“cheques de pago diferido garantizados por warrants”

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ARGENTINA MERCADO DE CAPITALES NUEVOS INSTRUMENTOS 2010. “CHEQUES DE PAGO DIFERIDO GARANTIZADOS POR WARRANTS”. Lic. Alejandro VANOLI PRESIDENTE COMISION NACIONAL DE VALORES http://www.cnv.gov.ar 11 DE ENERO DE 2010. CHEQUES DE PAGO DIFERIDO GARANTIZADOS POR WARRANTS: OBJETIVOS PRINCIPALES. - PowerPoint PPT Presentation

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  • *CHEQUES DE PAGO DIFERIDO GARANTIZADOS POR WARRANTS

    Lic. Alejandro VANOLIPRESIDENTECOMISION NACIONAL DE VALOREShttp://www.cnv.gov.ar11 DE ENERO DE 2010ARGENTINA MERCADO DE CAPITALES NUEVOS INSTRUMENTOS 2010

  • *CHEQUES DE PAGO DIFERIDO GARANTIZADOS POR WARRANTS: OBJETIVOS PRINCIPALES Nueva Alternativa de FINANCIAMIENTO de ECONOMIA REAL ARGENTINA a travs de MERCADO DE CAPITALES.Brindar nuevas fuentes de FINANCIAMIENTO para EMPRESAS PYMES vinculadas con SECTOR AGROPECUARIO, INDUSTRIAL O COMERCIAL.Coadyuvar a mejorar condiciones para acceso a financiamiento de PRODUCTORES, INDUSTRIALES, COMERCIANTES ARGENTINOS (monto, plazo y menores tasas).Diversificacin de Productos para Emisores Pequeos LOCALES. Nuevos INSTRUMENTOS con GARANTIA REAL para mejorar y diversificar PORTFOLIO Inversores Individuales e Institucionales.

  • *PERSONA o EMPRESA que posee activos reales, como CEREALES, a efectos de obtener FINANCIAMIENTO contra ellos, los entrega en depsito a una almacenadora (WARRANTERA), conservando la propiedad. WARRANTERA: emite CERTIFICADO DE DEPSITO y WARRANT (Ttulo Valor que representa Garanta Real respaldada por mercadera entregada en depsito). TENEDOR de WARRANT: utiliza como garanta para descontar CHEQUES propios o de terceros en MERCADO DE VALORES DE ROSARIO S.A. (NUEVO Segmento Directo Garantizado con WARRANT). RESTO ECONOMIA ARGENTINA: Aprovecha la baja de tasas de inters.

    CHEQUES DE PAGO DIFERIDO GARANTIZADOS POR WARRANTS: OPERATORIA Y BENEFICIARIOS

  • *PARA ACREEDORES (INVERSOR):GARANTA REAL de liquidacin extrajudicial. Venta no se suspende por quiebra, concurso preventivo o muerte del Depositante, ni por cualquier otra causa que no fuere orden judicial escrita.Mercadera en GARANTA: controlada por tercero (Warrantera), quien se hace responsable del cuidado y guarda en cantidad y calidad de la misma.MERCADERA ASEGURADA por ca. de seguros de primera lnea.

    PARA DEPOSITANTES (PYMES):Mejores condiciones de Financiacin por GARANTA REAL que presenta el WARRANT.Menores costos de financiacin, que presentando otras garantas.Facilita comercializacin, permitiendo escapar a los bajos precios de las mercaderas existentes en pocas de sobre oferta (cosechas) a los que se someten los productores, debido a la estacionalidad propia de los CEREALES.CHEQUES DE PAGO DIFERIDO GARANTIZADOS POR WARRANTS: VENTAJAS WARRANTS!

  • *WARRANTS: EVOLUCIN MERCADO 1991-2008

    Fuente: Ministerio de Agricultura, Ganadera, Pesca y Alimentacin, Direccin Nacional de Alimentos. Nota: Las cifras de 1997 y 1998 son estimadas.

