36ARS 3.164.994.087

1,30Current liabilities ARS 2.700.097.814 ARS 2.441.999.809

Equity to assets ratioShareholders’ equity ARS 1.008.681.076

0,27ARS 795.847.812

0,24Assets ARS 3.790.025.137 ARS 3.276.619.240

Noncurrent assets to assets ratio

Noncurrent assets ARS 118.794.7940,03

ARS 111.625.1530,03

Assets ARS 3.790.025.137 ARS 3.276.619.240

Total return on the shareholders’ investment

Total income ARS 230.102.7900,29

ARS 172.695.267 0,27Average shareholders’

equity 1 ARS 787.213.048 ARS 628.094.092

Recurring return on the shareholders’ investment

Recurring income 2 ARS 346.507.3000,44

ARS 239.725.9490,38Average shareholders’

equity ARS 787.213.048 ARS 628.094.092

Leverage

Recurring income on shareholders’ equity 22,81%

3,7621,70%

4,12Recurring income on assets

6,07% 5,27%

Asset turnoverService-charge income ARS 307.353.185

0,09ARS 190.678.887

0,06Average assets ARS 3.533.322.189 ARS 2.963.551.073

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RELATIONSHIPS WITH OTHER COMPANIES AND ENTITIES

The entry into custody of marketable securities under the form of Global Certificates continued to increase as compared to prior years, mainly in connection with private debt as well as provincial and municipal issuers.

The issue of short-term monetary regulation instruments (bills and notes) by Central BCRA remained steady.

These variables, in addition to the rise in listed prices, allowed us to reach a considerable increase in custody valuation, which amounted to over ARS 783 billion as of year-end. There has also been a significant increase in the entry of postdated checks guaranteed by mutual guarantee companies.

As previously indicated, there was a substantial rise in the number of transactions on accounts opened by the Company in foreign central securities depositories: Euroclear, Clearstream, DTCC Iberclear and BM&F Bovespa.

None of the abovementioned entities conditions or influences the business activities of Caja de Valores S.A. in a significant manner, as has been the case in the prior years.

SHAREHOLDERS’ CONTRIBUTIONS AND APPROPRIATION OF EARNINGS

As of December 31, 2014, shareholders’ equity amounted to ARS 1,008,681,076, out of which:

• ARS 233,000,000 of capital stock contributed by shareholders;

• ARS 545,578,286 legal, statutory and voluntary reserves;

• ARS 230,102,790 unappropriated retained earnings.

Regarding income for the year, the Board of Directors proposes the following distribution to the Shareholders:

• To the reserve for potential risks, 3.74% of income for the year, until reaching 25% of capital stock, i.e. ARS 8,617,104.

• The remaining ARS 221,485,686 is made available to the Shareholders’ Meeting.

By virtue of IGJ (Argentine regulatory agency of business associations) General Resolution 7/2005, the Shareholders’ Meeting should decide the appropriation of unappropriated retained earnings. Also, pursuant to section 5, Presidential Decree No. 659/74, Caja de Valores S.A. is restricted to distribute cash dividends to a maximum equal to 10% of income.

Ratio Calculation 2014 2013

SolvencyShareholders’ equity ARS 1.008.681.076

5,11ARS 795.847.812

5,79Liabilities ARS 197.442.891 ARS 137.352.665

Debt-to-equity ratioLiabilities ARS 197.442.891

0,20ARS 137.352.665

0,17Shareholders’ equity ARS 1.008.681.076 ARS 795.847.812

Current ratioCurrent assets ARS 1.087.863.787

9,32ARS 822.056.285

8,30Current liabilities ARS 116.731.258 ARS 99.062.167

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GARANTÍA DE VALORES S.G.R.

The company Garantía de Valores SGR continued with the business policy implemented in prior years, focusing its corporate project on the development of services aimed at facilitating credit access for related SMEs which are member partners. Moreover, pursuant to its role as mutual guarantee company in the stock exchange system, it continued fostering a closer relationship between small and medium enterprises and the capital market.

By virtue of the commitment it assumed, on December 18, 2014, Caja de Valores SA, in its capacity as contributory partner, contributed ARS 20,000,000 as reinstatement to the risk fund. Moreover, by virtue of the same legal requirement, on December 18, 2014, we received from the subsidiary the reimbursement of the funds contributed on October 24, 2012.

In addition, during the year, in compliance with SEPyME (Under-Department of SMEs) requirements, the risk fund was restored in the amount of ARS 6,341,737, an amount equivalent to the contingent risk fund with a low likelihood of recovery; the related certificate was received in consideration. In this sense, as of 2014 year-end, the Contingent Risk Fund totaled ARS 3,221,439.

Thus, the total investment in the Risk Fund of Garantía de Valores S.G.R. continued to amount to ARS 60,000,000.

On November 14, 2014, through Administrative Resolution No. 1391, the Department of Small and Medium-Sized Enterprises (S.E.P. y M.E.) authorized a new increase in the securities guarantee risk fund to ARS 140,000,000, with a term of 18 months to be paid-in.

Garantía de Valores S.G.R. ended its fiscal year as of December 31, 2014, with net earnings for ARS 112,142.

TECNOLOGÍA DE VALORES S.A.

This subsidiary was created to act as licensed certifier of digital signatures with the powers, duties and scopes provided in Law No. 25,506, and its administrative orders, as well as provide third parties with any other service related to the use of digital or electronic signatures.

In this sense, the audit performed by the National Information Technology Office (ONTI) in August ended up with a report in favor of Tecnología de Valores S.A. to continue with the procedures to obtain licensing. This could not be achieved because of Administrative Decision No. 927/14, which became effective on October 30 and modified the former regulatory framework significantly; therefore, it was necessary to adapt the certification policy and make a new presentation on December 29, 2014, for which no answer was received.

Its capital stock amounts to ARS 1,000,000 and is structured as follows:

• Caja de Valores S.A.: 950,000 shares, with a face value of ARS 1 each and representing 95% of capital stock.

• Bolsa de Comercio de Buenos Aires (Buenos Aires stock exchange) 25,000 shares, with a face value of ARS 1 each and representing 2.5% of capital stock.

• Mercado de Valores de Buenos Aires S.A. (Buenos Aires securities market) queried in: 25,000 shares, with a face value of ARS 1 each and representing 2.5% of capital stock.

CLOSING WORDS

The Board of Directors publicly gives recognition to the shareholders, government and private institutions that have permanently supported Caja de Valores S.A.’s evolution, its advisors and especially its personnel for their efficient work and efforts aimed at attaining the Company’s goals.

Buenos Aires City,February 26, 2015.

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INDEPENDENT AUDITORS’ REPORT

To the Directors ofCAJA DE VALORES SOCIEDAD ANÓNIMARegistered office: 25 de mayo 362Buenos Aires

1. We have audited the accompanying balance sheet of CAJA DE VALORES S.A. (the Company) as of December 31, 2014, and the related statements of income, changes in shareholders’ equity and cash flows for the year then ended. We have also audited the accompanying consolidated balance sheet of CAJA DE VALORES S.A. and its subsidiaries as of December 31, 2014, and the related consolidated statements of income and cash flows for the year then ended, disclosed as supplementary information.

2. The Company’s Management is responsible for the preparation and fair presentation of the accompanying financial statements in accordance with the Argentine professional accounting standards effective in Buenos Aires City, and the applicable Argentine Business Associations Law provisions and CNV (Argentine National Securities Commission) regulations for the preparation of financial statements. This responsibility includes: designing, implementing, and maintaining an adequate internal control system so that such financial statements are free from material misstatement whether due to errors or irregularities; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Our responsibility is to express an opinion on the accompanying financial statements based on our audit.

3. We conducted our audit in accordance with auditing standards effective in Argentina. Such standards require that the auditor fulfill ethical requirements and plan and perform the audit to obtain reasonable assurance that the financial statements are free of material deviations.

An audit involves performing procedures, on a selective test basis, to obtain judgmental evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, who, to this end, assesses the risks of material misstatement of the financial statements, whether due to errors or irregularities. In making these risk assessments, the auditor considers the Company’s internal control relevant to the preparation and fair presentation of the financial statements in order to select the appropriate audit procedures in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control system in place. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company’s Management, as well as evaluating the overall presentation of the financial statements.

We believe that the judgmental evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

17

4. In our opinion, the financial statements mentioned in paragraph 1, present fairly, in all material respects, the financial position of CAJA DE VALORES S.A. and the consolidated financial position of CAJA DE VALORES S.A. with its subsidiaries as of December 31, 2014, and the related results of its operations and cash flows for the year then ended, in conformity with the Argentine professional accounting standards effective in Buenos Aires City.

5. As to the balance sheet of CAJA DE VALORES S.A. and the consolidated balance sheet of CAJA DE VALORES S.A. with its subsidiaries as of December 31, 2013, and the related statements of income, changes in shareholders’ equity and cash flows for the year then ended, presented for comparative purposes, we report that on February 27, 2014, we issued an unqualified audit report on such financial statements.

6. In compliance with current legal requirements, we further report that:

a) The financial statements of CAJA DE VALORES S.A. mentioned in paragraph 1 have been transcribed into the “Inventory and Financial Statements” book and, in our opinion, were prepared in all material respects, in conformity with the applicable Argentine Business Associations Law provisions and CNV regulations.

b) The financial statements of CAJA DE VALORES S.A. result from books kept, in their formal respects, in conformity with current regulations.

c) The information included in the “Summary of Events as of December 31, 2014” for the fiscal year then ended, except for the data indicated as “Information not covered by the independent auditor’s report”, was taken from the financial statements as of each date.

d) No significant findings arose within the scope of our responsibility regarding the information included in note 20 to the accompanying financial statements as of December 31, 2014, in connection with the requirements established by the CNV for minimum shareholders’ equity and minimum statutory guarantee.

e) We have applied the anti-money laundering and anti-terrorist financing procedures provided in the related professional standards issued by the CPCECABA (Professional Council in Economic Sciences of the City of Buenos Aires).

f) As of December 31, 2014, liabilities accrued in employer and employee contributions to the Argentine Comprehensive Social Security System resulting from the Company’s accounting books amounted to ARS 4,555,292, none of which was due and payable as of that date.

Buenos Aires City,February 26, 2015

PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13

CLAUDIO N. NOGUEIRASPartner

Certified Public Accountant (U.B.A.)C.P.C.E.C.A.B.A. Vol. 197 - Fo. 64

19

CAJA DE VALORES SOCIEDAD ANÓNIMARegistered office: 25 de mayo 362Buenos Aires

SUMMARY OF EVENTS AS OF DECEMBER 31, 2014

As required by the CNV (Argentine National Securities Commission) in General Resolution No. 434/03, as supplemented, the Company’s Board of Directors approved this summary of events for the period beginning January 1, 2014, and ended December 31, 2014.

1. GENERAL COMMENTS (*)

Consolidated net income for the year totaled ARS 230 million, 33% higher than that in the prior year, mainly due to higher financial income and the management of securities in custody. The custody level valued as of the December 2014 closing exceeded ARS 783 billion, as detailed in note 15 to the Company’s stand-alone financial statements.

2. CONSOLIDATED BALANCE SHEET

(comparative with the years ended December 31, 2010, 2011, 2012 and 2013 – Amounts stated in Argentine pesos).

Signed for identification purposeswith our report dated 02-26-2015

PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.C.P.C.E.C.A.B.A. Vol. 1 Fo. 13


Certified Public Accountant (U.B.A.)C.P.C.E.C.A.B.A. Vol. 197 Fo. 64

Horacio F. TorresChairman

12.31.2014 12.31.2013 12.31.2012 12.31.2011 12.31.2010

Current assets 3.671.230.343 3.164.994.087 2.535.369.239 1.989.707.205 1.800.815.690

Noncurrent assets 118.794.794 111.625.153 115.113.667 120.440.895 106.982.323

Total assets 3.790.025.137 3.276.619.240 2.650.482.906 2.110.148.100 1.907.798.013

Current liabilities 2.700.097.814 2.441.999.809 1.980.655.255 1.535.614.703 1.328.232.827

Noncurrent liabilities 80.711.633 38.290.658 36.377.080 31.822.633 24.271.729

Total liabilities 2.780.809.447 2.480.290.467 2.017.032.335 1.567.437.336 1.352.504.556

Third-party interests in subsidiaries

534.614 480.961 414.934 361.815 319.098

Shareholders’ equity 1.008.681.076 795.847.812 633.035.637 542.348.949 554.974.359

TOTAL 3.790.025.137 3.276.619.240 2.650.482.906 2.110.148.100 1.907.798.013

20

3. CONSOLIDATED STATEMENT OF INCOME

(comparative with the years ended December 31, 2010, 2011, 2012 and 2013 – Amounts stated in Argentine pesos).