    Grfico5

    3.4

    30.1

    217.9

    470.5

    589.9

    1381.8

    1800

    2186

    1053

    984.6

    960.3

    448.1

    298.4

    478.3

    724

    923

    1136.1904761905

    1617

    New Isues

    Argentina - Emisiones anuales de Warrants 1991 - 2008

    Cifras en millones de USD

    Annual 2003

    WARRANTS 2003

    680,415,4352.95

    11042,007,225,5322,007,225,53236,8021,636,236

    COUNTPRODUCTOMONTOTIPOMONEDAPROVPERIODO

    1Vinos17,328,559VIGUSDMENJan-03

    1Aceites4,875,100EMIUSDSFEJan-03

    1Azucar4,776,062VIGARSTUCJan-03

    1Calzado12,432,349VIGUSDBAIJan-03

    1Trigo3,114,256VIGARSCBAJan-03

    1Jamones2,955,326VIGARSBAIJan-03

    1Man4,324,270EMIUSDCBAJan-03

    1Arroz3,024,405EMIUSDERIJan-03

    1Quesos2,922,345EMIUSDCBAJan-03

    1Soja983,584VIGUSDBAIJan-03

    1Trigo970,000VIGARSERIJan-03

    1Conservas2,888,083EMIUSDBAIJan-03

    1Artculos de Librera771,203VIGUSDBAIJan-03

    1Trigo908,608EMIARSCBAJan-03

    1Man700,057VIGARSCBAJan-03

    1Alcohol Nafta692,800VIGUSDBAIJan-03

    1Cuero de Vaca682,963VIGUSDRIOJan-03

    1T674,558VIGUSDMISJan-03

    1Tabaco656,014VIGARSERIJan-03

    1Textiles645,322VIGUSDBAIJan-03

    1Man834,898EMIUSDBAIJan-03

    1Algodn504,500VIGUSDBAIJan-03

    1Alcohol Nafta500,000VIGARSBAIJan-03

    1Champaa471,495VIGUSDMENJan-03

    1Girasol460,269VIGUSDBAIJan-03

    1Prod. Metalurgicos440,774VIGUSDBAIJan-03

    1Tabaco392,000VIGUSDBAIJan-03

    1Art.electricos por lote391,740VIGUSDBAIJan-03

    1Mostos390,000VIGUSDMENJan-03

    1Vinos324,975VIGARSMENJan-03

    1Alcohol Nafta829,600EMIUSDBAIJan-03

    1Papel300,050VIGUSDTUCJan-03

    1Maz291,840VIGUSDCBAJan-03

    1Yerba Mate285,714VIGARSMISJan-03

    1Jugos285,038VIGUSDNEUJan-03

    1Sal260,400VIGUSDBAIJan-03

    1Papel829,304EMIUSDBAIJan-03

    1Calefones244,832VIGUSDBAIJan-03

    1Electrodomsticos240,805VIGUSDBAIJan-03

    1Maquinarias agrcolas227,050VIGUSDBAIJan-03

    1Carbn221,000VIGUSDMENJan-03

    1Girasol220,000VIGARSERIJan-03

    1Maderas210,000VIGUSDCHAJan-03

    1Cebada198,900VIGUSDBAIJan-03

    1Porotos198,900VIGUSDBAIJan-03

    1Prod. Metalurgicos173,939VIGUSDJUJJan-03

    1Maz162,900VIGUSDBAIJan-03

    1Pulpa de Fruta162,193VIGUSDMENJan-03

    1Aceite Oliva140,000VIGUSDSJNJan-03

    1Frutas127,000VIGUSDMENJan-03

    1Miel115,898VIGUSDBAIJan-03

    1Trigo2,281,377EMIUSDMENJan-03

    1Trigo96,300VIGUSDCBAJan-03

    1Azucar538,200EMIUSDTUCJan-03

    1Autos80,421VIGUSDBAIJan-03

    1Verosil79,200VIGUSDBAIJan-03

    1Termotanques63,189VIGUSDBAIJan-03

    1Aroma Manzana62,400VIGUSDNEUJan-03

    1Calderas15,300VIGUSDBAIJan-03

    1Plsticos y Qumicos15,000VIGUSDBAIJan-03

    1Cocinas7,733VIGUSDBAIJan-03

    1Maderas4,800VIGUSDRIOJan-03

    1Vinos324,975EMIARSMENJan-03

    1Yerba Mate246,108EMIUSDMISJan-03

    1Pulpa de Fruta119,438EMIUSDBAIJan-03

    1Miel115,898EMIUSDBAIJan-03

    1Lcteos82,000EMIUSDSFEJan-03

    1Jugos36,720EMIUSDNEUJan-03

    1Aceites4,198,687VIGUSDSFEJan-03

    1Azucar7,529,140VIGUSDTUCJan-03

    1Papel7,401,821VIGUSDBAIJan-03

    1Indumentaria5,259,405VIGUSDBAIJan-03

    1Arroz5,253,485VIGUSDERIJan-03

    1Trigo716,519EMIUSDBAIJan-03

    1Trigo5,042,136VIGUSDBAIJan-03

    1Quesos4,724,182VIGUSDCBAJan-03

    1Yerba Mate4,083,649VIGUSDMISJan-03

    1Man3,303,880VIGUSDCBAJan-03

    1Tabaco2,524,101VIGUSDJUJJan-03

    1Conservas2,184,485VIGUSDBAIJan-03

    1Siderurgia1,874,210VIGUSDBAIJan-03

    1Rollos Decoracin1,424,000VIGUSDBAIJan-03

    1Trigo96,300EMIUSDCBAJan-03

    1Calefactores1,414,349VIGUSDBAIJan-03

    1Man1,271,938VIGUSDBAIJan-03

    1Tabaco11,752,563VIGUSDJUJFeb-03

    1Vinos9,915,261VIGUSDMENFeb-03

    1Tabaco9,316,444EMIUSDJUJFeb-03

    1Girasol5,000,000EMIUSDSFEFeb-03

    1Calzado9,103,075EMIARSBAIFeb-03

    1Trigo1,477,532EMIUSDJUJFeb-03

    1Maquinarias agrcolas722,249EMIUSDBAIFeb-03

    1Frutas572,000EMIUSDMENFeb-03

    1Aceites382,614EMIUSDERIFeb-03

    1Aceite Oliva140,000VIGUSDSJNFeb-03

    1Algodn504,500VIGUSDCHAFeb-03

    1Aroma Manzana62,400VIGUSDNEUFeb-03

    1Cebada105,300VIGUSDBAIFeb-03

    1Champaa471,496VIGUSDMENFeb-03

    1Cuero de Vaca682,963VIGUSDRIOFeb-03

    1Frutas3,500VIGUSDBAIFeb-03

    1Frutas699,000VIGUSDMENFeb-03

    1Girasol312,784VIGUSDBAIFeb-03

    1Jugos367,038VIGUSDNEUFeb-03

    1Lcteos804,000VIGUSDSFEFeb-03

    1Maz37,451VIGUSDBAIFeb-03

    1Maz227,535VIGUSDCBAFeb-03

    1Maz72,900VIGUSDERIFeb-03

    1Man974,184VIGUSDBAIFeb-03

    1Miel288,034VIGUSDBAIFeb-03

    1Pulpa de Fruta162,193VIGUSDMENFeb-03

    1Soja983,584VIGUSDBAIFeb-03

    1Tabaco392,000VIGUSDMISFeb-03

    1T674,558VIGUSDMISFeb-03

    1Trigo96,300VIGUSDLPAFeb-03

    1Alcohol Nafta292,800VIGUSDBAIFeb-03

    1Art.electricos por lote391,740VIGUSDBAIFeb-03

    1Artculos de Librera771,203VIGUSDBAIFeb-03

    1Calderas15,300VIGUSDBAIFeb-03

    1Calefones244,832VIGUSDBAIFeb-03

    1Carbn221,000VIGUSDBAIFeb-03

    1Cocinas7,733VIGUSDBAIFeb-03

    1Electrodomsticos158,875VIGUSDBAIFeb-03

    1Maquinarias agrcolas82,200VIGUSDBAIFeb-03

    1Maderas210,000VIGUSDCHAFeb-03

    1Maderas4,800VIGUSDRIOFeb-03

    1Plsticos y Qumicos15,000VIGUSDSFEFeb-03

    1Prod. Metalurgicos440,774VIGUSDBAEFeb-03

    1Prod. Metalurgicos25,440VIGUSDJUJFeb-03

    1Siderurgia148,499VIGUSDJUJFeb-03

    1Termotanques63,189VIGUSDBAIFeb-03

    1Verosil79,200VIGUSDBAIFeb-03

    1Miel279,958EMIUSDJUJFeb-03

    1Conservas227,382EMIUSDMENFeb-03

    1Arroz225,000EMIUSDERIFeb-03

    1Jugos138,960EMIUSDNEUFeb-03

    1Yerba Mate124,080EMIUSDMISFeb-03

    1Siderurgia78,400EMIUSDBAIFeb-03

    1Man53,479EMIUSDJUJFeb-03

    1Maz37,451EMIUSDJUJFeb-03

    1Frutas3,500EMIUSDBAIFeb-03

    1Alcohol Nafta500,000VIGARSTUCFeb-03

    1Azucar5,051,206VIGARSTUCFeb-03

    1Jamones2,955,326VIGARSTUCFeb-03

    1Man200,057VIGARSCBAFeb-03

    1Melaza300,000VIGARSTUCFeb-03

    1Trigo2,835,257VIGARSCBAFeb-03

    1Vinos324,975VIGARSMENFeb-03

    1Yerba Mate535,714VIGARSMISFeb-03

    1Azucar26,625EMIARSTUCFeb-03

    1Miel221,432EMIARSBAIFeb-03

    1Trigo510,785EMIARSCBAFeb-03

    1Yerba Mate250,000EMIARSMISFeb-03

    1Aceites1,779,600VIGUSDSFEFeb-03

    1Papel7,035,857VIGUSDBAIFeb-03

    1Trigo6,151,379VIGUSDBAIFeb-03

    1Indumentaria5,259,405VIGUSDBAIFeb-03

    1Arroz4,930,485VIGUSDERIFeb-03

    1Quesos4,724,182VIGUSDSFEFeb-03

    1Yerba Mate3,738,349VIGUSDMISFeb-03

    1Azucar3,027,159VIGUSDTUCFeb-03

    1Conservas2,339,957VIGUSDBAIFeb-03

    1Aceite Limon2,290,987VIGUSDTUCFeb-03

    1Man2,118,420VIGUSDCBAFeb-03

    1Siderurgia1,874,210VIGUSDBAIFeb-03

    1Calzado1,460,749VIGUSDBAIFeb-03

    1Rollos Decoracin1,424,000VIGUSDBAIFeb-03

    1Trigo143,403EMIUSDBAIFeb-03

    1Calefactores1,414,349VIGUSDBAIFeb-03

    124,068,123Total feb-03

    1Vinos9,719,538VIGUSDMENMar-03

    1Tabaco9,147,924VIGUSDJUJMar-03

    1Tabaco8,249,190EMIUSDJUJMar-03

    1Aceite Oliva140,000VIGUSDSJNMar-03

    1Algodn504,500VIGUSDCHAMar-03

    1Aroma Manzana33,600VIGUSDNEUMar-03

    1Papel7,035,857VIGUSDBAIMar-03

    1Cebada105,300VIGUSDBAIMar-03

    1Champaa471,496VIGUSDMENMar-03

    1Frutas699,000VIGUSDMENMar-03

    1Frutas3,500VIGUSDRIOMar-03

    1Girasol103,500VIGUSDBAIMar-03

    1Jugos355,818VIGUSDNEUMar-03

    1Lcteos633,600VIGUSDSFEMar-03

    1Maz37,451VIGUSDBAIMar-03

    1Maz120,360VIGUSDCORMar-03

    1Maz265VIGUSDERIMar-03

    1Man387,710VIGUSDBAIMar-03

    1Man980,770VIGUSDCORMar-03

    1Pulpa de Fruta162,193VIGUSDMENMar-03

    1Quesos991,132VIGUSDSFEMar-03

    1Tabaco392,000VIGUSDMISMar-03

    1T674,558VIGUSDMISMar-03

    1Trigo57,184VIGUSDERIMar-03

    1Trigo96,300VIGUSDLPAMar-03

    1Art.electricos por lote391,740VIGUSDBAIMar-03

    1Artculos de Librera771,203VIGUSDBAIMar-03

    1Autos80,421VIGUSDBAIMar-03

    1Calderas15,300VIGUSDBAIMar-03

    1Calefones244,832VIGUSDBAIMar-03

    1Carbn221,000VIGUSDMENMar-03

    1Cocinas7,733VIGUSDBAIMar-03

    1Electrodomsticos113,310VIGUSDBAIMar-03

    1Maquinarias agrcolas82,200VIGUSDBAIMar-03

    1Maderas210,000VIGUSDCHAMar-03

    1Plsticos y Qumicos15,000VIGUSDSFEMar-03

    1Siderurgia173,939VIGUSDJUJMar-03

    1Termotanques63,189VIGUSDBAIMar-03

    1Quesos3,238,077EMIUSDSFEMar-03

    1Maz2,313,048EMIUSDBAIMar-03

    1Arroz1,574,500EMIUSDERIMar-03

    1Cascara deshidratada1,320,000EMIUSDTUCMar-03

    1Frutas884,000EMIUSDMENMar-03

    1Conservas694,280EMIUSDMENMar-03

    1Jugos671,878EMIUSDNEUMar-03

    1Miel577,931EMIUSDBAIMar-03

    1Azucar453,000EMIUSDTUCMar-03

    1Cebolla125,000EMIUSDMENMar-03

    1Maz84,288EMIUSDCBAMar-03

    1Yerba Mate45,360EMIUSDMISMar-03

    1Soja34,756EMIUSDBAIMar-03

    1Man29,351EMIUSDCBAMar-03

    1Alcohol Nafta1,166,880EMIARSBAIMar-03

    1Siderurgia220,000EMIARSBAIMar-03

    1Calefactores1,763,601VIGARSBAIMar-03

    1Calefones319,359VIGARSBAIMar-03

    1Calzado9,103,075VIGARSBAIMar-03

    1Material de Construccin103,000VIGARSBAIMar-03

    1Turbogeneradores208,276VIGARSBAIMar-03

    1Papel511,000VIGARSBAIMar-03

    1Siderurgia9,732,899VIGARSBAIMar-03

    1Azucar3,368,797VIGARSTUCMar-03

    1Jamones2,955,326VIGARSBAIMar-03

    1Melaza300,000VIGARSTUCMar-03

    1Miel221,432VIGARSBAIMar-03

    1Trigo2,973,043VIGARSCBAMar-03

    1Yerba Mate535,714VIGARSMISMar-03

    1Trigo315,278EMIARSCBAMar-03

    1Vinos270,813EMIARSMENMar-03

    1Aceites11,146,986EMIUSDSFEMar-03

    1Indumentaria5,259,405VIGUSDBAIMar-03

    1Trigo679,073EMIUSDJUJMar-03

    1Aceites382,614VIGUSDERIMar-03

    1Yerba Mate3,808,321VIGUSDMISMar-03

    1Trigo3,713,576VIGUSDCBAMar-03

    1Siderurgia3,318,984VIGUSDBAIMar-03

    1Arroz3,172,945VIGUSDERIMar-03

    1Alcohol Nafta2,232,120VIGUSDBAIMar-03

    1Azucar1,979,208VIGUSDTUCMar-03

    1Trigo1,825,445VIGUSDBAIMar-03

    1Conservas1,788,658VIGUSDMENMar-03

    1Aceites1,065,979VIGUSDCORMar-03

    1Calzado1,460,749VIGUSDBAIMar-03

    1Rollos Decoracin1,424,000VIGUSDBAIMar-03

    1Calefactores1,414,349VIGUSDBAIMar-03

    1Soja1,018,766VIGUSDERIMar-03

    1Trigo27,952EMIUSDBAIMar-03

    1Tabaco13,451,830VIGUSDJUJApr-03

    1Vinos9,198,689VIGUSDMENApr-03

    1Papel6,764,827VIGUSDBAIApr-03

    1Trigo949,238EMIUSDCBAApr-03

    1Aceite Oliva140,000VIGUSDSJNApr-03

    1Algodn504,500VIGUSDCHAApr-03

    1Azucar663,000VIGUSDTUCApr-03

    1Aroma Manzana33,600VIGUSDNEUApr-03

    1Cebolla125,000VIGUSDMENApr-03

    1Champaa471,495VIGUSDMENApr-03

    1Cuero de Vaca682,963VIGUSDRIOApr-03

    1Girasol103,500VIGUSDBAIApr-03

    1Jugos804,137VIGUSDNEUApr-03

    1Lcteos633,600VIGUSDSFEApr-03

    1Maz162,138VIGUSDCBAApr-03

    1Man381,142VIGUSDBAIApr-03

    1Man53,320VIGUSDCBAApr-03

    1Pulpa de Fruta162,193VIGUSDMENApr-03

    1Soja858,284VIGUSDERIApr-03

    1Soja34,756VIGUSDSFEApr-03

    1Tabaco392,000VIGUSDMISApr-03

    1T674,558VIGUSDMISApr-03

    1Indumentaria5,259,405VIGUSDBAIApr-03

    1Trigo370,000VIGUSDERIApr-03

    1Trigo96,300VIGUSDLPAApr-03

    1Alfombra2,898VIGUSDBAIApr-03

    1Art.electricos por lote391,740VIGUSDBAIApr-03

    1Artculos de Librera771,202VIGUSDBAIApr-03

    1Autos80,421VIGUSDBAIApr-03

    1Calderas15,300VIGUSDBAIApr-03

    1Calefones244,832VIGUSDBAIApr-03

    1Carbn221,000VIGUSDMENApr-03

    1Maderas210,000VIGUSDCHAApr-03

    1Plsticos y Qumicos15,000VIGUSDSFEApr-03

    1Prod. Metalurgicos440,774VIGUSDBAIApr-03

    1Termotanques63,189VIGUSDBAIApr-03

    1Textiles24,219VIGUSDBAIApr-03

    1Siderurgia173,939VIGUSDJUJApr-03

    1Soja6,301,278EMIUSDBAIApr-03

    1Girasol6,300,000EMIUSDSFEApr-03

    1Tabaco5,165,581EMIUSDJUJApr-03

    1Arroz3,584,925EMIUSDERIApr-03

    1Quesos2,851,041EMIUSDCBAApr-03

    1Jugos905,196EMIUSDNEUApr-03

    1Maz512,044EMIUSDBAIApr-03

    1Art.electricos por lote485,016EMIUSDBAIApr-03

    1Frutas437,000EMIUSDRIOApr-03

    1Cebolla368,389EMIUSDMENApr-03

    1Papel337,604EMIUSDBAIApr-03

    1Miel269,595EMIUSDBAIApr-03

    1Melaza300,000EMIARSTUCApr-03

    1Trigo276,145EMIARSCBAApr-03

    1Vinos237,320EMIARSMENApr-03

    1Yerba Mate486,700EMIARSMISApr-03

    1Maz133,000EMIUSDERIApr-03

    1Yerba Mate36,480EMIUSDMISApr-03

    1Alcohol Nafta1,166,880VIGARSBAIApr-03

    1Calefactores1,763,601VIGARSBAIApr-03

    1Calefones319,359VIGARSBAIApr-03

    1Calzado9,103,075VIGARSBAIApr-03

    1Material de Construccin103,000VIGARSBAIApr-03

    1Papel511,000VIGARSBAIApr-03

    1Siderurgia9,874,499VIGARSBAIApr-03

    1Turbogeneradores208,277VIGARSBAIApr-03

    1Yerba Mate3,808,321VIGUSDMISApr-03

    1Trigo3,552,441VIGUSDCBAApr-03

    1Siderurgia2,878,210VIGUSDBAIApr-03

    1Trigo254,371EMIUSDBAIApr-03

    1Conservas2,448,343VIGUSDMENApr-03

    1Alcohol Nafta2,232,120VIGUSDBAIApr-03

    1Maz1,991,893VIGUSDBAIApr-03

    1Arroz1,960,000VIGUSDERIApr-03

    1Trigo1,797,262VIGUSDBAIApr-03

    1Aceites969,219VIGUSDSFEApr-03

    1Frutas1,583,000VIGUSDMENApr-03

    1Calzado1,460,794VIGUSDBAIApr-03

    1Rollos Decoracin1,424,000VIGUSDBAIApr-03

    1Calefactores1,414,349VIGUSDBAIApr-03

    1Cascara deshidratada1,320,000VIGUSDTUCApr-03

    1Quesos1,184,650VIGUSDSFEApr-03

    1Vinos8,879,846VIGUSDMENMay-03

    1Tabaco8,647,913VIGUSDJUJMay-03

    1Arroz7,733,865VIGUSDERIMay-03

    1Soja7,467,691VIGUSDBAIMay-03

    1Papel6,386,452VIGUSDBAIMay-03

    1Girasol6,300,000VIGUSDSFEMay-03

    1Aceite Oliva300,000VIGUSDSJNMay-03

    1Algodn504,500VIGUSDCHAMay-03

    1Azucar5,875VIGUSDTUCMay-03

    1Aroma Manzana33,600VIGUSDNEUMay-03

    1Cebolla488,389VIGUSDMENMay-03

    1Champaa471,496VIGUSDMENMay-03

    1Cuero de Vaca682,963VIGUSDRIOMay-03

    1Frutas437,000VIGUSDMENMay-03

    1Lcteos183,600VIGUSDSFEMay-03

    1Maz551,800VIGUSDERIMay-03

    1Man383,917VIGUSDBAIMay-03

    1Man53,320VIGUSDCBAMay-03

    1Quesos708,636VIGUSDBAIMay-03

    1Tabaco392,000VIGUSDMISMay-03

    1T674,558VIGUSDMISMay-03

    1Trigo370,000VIGUSDERIMay-03

    1Aceros25,440VIGUSDJUJMay-03

    1Art.electricos por lote391,740VIGUSDBAIMay-03

    1Artculos de Librera771,203VIGUSDBAIMay-03

    1Autos102,200VIGUSDBAIMay-03

    1Calderas15,300VIGUSDBAIMay-03

    1Calefones244,832VIGUSDBAIMay-03

    1Carbn221,000VIGUSDMENMay-03

    1Electrodomsticos295,973VIGUSDBAIMay-03

    1Ferrotungsteno358,499VIGUSDCHAMay-03

    1Plsticos y Qumicos15,000VIGUSDSFEMay-03

    1Prod. Metalurgicos440,774VIGUSDBAIMay-03

    1Termotanques126,378VIGUSDBAIMay-03

    1Textiles46,974VIGUSDBAIMay-03

    1Verosil105,000VIGUSDBAIMay-03

    1Xenor112,500VIGUSDBAIMay-03

    1Soja11,931,665EMIUSDBAIMay-03

    1Tabaco6,865,056EMIUSDJUJMay-03

    1Jugos4,991,601EMIUSDRIOMay-03

    1Arroz4,263,470EMIUSDERIMay-03

    1Quesos2,851,041EMIUSDCBAMay-03

    1Plsticos y Qumicos768,934EMIUSDBAIMay-03

    1Papel558,274EMIUSDBAIMay-03

    1Maz418,800EMIUSDERIMay-03

    1Miel408,755EMIUSDBAIMay-03

    1Pulpa de Fruta338,906EMIUSDBAIMay-03

    1Art.electricos por lote331,771EMIUSDBAIMay-03

    1Aceite Oliva300,000EMIUSDSJNMay-03

    1Maz219,279EMIUSDBAIMay-03

    1Agroquimicos217,500EMIUSDBAIMay-03

    1Vinos200,100EMIARSMENMay-03

    1Man157,858EMIUSDBAIMay-03

    1Conservas114,395EMIUSDMENMay-03

    1Yerba Mate65,693EMIUSDMISMay-03

    1Siderurgia5,145,000EMIARSBAIMay-03

    1Alcohol Nafta1,087,320VIGARSBAIMay-03

    1Calefactores287,810VIGARSBAIMay-03

    1Calefones319,359VIGARSBAIMay-03

    1Calzado9,103,075VIGARSBAIMay-03

    1Material de Construccin103,000VIGARSBAIMay-03

    1Papel511,000VIGARSBAIMay-03

    1Siderurgia9,170,499VIGARSBAIMay-03

    1Turbogeneradores208,277VIGARSBAIMay-03

    1Yerba Mate3,452,771VIGUSDMISMay-03

    1Indumentaria3,353,805VIGUSDBAIMay-03

    1Trigo3,236,740VIGUSDCBAMay-03

    1Siderurgia2,776,210VIGUSDBAIMay-03

    1Maz2,478,116VIGUSDBAIMay-03

    1Alcohol Nafta2,232,120VIGUSDBAIMay-03

    1Trigo237,020EMIUSDCBAMay-03

    1Conservas1,699,084VIGUSDMENMay-03

    1Pulpa de Fruta1,685,474VIGUSDMENMay-03

    1Jugos1,593,412VIGUSDNEUMay-03

    1Calzado1,460,749VIGUSDBAIMay-03

    1Rollos Decoracin1,424,000VIGUSDBAIMay-03

    1Cascara deshidratada1,320,000VIGUSDTUCMay-03

    1Calefactores1,218,273VIGUSDBAIMay-03

    1Trigo1,192,724VIGUSDBAIMay-03

    1Trigo29,710EMIUSDBAIMay-03

    145,258,877Total may-03

    1Soja22,725,476VIGUSDSFEJun-03

    1Tabaco12,251,772VIGUSDBAIJun-03

    1Soja9,600,106VIGUSDBAIJun-03

    1Arroz8,110,965VIGUSDERIJun-03

    1Vinos7,825,165VIGUSDMENJun-03

    1Papel7,391,954VIGUSDBAIJun-03

    1Jugos5,548,480VIGUSDNEUJun-03

    1Trigo5,283,172VIGUSDBAIJun-03

    1Indumentaria5,259,405VIGUSDBAIJun-03

    1Aceite Oliva471,720VIGUSDMENJun-03

    1Algodn504,500VIGUSDCHAJun-03

    1Quesos3,475,850VIGUSDCBAJun-03

    1Aroma Manzana33,600VIGUSDNEUJun-03

    1Cebolla488,389VIGUSDMENJun-03

    1Champaa471,495VIGUSDMENJun-03

    1Cuero de Vaca682,963VIGUSDRIOJun-03

    1Jugos625,800VIGUSDRIOJun-03

    1Lcteos633,600VIGUSDSFEJun-03

    1Maz551,800VIGUSDERIJun-03

    1Man719,366VIGUSDBAIJun-03

    1Man53,320VIGUSDCBAJun-03

    1Miel207,762VIGUSDBAIJun-03

    1Pulpa de Fruta188,127VIGUSDBAIJun-03

    1Tabaco392,000VIGUSDMISJun-03

    1T674,558VIGUSDMISJun-03

    1Trigo370,000VIGUSDERIJun-03

    1Maz2,985,814VIGUSDBAIJun-03

    1Frutas12,800VIGUSDRIOJun-03

    1Alfombra2,898VIGUSDBAIJun-03

    1Art.electricos por lote391,740VIGUSDBAIJun-03

    1Artculos de Librera771,203VIGUSDBAIJun-03

    1Autos80,421VIGUSDBAIJun-03

    1Cables385,098VIGUSDBAIJun-03

    1Calderas15,300VIGUSDBAIJun-03

    1Calefones244,832VIGUSDBAIJun-03

    1Siderurgia2,878,210VIGUSDBAIJun-03

    1Cocinas7,733VIGUSDBAIJun-03

    1Electrodomsticos751,117VIGUSDBAIJun-03

    1Fertilizantes764,792VIGUSDBAIJun-03

    1Maderas383,939VIGUSDCHAJun-03

    1Plsticos y Qumicos90,000VIGUSDBAIJun-03

    1Plsticos y Qumicos15,000VIGUSDsfeJun-03

    1Prod. Metalurgicos878,974VIGUSDBAIJun-03

    1Termotanques63,189VIGUSDBAIJun-03

    1Textiles22,446VIGUSDBAIJun-03

    1Verosil105,000VIGUSDBAIJun-03

    1Xenor112,500VIGUSDBAIJun-03

    1Soja14,389,136EMIUSDBAIJun-03

    1Quesos2,291,200EMIUSDCBAJun-03

    1Girasol2,050,000EMIUSDBAIJun-03

    1Frutas1,144,000EMIUSDMENJun-03

    1Azucar1,850,655EMIUSDTUCJun-03

    1Arroz1,473,510EMIUSDERIJun-03

    1Siderurgia430,500EMIARSBAIJun-03

    1Alcohol Nafta1,007,760VIGARSBAIJun-03

    1Calefactores215,524VIGARSBAIJun-03

    1Calefones260,369VIGARSBAIJun-03

    1Calzado9,103,075VIGARSBAIJun-03

    1Material de Construccin103,000VIGARSBAIJun-03

    1Papel511,000VIGARSBAIJun-03

    1Siderurgia15,449,999VIGARSBAIJun-03

    1Turbogeneradores178,771VIGARSBAIJun-03

    1Azucar11,758,565EMIARSTUCJun-03

    1Frutas8,800EMIARSRIOJun-03

    1Melaza300,000EMIARSTUCJun-03

    1Vinos159,875EMIARSMENJun-03

    1T974,558EMIUSDMISJun-03

    1Jugos625,800EMIUSDRIOJun-03

    1Prod. Metalurgicos438,200EMIUSDBAIJun-03

    1Maz400,906EMIUSDBAIJun-03

    1Electrodomsticos397,505EMIUSDBAIJun-03

    1Cables385,098EMIUSDBAIJun-03

    1Jugos351,798EMIUSDNEUJun-03

    1Fertilizantes341,581EMIUSDBAIJun-03

    1Soja294,100EMIUSDERIJun-03

    1Papel289,522EMIUSDBAIJun-03

    1Man183,491EMIUSDBAIJun-03

    1Trigo240,860EMIUSDCBAJun-03

    1Aceite Oliva171,720EMIUSDMENJun-03

    1Melaza110,450EMIUSDBAIJun-03

    1Agroquimicos90,000EMIUSDBAIJun-03

    1Conservas48,804EMIUSDMENJun-03

    1Yerba Mate30,915EMIUSDBAIJun-03

    1Frutas7,200EMIUSDRIOJun-03

    1Azucar10,135,329VIGARSTUCJun-03

    1Frutas8,800VIGARSRIOJun-03

    1Jamones2,955,326VIGARSBAIJun-03

    1Melaza300,000VIGARSTUCJun-03

    1Miel221,432VIGARSBAIJun-03

    1Vinos159,875VIGARSMENJun-03

    1Yerba Mate486,700EMIARSMISJun-03

    1Alcohol Nafta2,232,120VIGUSDBAIJun-03

    1Yerba Mate2,188,035VIGUSDMISJun-03

    1Girasol2,050,000VIGUSDBAIJun-03

    1Frutas2,020,000VIGUSDMENJun-03

    1Trigo173,593EMIUSDBAIJun-03

    1Azucar1,719,918VIGUSDTUCJun-03

    1Conservas1,693,666VIGUSDMENJun-03

    1Calzado1,460,749VIGUSDBAIJun-03

    1Rollos Decoracin1,424,000VIGUSDBAIJun-03

    1Calefactores1,218,273VIGUSDBAIJun-03

    1Yerba Mate1,198,495VIGUSDMENJun-03

    1Cascara deshidratada1,080,002VIGUSDTUCJun-03

    206,298,910Total jun-03

    1Soja21,104,788VIGUSDSFEJul-03

    1Arroz8,129,070VIGUSDERIJul-03

    1Soja7,766,842VIGUSDBAIJul-03

    1Tabaco7,513,728VIGUSDJUJJul-03

    1Trigo1,329,340EMIUSDCBAJul-03

    1Papel7,279,604VIGUSDBAIJul-03

    1Vinos6,784,007VIGUSDMENJul-03

    1Indumentaria5,259,405VIGUSDBAIJul-03

    1Jugos5,094,581VIGUSDRIOJul-03

    1Trigo3,541,174VIGUSDBAIJul-03

    1Quesos3,475,850VIGUSDCBAJul-03

    1Yerba Mate3,197,787VIGUSDMISJul-03

    1Aceite Oliva776,720VIGUSDMENJul-03

    1Aceite Limon500,000VIGUSDTUCJul-03

    1Algodn504,500VIGUSDCHAJul-03

    1Aroma Manzana80,760VIGUSDNEUJul-03

    1Soja2,532,420VIGUSDERIJul-03

    1Cebolla488,389VIGUSDMENJul-03

    1Champaa471,496VIGUSDMENJul-03

    1Cuero de Vaca682,963VIGUSDRIOJul-03

    1Azucar2,492,906VIGUSDTUCJul-03

    1Maz551,800VIGUSDERIJul-03

    1Frutas414,800VIGUSDRIOJul-03

    1Lcteos633,600VIGUSDSFEJul-03

    1Man680,343VIGUSDBAIJul-03

    1Miel435,084VIGUSDBAIJul-03

    1Pulpa de Fruta273,780VIGUSDBAIJul-03

    1T674,558VIGUSDMISJul-03

    1Alcohol Nafta2,232,120VIGUSDBAIJul-03

    1Alfombra2,898VIGUSDBAIJul-03

    1Art.electricos por lote391,740VIGUSDBAIJul-03

    1Artculos de Librera771,203VIGUSDBAIJul-03

    1Autos160,842VIGUSDBAIJul-03

    1Cables385,098VIGUSDBAIJul-03

    1Calderas15,300VIGUSDBAIJul-03

    1Calefones244,832VIGUSDBAIJul-03

    1Cocinas7,733VIGUSDBAIJul-03

    1Electrodomsticos416,824VIGUSDBAIJul-03

    1Fertilizantes763,032VIGUSDBAIJul-03

    1Hidrox Aluminio438,200VIGUSDBAIJul-03

    1Maderas210,000VIGUSDCHAJul-03

    1Cocinas7,733VIGUSDBAIJul-03

    1Electrodomsticos416,824VIGUSDBAIJul-03

    1Fertilizantes763,032VIGUSDBAIJul-03

    1Hidrox Aluminio438,200VIGUSDBAIJul-03

    1Plsticos y Qumicos15,000VIGUSDSFEJul-03

    1Prod. Metalurgicos440,774VIGUSDBAIJul-03

    1Prod. Metalurgicos173,939VIGUSDJUJJul-03

    1Prod. Metalurgicos440,774VIGUSDBAIJul-03

    1Siderurgia2,174,210VIGUSDBAIJul-03

    1Termotanques126,378VIGUSDBAIJul-03

    1Textiles22,446VIGUSDBAIJul-03

    1Verosil105,000VIGUSDBAIJul-03

    1Xenor292,500VIGUSDBAIJul-03

    1Quesos2,291,200EMIUSDCBAJul-03

    1Soja1,995,467EMIUSDBAIJul-03

    1Arroz1,502,000EMIUSDERIJul-03

    1Azucar1,418,398EMIUSDTUCJul-03

    1Frutas917,840EMIUSDRIOJul-03

    1Aceite Limon500,000EMIUSDTUCJul-03

    1Papel375,611EMIUSDBAIJul-03

    1Miel330,202EMIUSDBAIJul-03

    1Aceite Oliva305,000EMIUSDSJNJul-03

    1Maz223,515EMIUSDBAIJul-03

    1Fertilizantes196,763EMIUSDBAIJul-03

    1Jugos132,675EMIUSDNEUJul-03

    1Man118,180EMIUSDBAIJul-03

    1Xenor90,000EMIUSDBAIJul-03

    1Conservas53,158EMIUSDMENJul-03

    1Man52,440EMIUSDCBAJul-03

    1Azucar22,309,521EMIARSTUCJul-03

    1Vinos118,243EMIARSMENJul-03

    1Aroma Manzana47,160EMIUSDNEUJul-03

    1Yerba Mate26,070EMIUSDMISJul-03

    1Material de Construccin108,000EMIARSBAIJul-03

    1Siderurgia8,661,650EMIARSSFEJul-03

    1Calefactores125,285VIGARSBAIJul-03

    1Alcohol Nafta954,720VIGARSBAIJul-03

    1Papel511,000VIGARSBAIJul-03

    1Calzado9,103,075VIGARSBAIJul-03

    1Siderurgia16,952,150VIGARSBAIJul-03

    1Azucar31,675,850VIGARSTUCJul-03

    1Frutas8,800VIGARSRIOJul-03

    1Melaza300,000VIGARSTUCJul-03

    1Miel221,422VIGARSBAIJul-03

    1Vinos118,243VIGARSMENJul-03

    1Yerba Mate486,700VIGARSMISJul-03

    1Maz2,174,183VIGUSDBAIJul-03

    1Girasol2,050,000VIGUSDSFEJul-03

    1Trigo1,561,619VIGUSDCBAJul-03

    1Calzado1,460,749VIGUSDBAIJul-03

    1Rollos Decoracin1,424,000VIGUSDBAIJul-03

    1Conservas1,345,459VIGUSDMENJul-03

    1Cascara deshidratada1,320,000VIGUSDTUCJul-03

    1Frutas1,271,000VIGUSDMENJul-03

    1Trigo37,470EMIUSDBAIJul-03

    1Calefactores1,218,273VIGUSDBAIJul-03

    220,220,012Total jul-03

    1Soja24,763,736VIGUSDSFEAug-03

    1Papel7,547,768VIGUSDBAIAug-03

    1Arroz6,773,160VIGUSDERIAug-03

    1Tabaco6,129,258VIGUSDJUJAug-03

    1Vinos5,694,912VIGUSDMENAug-03

    1Indumentaria5,259,405VIGUSDBAIAug-03

    1Jugos3,760,164VIGUSDRIOAug-03

    1Trigo560,532EMIUSDCBAAug-03

    1Quesos3,475,850VIGUSDSFEAug-03

    1Aceite Limon2,550,002VIGUSDTUCAug-03

    1Yerba Mate2,351,922VIGUSDMISAug-03

    1Alcohol Nafta2,232,120VIGUSDBAIAug-03

    1Trigo2,190,278VIGUSDBAIAug-03

    1Siderurgia2,174,210VIGUSDBAIAug-03

    1Aceite Oliva802,478VIGUSDSJNAug-03

    1Algodn504,500VIGUSDCHAAug-03

    1Aroma Manzana88,280VIGUSDNEUAug-03

    1Caf25,608VIGUSDBAIAug-03

    1Cebolla488,389VIGUSDMENAug-03

    1Champaa471,495VIGUSDMENAug-03

    1Cuero de Vaca682,963VIGUSDRIOAug-03

    1Frutas800,800VIGUSDMENAug-03

    1Frutas315,375VIGUSDRIOAug-03

    1Lcteos633,600VIGUSDSFEAug-03

    1Maz586,402VIGUSDERIAug-03

    1Man518,559VIGUSDBAIAug-03

    1Man242,380VIGUSDCBAAug-03

    1Miel360,772VIGUSDBAIAug-03

    1Pulpa de Fruta188,127VIGUSDBAIAug-03

    1Azucar2,020,604VIGUSDTUCAug-03

    1T674,558VIGUSDMISAug-03

    1Alfombra2,576VIGUSDBAIAug-03

    1Art.electricos por lote391,740VIGUSDBAIAug-03

    1Artculos de Librera771,203VIGUSDBAIAug-03

    1Autos80,420VIGUSDBAIAug-03

    1Cables385,098VIGUSDBAIAug-03

    1Calderas15,300VIGUSDBAIAug-03

    1Calefactores285,631VIGUSDBAIAug-03

    1Calefones210,983VIGUSDBAIAug-03

    1Cocinas7,733VIGUSDBAIAug-03

    1Electrodomsticos535,387VIGUSDBAIAug-03

    1Fertilizantes761,544VIGUSDBAIAug-03

    1Hidrox Aluminio250,400VIGUSDBAIAug-03

    1Maderas210,000VIGUSDCHAAug-03

    1Plsticos y Qumicos15,000VIGUSDSFEAug-03

    1Prod. Metalurgicos440,774VIGUSDBAIAug-03