(1) Including income from the risk fund and financing expenses

4. STATISTICAL DATA

(comparative with the years ended December 31, 2010, 2011, 2012 and 2013 – Amounts stated in millions of Argentine pesos). (*)

(*) See comment (1) under note 15.






01.01.2014 through

12.31.2014

01.01.2013 through

12.31.2013

01.01.2012 through

12.31.2012

01.01.2011 through

12.31.2011

01.01.2010 through

12.31.2010

Operating income (loss) 38.876.875 428.180 3.789.327 3.346.323 1.031.915

Financial income (1) 324.327.703 254.545.025 147.787.481 108.573.719 105.212.685

Other income (expense), net (8.348.639) (7.623.628) (4.737.663) (4.730.322) (3.243.171)

Income before taxes 354.855.939 247.349.577 146.839.145 107.189.720 103.001.429

Income tax (124.691.821) (74.587.450) (47.951.281) (25.704.839) (32.322.205)

Third-party interests in subsidiaries

(61.328) (66.860) (56.942) (42.539) (1.701)

INCOME FOR THE YEAR 230.102.790 172.695.267 98.830.922 81.442.342 70.677.523

12.31.2014 12.31.2013 12.31.2012 12.31.2011 12.31.2010

Valued holdings in custody (*)

Government securities 404.655 246.208 187.305 178.985 197.829

Shares 121.234 66.081 41.958 36.796 56.375

Bills 107.639 19.443 22.514 18.931 29.578

Trusts 87.725 68.364 42.408 37.966 20.818

Corporate bonds 61.239 49.358 24.887 11.759 10.054

Other 29 24 28 22 23

TOTALS 782.521 449.478 319.100 284.459 314.677

21

5. CONSOLIDATED RATIOS

(comparative with similar fiscal years ended December 31, 2010, 2011, 2012, and 2013). (*)

(1) Current assets/current liabilities(2) Shareholders’ equity/total liabilities(3) Noncurrent assets/total assets

6. PROSPECTS (*)

By fiscal year-end, the Company had performed its activity in a reasonable manner and according to the budget.

The Company’s Board of Directors oversees changes in all economic and financial variables permanently in order to determine the possible actions to be taken and to identify the potential impact on the equity and financial situation of Caja de Valores S.A.

(*) Information not covered by the independent auditor’s report.

Buenos Aires City,February 26, 2015.






12.31.2014 12.31.2013 12.31.2012 12.31.2011 12.31.2010

Liquidity (1) 1,36 1,30 1,28 1,30 1,36

Solvency (2) 0,36 0,32 0,31 0,36 0,41

Tied-up capital (3) 0,03 0,03 0,04 0,06 0,06

Shareholders and Financial statements for the fiscal year ended December 31, 2014

FINANCIAL STATEMENTS

25

CAJA DE VALORES SOCIEDAD ANÓNIMA

FISCAL YEAR N°. 41

FINANCIAL STATEMENTS AS OF DECEMBER 31, 2014PRESENTED COMPARATIVELY WITH THE PRIOR FISCAL YEAR

Registered office:25 de mayo 362 – Buenos Aires Main business:Depository of securities – Chapter III, Law No. 20,643(See note 20) C.U.I.T. (Argentine taxpayer identification No.):30-55447591-0

DATE OF REGISTRATION WITH THE PUBLIC REGISTRY OF COMMERCE Of the by-laws or articles of incorporation:November 05, 1974

Of the amendment to by-laws:November 13, 2014 (last amendment) Registration number with the IGJ(Argentine regulatory agency of business associations):49,566 Expiration date of by-laws or articles of incorporation:November 5, 2064


PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.C.P.C.E.C.A.B.A. Vol. 1 - Fo. 13



Ricardo M. P. TruccoChairman of the Statutory Audit Committee

Horacio Fabián TorresChairman

Stock Interests

Shareholders Interest

Bolsa de Comercio de Buenos Aires (Buenos Aires stock exchange)

49,98%

Mercado de Valores de Buenos Aires S.A. (Buenos Aires securities market)

49,98%

Other 0,04%

Capital Structure (Nota 11)

Shares

Number ClassNumber of votes

per shareSubscribed (in ARS) Paid-in (in ARS)

116.500.000 A 1 vote 116,500,000 116,500,000

116.500.000 B 1 vote 116,500,000 116,500,000

TOTAL 233,000,000 233,000,000

26

CAJA DE VALORES SOCIEDAD ANÓNIMARegistration number with the IGJ: 49,566

CONSOLIDATED BALANCE SHEETSas of December 31, 2014, and 2013(Figures stated in Argentine pesos)

The accompanying notes 1 through 4 are an integral part of these consolidated financial statements.







12.31.2014 12.31.2013

ASSETS

CURRENT ASSETS

Cash 3,167,773,241 2,647,575,856

Investments 444,250,942 476,878,332

Trade receivables 45,557,023 28,309,291

Other receivables 13,649,137 12,230,608

Total current assets 3,671,230,343 3,164,994,087

NONCURRENT ASSETS

Investments 7,287,782 12,178,372

Other receivables 1,048,698 2,128,177

P&E 70,688,309 71,394,877

Intangible assets 39,770,005 25,923,727

Total noncurrent assets 118,794,794 111,625,153

TOTAL ASSETS 3,790,025,137 3,276,619,240

LIABILITIES

CURRENT LIABILITIES

Accounts payable 2,597,584,014 2,348,962,366

Salaries and payroll taxes 17,319,340 13,448,655

Taxes payable 77,672,218 74,504,485

Other liabilities 7,522,242 5,084,303

Total current liabilities 2,700,097,814 2,441,999,809

NONCURRENT LIABILITIES

Taxes payable 76,708,282 30,974,613

Allowances and Provisions 4,003,351 7,316,045

Total noncurrent liabilities 80,711,633 38,290,658

TOTAL LIABILITIES 2,780,809,447 2,480,290,467

Minority interest in subsidiaries 534,614 480,961

SHAREHOLDERS’ EQUITY (as per related statement) 1,008,681,076 795,847,812

TOTAL LIABILITIES AND SHAREHOLDERS' 3,790,025,137 3,276,619,240

27


CONSOLIDATED STATEMENTS OF INCOME for the fiscal years ended December 31, 2014, and 2013(Figures stated in Argentine pesos)








12.31.2014 12.31.2013

Service-charge income 307,353,185 190,678,887

Cost of services (192,945,247) (136,568,642)

Gross income 114,407,938 54,110,245

Administrative expenses (52,060,730) (38,798,765)

Selling expenses (23,470,333) (14,883,300)

Operating income (loss) 38,876,875 428,180

Financial income (expense) and holding gains (losses), net

From assets 346,272,414 261,721,423

From liabilities (61,096) (27,827)

Financial income (expense) and holding gains (losses) 346,211,318 261,693,596

Financing expenses (29,717,181) (17,072,755)

Other income (expense), net (8,348,639) (7,623,628)

Income from risk fund 7,833,566 9,924,184

Income for the year before income tax 354,855,939 247,349,577

Deferred income tax (45,733,669) 1,404,044

Current income tax (78,958,152) (75,991,494)

Income tax, net (124,691,821) (74,587,450)

Income before third-party interest 230,164,118 172,762,127

Third-party interests in subsidiaries (61,328) (66,860)

INCOME FOR THE YEAR 230,102,790 172,695,267

28


CONSOLIDATED STATEMENTS OF CASH FLOWSfor the fiscal years ended December 31, 2014, and 2013(Figures stated in Argentine pesos)

(1) Cash (excluding “Payables for transactions to be calculated” and amounts related to “Payables for transactions calculated”) plus high-liquidity investments (repurchase agreements, CDs, Government-owned and private securities maturing over the subsequent quarter, and accrued interest).








12.31.2014 12.31.2013

CHANGES IN CASH (1)

Cash at beginning of year 626,156,286 441,719,985

Cash at end of year 778,956,394 626,156,286

Net increase for the year 152,800,108 184,436,301

CAUSES OF CHANGES IN CASHOperating activities

Income for the year 230,102,790 172,695,267

Income tax 78,958,152 75,991,495

Deferred income tax 45,733,669 (1,404,044)

Adjustments to calculate net cash flows from operating activities:

P&E depreciation 5,365,501 6,049,400

Amortization of intangible assets 3,893,705 5,048,632

P&E retirements – Residual value 46,272 -

Income from minority shareholders 61,328 66,860

Provision for contingencies and miscellaneous risks 2,510,172 3,767,043

Allowance for doubtful accounts 402,804 81,393

Allowance for impairment in value of investments 156,664 -

Allowance for assignment of receivables from the risk fund 4,872,356 565,038

Changes in operating assets and liabilities:

Increase in current investments (94,341,132) (40,148,421)

(Increase) / Decrease in current trade receivables (17,642,574) 10,524,841

(Increase) / Decrease in other current receivables (3,315,728) 2,672,180

Decrease / (Increase) in noncurrent investments 1,920,562 (4,162,645)

Decrease / (increase) in other noncurrent receivables 922,814 (902,687)

Increase/(Decrease) in current liabilities 20,688,462 (6,652,692)

Increase/(Decrease) in noncurrent liabilities 14,177,134 (449,421)

Income tax payments (101,984,225) (24,416,527)

Net cash flows provided by operating activities 192,518,724 199,325,712

Investing activities

P&E purchase payments (4,705,209) (2,800,833)

Intangible assets development payments (17,739,983) (2,206,326)

Net cash flows used in investing activities (22,445,192) (5,007,159)

Financing activities

Minority shareholders (3,900) 840

Payment of cash dividends (17,269,526) (9,883,092)

Net cash flows used in financing activities (17,273,426) (9,882,252)

NET INCREASE IN CASH 152,800,108 184,436,301

29


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSfor the fiscal years ended December 31, 2014, and 2013(Figures stated in Argentine pesos)

NOTE 1 - ACCOUNTING STANDARDS

These consolidated financial statements were prepared pursuant to the bases and valuation methods disclosed in note 1 to the stand-alone financial statements of Caja de Valores Sociedad Anónima, which should be read jointly with the information contained in such financial statements.

The subsidiaries’ financial statements, which are detailed in note 2, were prepared based on methods that are consistent with those applied by Caja de Valores Sociedad Anónima to prepare its financial statements, which are detailed in note 1 to such Company’s stand-alone financial statements.

As established by CNV (Argentine National Securities Commission) Resolution No. 368, as supplemented, the consolidated financial statements are required to be presented before the Company’s stand-alone financial statements. This regulation only implies a change in the location of consolidated information and does not modify the fact that stand-alone financial statements constitute the main information and consolidated financial statements are supplementary, as set forth by Argentine Business Associations Law. Therefore, and for the correct interpretation thereof, these consolidated financial statements should be read together with the stand-alone financial statements that are presented after this consolidated information.

NOTE 2 - CONSOLIDATION BASES

The Company has consolidated on a line-by-line basis its balance sheets as of December 31, 2014, and 2013, and its statements of income and cash flows for the fiscal years ended December 31, 2014, and 2013, with the financial statements of Garantía de Valores S.G.R. and Tecnología de Valores S.A. as of those dates, following the procedure established in FACPCE (Argentine Federation of Professional Councils in Economic Sciences) Technical Resolution No. 21, of the Argentine professional accounting standards effective in Buenos Aires City and the CNV.

During fiscal 2003, Caja de Valores S.A. decided to organize and hold an interest in Garantía de Valores Sociedad de Garantía Recíproca, the purpose of which is to grant guarantees to member partners, contributing 50% of capital stock as contributory partner, and 100% of the risk fund. The “Current assets” account of the consolidated balance sheets as of December 31, 2014, included the book amount of both contributions.