    1Sulfato187,800VIGUSDBAIAug-03

    1Termotanques63,189VIGUSDBAIAug-03

    1Textiles21,405VIGUSDBAIAug-03

    1Verosil359,520VIGUSDBAIAug-03

    1Xenor292,500VIGUSDBAIAug-03

    1Prod. Metalurgicos173,939VIGUSDJUJAug-03

    1Jugos2,898,846EMIUSDNEUAug-03

    1Quesos2,291,200EMIUSDCBAAug-03

    1Fertilizantes1,404,547EMIUSDBAIAug-03

    1Tabaco980,594EMIUSDJUJAug-03

    1Arroz753,000EMIUSDERIAug-03

    1Vinos562,700EMIUSDMENAug-03

    1Papel479,707EMIUSDBAIAug-03

    1Cascara deshidratada450,550EMIUSDTUCAug-03

    1Soja318,280EMIUSDBAIAug-03

    1Frutas308,175EMIUSDRIOAug-03

    1Agroquimicos254,520EMIUSDBAIAug-03

    1Electrodomsticos250,663EMIUSDBAIAug-03

    1Soja250,500EMIUSDERIAug-03

    1Miel227,204EMIUSDBAIAug-03

    1Yerba Mate200,370EMIUSDMISAug-03

    1Aceite Oliva197,478EMIUSDMENAug-03

    1Plsticos y Qumicos187,800EMIUSDBAIAug-03

    1Man136,620EMIUSDCBAAug-03

    1Azucar89,948EMIUSDTUCAug-03

    1Caf51,216EMIUSDBAIAug-03

    1Azucar17,168,469EMIARSTUCAug-03

    1Man48,797EMIUSDBAIAug-03

    1Maz34,602EMIUSDERIAug-03

    1Maz34,442EMIUSDBAIAug-03

    1Aroma Manzana29,600EMIUSDNEUAug-03

    1Siderurgia120,000EMIARSSALAug-03

    1Alcohol Nafta901,680VIGARSTUCAug-03

    1Calefactores125,285VIGARSBAIAug-03

    1Calzado9,103,075VIGARSBAIAug-03

    1Material de Construccin108,000VIGARSBAIAug-03

    1Papel511,000VIGARSBAIAug-03

    1Siderurgia16,662,150VIGARSBAIAug-03

    1Azucar38,342,754VIGARSTUCAug-03

    1Melaza300,000VIGARSTUCAug-03

    1Miel221,432VIGARSBAIAug-03

    1Yerba Mate486,700VIGARSMISAug-03

    1Maz1,748,101VIGUSDBAIAug-03

    1Cascara deshidratada1,585,050VIGUSDTUCAug-03

    1Calzado1,460,749VIGUSDBAIAug-03

    1Rollos Decoracin1,424,000VIGUSDBAIAug-03

    1Aceites4,100,268EMIUSDSFEAug-03

    1Trigo1,168,803VIGUSDCBAAug-03

    1Conservas1,251,024VIGUSDMENAug-03

    1Trigo12,760EMIUSDBAIAug-03

    199,573,006Total ago-03

    1Soja15,435,830VIGUSDBAISep-03

    1Papel7,391,716VIGUSDBAISep-03

    1Tabaco6,995,902VIGUSDJUJSep-03

    1Arroz5,972,670VIGUSDERISep-03

    1Vinos5,498,776VIGUSDMENSep-03

    1Indumentaria5,259,405VIGUSDBAISep-03

    1Azucar5,233,655VIGUSDTUCSep-03

    1Quesos3,475,850VIGUSDSFESep-03

    1Yerba Mate2,722,270VIGUSDMISSep-03

    1Jugos2,711,394VIGUSDRIOSep-03

    1Alcohol Nafta2,232,120VIGUSDBAISep-03

    1Siderurgia2,174,210VIGUSDSFESep-03

    1Cascara deshidratada1,870,050VIGUSDTUCSep-03

    1Aceite Oliva694,700VIGUSDMENSep-03

    1Aceite Limon500,000VIGUSDTUCSep-03

    1Aroma Manzana88,280VIGUSDNEUSep-03

    1Algodn504,500VIGUSDCHASep-03

    1Cebolla488,389VIGUSDMENSep-03

    1Champaa471,496VIGUSDMENSep-03

    1Conservas689,254VIGUSDMENSep-03

    1Cuero de Vaca682,963VIGUSDRIOSep-03

    1Frutas343,200VIGUSDMENSep-03

    1Frutas315,675VIGUSDRIOSep-03

    1Jugos740,400VIGUSDTUCSep-03

    1Lcteos633,600VIGUSDSFESep-03

    1Maz586,402VIGUSDERISep-03

    1Man561,671VIGUSDBAISep-03

    1Man189,940VIGUSDCBASep-03

    1Miel379,094VIGUSDBAISep-03

    1Pulpa de Fruta165,480VIGUSDBAISep-03

    1Tabaco415,000VIGUSDMISSep-03

    1T799,558VIGUSDMISSep-03

    1Trigo114,218VIGUSDBAISep-03

    1Trigo769,107VIGUSDRIOSep-03

    1Aceros173,939VIGUSDJUJSep-03

    1Agroquimicos392,400VIGUSDBAISep-03

    1Alfombra2,576VIGUSDBAISep-03

    1Art.electricos por lote391,740VIGUSDBAISep-03

    1Artculos de Librera249,306VIGUSDBAISep-03

    1Autos80,421VIGUSDBAISep-03

    1Calderas15,300VIGUSDBAISep-03

    1Calefactores285,631VIGUSDBAISep-03

    1Calefones171,982VIGUSDBAISep-03

    1Maz1,510,724VIGUSDBAISep-03

    1Cocinas7,733VIGUSDBAISep-03

    1Electrodomsticos486,234VIGUSDBAISep-03

    1Fertilizantes768,797VIGUSDBAISep-03

    1Hidrox Aluminio125,200VIGUSDBAISep-03

    1Maderas210,000VIGUSDCHASep-03

    1Maderas157,680VIGUSDNEUSep-03

    1Plsticos y Qumicos15,000VIGUSDsfeSep-03

    1Prod. Metalurgicos440,774VIGUSDBAISep-03

    1Sulfato313,000VIGUSDBAISep-03

    1Termotanques63,189VIGUSDBAISep-03

    1Textiles20,454VIGUSDBAISep-03

    1Urea180,000VIGUSDTUCSep-03

    1Xenor292,500VIGUSDBAISep-03

    1Azucar5,425,066EMIUSDTUCSep-03

    1Agroquimicos1,400,400EMIUSDBAISep-03

    1Arroz1,096,820EMIUSDERISep-03

    1Tabaco1,338,880EMIUSDJUJSep-03

    1Jugos826,800EMIUSDTUCSep-03

    1Conservas655,408EMIUSDMENSep-03

    1Papel636,949EMIUSDBAISep-03

    1Fertilizantes536,474EMIUSDBAISep-03

    1Yerba Mate505,378EMIUSDMISSep-03

    1Tabaco415,000EMIUSDMISSep-03

    1Electrodomsticos300,587EMIUSDBAISep-03

    1Cascara deshidratada285,000EMIUSDTUCSep-03

    1Artculos de Librera256,212EMIUSDBAISep-03

    1Urea180,000EMIUSDTUCSep-03

    1Trigo171,885EMIUSDCBASep-03

    1Maderas157,680EMIUSDNEUSep-03

    1Vinos156,160EMIUSDMENSep-03

    1Azucar5,735,042EMIARSTUCSep-03

    1Frutas9,100EMIARSRIOSep-03

    1Miel110,716EMIARSBAISep-03

    1Yerba Mate550,338EMIARSMISSep-03

    1Sulfato125,200EMIUSDBAISep-03

    1T125,000EMIUSDMISSep-03

    1Cebolla125,000EMIUSDMENSep-03

    1Soja112,860EMIUSDSFESep-03

    1Man22,307EMIUSDBAISep-03

    1Miel17,494EMIUSDBAISep-03

    1Frutas7,500EMIUSDRIOSep-03

    1Siderurgia2,690,210EMIARSBAISep-03

    1Alcohol Nafta901,680VIGARSTUCSep-03

    1Calefactores125,285VIGARSBAISep-03

    1Calzado9,103,075VIGARSBAISep-03

    1Material de Construccin108,000VIGARSBAISep-03

    1Siderurgia17,852,150VIGARSBAISep-03

    1Azucar56,024,612VIGARSTUCSep-03

    1Frutas9,100VIGARSRIOSep-03

    1Melaza300,000VIGARSTUCSep-03

    1Miel110,716VIGARSBAISep-03

    1Yerba Mate550,338VIGARSMISSep-03

    1Calzado1,460,749VIGUSDBAISep-03

    1Trigo1,428,323VIGUSDCBASep-03

    1Rollos Decoracin1,424,000VIGUSDBAISep-03

    1Verosil1,367,520VIGUSDBAISep-03

    1Trigo47,921EMIUSDBAISep-03

    198,250,285Total sep-03

    1Yerba Mate9,628,790VIGUSDMISOct-03

    1Soja8,228,127VIGUSDSFEOct-03

    1Papel7,000,335VIGUSDBAIOct-03

    1Tabaco6,777,012VIGUSDJUJOct-03

    1Vinos5,498,776VIGUSDMENOct-03

    1Arroz5,266,670VIGUSDERIOct-03

    1Indumentaria5,259,405VIGUSDBAIOct-03

    1Quesos3,475,850VIGUSDSFEOct-03

    1Azucar2,790,950VIGUSDTUCOct-03

    1Alcohol Nafta2,232,120VIGUSDBAIOct-03

    1Siderurgia2,120,210VIGUSDSFEOct-03

    1Cascara deshidratada1,870,050VIGUSDTUCOct-03

    1Trigo193,000EMIUSDERIOct-03

    1Trigo156,552EMIUSDCBAOct-03

    1Aceite Limon756,000VIGUSDTUCOct-03

    1Aceite Oliva648,700VIGUSDSJNOct-03

    1Algodn504,500VIGUSDCHAOct-03

    1Aroma Manzana88,280VIGUSDNEUOct-03

    1Caf8,148VIGUSDBAIOct-03

    1Cebolla488,389VIGUSDMENOct-03

    1Champaa471,496VIGUSDMENOct-03

    1Conservas746,149VIGUSDMENOct-03

    1Cuero de Vaca682,963VIGUSDRIOOct-03

    1Frutas114,400VIGUSDMENOct-03

    1Frutas315,675VIGUSDRIOOct-03

    1Jugos675,210VIGUSDTUCOct-03

    1Lcteos633,600VIGUSDSFEOct-03

    1Maz521,802VIGUSDERIOct-03

    1Man366,794VIGUSDBAIOct-03

    1Man189,940VIGUSDCBAOct-03

    1Miel366,868VIGUSDBAIOct-03

    1Pescado96,675VIGUSDBAIOct-03

    1Pulpa de Fruta165,480VIGUSDBAIOct-03

    1Calzado1,460,749VIGUSDBAIOct-03

    1Tabaco415,000VIGUSDMISOct-03

    1T799,558VIGUSDMISOct-03

    1Trigo432,657VIGUSDCBAOct-03

    1Trigo193,000VIGUSDERIOct-03

    1Aceros173,939VIGUSDBAIOct-03

    1Alfombra2,576VIGUSDBAIOct-03

    1Art.electricos por lote391,740VIGUSDBAIOct-03

    1Artculos de Librera249,306VIGUSDBAIOct-03

    1Autos80,421VIGUSDBAIOct-03

    1Calderas15,300VIGUSDBAIOct-03

    1Calefactores410,916VIGUSDBAIOct-03

    1Calefones171,982VIGUSDBAIOct-03

    1Cocinas7,733VIGUSDBAIOct-03

    1Electrodomsticos418,002VIGUSDBAIOct-03

    1Fertilizantes536,474VIGUSDBAIOct-03

    1Hidrox Aluminio125,200VIGUSDBAIOct-03

    1Maderas210,000VIGUSDBAIOct-03

    1Maderas157,680VIGUSDNEUOct-03

    1Noxion135,000VIGUSDBAIOct-03

    1Plsticos y Qumicos392,400VIGUSDBAIOct-03

    1Prod. Metalurgicos440,774VIGUSDBAIOct-03

    1Plsticos y Qumicos15,000VIGUSDSFEOct-03

    1Urea67,500VIGUSDTUCOct-03

    1Sulfato313,000VIGUSDBAIOct-03

    1Termotanques63,189VIGUSDBAIOct-03

    1Textiles20,454VIGUSDBAIOct-03

    1Xenor292,500VIGUSDBAIOct-03

    1Quesos4,582,400EMIUSDCBAOct-03

    1Yerba Mate2,032,289EMIUSDMISOct-03

    1Tabaco1,669,839EMIUSDJUJOct-03

    1Azucar419,688EMIUSDTUCOct-03

    1Papel344,660EMIUSDBAIOct-03

    1Siderurgia320,000EMIUSDBAIOct-03

    1Aceite Limon256,000EMIUSDTUCOct-03

    1Conservas242,766EMIUSDMENOct-03

    1Agroquimicos135,000EMIUSDBAIOct-03

    1Man129,771EMIUSDBAIOct-03

    1Pescado96,675EMIUSDBAIOct-03

    1Maz68,400EMIUSDERIOct-03

    1Azucar10,809,627EMIARSTUCOct-03

    1Trigo20,951EMIARSCBAOct-03

    1Maz27,774EMIUSDBAIOct-03

    1Jugos18,972EMIUSDNEUOct-03

    1Caf8,148EMIUSDBAIOct-03

    1Siderurgia1,175,000EMIARSSFEOct-03

    1Alcohol Nafta901,680VIGARSTUCOct-03

    1Calzado9,103,075VIGARSBAIOct-03

    1Material de Construccin108,000VIGARSBAIOct-03

    1Papel272,027VIGARSBAIOct-03

    1Siderurgia18,272,150VIGARSSFEOct-03

    1Azucar49,452,834VIGARSTUCOct-03

    1Frutas9,100VIGARSRIOOct-03

    1Jugos3,702VIGARSTUCOct-03

    1Melaza300,000VIGARSTUCOct-03

    1Miel110,716VIGARSBAIOct-03

    1Trigo1,644,300VIGARSTUCOct-03

    1Yerba Mate550,338VIGARSMISOct-03

    1Rollos Decoracin1,424,000VIGUSDBAIOct-03

    1Verosil1,367,520VIGUSDBAIOct-03

    1Maz1,104,302VIGUSDBAIOct-03

    183,312,666Total oct-03

    1Papel6,982,287VIGUSDBAINov-03

    1Tabaco6,273,977VIGUSDJUJNov-03

    1Trigo830,740EMIUSDCBANov-03

    1Indumentaria5,259,405VIGUSDBAINov-03

    1Vinos5,192,296VIGUSDMENNov-03

    1Quesos3,478,276VIGUSDSFENov-03

    1Trigo646,735EMIUSDERINov-03

    1Yerba Mate3,369,786VIGUSDMISNov-03

    1Trigo3,205,890VIGUSDCBANov-03

    1Azucar2,973,112VIGUSDTUCNov-03

    1Alcohol Nafta2,232,120VIGUSDBAINov-03

    1Siderurgia2,120,210VIGUSDSFENov-03

    1Cascara deshidratada1,849,550VIGUSDTUCNov-03

    1Arroz1,694,700VIGUSDERINov-03

    1Cuero de Vaca1,480,000VIGUSDBAINov-03

    1Calzado1,460,749VIGUSDBAINov-03

    1Aceite Oliva578,700VIGUSDSJNNov-03

    1Aceite Limon991,000VIGUSDTUCNov-03

    1Algodn504,500VIGUSDCHANov-03

    1Aroma Manzana88,280VIGUSDTUCNov-03

    1Champaa471,496VIGUSDMENNov-03

    1Conservas827,377VIGUSDMENNov-03

    1Rollos Decoracin1,424,000VIGUSDBAINov-03

    1Cuero de Vaca682,963VIGUSDRIONov-03

    1Frutas302,575VIGUSDRIONov-03

    1Lcteos518,055VIGUSDSFENov-03

    1Maderas12,000VIGUSDRIONov-03

    1Maz953,890VIGUSDBAINov-03

    1Maz345,802VIGUSDERINov-03

    1Man129,501VIGUSDBAINov-03

    1Man189,940VIGUSDCBANov-03

    1Miel366,868VIGUSDBAINov-03

    1Pescado208,615VIGUSDBAINov-03

    1Pulpa de Fruta417,499VIGUSDMENNov-03

    1Tabaco415,000VIGUSDMISNov-03

    1T799,558VIGUSDMISNov-03

    1Trigo441,050VIGUSDERINov-03

    1Trigo365,760VIGUSDSFENov-03

    1Agroquimicos392,400VIGUSDBAINov-03

    1Alfombra2,254VIGUSDBAINov-03

    1Artculos de Librera249,306VIGUSDBAINov-03

    1Autos80,421VIGUSDBAINov-03

    1Bins28,000VIGUSDTUCNov-03

    1Calderas15,300VIGUSDBAINov-03

    1Calefactores380,544VIGUSDBAINov-03

    1Calefones171,982VIGUSDBAINov-03

    1Cocinas7,733VIGUSDBAINov-03

    1Electrodomsticos543,277VIGUSDBAINov-03

    1Envases20,300VIGUSDTUCNov-03

    1Maderas210,000VIGUSDCHANov-03

    1Noxion135,000VIGUSDBAINov-03

    1Plsticos y Qumicos33,512VIGUSDBAINov-03

    1Prod. Metalurgicos440,774VIGUSDBAINov-03

    1Plsticos y Qumicos15,000VIGUSDSFENov-03

    1Siderurgia173,939VIGUSDJUJNov-03

    1Termotanques63,189VIGUSDBAINov-03

    1Textiles19,351VIGUSDBAINov-03

    1Urea22,500VIGUSDTUCNov-03

    1Xenor292,500VIGUSDBAINov-03

    1Tabaco1,676,634EMIUSDJUJNov-03

    1Cuero de Vaca1,480,000EMIUSDBAINov-03

    1Quesos1,422,125EMIUSDSFENov-03

    1Cascara deshidratada1,377,705EMIUSDTUCNov-03

    1Arroz836,000EMIUSDERINov-03

    1Soja664,140EMIUSDERINov-03

    1Papel540,226EMIUSDBAINov-03

    1Electrodomsticos408,934EMIUSDBAINov-03

    1Maz265,600EMIUSDERINov-03

    1Pulpa de Fruta252,019EMIUSDMENNov-03

    1Azucar237,607EMIUSDTUCNov-03

    1Aceite Limon235,000EMIUSDTUCNov-03

    1Aceite Oliva230,000EMIUSDSJNNov-03

    1Jugos203,348EMIUSDTUCNov-03

    1Agroquimicos112,500EMIUSDBAINov-03

    1Pescado111,940EMIUSDBAINov-03

    1Conservas108,074EMIUSDMENNov-03

    1Yerba Mate87,945EMIUSDMISNov-03

    1Lcteos68,055EMIUSDSFENov-03

    1Azucar4,180,126EMIARSTUCNov-03

    1Tabaco3,498,000EMIARSJUJNov-03

    1Yerba Mate256,000EMIARSMISNov-03

    1Plsticos y Qumicos50,140EMIUSDBAINov-03

    1Bins28,000EMIUSDTUCNov-03

    1Envases20,300EMIUSDTUCNov-03

    1Textiles19,351EMIUSDBAINov-03

    1Maderas12,000EMIUSDRIONov-03

    1Maz6,861EMIUSDBAINov-03

    1Miel4,796EMIUSDBAINov-03

    1Alfombra sinttica2,254EMIUSDBAINov-03

    1Siderurgia1,616,000EMIARSSFENov-03

    1Alcohol Nafta901,680VIGARSTUCNov-03

    1Azucar29,039,266VIGARSTUCNov-03

    1Miel110,716VIGARSBAINov-03

    1Tabaco3,498,000VIGARSJUJNov-03

    1Yerba Mate256,000VIGARSMISNov-03

    1Verosil1,262,520VIGUSDBAINov-03

    1Soja1,205,594VIGUSDSFENov-03

    1Jugos1,132,748VIGUSDTUCNov-03

    1Soja1,111,840VIGUSDERINov-03

    121,911,584Total nov-03

    1Trigo3,484,228EMIUSDBAIDec-03

    1Trigo1,638,000EMIUSDCBADec-03

    1Azucar7,902,132VIGUSDTUCDec-03

    1Tabaco7,310,713VIGUSDJUJDec-03

    1Papel7,175,276VIGUSDBAIDec-03

    1Indumentaria5,109,405VIGUSDBAIDec-03

    1Trigo3,948,000VIGUSDCBADec-03

    1Yerba Mate3,791,549VIGUSDMISDec-03

    1Trigo3,750,216VIGUSDBAIDec-03

    1Quesos3,478,276VIGUSDSFEDec-03

    1Vinos2,907,703VIGUSDMENDec-03

    1Siderurgia2,260,210VIGUSDBAIDec-03

    1Trigo237,700EMIUSDERIDec-03

    1Cascara deshidratada1,724,550VIGUSDTUCDec-03

    1Cuero de Vaca1,480,000VIGUSDBAIDec-03

    1Calzado1,460,749VIGUSDBAIDec-03

    1Rollos Decoracin1,424,000VIGUSDBAIDec-03

    1Soja1,400,040VIGUSDERIDec-03

    1Aceite Limon376,000VIGUSDTUCDec-03

    1Aceite Oliva535,000VIGUSDSJNDec-03

    1Algodn504,500VIGUSDCHADec-03

    1Arroz465,400VIGUSDERIDec-03

    1Aroma Manzana88,280VIGUSDNEUDec-03

    1Bins12,000VIGUSDRIODec-03

    1Bins38,000VIGUSDTUCDec-03

    1Verosil1,262,520VIGUSDBAIDec-03

    1Cebolla125,000VIGUSDMENDec-03

    1Champaa471,496VIGUSDMENDec-03

    1Conservas963,199VIGUSDMENDec-03

    1Alcohol Nafta1,242,120VIGUSDBAIDec-03

    1Cuero de Vaca682,963VIGUSDRIODec-03

    1Frutas145,075VIGUSDRIODec-03

    1Jugos932,548VIGUSDTUCDec-03

    1Lcteos731,555VIGUSDSFEDec-03

    1Maz928,022VIGUSDBAIDec-03

    1Maz265,600VIGUSDERIDec-03

    1Man108,322VIGUSDBAIDec-03

    1Man189,940VIGUSDCBADec-03

    1Miel366,868VIGUSDBAIDec-03

    1Pescado240,152VIGUSDBAIDec-03

    1Pulpa de Fruta417,499VIGUSDMENDec-03

    1Soja132,972VIGUSDCBADec-03

    1Tabaco415,000VIGUSDMISDec-03

    1T799,558VIGUSDMISDec-03

    1Aceros173,939VIGUSDJUJDec-03

    1Agroquimicos562,666VIGUSDBAIDec-03

    1Alfombra2,254VIGUSDBAIDec-03

    1Art.electricos por lote391,740VIGUSDBAIDec-03

    1Artculos de Librera249,306VIGUSDBAIDec-03

    1Autos80,421VIGUSDBAIDec-03

    1Calderas15,300VIGUSDBAIDec-03

    1Calefactores338,551VIGUSDBAIDec-03

    1Calefones171,982VIGUSDBAIDec-03

    1Cocinas7,733VIGUSDBAIDec-03

    1Electrodomsticos529,716VIGUSDBAIDec-03

    1Envases20,300VIGUSDTUCDec-03

    1Film polipropileno33,511VIGUSDBAIDec-03

    1Hidrox Aluminio438,200VIGUSDBAIDec-03

    1Trigo1,104,435VIGUSDERIDec-03

    1Latas388,570VIGUSDMENDec-03

    1Maderas210,000VIGUSDCHADec-03

    1Noxion135,000VIGUSDBAIDec-03

    1Plsticos y Qumicos15,000VIGUSDSFEDec-03

    1Termotanques63,189VIGUSDBAIDec-03

    1Textiles19,351VIGUSDBAIDec-03

    1Xenor372,500VIGUSDBAIDec-03

    1Azucar6,014,385EMIUSDTUCDec-03

    1Tabaco1,125,000EMIUSDJUJDec-03

    1Quesos2,291,200EMIUSDCBADec-03

    1Papel1,833,077EMIUSDBAIDec-03

    1Alcohol Nafta1,242,120EMIUSDTUCDec-03

    1Yerba Mate880,572EMIUSDMISDec-03

    1Conservas777,368EMIUSDMENDec-03

    1Latas777,140EMIUSDBAIDec-03

    1Plsticos y Qumicos751,200EMIUSDBAIDec-03

    1Soja485,400EMIUSDERIDec-03

    1Lcteos427,000EMIUSDBAIDec-03

    1Agroquimicos371,466EMIUSDBAIDec-03

    1Azucar12,501,300EMIARSTUCDec-03

    107,723,228Total dic-03

    1,909,116,581Total general

    1Melaza300,000EMIARSTUCDec-03

    1Electrodomsticos223,776EMIUSDBAIDec-03

    1Frutas145,075EMIUSDRIODec-03

    1Siderurgia140,000EMIUSDBAIDec-03

    1Pescado31,538EMIUSDBAIDec-03

    1Maz17,800EMIUSDBAIDec-03

    1Bins10,000EMIUSDTUCDec-03

    1Alcohol Nafta449,820EMIARSTUCDec-03

    1Siderurgia1,789,000EMIARSSFEDec-03

    1Alcohol Nafta449,820VIGARSTUCDec-03

    1Calzado9,103,075VIGARSBAIDec-03

    1Material de Construccin108,000VIGARSBAIDec-03

    1Papel272,027VIGARSBAIDec-03

    1Siderurgia20,169,150VIGARSSFEDec-03

    1Azucar60,732,071VIGARSTUCDec-03

    1Jugos113,800VIGARSTUCDec-03

    1Melaza300,000VIGARSTUCDec-03

    1Tabaco3,498,000VIGARSJUJDec-03

    1Yerba Mate256,000VIGARSMISDec-03

    Mkt share 2003

    Warrants issued293,105,511100.0%Deals > = USD 1,250,000Deals. > = USD 1,250,000 (in USD million)Mkt shareTARGET 2004 (9 months)TOTAL125,927,2492.9542,687,209

    ProductAmountShareCurrencyNr. DealsAvrg. AmountMonthO/S (85%)New deals (79%)20%27%PRODUCTOMONTOTIPOMONEDAUSD

    Sugar45,087,37915.4%USD EQUIV113,940,000Jan91.020.34.1New issueFeeSeasonalityAzucar84,489,275EMIARS28,640,432

    Tobacco37,987,95413.0%USD74,897,000Feb74.918.93.8USD millionUSD '000DistributionSiderurgia21,847,360EMIARS7,405,885

    Soy beans36,777,58212.5%USD48,654,000Mar67.427.85.6Calzado9,103,075EMIARS3,085,788

    Cheese27,031,8309.2%USD102,703,000Apr67.624.24.86.649.814.2%Tabaco3,498,000EMIARS1,185,763

    Vegetable oils22,700,1667.7%USD36,707,000May78.332.76.59.067.219.1%Trigo2,031,766EMIARS688,734

    Rice18,333,6306.3%USD62,570,000Jun120.926.05.27.153.615.3%Yerba Mate2,029,738EMIARS688,047

    Wheat17,342,5455.9%USD52,042,000Jul120.819.03.85.239.211.2%Alcohol Nafta1,616,700EMIARS548,034

    Sunflower13,350,0004.6%USD34,450,000Aug106.116.53.34.533.99.7%Vinos1,311,326EMIARS444,517

    Fruit juice11,802,5934.0%USD23,945,000Sep102.411.02.23.016.86.5%

    Steel products7,405,8852.5%USD EQUIV51,349,000Oct91.012.02.43.312.77.0%

    Paper6,224,9342.1%USD11,833,000Nov61.39.11.82.55.65.3%

    Peanuts6,091,4622.1%USD14,324,000Dec88.120.14.05.54.611.8%

    Canned food5,809,7172.0%USD12,888,000Total237.647.546.8283.3100.0%

    Yerba Mate4,969,9071.7%USD12,032,000Avrg/Month89.019.84.05.231.5

    Corn4,797,8091.6%USD12,313,000avg days135135

    Fresh Fruit4,426,2901.5%USD11,144,000avg fee p.a.2.0%2.0%

    Dehydrated peel3,433,2551.2%USD21,349,000avg mth fee x '0003031

    Footwear3,085,7881.1%USD EQUIV13,085,000annual fee x '000280283

    Agro chemicals2,581,3860.9%USD11,400,000bugt income x '000827 [$ARS]836 [$ARS]

    Fertilizer2,479,3640.8%USD11,404,000ARS/USD2.95

    Honey2,231,8330.8%USD

    Alcohol Nafta2,071,7200.7%USD11,242,000

    Plastics & Chemicals1,758,0740.6%USD

    Electrical Appliances1,581,4650.5%USD

    Leather1,480,0000.5%USD11,480,000

    Wine1,163,3770.4%USD

    Tea1,099,5580.4%USD

    YEARUSD million

    913

    9230785%

    93218624%

    94471116%

    9559025%

    961,382134%

    971,80030%

    982,18621%

    991,053-52%

    00985-6%

    01960-2%

    02448-53%

    03298-33%

    0447860%

    0572451%

    0692327%

    071,13623%

    081,51533%

    FUENTE : S.A.G.P.y A., Direccin Nacional de Alimentos.

    NOTA : Las cifras correspondientes a 1997 y 1998 son estimadas.

    &C&"Arial,Negrita"&UArgentina - Warrants market in 2003 - Prospective business in 2004&R&"Arial,Negrita"CONFIDENTIAL

    Mkt share 2003

    Outstanding (Avrg USD 89mm)

    New Issues (total USD 238mm, avrg/month USD 19.8mm)

    Argentina - Warrants Market 2003amounts in USD mm - deals over USD 1.25mm

    Seasonality

    New Isues

    Argentina - Warrants issued 1991 - 2008

    Amounts in million USD

    Estacionalidad

    2.950.0Period

    PRODUCTOMONTOTIPOMONEDAPROVPERIODOissuedissuedissuedissuedissuedissuedissued

    jan0.53.02.90.0

    feb0.09.30.20.13.6

    mar0.50.08.21.63.20.71.2

    apr6.35.23.62.90.9

    may11.96.94.32.95.01.7

    jun5.814.71.52.30.60.1

    jul9.02.01.52.30.52.9

    aug5.90.61.00.82.32.90.0

    sep7.40.11.81.10.80.9

    oct4.11.74.60.80.7

    nov1.70.72.90.81.40.20.5

    dec10.60.51.12.30.00.7

    avg & tot45.436.838.018.327.012.612.5

    Excl. Sugar

    Target

    Avg fee

    Avg ARS/USD

    118.49

    1,49893%

    TOTAL1,617673.5

    ProductoNrProductUSD millionShareCum shareNrProductUSD millionShareCum share

    . Soja1Soybeans529.6332.76%32.76%36Olives1.290.08%99.07%TotalPeriodSoybeansWheatTobaccoSugarDairyPeanuts

    . Trigo2Wheat152.369.42%42.18%37Stationary1.240.08%99.15%89.4J11.245.612.50.48.910.8

    . Tabaco3Tobacco150.029.28%51.46%38Vynilic fabric1.220.08%99.22%38.9F2.716.56.91.710.01.1

    . Azcar4Sugar137.408.50%59.96%39Seeds1.200.07%99.30%43.2M0.75.423.18.44.51.0

    . Lcteos5Dairy products86.935.38%65.33%40Bobines1.200.07%99.37%139.4A95.97.924.32.63.35.4

    . Man6Peanuts86.495.35%70.68%41Tea1.110.07%99.44%211.4M156.916.721.00.68.57.7

    . Siderurgia7Steel products60.963.77%74.45%42Sorghum0.990.06%99.50%126.9J73.713.718.58.21.511.3

    . Maz8Maize58.603.62%78.08%43Other0.980.06%99.56%112.3J85.34.69.55.47.00.5

    . Girasol9Sunflower56.293.48%81.56%44Cans0.960.06%99.62%95.9A40.02.54.129.59.410.5

    . Jugos10Fruit juice55.073.41%84.96%45UV Crystal0.670.04%99.66%76.1S28.91.216.915.35.97.9

    . Yerba Mate11Yerba Mate35.692.21%87.17%46Salt0.640.04%99.70%70.9O9.54.38.526.414.47.8

    . Conservas12Cheese31.841.97%89.14%47Footwear0.560.03%99.73%73.5N7.915.52.526.54.117.0

    . Quesos13Preserves28.091.74%90.88%48Champagne0.470.03%99.76%64.9D17.018.42.112.49.55.5

    . Cebada14Barley15.060.93%91.81%49Scrap0.380.02%99.79%1142.7Total529.7152.3149.9137.486.986.5

    . Arroz15Rice13.940.86%92.67%50Fish0.370.02%99.81%PeriodSteelMaizeSunflowerJuiceYerba MateCheese

    . Agroqumicos16Agrichemicals10.530.65%93.32%51Proteins0.340.02%99.83%J0.00.80.00.80.50.0

    . Mosto17Grape must9.970.62%93.94%52Screws0.300.02%99.85%F0.31.10.43.20.10.5

    . Artculos del Hogar18Home appliances9.660.60%94.54%53Alfalfa0.260.02%99.87%M2.34.67.07.51.83.8

    . Vinos19Wine8.690.54%95.07%54Glycine0.250.02%99.88%A0.710.219.813.62.91.5

    . Pulpa de Fruta20Fruit pulp7.710.48%95.55%55Cigarettes0.240.02%99.90%M15.912.18.516.813.20.8

    . Aceites21Oils7.250.45%96.00%56Sponges0.240.01%99.91%J1.23.16.00.75.31.5

    . Fertilizantes22Fertilizer6.980.43%96.43%57Clean leaf 430.210.01%99.92%J0.04.87.30.01.71.5

    . Papel23Paper6.280.39%96.82%58Chlorine0.190.01%99.94%A0.66.01.24.91.13.6

    . Poroto24Beans4.870.30%97.12%59Phosphorus0.150.01%99.95%S0.72.62.33.62.71.1

    . Algodn25Cotton4.800.30%97.42%60Metallic products0.150.01%99.95%O3.24.22.72.00.57.1

    . Lanas26Wool4.380.27%97.69%61Oats0.140.01%99.96%N32.84.80.80.32.57.7

    . Frutas27Fruits3.990.25%97.94%62Pop corn0.140.01%99.97%D3.14.20.21.73.32.5

    . Fibra algodn28Cotton fiber3.470.21%98.15%63Pre-shapes0.110.01%99.98%61.058.556.355.135.731.8

    . Aceite de limon29Lemon oil2.800.17%98.32%64Cartons0.110.01%99.99%

    . Nafta30Naphta2.700.17%98.49%65Flosil0.100.01%99.99%

    . Tubos de acero31Steel tubes2.350.15%98.64%66Mortero 350.060.00%100.00%

    . Motovehiculos32Motorcycles1.630.10%98.74%67Jam0.040.00%100.00%

    . Suero33Whey1.470.09%98.83%68Alcohol0.020.00%100.00%

    . Envase34Packaging1.310.08%98.91%69Bins0.010.00%100.00%

    . Abono35Natural fertilizer1.300.08%98.99%70Soy based food0.010.00%100.00%

    . Aceitunas

    . Artculos de librera

    . Tela vinlica

    . SemillasNrProductUSD millionShareCum share

    . Bobinas1Soybeans529.6332.76%32.76%

    . Te2Wheat152.369.42%42.18%

    . Sorgo3Tobacco150.029.28%51.46%

    . Accesorios varios4Sugar137.408.50%59.96%

    . Latas5Dairy products86.935.38%65.33%

    . Cristales UV6Peanuts86.495.35%70.68%

    . Sal7Steel products60.963.77%74.45%

    . Zapatos8Maize58.603.62%78.08%

    . Champan9Sunflower56.293.48%81.56%

    . Chatarra10Fruit juice55.073.41%84.96%

    . Pescado11Yerba Mate35.692.21%87.17%

    . Proteinas12Cheese31.841.97%89.14%

    . Tornillos13Preserves28.091.74%90.88%

    . Alfalfa14Barley15.060.93%91.81%

    . Glicinas15Rice13.940.86%92.67%

    . Cigarrillos16All Other118.457.33%100.00%

    . Esponjas Mortimer

    . Clean leaf 43

    . Lavandina

    . Fosforos

    . Producto Metalrgico

    . Avena

    . Maiz pisingallo

    . Preformas

    . Cartulina

    . Flosil

    . Mortero 35

    . Dulce

    . Alcohol

    . Bins

    . Crispy de soja

    &C&F&8amounts in USD million&RCONFIDENTIAL

    &C&D

    Estacionalidad

    Annual 2008

    Soybeans

    Wheat

    Tobacco

    Sugar

    Dairy

    Peanuts

    USD million

    Seasonality

    SWOT

    Steel

    Maize

    Sunflower

    Juice

    Yerba Mate

    Cheese

    USD million

    Seasonality

    Mkt share 2008

    2.950.0Period

    PRODUCTOMONTOTIPOMONEDAPROVPERIODOissuedissuedissuedissuedissuedissuedissued

    jan0.53.02.90.0

    feb0.09.30.20.13.6

    mar0.50.08.21.63.20.71.2

    apr6.35.23.62.90.9

    may11.96.94.32.95.01.7

    jun5.814.71.52.30.60.1

    jul9.02.01.52.30.52.9

    aug5.90.61.00.82.32.90.0

    sep7.40.11.81.10.80.9

    oct4.11.74.60.80.7

    nov1.70.72.90.81.40.20.5

    dec10.60.51.12.30.00.7

    avg & tot45.436.838.018.327.012.612.5

    Excl. Sugar

    Target

    Avg fee

    Avg ARS/USD

    118.49

    1,49893%

    TOTAL1,617673.5

    ProductoNrProductoUSD millonesParticAcumuladoNrProductoUSD millonesParticAcumulado