On June 23, 2010, Caja de Valores S.A. subscribed 950,000 shares in relation to this equity interest of 95% in the capital stock of Tecnología de Valores S.A., the core business of which is providing all kinds of information-related services to third parties, whether by providing such services directly or through advisory services.

Also see note 17 to the stand-alone financial statements.

NOTE 3 - RECONCILIATION OF SHAREHOLDERS’ EQUITY AND INCOME (LOSS) WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

3.1 Required information for the year ended December 31, 2014:

For the purpose of integration into the Company’s valuation process by shareholder Mercado de Valores de Buenos Aires S.A., and as required by paragraph 16(b), Technical Resolution No. 26 (as amended by Technical Resolution No. 29), and CNV General Resolution No. 562, as supplemented, this note explains the main adjustments and reclassifications resulting from applying such standards consistently with Mercado de Valores de Buenos Aires S.A., and presents the following reconciliations related to such application:

a) Between shareholders’ equity assessed in accordance with the accounting policies described in notes 1 and 2 (Argentine professional accounting standards in effect) to the stand-alone financial statements and shareholders’ equity assessed in accordance with IFRS as of December 31, 2014, and 2013.

b) Between the net consolidated income (loss) for the twelve- and six-month periods ended December 31, 2014, and 2013, respectively, assessed in accordance with the accounting policies described in notes 1 and 2 (Argentine professional accounting standards in effect) to the individual financial statements and the total consolidated comprehensive income (loss) assessed in accordance with IFRS as of the same date.

In preparing these reconciliations, the Company’s Management considered the IFRS that are applicable to the preparation of the financial statements presented by shareholder Mercado de Valores de Buenos Aires S.A. for the year ended December 31, 2014.







30

3.2 Explanation of the reconciliation with IFRS

(a) Reconciliation of the Company’s shareholders’ equity as of December 31, 2014

(1) These items have no impact on income tax.

(b) Reconciliation of the Company’s shareholders’ equity as of December 31, 2014







Shareholders’ equity attributable to owners and local shareholders’ equity

Amounts as of December 31, 2014, under current Argentine professional accounting standards

1,008,681,076

Adjustments and reclassifications:

A. Deferred tax liabilities – P&E (1) (2,343,151)

B. Non-controlling interests (1) 534,614

Total adjustments and reclassifications (1,808,537)

SALDOS AL 31 DE DICIEMBRE DE 2014 SEGÚN NIIF 1,006,872,539

NotesAmounts

under professional accounting standards

Adjustments and reclassifications

Amounts under IFRS

Current assets 3,671,230,343 3,671,230,343

Noncurrent assets 118,794,794 118,794,794

Total assets 3,790,025,137 3,790,025,137

Current liabilities 2,700,097,814 2,700,097,814

Noncurrent liabilities A 80,711,633 2,343,151 83,054,784

Total liabilities 2,780,809,477 2,343,151 2,783,152,598

Non-controlling interests B 534,614 (534,614) -

Shareholders' equity attributable to the parent's owners

A 1,008,681,076 (2,343,151) 1,006,337,925

Non-controlling interests B 534,614 534,614

Total shareholders’ equity 1,008,681,076 (1,808,537) 1,006,872,539

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES

3,790,025,137 3,790,025,137

31

(c) Reconciliation of the Company’s shareholders’ equity as of December 31, 2013

(1) Estas partidas no tienen efecto en el impuesto a las ganancias.

(d) Reconciliation of the Company’s shareholders’ equity as of December 31, 2013







NotesAmounts

under professional accounting standards


Amounts under IFRS

Current assets 3,164,994,087 3,164,994,087

Noncurrent assets 111,625,153 111,625,153

Total assets 3,276,619,240 3,276,619,240

Current liabilities 2,441,999,809 2,441,999,809

Noncurrent liabilities A 38,290,658 2,416,375 40,707,033

Total liabilities 2,480,290,467 2,416,375 2,482,706,842

Non-controlling interests B 480,961 (480,961) -

Shareholders' equity attributable to the parent's owners

A 795,847,812 (2,416,375) 793,431,437

Non-controlling interests B 480,961 480,961

Total shareholders’ equity 795,847,812 (1,935,414) 793,912,398

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES

3,276,619,240 3,275,619,240

Shareholders’ equity attributable to owners and local shareholders’ equity


795,847,812


A. Deferred tax liabilities – P&E (1) (2,416,375)

B. Non-controlling interests (1) 480,961

Total adjustments and reclassifications (1,935,414)

AMOUNTS AS OF DECEMBER 31, 2013, UNDER IFRS 793,912,398

32

(e) Reconciliation of the Company’s net income (loss) for the year ended December 31, 2014


(f) Reconciliation of the Company’s consolidated net income (loss) for the six-month period beginning on July 1, 2013, and ended December 31, 2013








Net income for the year

Other comprehensive

income

Total comprehensive

income


230,102,790 - 230,102,790


A. Deferred tax liabilities – P&E (1) 73,224 - 73,224

B. Non-controlling interests (1) 53,653 - 53,653

Total adjustments and reclassifications 126,877 - 126,877

AMOUNTS AS OF DECEMBER 31, 2014, UNDER IFRS 230,229,667 - 230,229,667

Net income for the year

Other comprehensive

income

Total comprehensive

income


117,403,253 - 117,403,253


A. Deferred tax liabilities – P&E (1) 36,612 - 36,612

B. Non-controlling interests (1) 13,522 - 13,522

Total adjustments and reclassifications 50,134 - 50,134

AMOUNTS AS OF DECEMBER 31, 2013, UNDER IFRS 117,453,387 - 117,453,387

33

A. DEFERRED TAX LIABILITIES – P&E

According to CNV General Resolution No. 562/09, as supplemented, and making use of the option established by FACPCE (Argentine Federation of Professional Councils in Economic Sciences) Interpretation No. 3, the Company has chosen not to record the deferred tax liabilities arising from the temporal difference between the inflation-adjusted book value of nonmonetary assets (booked under “P&E”) and the tax value (or income tax base), disclosing such difference in notes to the financial statements (see note 18). Under IFRS and CNV General Resolution No. 576/10, as supplemented, such liabilities should be recognized in the statement of financial position.

B. NON-CONTROLLING INTERESTS

IFRS require for minority or non-controlling interests to be presented in the consolidated statement of financial position within shareholders’ equity, identifying the portion attributable to the majority shareholders in such minority shareholders. Under the current professional accounting standards effective in Argentina, minority interests are called “Third-party interests in subsidiaries” and presented as an intermediate chapter between Liabilities and Shareholders’ Equity. In addition, income (loss) related to non-controlling interests should be booked in the Company’s consolidated statement of income as income or loss incurred by the majority shareholders.

NOTE 4 - NOTES AND EXHIBITS TO THE CONSOLIDATED FINANCIAL STATEMENTS

Notes 1 through 22 and exhibits I through VIII to the parent company’s stand-alone financial statements are applicable to the accompanying consolidated financial statements, which should be read jointly.







34


BALANCE SHEETSas of December 31, 2014, and 2013(Figures stated in Argentine pesos)

The accompanying notes 1 through 22 and exhibits I through VIII are an integral part of these financial statements.







12.31.2014 12.31.2013

ASSETS

CURRENT ASSETS

Cash (Note 2) 3,150,753,206 2,639,687,589

Investments (Note 3) 386,197,551 418,628,398

Trade receivables (Note 4) 45,229,309 28,146,634

Other receivables (Note 5) 8,797,756 4,339,380

Total current assets 3,590,977,822 3,090,802,001

NONCURRENT ASSETS

Investments (Note 3) 82,057,454 83,551,724

Other receivables (Note 5) 898,321 1,826,522

P&E (Exhibit I) 70,313,938 71,137,591

Intangible assets (Exhibit II) 39,720,005 25,871,008

Total noncurrent assets 192,989,718 182,386,845

TOTAL ASSETS 3,783,967,540 3,273,188,846

LIABILITIES

CURRENT LIABILITIES

Accounts payable (Note 6) 2,597,211,866 2,348,804,939

Salaries & wages and payroll taxes (Note 7) 36,860,292 13,096,713

Taxes payable (Note 8) 57,516,516 74,403,223

Other liabilities (Note 9) 3,073,835 2,857,952

Total current liabilities 2,694,662,509 2,439,162,827

NONCURRENT LIABILITIES

Taxes payable (Note 8) 76,620,604 30,862,162

Provisions (Exhibit VI) 4,003,351 7,316,045

Total noncurrent liabilities 80,623,955 38,178,207


SHAREHOLDERS’ EQUITY (as per related statement) 1,008,681,076 795,847,812

TOTAL LIABILITIES AND SHAREHOLDERS' 3,783,967,540 3,273,188,846

35


STATEMENTS OF INCOMEfor the fiscal years ended December 31, 2014, and 2013(Figures stated in Argentine pesos)








12.31.2014 12.31.2013

Service-charge income (Note 12) 304,058,437 188,208,220

Cost of services (Exhibit VIII) (189,799,665) (134,073,756)

Gross income 114,258,772 54,134,464

Administrative expenses (Exhibit VIII) (48,692,352) (36,150,501)

Selling expenses (Exhibit VIII) (21,750,167) (13,637,059)

Operating income (loss) 43,816,253 4,346,904

Financial income (expense) and holding gains (losses), net (Note 13)

From assets 345,539,615 261,205,406

From liabilities (61,096) (27,827)

Financial income (expense) and holding gains (losses) 345,478,519 261,177,579

Financing expenses (Exhibit VIII) (29,711,239) (17,055,429)

Other income (expense), net (Note 14) (8,065,834) (7,401,189)

Income (loss) from ownership interests in companies under section 33, Argentine Business Associations Law (subsidiaries and affiliates) (Note 17)

3,189,515 6,136,350


Deferred income tax (Note 18) (45,758,442) 1,454,659

Current income tax (Note 18) (78,845,982) (75,963,607)

Income tax, net (124,604,424) (74,508,948)

INCOME FOR THE YEAR 230,102,790 172,695,267

36


STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITYfor the fiscal years ended December 31, 2014, and 2013(Figures stated in Argentine pesos)








ACCOUNTSCapital stock

(Note 11)Legal

reserve

Reserve for possible

risks

Reserve for future equipment

Optional reserve

Unappropriated retained earnings

(Accumulated losses) (Note 19)

Total

ARS

Amounts as of 01.01.13 233,000,000 35,931,145 36,056,587 8,825,585 220,391,398 98,830,922 633,035,637

Distribution by the Regular Shareholders’ Meeting held on April 25, 2013:

to reserves - 4,941,546 4,941,546 - 79,064,738 (88,947,830) -

to cash dividends - - - - - (9,883,092) (9,883,092)

Income for the year - - - - - 172,695,267 172,695,267

Amounts as of 12.31.13 233,000,000 40,872,691 40,998,133 8,825,585 299,456,136 172,695,267 795,847,812

Distribution of the Regular Shareholders’ Meeting held on April 24, 2014:

to reserves - 5,727,309 8,634,763 - 141,063,669 (155,425,741) -

to cash dividends - - - - - (17,269,526) (17,269,526)

Income for the year - - - - - 230,102,790 230,102,790

Amounts as of 12.31.14 233,000,000 46,600,000 49,632,896 8,825,585 440,519,805 230,102,790 1,008,681,076

37


STATEMENTS OF CASH FLOWSfor the fiscal years ended December 31, 2014, and 2013(Figures stated in Argentine pesos)

(1) Cash (excluding “Payables for transactions to be calculated” and amounts related to “Payables for transactions calculated”) plus high-liquidity investments (repurchase agreements and CDs maturing over the subsequent quarter, and accrued interest).