    . Soja1Soja529.6332.76%32.76%36Aceitunas1.290.08%99.07%TotalPerodoSojaTrigoTabacoAzcarLcteosMan

    . Trigo2Trigo152.369.42%42.18%37Papelera1.240.08%99.15%89.4E11.245.612.50.48.910.8

    . Tabaco3Tabaco150.029.28%51.46%38Tela vinlica1.220.08%99.22%38.9F2.716.56.91.710.01.1

    . Azcar4Azcar137.408.50%59.96%39Semillas1.200.07%99.30%43.2M0.75.423.18.44.51.0

    . Lcteos5Lcteos86.935.38%65.33%40Bobinas1.200.07%99.37%139.4A95.97.924.32.63.35.4

    . Man6Man86.495.35%70.68%41T1.110.07%99.44%211.4M156.916.721.00.68.57.7

    . Siderurgia7Siderurgia60.963.77%74.45%42Sorgo0.990.06%99.50%126.9J73.713.718.58.21.511.3

    . Maz8Maz58.603.62%78.08%43Otros0.980.06%99.56%112.3J85.34.69.55.47.00.5

    . Girasol9Girasol56.293.48%81.56%44Latas0.960.06%99.62%95.9A40.02.54.129.59.410.5

    . Jugos10Jugos55.073.41%84.96%45Cristal UV0.670.04%99.66%76.1S28.91.216.915.35.97.9

    . Yerba Mate11Yerba Mate35.692.21%87.17%46Sal0.640.04%99.70%70.9O9.54.38.526.414.47.8

    . Conservas12Quesos31.841.97%89.14%47Calzado0.560.03%99.73%73.5N7.915.52.526.54.117.0

    . Quesos13Conservas28.091.74%90.88%48Champagne0.470.03%99.76%64.9D17.018.42.112.49.55.5

    . Cebada14Cebada15.060.93%91.81%49Chatarra0.380.02%99.79%1142.7Total529.7152.3149.9137.486.986.5

    . Arroz15Arroz13.940.86%92.67%50Pescado0.370.02%99.81%PerodoSiderurgiaMazGirasolJugosYerba MateQueso

    . Agroqumicos16Agroqumicos10.530.65%93.32%51Protena0.340.02%99.83%E0.00.80.00.80.50.0

    . Mosto17Mosto9.970.62%93.94%52Tornillos0.300.02%99.85%F0.31.10.43.20.10.5

    . Artculos del Hogar18Articulos del hogar9.660.60%94.54%53Alfalfa0.260.02%99.87%M2.34.67.07.51.83.8

    . Vinos19Vino8.690.54%95.07%54Glicina0.250.02%99.88%A0.710.219.813.62.91.5

    . Pulpa de Fruta20Pulpa de Fruta7.710.48%95.55%55Cigarrillos0.240.02%99.90%M15.912.18.516.813.20.8

    . Aceites21Aceites7.250.45%96.00%56Esponjas0.240.01%99.91%J1.23.16.00.75.31.5

    . Fertilizantes22Fertilizantes6.980.43%96.43%57Clean leaf 430.210.01%99.92%J0.04.87.30.01.71.5

    . Papel23Papel6.280.39%96.82%58Cloro0.190.01%99.94%A0.66.01.24.91.13.6

    . Poroto24Poroto4.870.30%97.12%59Fsforo0.150.01%99.95%S0.72.62.33.62.71.1

    . Algodn25Algodn4.800.30%97.42%60Productos metlicos0.150.01%99.95%O3.24.22.72.00.57.1

    . Lanas26Lanas4.380.27%97.69%61Avena0.140.01%99.96%N32.84.80.80.32.57.7

    . Frutas27Frutas3.990.25%97.94%62Maz pisingallo0.140.01%99.97%D3.14.20.21.73.32.5

    . Fibra algodn28Fibra Algodn3.470.21%98.15%63Pre-formas0.110.01%99.98%61.058.556.355.135.731.8

    . Aceite de limon29Aceite de limn2.800.17%98.32%64Cajas0.110.01%99.99%

    . Nafta30Nafta2.700.17%98.49%65Flosil0.100.01%99.99%

    . Tubos de acero31Tubos de acero2.350.15%98.64%66Mortero 350.060.00%100.00%

    . Motovehiculos32Motovehculos1.630.10%98.74%67Mermelada0.040.00%100.00%

    . Suero33Suero1.470.09%98.83%68Alcohol0.020.00%100.00%

    . Envase34Envase1.310.08%98.91%69Bins0.010.00%100.00%

    . Abono35Abono1.300.08%98.99%70Alimento base soja0.010.00%100.00%

    . Aceitunas

    . Artculos de librera

    . Tela vinlica

    . SemillasNrProductoUSD millonesParticAcumulado

    . Bobinas1Soja529.6332.76%32.76%

    . Te2Trigo152.369.42%42.18%

    . Sorgo3Tabaco150.029.28%51.46%

    . Accesorios varios4Azcar137.408.50%59.96%

    . Latas5Lcteos86.935.38%65.33%

    . Cristales UV6Man86.495.35%70.68%

    . Sal7Siderurgia60.963.77%74.45%

    . Zapatos8Maz58.603.62%78.08%

    . Champan9Girasol56.293.48%81.56%

    . Chatarra10Jugos55.073.41%84.96%

    . Pescado11Yerba Mate35.692.21%87.17%

    . Proteinas12Quesos31.841.97%89.14%

    . Tornillos13Conservas28.091.74%90.88%

    . Alfalfa14Cebada15.060.93%91.81%

    . Glicinas15Arroz13.940.86%92.67%

    . Cigarrillos16Otros118.457.33%100.00%

    . Esponjas Mortimer

    . Clean leaf 43

    . Lavandina

    . Fosforos

    . Producto Metalrgico

    . Avena

    . Maiz pisingallo

    . Preformas

    . Cartulina

    . Flosil

    . Mortero 35

    . Dulce

    . Alcohol

    . Bins

    . Crispy de soja

    &C&F&8amounts in USD million&RCONFIDENTIAL

    &C&D

    Mkt share 2008

    Participacion 2008

    Soja

    Trigo

    Tabaco

    Azcar

    Lcteos

    Man

    USD million

    Estacionalidad

    Siderurgia

    Maz

    Girasol

    Jugos

    Yerba Mate

    Queso

    USD million

    Estacionalidad

    jan3.14103,873,825104

    feb3.1466,693,05767

    mar3.1584,742,41885

    apr3.16205,329,015205

    may3.09286,528,763287

    jun3.01157,974,006158

    jul3.02140,016,636140

    aug3.01135,242,141135

    sep3.12109,132,453109

    oct3.37106,722,316107

    nov3.35130,831,243131

    dec3.4390,315,98690

    1,617,401,8591,617

    WARRANTS 2008

    10,059,0683.80

    038,224,45938,224,45936,80231,16035,688,62335.7

    COUNTPRODUCTOMONTOTIPOMONEDAPROVPERIODOUSD

    1. Yerba Mate459,950USDJan-08459,950

    1. Yerba Mate142,354USDFeb-08142,354

    1. Yerba Mate1,839,701USDMar-081,839,701

    1. Yerba Mate2,438,620USDApr-082,438,620

    1. Yerba Mate1,539,000ARSApr-08487,025

    1. Yerba Mate13,203,410USDMay-0813,203,410

    1. Yerba Mate5,257,419USDJun-085,257,419

    1. Yerba Mate1,687,842USDJul-081,687,842

    1. Yerba Mate2,222,100ARSAug-08738,239

    1. Yerba Mate352,976USDAug-08352,976

    1. Yerba Mate2,729,147USDSep-082,729,147

    1. Yerba Mate548,024USDOct-08548,024

    1. Yerba Mate2,537,574USDNov-082,537,574

    1. Yerba Mate3,266,343USDDec-083,266,343

    0.0

    NrCollateral Manager NameOwnershipMkt shareMain Service FocusNrCollateral Manager NameProduct focusLeadershipGeographical focusNrCollateral Manager NameStrenghtsWeaknesses

    1Control UnionArgentine/Dutch40%Warrants Financing1Control UnionAllSugar, tobacco, dairy, peanutsAll Argentina, Global1Control UnionGlobal - Expertise - Reputation - Sales force - Infrastructure - FinancingWeak operational procedures - self-employed inspectors

    2SGSSwiss22%Warehousing2SGSCommoditiesOilseeds, cerealsAll Argentina, Global2SGSGlobal - Expertise - Reputation - Solvency - Efficiency - InsuranceWeak sales - Asset investment limitations - service scope limitations

    3Galicia WarrantsArgentine15%Warrants Financing3Galicia WarrantsAllFarmers financing, SMEsAll Argentina3Galicia WarrantsCaptive banking arm portfolio - Infrastructure - FinancingMarginal Group business - limited strategy

    4Macro WarrantsArgentine10%Warrants Financing4Macro WarrantsAllFarmers financing, SMEsAll Argentina4Macro WarrantsCaptive banking arm portfolio - FinancingMarginal Group business - limited strategy

    5Almacenadora SudamericanaArgentine6%Warrants Financing5Almac. SudamericanaAllAll Argentina, Uruguay5Almac. SudamericanaPoor track record - low solvency - domestic player

    6Sociedad Entrerriana de WarrantsArgentine3%Warrants Financing6Sociedad EntrerrianaCommoditiesSanta Fe, Entre Rios, Corrientes6Sociedad EntrerrianaLow solvency + domestic player = contingent credit limitations

    7Red Flint WarrantsArgentine2%Warrants Financing7Red Flint WarrantsCommoditiesCentral Zone - Santa Fe, Northern BA7Red Flint WarrantsLow solvency + domestic player = contingent credit limitations

    8Warrants NorteArgentine1%Warrants Financing8Warrants NorteSugar, CitrusNorth - Tucumn, S. Estero, Corrientes8Warrants NorteLow solvency + domestic player = contingent credit limitations

    9Warrrants del AconquijaArgentine1%Warrants Financing9Warrrants del AconquijaSugar, CitrusNorth West - Tucumn9Warrrants del AconquijaLow solvency + domestic player = contingent credit limitations

    10SEFAArgentine0%Warrants Financing10SEFAFruitsSouth - Rio Negro10SEFANo track record + low solvency + domestic player

    Warrants issued293,105,511100.0%Deals > = USD 1,250,000Deals. > = USD 1,250,000 (in USD million)Mkt shareTARGET 2004 (9 months)TOTAL125,927,2492.9542,687,209

    ProductAmountShareCurrencyNr. DealsAvrg. AmountMonthO/S (85%)New deals (79%)20%27%PRODUCTOMONTOTIPOMONEDAUSD

    Sugar45,087,37915.4%USD EQUIV113,940,000Jan91.020.34.1New issueFeeSeasonalityAzucar84,489,275EMIARS28,640,432

    Tobacco37,987,95413.0%USD74,897,000Feb74.918.93.8USD millionUSD '000DistributionSiderurgia21,847,360EMIARS7,405,885

    Soy beans36,777,58212.5%USD48,654,000Mar67.427.85.6Calzado9,103,075EMIARS3,085,788

    Cheese27,031,8309.2%USD102,703,000Apr67.624.24.86.649.814.2%Tabaco3,498,000EMIARS1,185,763

    Vegetable oils22,700,1667.7%USD36,707,000May78.332.76.59.067.219.1%Trigo2,031,766EMIARS688,734

    Rice18,333,6306.3%USD62,570,000Jun120.926.05.27.153.615.3%Yerba Mate2,029,738EMIARS688,047

    Wheat17,342,5455.9%USD52,042,000Jul120.819.03.85.239.211.2%Alcohol Nafta1,616,700EMIARS548,034

    Sunflower13,350,0004.6%USD34,450,000Aug106.116.53.34.533.99.7%Vinos1,311,326EMIARS444,517

    Fruit juice11,802,5934.0%USD23,945,000Sep102.411.02.23.016.86.5%

    Steel products7,405,8852.5%USD EQUIV51,349,000Oct91.012.02.43.312.77.0%

    Paper6,224,9342.1%USD11,833,000Nov61.39.11.82.55.65.3%

    Peanuts6,091,4622.1%USD14,324,000Dec88.120.14.05.54.611.8%

    Canned food5,809,7172.0%USD12,888,000Total237.647.546.8283.3100.0%

    Yerba Mate4,969,9071.7%USD12,032,000Avrg/Month89.019.84.05.231.5

    Corn4,797,8091.6%USD12,313,000avg days135135

    Fresh Fruit4,426,2901.5%USD11,144,000avg fee p.a.2.0%2.0%

    Dehydrated peel3,433,2551.2%USD21,349,000avg mth fee x '0003031

    Footwear3,085,7881.1%USD EQUIV13,085,000annual fee x '000280283

    Agro chemicals2,581,3860.9%USD11,400,000bugt income x '000827 [$ARS]836 [$ARS]

    Fertilizer2,479,3640.8%USD11,404,000ARS/USD2.95

    Honey2,231,8330.8%USD

    Alcohol Nafta2,071,7200.7%USD11,242,000

    Plastics & Chemicals1,758,0740.6%USD

    Electrical Appliances1,581,4650.5%USD

    Leather1,480,0000.5%USD11,480,000

    Wine1,163,3770.4%USD

    Tea1,099,5580.4%USD

    YEARUSD million

    913

    9230785%

    93218624%

    94471116%

    9559025%

    961,382134%

    971,80030%

    982,18621%

    991,053-52%

    00985-6%

    01960-2%

    02448-53%

    03298-33%

    0447860%

    0572451%

    0692327%

    071,13623%

    081,61742%100%

    FUENTE : S.A.G.P.y A., Direccin Nacional de Alimentos.

    NOTA : Las cifras correspondientes a 1997 y 1998 son estimadas.