12.31.2014 12.31.2013

CHANGES IN CASH (1)

Cash at beginning of year 570,176,878 387,612,968

Cash at end of year 707,367,870 570,176,878

Net increase in cash 137,190,992 182,563,910

CAUSES OF CHANGES IN CASH

Operating activities


Income tax 78,845,982 75,963,607

Deferred income tax 45,758,442 (1,454,659)

Adjustments to calculate net cash flows from operating activities:

P&E depreciation 5,291,598 5,995,761

Amortization of intangible assets 3,890,986 5,043,978

P&E retirements – Residual value 46,272 -

Allowance for impairment in value of investments 156,664 565,038

Allowance for doubtful accounts 402,804 81,393

Allowance for assignment of receivables from the risk fund 4,872,356 -

Provision for contingencies and miscellaneous risks 2,510,172 3,767,043

Income (loss) from ownership interests in subsidiaries (3,189,515) (6,136,350)

Changes in operating assets and liabilities:

Increase in current investments (101,015,024) (29,989,626)

(Increase) / Decrease in current trade receivables (17,485,479) 10,414,144

(Increase) / Decrease in other current receivables (4,458,376) 4,298,603

Increase in non-current investments (5,402,003) (17,661,812)

Increase in other noncurrent receivables (3,944,155) (1,294,133)

Increase/(Decrease) in current liabilities 18,176,474 (7,017,939)

Increase/(Decrease) in noncurrent liabilities 14,177,134 (385,577)

Income tax payments (101,951,528) (24,383,551)

Net cash flows provided by operating activities 166,785,594 190,501,187

Investing activities

Restatement of the contribution to the risk fund (20,000,000) (40,000,000)

Reimbursement of the contribution to the risk fund 20,000,000 40,000,000

Collection of the return on the risk fund 9,924,184 6,918,902

Capital paid-in in companies under section 33 33 4,940 (860)

P&E purchase payments (4,514,217) (2,765,901)

Intangible assets development payments (17,739,983) (2,206,326)

Net cash flows (used in) provided by investing activities (12,325,076) 1,945,815

Financing activities

Payment of cash dividends as determined by the Shareholders’ Meeting (17,269,526) (9,883,092)

Net cash flows used in financing activities (17,269,526) (9,883,092)

NET INCREASE IN CASH 137,190,992 182,563,910

38


NOTES TO THE FINANCIAL STATEMENTSas of December 31, 2014, and 2013(Figures stated in Argentine pesos)

NOTE 1 - BASIS FOR THE PRESENTATION AND PREPARATION OF THE FINANCIAL STATEMENTS

The following are the bases of presentation and preparation of the most significant financial statements used by the Company, which were applied consistently with the prior fiscal year.

1.1. APPLICABLE ACCOUNTING STANDARDS

The Company’s financial statements were prepared in conformity with Argentine professional accounting standards in effect in Buenos Aires City, to the extent that those standards have been accepted by the IGJ and in accordance with the resolutions issued by the CNV, which were applied consistently with the prior fiscal year.

The expression ‘Argentine professional accounting standards in effect in Buenos Aires City’ refers to the accounting standards issued by the FACPCE and approved by the CPCECABA (Professional Council in Economic Sciences of the City of Buenos Aires), not including the standards in Technical Resolution No. 26 “Adoption of International Financial Reporting Standards issued by the International Accounting Standards Board and International Financial Reporting Standards for Small and Medium-Sized Entities”.

Under CNV General Resolution No. 562, which establishes the application of FACPCE Technical Resolution No. 26, which in turn adopts the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) for certain entities included in the public offer system under Law No. 17,811, it is mandatory for Mercado de Valores de Buenos Aires S.A., a Company shareholder, to apply those standards as from the fiscal year beginning on or after July 1, 2012. Accordingly, as of December 31, 2014, Mercado de Valores de Buenos Aires S.A. issued its financial statements under IFRS.

1.2. SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS

Preparing the financial statements in accordance with such standards requires that the Company’s Management make and consider the significant accounting estimates and assumptions that affect the reported figures for assets and liabilities, revenues and expenses, as well as the assessment and disclosure of contingent assets and liabilities as of the date of those statements In this sense, the uncertainty related to the estimates and assumptions adopted could result in outcomes that could differ from those estimates.

1.3. UNFORESEEN ISSUES: APPLICATION OF SUPPLEMENTARY REGULATORY SOURCES

The measurement issues not established in Argentine professional accounting standards may be resolved (i) by using specific accounting standards addressing similar and related issues (unless the standard intended to be used prohibits the application to the particular case to be solved or indicates that the accounting treatment proposed should not be applied to other cases by analogy), (ii) by applying standards on accounting measurement in general, and (iii) through the concepts included in the general framework of Argentine professional accounting standards in effect, in the abovementioned order of priority.

Whenever the resolution for the issue of measurement was not established in the abovementioned sources and, therefore, it was not apparent, the following standards shall be used supplementarily for Management to establish its criterion and for the creation of the relevant accounting policy, in the following descending order of priority: (i) IFRSs, IFRSs for SMEs and Interpretations approved and issued by the IASB, and (ii) subject to no established order, the most recent resolutions from other issuers using a similar general framework for the issuance of accounting standards, accepted industry practices and accounting jurisprudence, on condition that the supplementary sources used do not contradict the regulatory sources mentioned in the previous paragraph, until the FACPCE issued a standard to regulate the measurement issue involved.







39

1.4. NEW ACCOUNTING STANDARDS APPROVED BY THE FACPCE

Technical Resolution No. 40 and Interpretation No. 7

Both regulations are related to TR 31, which has added to professional accounting standards: (a) the category of “Investment Properties”, under which the properties for lease or for the long-term increase of value should be classified, (b) the revaluation model to measure P&E at fair value, and the application of the net realizable value criterion to measure investment properties, in both cases as an alternative to the original cost less accumulated depreciation criterion, and (c) the conditions to be met by an asset to be classified under the category of “Noncurrent assets held for sale (including retired assets)”, the identification of assets to be excluded from this category, and the possibility of applying the cost criterion to measure assets qualifying under the category, as an alternative to the application of the net realizable value criterion based on an effective market or a contract-guaranteed sale price. TR 40 modifies the professional accounting standards on exposure contained in TR 9 and 11 in order to adjust them to the changes introduced by TR 31. TR 40 was approved by the CPCECABA, effective for the fiscal years beginning as from October 3, 2014; early application is allowed.

Interpretation No. 7 provides guidelines on: (a) the application of the revaluation model to measure P&E; (b) the conditions to classify real estate as investment properties, and (c) the application of net realizable value to measure investment properties. The interpretation was approved by the CPCECABA, effective for the fiscal years beginning as from December 29, 2014; early application is allowed.

The application of these regulations is not expected to have material effects on the financial statements as from their mandatory effective term.

Interpretation No. 8

Interpretation No. 8 is related to TR 39 “Amendment of TRs 6 and 17 on statement in constant currency” and provides guidelines on the methods for applying quantitative and qualitative indicators detailed in section 3.1 of TR 17.

1.5. UNIT OF MEASUREMENT

The Argentine professional accounting standards effective in Buenos Aires City establish that the financial statements should be stated in constant pesos. In October 2013, the FACPCE issued TR 39 “Amendment of TRs 6 and 17. Statement in constant currency” and in June 2014 it issued Interpretation No. 8 “Application of paragraph 3.1-Statement in constant currency-of TR 17”. As a result of issuing these regulations, TR 17 introduces as a key indicator and necessary condition to restate the amounts in the financial statements the existence of an inflation rate accumulated over a three-year period reaching or exceeding 100%, considering the domestic wholesale price index of the INDEC (Argentine Institute of Statistics and Censuses).

In addition, TR No. 6 —amended by TR No. 39— establishes that, if the adjustment to the financial statements to reflect the effect of changes in the peso purchasing power had to be reinstated after a period of discontinuation, such adjustment shall be applicable as from the beginning of the fiscal year when the existence of the characteristics identifying inflationary contexts are verified, and the changes to be considered shall be ones existing as from the moment the adjustment was discontinued or as from a subsequent date of current value addition or application, as applicable to the items to be adjusted.

The Company’s financial statements recognize the changes in the currency purchasing power through February 28, 2003, and the adjustments included to reflect those changes were discontinued as from that date, pursuant to the provisions of Argentine professional accounting standards and the requirements in Presidential Decree No. 664/2003 and IGJ General Resolution No. 7/2005.

However, although the significant changes observed in the last few years in the prices of the economy’s relevant variables effecting the business of the Company do not require making the abovementioned adjustments, they still could affect the Company’s financial position and results of operations and, therefore, the information provided in these financial statements should be interpreted by taking into account that situation.







40

1.6. VALUATION METHODS

a. Cash

Available cash has been computed at nominal value.

b. Assets and liabilities in foreign currency

Assets and liabilities in foreign currency were valued at the buyer and seller exchange rates of Banco de la Nación Argentina, respectively, effective as of the related closing date.

c. Investments

Government securities are valued at their listed price as of the related closing date, net of direct selling expenses, as the case may be, and applying the current exchange rate as of those dates, for securities in foreign currency.

Stock exchange-regulated repurchase agreements and postdated checks are valued at cost plus interest accrued as of the related closing date.

Shares are stated at their listed price as of the related closing date, net of direct sale expenses, and applying the effective exchange rate as of those dates.

Corporate bonds and financial trusts are valued at cost plus interest accrued as of the related closing date.

The certificates of deposit are valued at face value plus accrued interest at the rate agreed in each transaction as of the related closing date.

Long-term investments in subsidiaries have been valued according to the equity method based on the financial statements as of December 31, 2014, and 2013, issued by Garantía de Valores S.G.R. and by Tecnología de Valores S.A. The accounting standards used by the subsidiaries to prepare their financial statements are consistent with those used by the Company, also taking into consideration Department of Small and Medium-Sized Enterprises Resolution No. 212/2013 (applicable to Garantía de Valores S.G.R.) and as mentioned in note 17.1.

d. Trade receivables and accounts payable

Trade receivables and accounts payable were valued at the price used in spot transactions upon each transaction plus interest accrued and imputed financial components, as the case may be.

e. Other receivables and payables

Other receivables and payables were valued based on the best possible estimate of the amount receivable and payable, respectively, discounted, provided that their effects were significant, by applying the estimated rate effective upon the transaction or the market rate upon being added to assets/liabilities.

f. P&E

P&E was valued at acquisition cost restated as mentioned in point 1(5), less the related accumulated depreciation.

Income from the sale of P&E is determined by comparing the sale price and the residual value thereof, and it is included in “Other income (expense)” of the statement of income.

Depreciation is calculated by the straight-line method, by applying the year of addition depreciation method. The rate is calculated based on the useful life assigned to assets.

The value of these assets does not exceed the value in use thereof as of each fiscal year-end.

g. Intangible assets

Intangible assets represent software development and IT reengineering costs and they were valued at restated cost following the guidelines indicated in point 1(5), net of accumulated amortization.

Amortization is calculated by the straight-line method, applying the year of addition amortization method and taking into consideration an estimated useful life of each asset.

The value of these assets does not exceed the value in use thereof estimated as of the related closing date.







41

h. Allowances and provisions

Allowances:

- For doubtful accounts and the Risk Fund assignment of receivables: this allowance was booked on the basis of a case-by-case analysis of the receivables portfolio recoverability

- For impairment in value of investments: the estimated recoverable value of investments made was taken into account.

Provision:

- For contingencies and miscellaneous risks: it was booked to cover possible labor and commercial contingencies and other risks that could generate obligations for the Company. The Company’s external legal counsel’s opinion was mainly taken into account to estimate the amounts and possibility of occurrence; those liabilities are booked whenever there is a possibility of occurrence of future costs that may be reasonably estimated.

As of the date of issuance of the accompanying financial statements, Company Management understands that there is no evidence that may allow determining that other contingencies may occur and thus generate a negative impact thereon.

i. Shareholders-equity accounts

The variations in shareholders-equity accounts were restated as indicated in point 1(5). The capital stock account is disclosed at its nominal value.

j. Statement-of-income accounts

Income (loss) for each fiscal year is disclosed at nominal value, considering that the charges for assets used were determined based on the values of those assets restated, as described in point 1(5).

The “Financial income (expense) and holding gains (losses)” account includes accrued interest, income (loss) from the sale of securities, listed price differences related to investments, and foreign exchange differences arising from securities as of the related closing date.