    PeriodUSD million

    J104

    F67

    M85

    A205

    M287

    J158

    J140

    A135

    S109

    O107

    N131

    D90

    20081,617

    &C&"Arial,Negrita"&UArgentina - Warrants market in 2003 - Prospective business in 2004&R&"Arial,Negrita"CONFIDENTIAL

    Outstanding (Avrg USD 89mm)

    New Issues (total USD 238mm, avrg/month USD 19.8mm)

    Argentina - Warrants Market 2003amounts in USD mm - deals over USD 1.25mm

    New Isues

    Argentina - Warrants monthly issues 2008

    Amounts in million USD

    New Isues

    Argentina - Warrants annual issues 1991 - 2008

    Amounts in million USD

    Warrants issued293,105,511100.0%Deals > = USD 1,250,000Deals. > = USD 1,250,000 (in USD million)Mkt shareTARGET 2004 (9 months)TOTAL125,927,2492.9542,687,209

    ProductAmountShareCurrencyNr. DealsAvrg. AmountMonthO/S (85%)New deals (79%)20%27%PRODUCTOMONTOTIPOMONEDAUSD

    Sugar45,087,37915.4%USD EQUIV113,940,000Jan91.020.34.1New issueFeeSeasonalityAzucar84,489,275EMIARS28,640,432

    Tobacco37,987,95413.0%USD74,897,000Feb74.918.93.8USD millionUSD '000DistributionSiderurgia21,847,360EMIARS7,405,885

    Soy beans36,777,58212.5%USD48,654,000Mar67.427.85.6Calzado9,103,075EMIARS3,085,788

    Cheese27,031,8309.2%USD102,703,000Apr67.624.24.86.649.814.2%Tabaco3,498,000EMIARS1,185,763

    Vegetable oils22,700,1667.7%USD36,707,000May78.332.76.59.067.219.1%Trigo2,031,766EMIARS688,734

    Rice18,333,6306.3%USD62,570,000Jun120.926.05.27.153.615.3%Yerba Mate2,029,738EMIARS688,047

    Wheat17,342,5455.9%USD52,042,000Jul120.819.03.85.239.211.2%Alcohol Nafta1,616,700EMIARS548,034

    Sunflower13,350,0004.6%USD34,450,000Aug106.116.53.34.533.99.7%Vinos1,311,326EMIARS444,517

    Fruit juice11,802,5934.0%USD23,945,000Sep102.411.02.23.016.86.5%

    Steel products7,405,8852.5%USD EQUIV51,349,000Oct91.012.02.43.312.77.0%

    Paper6,224,9342.1%USD11,833,000Nov61.39.11.82.55.65.3%

    Peanuts6,091,4622.1%USD14,324,000Dec88.120.14.05.54.611.8%

    Canned food5,809,7172.0%USD12,888,000Total237.647.546.8283.3100.0%

    Yerba Mate4,969,9071.7%USD12,032,000Avrg/Month89.019.84.05.231.5

    Corn4,797,8091.6%USD12,313,000avg days135135

    Fresh Fruit4,426,2901.5%USD11,144,000avg fee p.a.2.0%2.0%

    Dehydrated peel3,433,2551.2%USD21,349,000avg mth fee x '0003031

    Footwear3,085,7881.1%USD EQUIV13,085,000annual fee x '000280283

    Agro chemicals2,581,3860.9%USD11,400,000bugt income x '000827 [$ARS]836 [$ARS]

    Fertilizer2,479,3640.8%USD11,404,000ARS/USD2.95

    Honey2,231,8330.8%USD

    Alcohol Nafta2,071,7200.7%USD11,242,000

    Plastics & Chemicals1,758,0740.6%USD

    Electrical Appliances1,581,4650.5%USD

    Leather1,480,0000.5%USD11,480,000

    Wine1,163,3770.4%USD

    Tea1,099,5580.4%USD

    AoUSD millones

    913

    9230785%

    93218624%

    94471116%

    9559025%

    961,382134%

    971,80030%

    982,18621%

    991,053-52%

    00985-6%

    01960-2%

    02448-53%

    03298-33%

    0447860%

    0572451%

    0692327%

    071,13623%

    081,61742%100%

    FUENTE : S.A.G.P.y A., Direccin Nacional de Alimentos.

    NOTA : Las cifras correspondientes a 1997 y 1998 son estimadas.

    PerodoUSD millones

    E104

    F67

    M85

    A205

    M287

    J158

    J140

    A135

    S109

    O107

    N131

    D90

    20081,617

    &C&"Arial,Negrita"&UArgentina - Warrants market in 2003 - Prospective business in 2004&R&"Arial,Negrita"CONFIDENTIAL

    Outstanding (Avrg USD 89mm)

    New Issues (total USD 238mm, avrg/month USD 19.8mm)

    Argentina - Warrants Market 2003amounts in USD mm - deals over USD 1.25mm

    New Isues

    Argentina - Emisiones mensuales de Warrants 2008

    Cifras en millones de USD

    New Isues

    Argentina - Emisiones anuales de Warrants 1991 - 2008

    Cifras en millones de USD

  • *WARRANTS:PARTICIPACIN POR TIPO DE PRODUCTO (2008) Fuente: Ministerio de Agricultura, Ganadera, Pesca y Alimentacin, Direccin Nacional de Alimentos.