1.7. COMPARATIVE INFORMATION

As required by Argentine professional accounting standards in effect, the balance sheet as of December 31, 2014, is presented comparatively with the balance sheet as of December 31, 2013.

In addition, the statements of income, changes in shareholders’ equity and cash flows for the year ended December 31, 2014, are presented comparatively with those for the year ended December 31, 2013.

For comparative presentation purposes with the amounts for the current fiscal year, in the balance sheets and the statements of income and cash flows presented for comparative purposes and certain related supplementary information, reclassifications were made without giving rise to effects on shareholders’ equity or the Company’s income. The modification of the comparative information does not entail any changes in the decisions made based thereon.







42

NOTE 2 - CASH

Cash breaks down as follows:

(1) These accounts include the funds available to carry out the Company’s transactions as paying agent

NOTE 3 - INVESTMENTS

Investments break down as follows:







12.31.14 12.31.13

ARS

Cash on hand 619,090 693,639

Cash on hand in foreign currency (Exhibit VII) (1) 517,101,482 158,360,197

Cash in banks (1) 1,310,930,303 1,147,372,464

Cash in banks in foreign currency (Exhibit VII) (1) 1,322,102,331 1,333,261,289

3,150,753,206 2,639,687,589

12.31.14 12.31.13

ARS

Current

Certificates of deposit (Exhibit V) 5,007,471 172,488,496

Stock exchange-regulated repurchase agreements (Exhibit V) 134,973,749 99,986,226

Government securities (Exhibit III) 235,550,684 128,548,690

Private securities (Exhibit III) 10,665,647 16,652,617

Postdated checks (Exhibit V) - 952,369

386,197,551 418,628,398

Noncurrent

Interest held in the company under section 33 (subsidiaries and affiliates) Garantía de Valores S.G.R. (Note 17 and Exhibit IV)

73,647,791 70,351,349

Less: Allowance for impairment in value of investments (Exhibit VI) (2,052,891) (1,896,227)

Private securities (Exhibit III) 8,982,143 13,716,069

Interest held in the company under section 33 (subsidiaries and affiliates) Tecnología de Valores S.A. (Note 17 and Exhibit IV)

1,121,881 1,022,003

Works of art (Exhibit V) 358,530 358,530

82,057,454 83,551,724

43

NOTE 4 - TRADE RECEIVABLES

Receivables break down as follows:

NOTE 5 - OTHER RECEIVABLES

Other receivables break down as follows:







12.31.14 12.31.13

ARS

Current

Trade receivables 29,066,702 17,850,558

Past due trade receivables 16,884,106 10,654,468

Affiliates (Note 10) 499,569 459,872

Less: Allowance for doubtful accounts (Exhibit VI) (1,221,068) (818,264)

45,229,309 28,146,634

12.31.14 12.31.13

ARS

Current

Prepaid expenses 5,741,999 3,391,704

Loans to personnel 771,018 471,508

Tax on bank account transactions 95,669 33,793

Other 2,189,070 442,375

8,797,756 4,339,380

Noncurrent

Prepaid expenses 898,321 1,826,522

898,321 1,826,522

44

NOTE 6 - ACCOUNTS PAYABLE

Accounts payable break down as follows:

NOTE 7 - SALARIES AND PAYROLL TAXES

Salaries and payroll taxes break down as follows:







12.31.14 12.31.13

ARS

Current

Payables for transactions calculated 2,548,170,337 2,040,989,246

Payables for transactions to be calculated 35,196,219 301,948,556

Recurring expenses accrued 4,362,822 3,034,302

Vendors 9,412,362 2,759,477

Other 70,126 73,358

2,597,211,866 2,348,804,939

12.31.14 12.31.13

ARS

Current

Vacation accrual 4,842,088 4,026,491

Payroll taxes and withholdings payable 5,686,776 4,373,350

Miscellaneous provisions 26,331,428 4,696,872

36,860,292 13,096,713

45

NOTE 8 - TAXES PAYABLE

Taxes payable break down as follows:

NOTE 9 - OTHER LIABILITIES

Other liabilities break down as follows:







12.31.14 12.31.13

ARS

Current

Income tax and minimum presumed income tax (net of prepayments, withholdings and other tax credits)

53,653,948 70,844,652

Turnover tax 3,068,052 2,545,983

Value-added tax 793,000 978,414

Other taxes payable 1,516 34,174

57,516,516 74,403,223

Noncurrent

Deferred income tax 76,620,604 30,862,162

76,620,604 30,862,162

12.31.14 12.31.13

ARS

Current

Board of Directors’ and Statutory Audit Committee’s fees (net of prepayments)

2,936,573 2,720,573

Subsidiaries (Note 10) 30 -

Other 137,232 137,379

3,073,835 2,857,952

46

NOTE 10 - TRANSACTIONS WITH SUBSIDIARIES AND RELATED COMPANIES

The amounts booked as of December 31, 2014, and 2013, for transactions with subsidiaries and related companies are as follows:







12.31.14 12.31.13

ARS

Cash

Related company

Banco de Valores S.A. 3,771,320 269,308,457

Investments

Related company

Banco de Valores S.A. (*) 766,325 2,059,649

Trade receivables

Related companies

Bolsa de Comercio de Buenos Aires (Buenos Aires stock exchange) 24,334 6,050

Mercado de Valores de Buenos Aires S.A. (Buenos Aires securities market) 106,709 98,658

Garantía de Valores S.G.R. 11,018 7,961

Banco de Valores S.A. 357,508 347,203

Other receivables

Related companies

Garantía de Valores S.G.R. 1,000 -

Accounts payable

Related company

Bolsa de Comercio de Buenos Aires (Buenos Aires stock exchange) - 3,264

Other liabilities

Related company

Garantía de Valores S.G.R. 30 -

(*) Including financial trusts listed on the stock exchange held by the Company of which the related company is a trustee and/or depository.

47

Income (loss) from transactions for the years ended December 31, 2014, and 2013, with subsidiaries and related companies are as follows:







12.31.14 12.31.13

ARS

Related companies

Bolsa de Comercio de Buenos Aires (Buenos Aires stock exchange)

Revenues from data processing 60,000 60,000

Miscellaneous revenues 28,817 24,382

Miscellaneous disbursements (619,935) (459,140)

Mercado de Valores de Buenos Aires S.A. (Buenos Aires securities market)

Revenues from transfers 1,324,473 606,730


Miscellaneous revenues - 24,382

Courses (1,364) (455)

Sponsorships (123,372) (18,000)

Other (105,778) -

Subsidiary

Garantía de Valores S.G.R.

Risk fund management fees (4,800,000) (3,900,000)

Postdated check trading fee 109,915 73,340

Related company

Banco de Valores S.A.

Revenues from custody 2,384,421 1,283,999

Income from receivables 439,395 404,101


Revenues from transfers 115,401 76,893

Registration revenues 35,643 37,580

Mortgage-related revenues 2,806 2,050

Expense recovery 208 77

Bank expenses (134,589) (34,349)

48

NOTE 11 - CAPITAL STRUCTURE

As of December 31, 2014, the capital structure is as follows:

NOTE 12 - SERVICE-CHARGE INCOME

Service charge income breaks down as follows:







Capital ARSApproved by Date of

registration with the Public Registry of CommerceDate Body

Subscribed, paid-in and registered

40,000,000 04.18.97Regular Shareholders’

Meeting06.27.97


160,000,000 04.27.06Regular Shareholders’

Meeting08.15.06


120,000,000 04.24.08Regular and Special

Shareholders’ Meeting10.08.08

Reduction (87,000,000) 10.14.11Special Shareholders’

Meeting12.15.11

TOTAL 233,000,000

It is related to 116,500,000 “Class A” book-entry shares of common stock and 116,500,000 “Class B” book-entry shares of common stock, face value ARS 1 each and one vote per share.

12.31.14 12.31.13

ARS

Custody 130,574,423 79,206,530

Receivables 125,781,002 72,489,402

Services to third parties 19,181,988 15,593,437

Transfers 18,081,039 11,930,498

Data processing 6,754,687 6,978,049

Pledge and mortgage bills 3,134,674 1,480,781

Temporary services 550,624 529,523

TOTAL 304,058,437 188,208,220

49

NOTE 13 - FINANCIAL INCOME (EXPENSE) AND HOLDING GAINS (LOSSES), NET

This item breaks down as follows:

NOTE 14 - OTHER INCOME (EXPENSE), NET

This item breaks down as follows:







12.31.14 12.31.13

ARS

Noncomputable value-added tax (4,771,212) (4,412,633)

Provision for contingencies and miscellaneous risks (Exhibit VI) (2,510,172) (3,767,043)

Donations (959,562) (500,045)

Other 175,112 1,278,532

TOTAL (8,065,834) (7,401,189)

12.31.14 12.31.13

ARS

From assets:

Income from government securities (1,493,952) 42,335,890

Income from private securities 226,395,817 112,815,481

Interest earned from financial transactions 59,151,336 50,060,817

Foreign exchange difference 61,486,443 56,451,277

Other (29) (458,059)

Income from assets 345,539,615 261,205,406

From liabilities:

Foreign exchange difference (61,096) (27,827)

Loss from liabilities (61,096) (27,827)

TOTAL INCOME FROM FINANCIAL INCOME (EXPENSE) AND HOLDING GAINS (LOSSES)

345,478,519 261,177,579

50

NOTE 15 - MEMORANDUM ACCOUNTS

The breakdown of memorandum accounts stated in nominal values and their valuation at the latest listed price as of each year-end, is as follows:







Memorandum accounts12.31.14 12.31.13

Nominal Valued Nominal Valued

Caja de Valores S.A. (1) 449,111,726,887 715,292,212,068 310,176,445,836 405,591,667,353

Euroclear (1) 14,074,561,434 51,903,319,714 13,077,349,957 29,933,187,764

Clearstream (1) 1,166,396,071 12,642,600,580 1,220,241,396 6,222,665,030

The Depository Trust Company (D.T.C.) (1)

197,523,516 805,457,156 1,094,882,182 6,447,732,153

C.B.L.C. (1) 29,963,940 1,092,003,616 12,912,387 567,754,020

Iberclear (1) 9,008,356 785,685,178 9,116,007 714,004,914

SEDESA Fondo Fiduciario 999,999 999,999 999,999 999,999

Guarantees received from companies under section 33, Law No. 19,550

60,024,272 60,024,272 60,024,272 60,024,272

Postdated checks 3,861,045,065 3,861,045,065 2,046,627,094 2,046,627,094

Certificates of deposit 447,365,117 447,365,117 1,732,699,588 1,732,699,588

Promissory notes 9,682,467,609 9,682,467,609 3,727,207,497 3,727,207,497

TOTALS 478,641,082,266 796,573,180,374 333,158,506,215 457,044,569,684

(1) Related to valued custody of securities, shares, bills, trusts and corporate bonds, among others.

51

NOTE 16 - ADDITIONAL INFORMATION ON INVESTMENTS, RECEIVABLES AND PAYABLES

The due dates of investments, receivables and payables as of December 31, 2014, are as follows:







Investments Trade receivables Other receivables

ARS

To fall due

Q1 139,981,220 29,915,440 2,460,734

Q2 - - 2,452,864

Q3 - - 889,978

Q4 - - 805,113

Noncurrent 8,982,143 - 898,318

Subtotal 148,963,363 29,915,440 7,507,007

Past due - 15,313,869 -

Without due date 319,291,642 - 2,189,070

Total as of 12.31.14 468,255,005 45,229,309 9,696,077

Not accruing interest 73,075,311 45,229,309 9,696,077

Accruing interest at a fixed rate (a) 139,981,220 - -

Accruing interest at a variable rate (b) 255,198,474 - -

TOTAL AS OF 12.31.14 468,255,005 45,229,309 9,696,077

(a) The annual average rate is 24.21%.(b) The annual average rate is 4.73%.

Accounts payable

Salaries and payroll taxes

Taxes payable

Other liabilities

Allowances and Provisions

ARS

To fall due

Q1 48,971,403 5,686,776 3,861,052 137,262 -

Q2 - 4,842,088 53,653,948 2,936,573 -

Q3 - - - - -

Q4 - - - - -

Noncurrent - - 76,620,604 - -

Subtotal 48,971,403 10,528,864 134,135,604 3,073,835 -

Past due - - - - -

Without due date 2,548,240,463 26,331,428 1,516 - 4,003,351

Total as of 12.31.14 2,597,211,866 36,860,292 134,137,120 3,073,835 4,003,351

Not accruing interest 2,597,211,866 36,860,292 134,137,120 3,073,835 4,003,351

TOTAL AS OF 12.31.14 2,597,211,866 36,860,292 134,137,120 3,073,835 4,003,351

52

NOTE 17 - SUBSIDIARIES

17.1 GARANTÍA DE VALORES S.G.R. – CAPITAL SUBSCRIPTION AND CONTRIBUTION TO RISK FUND

Garantía de Valores S.G.R. is a mutual guarantee company that is mainly regulated by Law No. 24,467 and it was registered with the Public Registry of Commerce on December 23, 2003, the purpose of which is to grant guarantees to member partners.

Caja de Valores S.A. made contributions to subscribe 50% of capital and 100% to the risk fund Garantía de Valores S.G.R.

Following current regulations, contributions to the risk fund are deducted from taxable income to assess income tax for the related tax year.

During the current period, Garantía de Valores S.G.R decreased its capital stock by ARS 16,000, which is represented by 8,000 Class A shares belonging to member partners with a face value of ARS 1 each, and 8,000 Class B shares belonging to contributory partners with a face value of ARS 1 each. In addition, it increased its capital stock by ARS 660, which is represented by 330

Class A shares belonging to member partners with a face value of ARS 1 each, and 330 Class B shares belonging to contributory partners with a face value of ARS 1 each. As of December 31, 2014, Caja de Valores S.A. maintains its 50% interest in the capital stock of Garantía de Valores S.G.R.

On November 28, 2013, the Department of Small and Medium-sized Enterprise issued Resolution No. 212/2013, effective as from January 2, 2014. Considering the current economic situation and the business of mutual guarantee companies, the purpose of the issuance of this Resolution is to update the regulations governing the system of these companies, extending concepts and interpretation criteria to ensure better consistency of the effective framework providing the system with clarity. It also introduces certain modifications and extensions to the monthly reporting system, the specimen chart of accounts and supplementary information, includes a restriction of the operating limit for certain specific assumptions and establishes a new accounting treatment of the Contingent Risk Fund, among others.

Risk fund changes as of December 31, 2014, and 2013, were as follows:







12.31.2014 12.31.2013

Balances at beginning of year 69,924,184 66,918,902

Use of risk fund return on April 23, 2013 - (6,918,902)

Use of risk fund return on April 22, 2014 (9,924,184) -

Restatement of risk fund, as approved by the SGR’s Board of Directors on November 18, 2013

- 10,000,000

Reimbursement of contribution to risk fund, as approved by the SGR’s Board of Directors on November 19, 2013

- (10,000,000)

Restatement of risk fund, as approved by the SGR’s Board of Directors on November 18, 2013

- 30,000,000

Reimbursement of contribution to risk fund, as approved by the SGR’s Board of Directors on November 19, 2013

- (30,000,000)

Restatement of risk fund, as approved by the SGR’s Board of Directors on December 18, 2014

20,000,000 -

Reimbursement of contribution to risk fund, as approved by the SGR’s Board of Directors on December 19, 2014

(20,000,000) -

Adjustment of contingent Risk Fund (1) (1,168,549) -


BALANCE AT END OF YEAR 73,172,220 69,924,184

(1) Related to the new accounting treatment of the Contingent Risk Fund set forth in section 32, Chapter IV, Resolution No. 212/2013 issued by the Department of Small and Medium-Sized Enterprises, which includes the new accounting treatment methodology of the Contingent Risk Fund, making it mandatory to set an allowance for doubtful accounts for the receivables included in “Receivables from guarantees met” based on the types of counter-guarantees and term in arrears described in subsection (b) of that article and the accounting system described in the chart of accounts of Exhibit 9 of that regulation. As of December 31, 2014, it includes receivables with allowances not covering 100%, in the amount of 1,168,549.

53

Furthermore, income from the equity interest in Garantía de Valores S.G.R. as of December 31, 2014, and 2013, amounts to ARS 3,089,637, and ARS 6,088,528, respectively, including mainly the return on the investment, less the adjustment of contingent risk fund, the allowance for contingent risk fund and the commissions paid to such company as risk fund management fees.

On December 23, 2013, May 6, 2014, August 4, 2014, and December 18, 2014, the Company contributed 10,103,773; 2,676,311; 286,675; and 3,378,751, respectively, to restore the risk fund; these amounts are equivalent to the contingent risk fund with a low likelihood of recovery.

17.2 TECNOLOGÍA DE VALORES S.A. – CAPITAL SUBSCRIPTION

This involves a stock corporation created on March 23, 2010, and registered with the IGJ (Argentine regulatory agency of business associations) under number 9,946 on June 03, 2010.

Its core business is providing all kinds of IT-related services to third parties, whether by providing such services directly or through advisory services. The company may also act as licensed certifier of digital signatures with the powers, duties and scopes provided in Law No. 25,506, and its administrative orders or regulations that can amend or supersede them in the future, as well as provide third parties with any other service related to the use of digital or electronic signatures.

The equity interest in Tecnología de Valores S.A. as of December 31, 2014, and 2013, resulted in income amounting to ARS 99,878, and ARS 47,821, respectively.

The capital stock is ARS 1,000,000 and the total amount was subscribed in book-entry shares of common stock entitled to one vote each, as follows: Caja de Valores S.A. 950,000 shares representing a total of ARS 950,000 and 95% of the capital stock; BCBA (Stock Exchange of Buenos Aires) subscribed 25,000 shares which represent a total of ARS 25,000 and 2.5% of the capital stock and Mercado de Valores de Buenos Aires S.A. subscribed 25,000 shares that represent a total of ARS 25,000 and 2.5% of the capital stock.

NOTA 18 - INCOME TAX AND MINIMUM PRESUMED INCOME TAX

The Company assesses the book income tax charge using the deferred tax method. Such method consists in determining the differences between the accounting measurements of assets and liabilities, and their tax bases, which are the amounts with which these assets and liabilities would appear in the financial statements if income tax regulations were applied for their measurement. Notwithstanding any setoff that may be applicable, temporary differences give rise to booking a liability when their future reversal increases the tax amount assessed, and an asset when their future reversal decreases it.

Whenever there are NOLs or unused tax credits that are deductible from future taxable income, the Company will recognize a deferred tax asset, but only insofar as the abovementioned future deduction is likely.

In addition, the Company assesses minimum presumed income tax by applying the effective 1% rate to the computable assets at each year-end. This tax is supplementary to income tax. The Company’s tax obligation for each tax year shall be the higher of these two taxes. However, should minimum presumed income tax exceed income tax in a given tax year, such excess may be computed as payment on account of any income tax excess over minimum presumed income tax that may occur in any of the ten subsequent tax years.

In the fiscal years ended December 31, 2014, and 2013, the amount assessed on account of income tax was 78,845,982 and 75,963,607, respectively, which was included in the statement of income under “Current income tax”. Furthermore, the net variations of temporary differences as of December 31, 2014, and 2013, in the amount of 45,758,442 (loss) and 1,454,659 (income), respectively, were included in the “Deferred income tax” account.

Based on the application of the deferred tax method, the Company carries net liabilities amounting to 76,620,604 and 30,862,162 as of December 31, 2014, and 2013, respectively







54

The changes and breakdown of deferred tax assets and liabilities are disclosed below:

According to CNV General Resolution No. 562/09, as amended, the Company decided not to recognize the deferred tax liabilities due to the effect of the adjustment for inflation of nonmonetary assets, which amounted to ARS 2,343,151 and ARS 2,416,375 as of December 31, 2014, and December 31, 2013, respectively. Had such deferred liabilities been recognized, the income tax charge for the year would have decreased by ARS 73,224.

The reconciliation between income tax charged to the statement of income and that deriving from applying the effective income tax rate to book income is:







Deferred assetsTrade

receivablesOther

receivablesProvisions

and allowancesTotal

Balance at beginning of year 112,920 1,155,819 2,560,615 3,829,354

Changes for the year 140,982 56,616 2,340,558 2,538,156

BALANCE AT END OF YEAR 253,902 1,212,435 4,901,173 6,367,510

Deferred liabilitiesCash and cash equivalents

and investmentsIntangible

assetsTotal

Balance at beginning of year 25,636,665 9,054,851 34,691,516

Changes for the year 45,155,256 3,141,342 48,296,598

BALANCE AT END OF YEAR 70,791,921 12,196,193 82,988,114

12.31.14 12.31.13

ARS


Effective tax rate 35% 35%

Income for the year at tax rate 124,147,525 86,521,475

Permanent differences in tax rate:

Risk fund management commissions 1,680,000 1,318,429

Investment in company under section 33 (4,830,527) (13,801,205)

Income tax accrual adjustment (158,008) (45,020)

Other 3,765,434 515,269

Total permanent differences 456,899 (12,012,527)

Total income tax loss for the year 124,604,424 74,508,948

Variation between deferred liabilities at beginning and end of year charged to income

(45,758,442) 1,454,659

Tax for the year (78,845,982) (75,963,607)

TOTAL INCOME TAX LOSS FOR THE YEAR (124,604,424) (74,508,948)

55

NOTE 19 - RESTRICTIONS ON EARNINGS DISTRIBUTION

As set forth in section 70, Law No. 19,550, and the Company’s by-laws, out of liquid and realized earnings, the following percentages shall be used to book the following reserves:

- At least 5% to reach 20% of the capital subscribed to the legal reserve fund.

- 5% annually until 25% of subscribed capital is reached, to a fund aimed at covering possible losses.

Furthermore, as established by section 5, Presidential Decree No. 659/74, from the benefits obtained, the Company shall not distribute cash dividends exceeding 10% of earnings.

The statement of changes in shareholders’ equity includes the unappropriated retained earnings distributions as of December 31, 2013, and 2012, which was decided at the Regular General Shareholders’ Meeting held on April 24, 2014, and April 25, 2013, respectively.

NOTE 20 - MINIMUM SHAREHOLDERS’ EQUITY AND MINIMUM STATUTORY GUARANTEE

In compliance with the provisions established by the CNV in General Resolution No. 622/2013, the Company is registered under number 19 as collective deposit agent (ADC), and custody, registration and payment agent (ACRyP), as provided for by CNV Resolution No. 17,504 dated September 11, 2014.

According to the requirements laid down in such Resolution, it is reported that the Company’s shareholders’ equity amply exceeds the minimum shareholders’ equity requirement of 74,000,000 established in such regulation, as well as the minimum statutory guarantee account requirement of 14,800,000, which has been paid-in according to the following breakdown:







Item Number Amount

Quasi-par bonds in ARS maturing in 2045

10,000,000 15,300,000

56

NOTE 21 - SITUATION IN THE FINANCIAL AND CAPITAL MARKETS

The international and local macroeconomic context generates a certain degree of uncertainty regarding its future progress as a result of the contractions in growth levels, the volatility of financial assets and the foreign exchange market, among other issues, which has been observed with various degrees of intensity over the last few years. In addition, at a local level, there was an increase in the volatility of government and private securities and in interest rates, as well as significant changes in the price variations of other relevant economic variables, such as salary costs, the prices of the main raw materials and the exchange rate. Furthermore, the claim filed against the Argentine Government by the holders of public securities that did not participate in the 2005 and 2010 debt restructurings is still pending.

Specifically in connection with the Argentine foreign exchange market, as from October 2011, the Federal Government imposed certain restrictions to access to the single and free foreign exchange market, the only market approved by Argentine regulations for purchasing and selling foreign exchange. During the first half of 2014, there was a significant appreciation of foreign currency and a rise in both lending and borrowing interest rates.

Capital Markets Law No. 26,831 was enacted on December 27, 2012, and regulated by Presidential Decree No. 1023/2013 dated July 29, 2013, and CNV General Resolution No. 622 dated September 5, 2013. At present, although the regulations provide for a transition year, the law is undergoing a process of gradual implementation and analysis by the various market agents. In addition, several filings and requests for clarification have been filed with the agency, which has issued various interpretations and extensions. The potential impact that these regulations may have on the Company’s operations is in the process of being analyzed by Management, since they include consultations and interpretations by the CNV.

On March 1, 2013, Mercado de Valores de Buenos Aires S.A. (MERVAL) and the Buenos Aires Stock Exchange (BCBA), both shareholders in the Company, executed a master agreement to create a company called Bolsas y Mercados Argentinos S.A. (ByMA). Also, if approved by the related regulatory agencies, a significant portion of the contribution made by MERVAL and BCBA in ByMA will be paid in with their shares in Caja de Valores. As of the date of issue of these financial statements, these approvals were pending.

Therefore, the Company's Management continuously monitors the evolution of the abovementioned situations in international and domestic markets to determine the possible actions to be taken and identify potential effects on its financial position that should be reflected in the financial statements for future years.

NOTE 22 - SUBSEQUENT EVENTS

No events or transactions occurred from year-end through the issuance of the financial statements which may significantly affect the Company’s financial position and results of operations or income as of this year-end apart from those mentioned in the previous note.







57


BREAKDOWN OF P&Eas of December 31, 2014, and 2013(Figures stated in Argentine pesos)

Exhibit I


BREAKDOWN OF INTANGIBLE ASSETSas of December 31, 2014, and 2013(Figures stated in Argentine pesos)

Exhibit II







Mainaccount

Value at beginning

Increases and/or transfers

Disposals Value at end

Depreciation Net book value as of

12.31.14

Net book value as of

12.31.13Accumulatedat beginning

Disposals For the yearAccumulated

at end

ARS

Real property 73,392,649 - - 73,392,649 9,715,424 - 1,314,238 11,029,662 62,362,987 63,677,225

Furniture and office supplies

6,596,015 326,639 (40,670) 6,881,984 5,298,494 (40,670) 289,207 5,547,031 1,334,953 1,297,521

Facilities and fixtures

13,762,383 163,338 - 13,925,721 10,620,352 - 851,906 11,472,258 2,453,463 3,142,031

Computer hardware

66,325,351 4,179,013 (1,373,315) 69,131,049 63,831,148 (1,327,043) 2,836,247 65,340,352 3,790,697 2,494,203

P&E prepayments

526,611 (154,773) - 371,838 - - - - 371,838 526,611

Total as of 12.31.14

160,603,009 4,514,217 (1,413,985) 163,703,241 89,465,418 (1,367,713) 5,291,598 93,389,303 70,313,938

Total as of 12.31.13

157,914,559 2,765,901 (77,451) 160,603,009 83,547,108 (77,451) 5,995,761 89,465,418 71,137,591

Mainaccount

Value at beginning

Increases and/or transfers

Disposals Value at end

Amortization Net book value as of

12.31.14

Net book value as of

12.31.13Accumulatedat beginning

For the year DisposalsAccumulated

at end

ARS

Software 41,392,981 - - 41,392,981 19,730,740 3,890,986 - 23,621,726 17,771,255 21,662,241

Software development

5,059,330 17,739,983 - 22,799,313 850,563 - - 850,563 21,948,750 4,208,767

Total as of 12.31.14 46,452,311 17,739,983 - 64,192,294 20,581,303 3,890,986 - 24,472,289 39,720,005

Total as of 12.31.13 44,245,985 2,206,326 - 46,452,311 15,537,325 5,043,978 - 20,581,303 25,871,008

58


SHARES, DEBENTURES, AND OTHER SECURITIES ISSUED IN SERIESas of December 31, 2014, and 2013 (Figures stated in Argentine pesos)

Exhibit III







Securities name and characteristics Number (1) Cost valueBook value as of

12.31.14Book value as of

12.31.13

ARSCURRENT ASSETSGovernment securities

Argentine Government bonds 7% in USD maturing in 2015 4,145,000 9,892,557 34,549,492 29,975,285Quasi-par bonds in ARS maturing in 2045 (2) 26,610,800 12,773,184 40,706,381 34,853,176Buenos Aires Province bonds in USD maturing in 2015 2,000,000 1,990,000 16,394,940 12,735,165Discount bonds in USD (2010) maturing in 2033 966,707 3,286,804 12,864,297 10,196,719Debt consolidation bonds in ARS 6th Series 4,188,527 5,400,573 10,238,900 7,956,610Securities tied to GDP in EUR maturing in 2035 (TVPE) 6,560,000 3,327,021 6,755,449 6,804,638Securities tied to GDP in USD maturing in 2035 (TVY0) 11,205,000 357,001 6,344,461 6,434,097Securities tied to GDP in USD maturing in 2035 (TVPY) 7,540,000 3,194,776 6,558,488 6,106,179Argentine Government bonds in USD 7%, 2017 – Bonar X 2,434,000 7,924,552 19,331,683 -Secured bonds in ARS maturing in 2018 1,790,891 2,291,233 2,614,178 2,435,125Securities tied to GDP in USD maturing in 2035 (TVPA) 2,868,569 893,559 2,437,796 2,423,456Global Bonds 2017 USD (2010) maturing in 2017 268,344 939,204 1,972,570 1,660,544Córdoba SIM 2013 debt bonds in USD 250,000 1,456,250 2,147,320 1,634,674Par bonds in ARS maturing in 2038 410,959 1,055,638 419,094 308,158Debt consolidation bonds in ARS 4th Series 2% 361,788 108,675 155,176 131,319Argentine Government bonds in USD 7% p.a. (RO15) 3,750,000 4,698,808 29,783,817 -USD-related Argentine Government bond 1.75% maturing in 2016 1,408,438 11,959,751 12,532,592 -Argentine Government bond USD 2.4% (Bonad 2018) 3,500,000 29,790,250 29,744,050 -Argentine Government bonds in USD 7%, 2013 – Bonar VII - - - 2,964,464Bonar XIV in ARS maturing in 2014 - - - 1,686,732Social security debt consolidation bonds in ARS – 4th series - - - 242,349

Total government securities 235,550,684 128,548,690

Private securitiesChubut Reg. Hidrocarburíferas Financial trust in USD Series I Class "B" 159,722 650,563 1,272,203 1,147,002Cedulas Hipotecarias Argentinas financial trust Series IX 500,000 397,005 262,500 301,000Pluna financial trust Series I 161,761 161,761 161,761 161,761Amfays financial trust Series XIII Class “A” 4,351 2,979 5,621 93,168Cedulas Hipotecarias Argentinas financial trust Series VIII 178,462 89,232 75,489 85,840Banco Piano financial trust XXXIV 2,556 514,788 2,632 -Senior Red Mutual financial trust Series XXI Senior - - - 35,911Senior Red Mutual financial trust Series XXII - - - 33,391Puente Pymes financial trust in USD Series III - - - 55,933Interest accrued from trust - - 30,768 23,903YPF corporate bonds in USD Series XV maturing 12/07/2014 - - - 6,518,000Merrill Lynch & Co corporate bonds in USD maturing 10/10/14 - - - 6,444,058YPF corporate bonds in USD Series IX maturing 10/18/2014 - - - 1,292,623Savant Pharm S.A corporate bonds in ARS Series II maturing 10/26/2016 60,000 60,000 60,000 60,000Cresud corporate bonds in ARS Series XIII maturing 5/22/2015 1,000,000 10,020,000 8,552,000 -Interest accrued on corporate bonds - - 25,198 48,195DTCC shares 997 - 211,347 165,774Other shares 3,841 - 5,811 5,610Other 13 - 317 703Polledo shares in ARS - - - 37,800YPF corporate bonds in USD Series XIV maturing 03/05/2014 - - - 141,945

Total private securities 10,665,647 16,652,617

TOTAL CURRENT ASSETS 246,216,331 145,201,307

NONCURRENT ASSETSPrivate securities

Senior Medium-Term Morgan Stanley corporate bonds in USD maturing 03/30/2017 500,000 497,500 4,225,500 3,416,848Medium-Term Morgan Stanley corporate bonds in USD maturing 03/16/2017 500,000 497,383 4,274,093 3,374,171Edenor corporate bonds USD 10/25/2022 50,000 50,000 422,550 324,050Savant Pharm S.A corporate bonds in ARS Series II maturing 10/26/2016 60,000 60,000 60,000 120,000Cresud corporate bonds in ARS Series XIII maturing 5/22/2015 - - - 6,481,000

Total private securities 8,982,143 13,716,069

TOTAL NONCURRENT ASSETS 8,982,143 13,716,069

(1) Financial trusts and government securities are disclosed at their residual values.(2) They are partially restricted. See note 20.

59


INVESTMENTS IN COMPANIESas of December 31, 2014, and 2013 (Figures stated in Argentine pesos)

Exhibit IV







Securities name and

characteristicsIssuer Class

Face value

Number

Cost valueAmount estimated by

the equity method

Value booked as of 12.31.14

(1)

Value booked as of 12.31.13

(1)Capital Risk fund

Shares Garantía de Valores

S.G.R.

B 132,790 132,790 132,790 60,000,000 73,647,791 71,594,900 68,455,122

Securities name and

characteristicsIssuer

Mainbusiness

Last financial statements

Interest on capital

stock and voting

rights

ARS

DateCapital stock

Reserves Risk fund

Netincome

fromtransaction

Income from risk

fund (net of adjustment)

Unappro-priated retained earnings (Accu-

mulated losses)

Shareholders’ equity at end

of year

Date of approval

Shares Garantía de

Valores S.G.R.

Granting guarantees to its member

partners to allow access to credit by entering into mutual guaran-tee agreements

31.12.2014 265,580 573,416 60,000,000 112,142 13,172,220 - 74,123,358 18.02.2015 50%

(1) Net of the allowance for impairment in value of investments, if any.

Securities name and characteristics

IssuerFacevalue

NumberCapital stock

value

Amount estimated by the equity

method

Value bookedas of 12.31.14

Value bookedas of 12.31.13

Shares Tecnología de Valores S.A.

(Buenos Aires securities market)

950,000 950,000 950,000 1,121,881 1,121,881 1,022,003

Securities name and

characteristicsIssuer

Main business

Equity interest

Interest on capital stock and voting rights

ARS

DateCapitalstock

Legal reserve

Optional reserve

Net income from transaction

Shareholders’ equity at end of year

Date ofapproval

Shares Tecnología de Valores

S.A.(Buenos

Aires securities market)

IT advisory services

31.12.14 1,000,000 4,528 71,265 105,135 1,180,928 26.02.2015 95%

60


OTHER INVESTMENTSas of December 31, 2014, and 2013(Figures stated in Argentine pesos)

Exhibit V







Other investments 12.31.14 12.31.13

ARS

Current investments

Stock exchange-regulated repurchase agreements 134,973,749 99,986,226

Certificates of deposit 5,007,471 172,488,496

Postdated check transactions - 952,369

TOTAL CURRENT INVESTMENTS 139,981,220 273,427,091

Noncurrent investments

Works of art 358,530 358,530

TOTAL NONCURRENT INVESTMENTS 358,530 358,530

61


ALLOWANCES AND PROVISIONSas of December 31, 2014, and 2013(Figures stated in Argentine pesos)

Exhibit VI







ItemsBalances

at beginning of year

Increase Reversal UseBalances at end of year

ARS

Allowances

Allowance for doubtful accounts (Notes 4 and Exhibit VIII)

818,264 449,200 (46,396) - 1,221,068

Allowance for impairment in value of investments (Note 3)

1,896,227 4,539,802 (4,383,138) - 2,052,891

Allowance for assignment of receivables from the risk fund

- 6,638,774 (1,766,418) - 4,872,356

Provisions

Provision for contingencies and miscellaneous risks (Note 14)

7,316,045 3,639,503 (1,129,331) (5,822,866) 4,003,351

TOTAL AS OF 12.31.14 10,030,536 15,267,279 (7,325,283) (5,822,866) 12,149,666

TOTAL AS OF 12.31.13 16,170,256 6,642,146 (2,228,672) (10,553,194) 10,030,536

62


ASSETS AND LIABILITIES IN FOREIGN CURRENCYas of December 31, 2014, and 2013(Figures stated in Argentine pesos)

Exhibit VII







ItemsCurrency

and amountExchange

rate (1)

Amount in Argentine

pesos as of 12.31.14

Amount in Argentine

pesos as of 12.31.13

ARS

ASSETSCURRENT ASSETSCash

Cash U$S 210,784,545 8,45 1.781.340.189 1.446.529.009Cash Euros 3,845,398 10,26 39.471.469 35.933.499Cash Yen 260,088,454 0,07 18.392.155 9.158.977

Investments (2)Government securities

Argentine Government bonds 7% in USD maturing in 2015 U$S 4,088,213 8,45 34,549,492 29,975,285Buenos Aires Province bonds in USD maturing in 2015 U$S 1,940,000 8,45 16,394,940 12,735,165Discount bonds in USD (2010) maturing in 2033 U$S 1,522,222 8,45 12,864,297 10,196,719Securities tied to GDP in USD maturing in 2035 (TVY0) U$S 750,735 8,45 6,344,461 6,434,097Securities tied to GDP in USD maturing in 2035 (TVPY) U$S 776,061 8,33 6,558,488 6,106,179Securities tied to GDP in EUR maturing in 2035 (TVPE) Euros 658,131 10,26 6,755,449 6,804,638Global Bonds 2017 USD (2010) maturing in 2017 U$S 233,413 8,45 1,972,570 1,660,544Securities tied to GDP in USD maturing in 2035 (TVPA) U$S 288,462 8,45 2,437,796 2,423,456Argentine Government bonds in USD 7%, 2017 – Bonar X U$S 2,287,502 8,45 19,331,683 2,964,464Córdoba SIM 2013 debt bonds in USD U$S 254,091 8,45 2,147,320 1,634,674Argentine Government bonds in USD 7% p.a. (RO15) U$S 3,524,295 8,45 29,783,817 -

Private securitiesMerrill Lynch & Co corporate bonds in USD maturing 10/10/14 U$S - - - 6,444,058YPF corporate bonds in USD Series IX maturing 10/18/2014 U$S - - - 1,292,623YPF corporate bonds in USD Series XV maturing 12/07/2014 U$S - - - 6,518,000DTCC shares in USD U$S 20,722 8,45 175,124 135,323DTCC shares in EUR Euros 3,530 10,26 36,223 30,451Chubut Reg. Hidrocarburíferas Financial trust in USD Series I Class "B" U$S 150,539 8,45 1,272,203 1,147,002Interest accrued U$S 6,034 8,45 30,768 23,626Puente Pymes financial trust in USD Series III U$S - 8,45 - 55,933Other corporate bonds U$S 24 8,45 199 -

Trade receivablesTrade receivables U$S 38,095 8,45 321,944 351,085

TOTAL CURRENT ASSETS 1,980,180,587 1,588,554,807NONCURRENT ASSETSInvestments

Private securitiesSenior Medium-Term Morgan Stanley corporate bonds in USD maturing 03/30/2017 U$S 500,000 8,45 4,225,500 3,416,848Medium-Term Morgan Stanley corporate bonds in USD maturing 03/16/2017 U$S 505,750 8,45 4,274,093 3,374,171Edenor corporate bonds USD 10/25/2022 U$S 50,000 8,45 422,550 324,050Savant Pharm II corporate bonds in ARS maturing 10/26/16 U$S - 8,45 - -

TOTAL NONCURRENT ASSETS 8,922,143 7,115,069

TOTAL ASSETS 1,989,102,730 1,595,669,876

LIABILITIESCURRENT LIABILITIESAccounts payable

Payables for transactions calculated and to be calculated U$S 185,231,720 8,55 1,583,916,437 1,300,205,988Payables for transactions calculated and to be calculated Euros 3,428,541 10,41 35,682,197 32,491,694Payables for transactions calculated and to be calculated Yen 253,469,660 0,07 18,163,129 9,157,079Vendors U$S 712,953 8,55 6,096,458 1,839,639Miscellaneous expenses accrued U$S 250,289 8,55 2,140,223 268,112Accrued Euroclear depository expenses Euros 77,032 10,41 801,705 494,537Accrued Clearstream depository expenses Euros 20,594 10,41 214,333 192,285Accrued Iberclear depository expenses Euros 5,093 10,41 53,001 19,564Accrued CBLC depository expenses U$S 93,350 8,55 798,239 4,741Accrued DTC depository expenses U$S 4,591 8,55 39,261 35,072

TOTAL CURRENT LIABILITIES 1,647,904,983 1,344,708,711


(1) Buying or selling exchange rate, of Banco de la Nación Argentina as of December 31, 2014.(2) Face values according to the listed prices.

63


INFORMATION REQUIRED BY SECTION 64(B), LAW NO. 19,550for the fiscal years beginning January 1, 2014, and 2013, and ended December 31, 2014, and 2013 (Figures stated in Argentine pesos)

Exhibit VIII







ItemsCost of

services

ExpensesTotal as of

12.31.14Total as of

12.31.13Administrative Selling Financing

$

Salaries and bonuses 101,610,542 25,402,636 - - 127,013,178 82,331,116

Payroll taxes 24,222,789 6,055,697 - - 30,278,486 22,961,159

Board of Directors’ fees - 3,173,459 - - 3,173,459 3,173,459

Statutory Audit Committee’s fees - 696,613 - - 696,613 696,613

Service compensation 4,817,836 1,204,459 - - 6,022,295 5,771,503

Taxes, rates and automobile registration taxes 1,397,182 349,295 - - 1,746,477 1,313,324

Turnover tax - - 21,113,678 18,902,091 40,015,769 23,719,368

Tax on competitiveness - - - 4,945,298 4,945,298 2,745,191

P&E depreciation 4,233,278 1,058,320 - - 5,291,598 5,995,761

Intangible assets amortization 3,112,789 778,197 - - 3,890,986 5,043,979

Data processing maintenance and provision 5,676,893 1,419,223 - - 7,096,116 4,948,966

Surveillance 6,387,545 1,596,886 - - 7,984,431 5,816,780

P&E and other assets repair and maintenance 5,968,698 1,492,174 - - 7,460,872 5,828,285

Lunch and snacks for staff 1,223,392 305,848 - - 1,529,240 1,042,875

Medical assistance for staff 2,504,221 626,055 - - 3,130,276 2,276,816

Agency staff 47,719 11,930 - - 59,649 105,100

Courses and training 822,990 205,748 - - 1,028,738 681,376

Services(electric power, telephone and miscellaneous)

4,104,582 1,026,146 - - 5,130,728 3,856,514

Insurance 2,293,999 573,500 - - 2,867,499 1,854,153

Stationery and office supplies 583,859 145,965 - - 729,824 430,620

Publications and printing 1,204,969 301,242 - - 1,506,211 1,191,031

Advertising expenses - - 233,685 - 233,685 464,242

Postage, telex and telegrams 3,691,748 922,937 - - 4,614,685 4,713,179

Depositories’ expenses 10,510,543 - - - 10,510,543 4,952,038

Rentals 1,197,713 299,428 - - 1,497,141 1,150,197

Traveling, living and entertainment expenses 869,064 217,266 - - 1,086,330 621,461

Transportation of securities and documentation 1,062,376 265,594 - - 1,327,970 2,045,475

Bank expenses - - - 5,863,850 5,863,850 3,682,294

Allowance for doubtful accounts (Exhibit VI) - - 402,804 - 402,804 81,393

Miscellaneous expenses 2,254,938 563,734 - - 2,818,672 1,422,477

Total as of 12.31.14 189,799,665 48,692,352 21,750,167 29,711,239 289,953,423 -

Total as of 12.31.13 134,073,756 36,150,501 13,637,059 17,055,429 - 200,916,745

65

STATUTORY AUDIT COMMITTEE’S REPORT

To the Directors and Shareholders ofCAJA DE VALORES S.A.Registered office: 25 de mayo 362Buenos Aires

DEAR SIRS,

1. We have examined the accompanying inventory and balance sheet of CAJA DE VALORES S.A. (the Company) as of December 31, 2014, and the related statements of income, changes in shareholders’ equity and cash flows for the year then ended, notes 1 through 22, and exhibits I through VIII supplementing them. We have also examined the accompanying consolidated balance sheet of CAJA DE VALORES S.A. and its subsidiaries as of December 31, 2014, and the related consolidated statements of income and cash flows for the year then ended, and notes 1 through 4 supplementing them, disclosed below as supplementary information, and the letter of the shareholders.

2. The Company’s Management is responsible for the preparation and fair presentation of the financial statements in accordance with the Argentine professional accounting standards effective in Buenos Aires City. This responsibility includes: designing, implementing, and maintaining an adequate internal control system so that such financial statements are free from material misstatement whether due to errors or irregularities; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Our responsibility is limited to expressing an opinion on this documentation based on the work described in the following paragraph.

3. Our work was based on the audit of the abovementioned documents conducted by the firm Pistrelli, Henry Martin y Asociados S.R.L., in accordance with auditing standards effective in Argentina and it was limited to verifying the fairness of the significant information included in the documents examined, its consistency with the information on corporate decisions entered in minutes and the compliance of such decisions with the law and bylaws regarding formal and documentary requirements. We have not performed any control over management decisions or performance and, therefore, we have not assessed the business decisions or criteria regarding administrative, financial, and marketing matters, as these are the exclusive responsibility of the Company’s Management.

An audit involves performing procedures, on a selective test basis, to obtain judgmental evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, who, to this end, assesses the risks of material misstatement of the financial statements, whether due to errors or irregularities. In making these risk assessments, the auditor considers the Company’s internal control relevant to the preparation and fair presentation of the financial statements in order to select the appropriate audit procedures in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control

system in place. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company’s Management, as well as evaluating the overall presentation of the financial statements. Since the statutory auditor is not in charge of performing a management control, the review did not extend to the business decisions and criteria from the Company’s different areas as these matters are the exclusive responsibility of the Company’s Management.

We believe that the judgmental evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

4. Based on our work and on the report dated February 26, 2015, issued by Claudio N. Nogueiras (a partner of the firm Pistrelli, Henry Martin y Asociados S.R.L.), in our opinion, the financial statements mentioned in paragraph 1 present fairly, in all material respects, the financial position of CAJA DE VALORES S.A. and the consolidated financial position of CAJA DE VALORES S.A. with its subsidiaries as of December 31, 2014, and the related results of its operations and cash flows for the year then ended, in conformity with Argentine professional accounting standards effective in Buenos Aires City.

5. In compliance with current legal requirements, we further report that:

a) The financial statements of CAJA DE VALORES S.A. mentioned in paragraph 1 result from books kept, in their formal respects, in conformity with the relevant provisions set forth in Argentine Business Associations Law and issued by the CNV (Argentine National Securities Commission). The inventory is entered into the Inventory and Financial Statements Book.

b) In compliance with the legality control within our competence, during the fiscal year, we applied the remaining procedures described in section 294, Law No. 19,550, which we deemed necessary based on circumstances, including, for example, the control over the creation and subsistence of directors’ guarantees, there being no observations to make in this regard.

c) No significant findings arose within the scope of our responsibility regarding the information included in note 20 to the accompanying financial statements as of December 31, 2014, in connection with the requirements established by the CNV for minimum shareholders’ equity and minimum statutory guarantee.

d) We have applied the anti-money laundering and anti-terrorist financing procedures provided in the related professional standards issued by the CPCECABA (Professional Council in Economic Sciences of the City of Buenos Aires).

Buenos Aires City,February 26, 2015

On behalf of Statutory Audit Committee

Ricardo M. P. TruccoCHAIRMAN OF THE STATUTORY AUDIT COMMITTEE

www.cajval.sba.com.ar

25 de Mayo 362 - C1002ABH - Buenos Aires - Argentina - tel. (5411) 4317-8900Sucursal Córdoba: 0351-535-2827/28/29. Sucursal Mendoza: 0261-438-0335

Sucursal Rosario: 0341-449-0458. Sucursal Santa Fe: 0342-455-5878

annual report and financial statements · for the ﬁscal year n° 41 ended on december 31, 2014...

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