    Grfico8

    529.6334810.3275702318

    152.364950.0942353982

    150.0194570.0927847466

    137.4018450.0849809459

    86.9288670.0537641787

    86.4850650.0534896939

    60.9554920.0377000423

    58.6034330.0362453297

    56.2888950.0348138232

    55.0673590.0340583218

    35.6886230.0220728691

    31.8366980.0196905122

    28.0946460.0173761101

    15.0566020.0093122787

    13.9380940.0086204986

    118.450.0732595188

    Annual 2003

    WARRANTS 2003

    680,415,4352.95

    11042,007,225,5322,007,225,53236,8021,636,236

    COUNTPRODUCTOMONTOTIPOMONEDAPROVPERIODO

    1Vinos17,328,559VIGUSDMENJan-03

    1Aceites4,875,100EMIUSDSFEJan-03

    1Azucar4,776,062VIGARSTUCJan-03

    1Calzado12,432,349VIGUSDBAIJan-03

    1Trigo3,114,256VIGARSCBAJan-03

    1Jamones2,955,326VIGARSBAIJan-03

    1Man4,324,270EMIUSDCBAJan-03

    1Arroz3,024,405EMIUSDERIJan-03

    1Quesos2,922,345EMIUSDCBAJan-03

    1Soja983,584VIGUSDBAIJan-03

    1Trigo970,000VIGARSERIJan-03

    1Conservas2,888,083EMIUSDBAIJan-03

    1Artculos de Librera771,203VIGUSDBAIJan-03

    1Trigo908,608EMIARSCBAJan-03

    1Man700,057VIGARSCBAJan-03

    1Alcohol Nafta692,800VIGUSDBAIJan-03

    1Cuero de Vaca682,963VIGUSDRIOJan-03

    1T674,558VIGUSDMISJan-03

    1Tabaco656,014VIGARSERIJan-03

    1Textiles645,322VIGUSDBAIJan-03

    1Man834,898EMIUSDBAIJan-03

    1Algodn504,500VIGUSDBAIJan-03

    1Alcohol Nafta500,000VIGARSBAIJan-03

    1Champaa471,495VIGUSDMENJan-03

    1Girasol460,269VIGUSDBAIJan-03

    1Prod. Metalurgicos440,774VIGUSDBAIJan-03

    1Tabaco392,000VIGUSDBAIJan-03

    1Art.electricos por lote391,740VIGUSDBAIJan-03

    1Mostos390,000VIGUSDMENJan-03

    1Vinos324,975VIGARSMENJan-03

    1Alcohol Nafta829,600EMIUSDBAIJan-03

    1Papel300,050VIGUSDTUCJan-03

    1Maz291,840VIGUSDCBAJan-03

    1Yerba Mate285,714VIGARSMISJan-03

    1Jugos285,038VIGUSDNEUJan-03

    1Sal260,400VIGUSDBAIJan-03

    1Papel829,304EMIUSDBAIJan-03

    1Calefones244,832VIGUSDBAIJan-03

    1Electrodomsticos240,805VIGUSDBAIJan-03

    1Maquinarias agrcolas227,050VIGUSDBAIJan-03

    1Carbn221,000VIGUSDMENJan-03

    1Girasol220,000VIGARSERIJan-03

    1Maderas210,000VIGUSDCHAJan-03

    1Cebada198,900VIGUSDBAIJan-03

    1Porotos198,900VIGUSDBAIJan-03

    1Prod. Metalurgicos173,939VIGUSDJUJJan-03

    1Maz162,900VIGUSDBAIJan-03

    1Pulpa de Fruta162,193VIGUSDMENJan-03

    1Aceite Oliva140,000VIGUSDSJNJan-03

    1Frutas127,000VIGUSDMENJan-03

    1Miel115,898VIGUSDBAIJan-03

    1Trigo2,281,377EMIUSDMENJan-03

    1Trigo96,300VIGUSDCBAJan-03

    1Azucar538,200EMIUSDTUCJan-03

    1Autos80,421VIGUSDBAIJan-03

    1Verosil79,200VIGUSDBAIJan-03

    1Termotanques63,189VIGUSDBAIJan-03

    1Aroma Manzana62,400VIGUSDNEUJan-03

    1Calderas15,300VIGUSDBAIJan-03

    1Plsticos y Qumicos15,000VIGUSDBAIJan-03

    1Cocinas7,733VIGUSDBAIJan-03

    1Maderas4,800VIGUSDRIOJan-03

    1Vinos324,975EMIARSMENJan-03

    1Yerba Mate246,108EMIUSDMISJan-03

    1Pulpa de Fruta119,438EMIUSDBAIJan-03

    1Miel115,898EMIUSDBAIJan-03

    1Lcteos82,000EMIUSDSFEJan-03

    1Jugos36,720EMIUSDNEUJan-03

    1Aceites4,198,687VIGUSDSFEJan-03

    1Azucar7,529,140VIGUSDTUCJan-03

    1Papel7,401,821VIGUSDBAIJan-03

    1Indumentaria5,259,405VIGUSDBAIJan-03

    1Arroz5,253,485VIGUSDERIJan-03

    1Trigo716,519EMIUSDBAIJan-03

    1Trigo5,042,136VIGUSDBAIJan-03

    1Quesos4,724,182VIGUSDCBAJan-03

    1Yerba Mate4,083,649VIGUSDMISJan-03

    1Man3,303,880VIGUSDCBAJan-03

    1Tabaco2,524,101VIGUSDJUJJan-03

    1Conservas2,184,485VIGUSDBAIJan-03

    1Siderurgia1,874,210VIGUSDBAIJan-03

    1Rollos Decoracin1,424,000VIGUSDBAIJan-03

    1Trigo96,300EMIUSDCBAJan-03

    1Calefactores1,414,349VIGUSDBAIJan-03

    1Man1,271,938VIGUSDBAIJan-03

    1Tabaco11,752,563VIGUSDJUJFeb-03

    1Vinos9,915,261VIGUSDMENFeb-03

    1Tabaco9,316,444EMIUSDJUJFeb-03

    1Girasol5,000,000EMIUSDSFEFeb-03

    1Calzado9,103,075EMIARSBAIFeb-03

    1Trigo1,477,532EMIUSDJUJFeb-03

    1Maquinarias agrcolas722,249EMIUSDBAIFeb-03

    1Frutas572,000EMIUSDMENFeb-03

    1Aceites382,614EMIUSDERIFeb-03

    1Aceite Oliva140,000VIGUSDSJNFeb-03

    1Algodn504,500VIGUSDCHAFeb-03

    1Aroma Manzana62,400VIGUSDNEUFeb-03

    1Cebada105,300VIGUSDBAIFeb-03

    1Champaa471,496VIGUSDMENFeb-03

    1Cuero de Vaca682,963VIGUSDRIOFeb-03

    1Frutas3,500VIGUSDBAIFeb-03

    1Frutas699,000VIGUSDMENFeb-03

    1Girasol312,784VIGUSDBAIFeb-03

    1Jugos367,038VIGUSDNEUFeb-03

    1Lcteos804,000VIGUSDSFEFeb-03

    1Maz37,451VIGUSDBAIFeb-03

    1Maz227,535VIGUSDCBAFeb-03

    1Maz72,900VIGUSDERIFeb-03

    1Man974,184VIGUSDBAIFeb-03

    1Miel288,034VIGUSDBAIFeb-03

    1Pulpa de Fruta162,193VIGUSDMENFeb-03

    1Soja983,584VIGUSDBAIFeb-03

    1Tabaco392,000VIGUSDMISFeb-03

    1T674,558VIGUSDMISFeb-03

    1Trigo96,300VIGUSDLPAFeb-03

    1Alcohol Nafta292,800VIGUSDBAIFeb-03

    1Art.electricos por lote391,740VIGUSDBAIFeb-03

    1Artculos de Librera771,203VIGUSDBAIFeb-03

    1Calderas15,300VIGUSDBAIFeb-03

    1Calefones244,832VIGUSDBAIFeb-03

    1Carbn221,000VIGUSDBAIFeb-03

    1Cocinas7,733VIGUSDBAIFeb-03

    1Electrodomsticos158,875VIGUSDBAIFeb-03

    1Maquinarias agrcolas82,200VIGUSDBAIFeb-03

    1Maderas210,000VIGUSDCHAFeb-03

    1Maderas4,800VIGUSDRIOFeb-03

    1Plsticos y Qumicos15,000VIGUSDSFEFeb-03

    1Prod. Metalurgicos440,774VIGUSDBAEFeb-03

    1Prod. Metalurgicos25,440VIGUSDJUJFeb-03

    1Siderurgia148,499VIGUSDJUJFeb-03

    1Termotanques63,189VIGUSDBAIFeb-03

    1Verosil79,200VIGUSDBAIFeb-03

    1Miel279,958EMIUSDJUJFeb-03

    1Conservas227,382EMIUSDMENFeb-03

    1Arroz225,000EMIUSDERIFeb-03

    1Jugos138,960EMIUSDNEUFeb-03

    1Yerba Mate124,080EMIUSDMISFeb-03

    1Siderurgia78,400EMIUSDBAIFeb-03

    1Man53,479EMIUSDJUJFeb-03

    1Maz37,451EMIUSDJUJFeb-03

    1Frutas3,500EMIUSDBAIFeb-03

    1Alcohol Nafta500,000VIGARSTUCFeb-03

    1Azucar5,051,206VIGARSTUCFeb-03

    1Jamones2,955,326VIGARSTUCFeb-03

    1Man200,057VIGARSCBAFeb-03

    1Melaza300,000VIGARSTUCFeb-03

    1Trigo2,835,257VIGARSCBAFeb-03

    1Vinos324,975VIGARSMENFeb-03

    1Yerba Mate535,714VIGARSMISFeb-03

    1Azucar26,625EMIARSTUCFeb-03

    1Miel221,432EMIARSBAIFeb-03

    1Trigo510,785EMIARSCBAFeb-03

    1Yerba Mate250,000EMIARSMISFeb-03

    1Aceites1,779,600VIGUSDSFEFeb-03

    1Papel7,035,857VIGUSDBAIFeb-03

    1Trigo6,151,379VIGUSDBAIFeb-03

    1Indumentaria5,259,405VIGUSDBAIFeb-03

    1Arroz4,930,485VIGUSDERIFeb-03

    1Quesos4,724,182VIGUSDSFEFeb-03

    1Yerba Mate3,738,349VIGUSDMISFeb-03

    1Azucar3,027,159VIGUSDTUCFeb-03

    1Conservas2,339,957VIGUSDBAIFeb-03

    1Aceite Limon2,290,987VIGUSDTUCFeb-03

    1Man2,118,420VIGUSDCBAFeb-03

    1Siderurgia1,874,210VIGUSDBAIFeb-03

    1Calzado1,460,749VIGUSDBAIFeb-03

    1Rollos Decoracin1,424,000VIGUSDBAIFeb-03

    1Trigo143,403EMIUSDBAIFeb-03

    1Calefactores1,414,349VIGUSDBAIFeb-03

    124,068,123Total feb-03

    1Vinos9,719,538VIGUSDMENMar-03

    1Tabaco9,147,924VIGUSDJUJMar-03

    1Tabaco8,249,190EMIUSDJUJMar-03

    1Aceite Oliva140,000VIGUSDSJNMar-03

    1Algodn504,500VIGUSDCHAMar-03

    1Aroma Manzana33,600VIGUSDNEUMar-03

    1Papel7,035,857VIGUSDBAIMar-03

    1Cebada105,300VIGUSDBAIMar-03

    1Champaa471,496VIGUSDMENMar-03

    1Frutas699,000VIGUSDMENMar-03

    1Frutas3,500VIGUSDRIOMar-03

    1Girasol103,500VIGUSDBAIMar-03

    1Jugos355,818VIGUSDNEUMar-03

    1Lcteos633,600VIGUSDSFEMar-03

    1Maz37,451VIGUSDBAIMar-03

    1Maz120,360VIGUSDCORMar-03

    1Maz265VIGUSDERIMar-03

    1Man387,710VIGUSDBAIMar-03

    1Man980,770VIGUSDCORMar-03

    1Pulpa de Fruta162,193VIGUSDMENMar-03

    1Quesos991,132VIGUSDSFEMar-03

    1Tabaco392,000VIGUSDMISMar-03

    1T674,558VIGUSDMISMar-03

    1Trigo57,184VIGUSDERIMar-03

    1Trigo96,300VIGUSDLPAMar-03

    1Art.electricos por lote391,740VIGUSDBAIMar-03

    1Artculos de Librera771,203VIGUSDBAIMar-03

    1Autos80,421VIGUSDBAIMar-03

    1Calderas15,300VIGUSDBAIMar-03

    1Calefones244,832VIGUSDBAIMar-03

    1Carbn221,000VIGUSDMENMar-03

    1Cocinas7,733VIGUSDBAIMar-03

    1Electrodomsticos113,310VIGUSDBAIMar-03

    1Maquinarias agrcolas82,200VIGUSDBAIMar-03

    1Maderas210,000VIGUSDCHAMar-03

    1Plsticos y Qumicos15,000VIGUSDSFEMar-03

    1Siderurgia173,939VIGUSDJUJMar-03

    1Termotanques63,189VIGUSDBAIMar-03

    1Quesos3,238,077EMIUSDSFEMar-03

    1Maz2,313,048EMIUSDBAIMar-03

    1Arroz1,574,500EMIUSDERIMar-03

    1Cascara deshidratada1,320,000EMIUSDTUCMar-03

    1Frutas884,000EMIUSDMENMar-03

    1Conservas694,280EMIUSDMENMar-03

    1Jugos671,878EMIUSDNEUMar-03

    1Miel577,931EMIUSDBAIMar-03

    1Azucar453,000EMIUSDTUCMar-03

    1Cebolla125,000EMIUSDMENMar-03

    1Maz84,288EMIUSDCBAMar-03

    1Yerba Mate45,360EMIUSDMISMar-03

    1Soja34,756EMIUSDBAIMar-03

    1Man29,351EMIUSDCBAMar-03

    1Alcohol Nafta1,166,880EMIARSBAIMar-03

    1Siderurgia220,000EMIARSBAIMar-03

    1Calefactores1,763,601VIGARSBAIMar-03

    1Calefones319,359VIGARSBAIMar-03

    1Calzado9,103,075VIGARSBAIMar-03

    1Material de Construccin103,000VIGARSBAIMar-03

    1Turbogeneradores208,276VIGARSBAIMar-03

    1Papel511,000VIGARSBAIMar-03

    1Siderurgia9,732,899VIGARSBAIMar-03

    1Azucar3,368,797VIGARSTUCMar-03

    1Jamones2,955,326VIGARSBAIMar-03

    1Melaza300,000VIGARSTUCMar-03

    1Miel221,432VIGARSBAIMar-03

    1Trigo2,973,043VIGARSCBAMar-03

    1Yerba Mate535,714VIGARSMISMar-03

    1Trigo315,278EMIARSCBAMar-03

    1Vinos270,813EMIARSMENMar-03

    1Aceites11,146,986EMIUSDSFEMar-03

    1Indumentaria5,259,405VIGUSDBAIMar-03

    1Trigo679,073EMIUSDJUJMar-03

    1Aceites382,614VIGUSDERIMar-03

    1Yerba Mate3,808,321VIGUSDMISMar-03

    1Trigo3,713,576VIGUSDCBAMar-03

    1Siderurgia3,318,984VIGUSDBAIMar-03

    1Arroz3,172,945VIGUSDERIMar-03

    1Alcohol Nafta2,232,120VIGUSDBAIMar-03

    1Azucar1,979,208VIGUSDTUCMar-03

    1Trigo1,825,445VIGUSDBAIMar-03

    1Conservas1,788,658VIGUSDMENMar-03

    1Aceites1,065,979VIGUSDCORMar-03

    1Calzado1,460,749VIGUSDBAIMar-03

    1Rollos Decoracin1,424,000VIGUSDBAIMar-03

    1Calefactores1,414,349VIGUSDBAIMar-03

    1Soja1,018,766VIGUSDERIMar-03

    1Trigo27,952EMIUSDBAIMar-03

    1Tabaco13,451,830VIGUSDJUJApr-03

    1Vinos9,198,689VIGUSDMENApr-03

    1Papel6,764,827VIGUSDBAIApr-03

    1Trigo949,238EMIUSDCBAApr-03

    1Aceite Oliva140,000VIGUSDSJNApr-03

    1Algodn504,500VIGUSDCHAApr-03

    1Azucar663,000VIGUSDTUCApr-03

    1Aroma Manzana33,600VIGUSDNEUApr-03

    1Cebolla125,000VIGUSDMENApr-03

    1Champaa471,495VIGUSDMENApr-03

    1Cuero de Vaca682,963VIGUSDRIOApr-03

    1Girasol103,500VIGUSDBAIApr-03

    1Jugos804,137VIGUSDNEUApr-03

    1Lcteos633,600VIGUSDSFEApr-03

    1Maz162,138VIGUSDCBAApr-03

    1Man381,142VIGUSDBAIApr-03

    1Man53,320VIGUSDCBAApr-03

    1Pulpa de Fruta162,193VIGUSDMENApr-03

    1Soja858,284VIGUSDERIApr-03

    1Soja34,756VIGUSDSFEApr-03

    1Tabaco392,000VIGUSDMISApr-03

    1T674,558VIGUSDMISApr-03

    1Indumentaria5,259,405VIGUSDBAIApr-03

    1Trigo370,000VIGUSDERIApr-03

    1Trigo96,300VIGUSDLPAApr-03

    1Alfombra2,898VIGUSDBAIApr-03

    1Art.electricos por lote391,740VIGUSDBAIApr-03

    1Artculos de Librera771,202VIGUSDBAIApr-03

    1Autos80,421VIGUSDBAIApr-03

    1Calderas15,300VIGUSDBAIApr-03

    1Calefones244,832VIGUSDBAIApr-03

    1Carbn221,000VIGUSDMENApr-03

    1Maderas210,000VIGUSDCHAApr-03

    1Plsticos y Qumicos15,000VIGUSDSFEApr-03

    1Prod. Metalurgicos440,774VIGUSDBAIApr-03

    1Termotanques63,189VIGUSDBAIApr-03

    1Textiles24,219VIGUSDBAIApr-03

    1Siderurgia173,939VIGUSDJUJApr-03

    1Soja6,301,278EMIUSDBAIApr-03

    1Girasol6,300,000EMIUSDSFEApr-03

    1Tabaco5,165,581EMIUSDJUJApr-03

    1Arroz3,584,925EMIUSDERIApr-03

    1Quesos2,851,041EMIUSDCBAApr-03

    1Jugos905,196EMIUSDNEUApr-03

    1Maz512,044EMIUSDBAIApr-03

    1Art.electricos por lote485,016EMIUSDBAIApr-03

    1Frutas437,000EMIUSDRIOApr-03

    1Cebolla368,389EMIUSDMENApr-03

    1Papel337,604EMIUSDBAIApr-03

    1Miel269,595EMIUSDBAIApr-03

    1Melaza300,000EMIARSTUCApr-03

    1Trigo276,145EMIARSCBAApr-03

    1Vinos237,320EMIARSMENApr-03

    1Yerba Mate486,700EMIARSMISApr-03

    1Maz133,000EMIUSDERIApr-03

    1Yerba Mate36,480EMIUSDMISApr-03

    1Alcohol Nafta1,166,880VIGARSBAIApr-03

    1Calefactores1,763,601VIGARSBAIApr-03

    1Calefones319,359VIGARSBAIApr-03

    1Calzado9,103,075VIGARSBAIApr-03

    1Material de Construccin103,000VIGARSBAIApr-03

    1Papel511,000VIGARSBAIApr-03

    1Siderurgia9,874,499VIGARSBAIApr-03

    1Turbogeneradores208,277VIGARSBAIApr-03

    1Yerba Mate3,808,321VIGUSDMISApr-03

    1Trigo3,552,441VIGUSDCBAApr-03

    1Siderurgia2,878,210VIGUSDBAIApr-03

    1Trigo254,371EMIUSDBAIApr-03

    1Conservas2,448,343VIGUSDMENApr-03

    1Alcohol Nafta2,232,120VIGUSDBAIApr-03

    1Maz1,991,893VIGUSDBAIApr-03

    1Arroz1,960,000VIGUSDERIApr-03

    1Trigo1,797,262VIGUSDBAIApr-03

    1Aceites969,219VIGUSDSFEApr-03

    1Frutas1,583,000VIGUSDMENApr-03

    1Calzado1,460,794VIGUSDBAIApr-03

    1Rollos Decoracin1,424,000VIGUSDBAIApr-03

    1Calefactores1,414,349VIGUSDBAIApr-03

    1Cascara deshidratada1,320,000VIGUSDTUCApr-03

    1Quesos1,184,650VIGUSDSFEApr-03

    1Vinos8,879,846VIGUSDMENMay-03

    1Tabaco8,647,913VIGUSDJUJMay-03

    1Arroz7,733,865VIGUSDERIMay-03

    1Soja7,467,691VIGUSDBAIMay-03

    1Papel6,386,452VIGUSDBAIMay-03

    1Girasol6,300,000VIGUSDSFEMay-03

    1Aceite Oliva300,000VIGUSDSJNMay-03

    1Algodn504,500VIGUSDCHAMay-03

    1Azucar5,875VIGUSDTUCMay-03

    1Aroma Manzana33,600VIGUSDNEUMay-03

    1Cebolla488,389VIGUSDMENMay-03

    1Champaa471,496VIGUSDMENMay-03

    1Cuero de Vaca682,963VIGUSDRIOMay-03

    1Frutas437,000VIGUSDMENMay-03

    1Lcteos183,600VIGUSDSFEMay-03

    1Maz551,800VIGUSDERIMay-03

    1Man383,917VIGUSDBAIMay-03

    1Man53,320VIGUSDCBAMay-03

    1Quesos708,636VIGUSDBAIMay-03

    1Tabaco392,000VIGUSDMISMay-03

    1T674,558VIGUSDMISMay-03

    1Trigo370,000VIGUSDERIMay-03

    1Aceros25,440VIGUSDJUJMay-03

    1Art.electricos por lote391,740VIGUSDBAIMay-03

    1Artculos de Librera771,203VIGUSDBAIMay-03

    1Autos102,200VIGUSDBAIMay-03

    1Calderas15,300VIGUSDBAIMay-03

    1Calefones244,832VIGUSDBAIMay-03

    1Carbn221,000VIGUSDMENMay-03

    1Electrodomsticos295,973VIGUSDBAIMay-03

    1Ferrotungsteno358,499VIGUSDCHAMay-03

    1Plsticos y Qumicos15,000VIGUSDSFEMay-03

    1Prod. Metalurgicos440,774VIGUSDBAIMay-03

    1Termotanques126,378VIGUSDBAIMay-03

    1Textiles46,974VIGUSDBAIMay-03

    1Verosil105,000VIGUSDBAIMay-03

    1Xenor112,500VIGUSDBAIMay-03

    1Soja11,931,665EMIUSDBAIMay-03

    1Tabaco6,865,056EMIUSDJUJMay-03

    1Jugos4,991,601EMIUSDRIOMay-03

    1Arroz4,263,470EMIUSDERIMay-03

    1Quesos2,851,041EMIUSDCBAMay-03

    1Plsticos y Qumicos768,934EMIUSDBAIMay-03

    1Papel558,274EMIUSDBAIMay-03

    1Maz418,800EMIUSDERIMay-03

    1Miel408,755EMIUSDBAIMay-03

    1Pulpa de Fruta338,906EMIUSDBAIMay-03

    1Art.electricos por lote331,771EMIUSDBAIMay-03

    1Aceite Oliva300,000EMIUSDSJNMay-03

    1Maz219,279EMIUSDBAIMay-03

    1Agroquimicos217,500EMIUSDBAIMay-03

    1Vinos200,100EMIARSMENMay-03

    1Man157,858EMIUSDBAIMay-03

    1Conservas114,395EMIUSDMENMay-03

    1Yerba Mate65,693EMIUSDMISMay-03

    1Siderurgia5,145,000EMIARSBAIMay-03

    1Alcohol Nafta1,087,320VIGARSBAIMay-03

    1Calefactores287,810VIGARSBAIMay-03

    1Calefones319,359VIGARSBAIMay-03

    1Calzado9,103,075VIGARSBAIMay-03

    1Material de Construccin103,000VIGARSBAIMay-03

    1Papel511,000VIGARSBAIMay-03

    1Siderurgia9,170,499VIGARSBAIMay-03

    1Turbogeneradores208,277VIGARSBAIMay-03

    1Yerba Mate3,452,771VIGUSDMISMay-03

    1Indumentaria3,353,805VIGUSDBAIMay-03

    1Trigo3,236,740VIGUSDCBAMay-03

    1Siderurgia2,776,210VIGUSDBAIMay-03

    1Maz2,478,116VIGUSDBAIMay-03

    1Alcohol Nafta2,232,120VIGUSDBAIMay-03

    1Trigo237,020EMIUSDCBAMay-03

    1Conservas1,699,084VIGUSDMENMay-03

    1Pulpa de Fruta1,685,474VIGUSDMENMay-03

    1Jugos1,593,412VIGUSDNEUMay-03

    1Calzado1,460,749VIGUSDBAIMay-03

    1Rollos Decoracin1,424,000VIGUSDBAIMay-03

    1Cascara deshidratada1,320,000VIGUSDTUCMay-03

    1Calefactores1,218,273VIGUSDBAIMay-03

    1Trigo1,192,724VIGUSDBAIMay-03

    1Trigo29,710EMIUSDBAIMay-03

    145,258,877Total may-03

    1Soja22,725,476VIGUSDSFEJun-03

    1Tabaco12,251,772VIGUSDBAIJun-03

    1Soja9,600,106VIGUSDBAIJun-03

    1Arroz8,110,965VIGUSDERIJun-03

    1Vinos7,825,165VIGUSDMENJun-03

    1Papel7,391,954VIGUSDBAIJun-03

    1Jugos5,548,480VIGUSDNEUJun-03

    1Trigo5,283,172VIGUSDBAIJun-03

    1Indumentaria5,259,405VIGUSDBAIJun-03

    1Aceite Oliva471,720VIGUSDMENJun-03

    1Algodn504,500VIGUSDCHAJun-03

    1Quesos3,475,850VIGUSDCBAJun-03

    1Aroma Manzana33,600VIGUSDNEUJun-03

    1Cebolla488,389VIGUSDMENJun-03

    1Champaa471,495VIGUSDMENJun-03

    1Cuero de Vaca682,963VIGUSDRIOJun-03

    1Jugos625,800VIGUSDRIOJun-03

    1Lcteos633,600VIGUSDSFEJun-03

    1Maz551,800VIGUSDERIJun-03

    1Man719,366VIGUSDBAIJun-03

    1Man53,320VIGUSDCBAJun-03

    1Miel207,762VIGUSDBAIJun-03

    1Pulpa de Fruta188,127VIGUSDBAIJun-03

    1Tabaco392,000VIGUSDMISJun-03

    1T674,558VIGUSDMISJun-03

    1Trigo370,000VIGUSDERIJun-03

    1Maz2,985,814VIGUSDBAIJun-03

    1Frutas12,800VIGUSDRIOJun-03

    1Alfombra2,898VIGUSDBAIJun-03

    1Art.electricos por lote391,740VIGUSDBAIJun-03

    1Artculos de Librera771,203VIGUSDBAIJun-03

    1Autos80,421VIGUSDBAIJun-03

    1Cables385,098VIGUSDBAIJun-03

    1Calderas15,300VIGUSDBAIJun-03

    1Calefones244,832VIGUSDBAIJun-03

    1Siderurgia2,878,210VIGUSDBAIJun-03

    1Cocinas7,733VIGUSDBAIJun-03

    1Electrodomsticos751,117VIGUSDBAIJun-03

    1Fertilizantes764,792VIGUSDBAIJun-03

    1Maderas383,939VIGUSDCHAJun-03

    1Plsticos y Qumicos90,000VIGUSDBAIJun-03

    1Plsticos y Qumicos15,000VIGUSDsfeJun-03

    1Prod. Metalurgicos878,974VIGUSDBAIJun-03

    1Termotanques63,189VIGUSDBAIJun-03

    1Textiles22,446VIGUSDBAIJun-03

    1Verosil105,000VIGUSDBAIJun-03

    1Xenor112,500VIGUSDBAIJun-03

    1Soja14,389,136EMIUSDBAIJun-03

    1Quesos2,291,200EMIUSDCBAJun-03

    1Girasol2,050,000EMIUSDBAIJun-03

    1Frutas1,144,000EMIUSDMENJun-03

    1Azucar1,850,655EMIUSDTUCJun-03

    1Arroz1,473,510EMIUSDERIJun-03

    1Siderurgia430,500EMIARSBAIJun-03

    1Alcohol Nafta1,007,760VIGARSBAIJun-03

    1Calefactores215,524VIGARSBAIJun-03

    1Calefones260,369VIGARSBAIJun-03

    1Calzado9,103,075VIGARSBAIJun-03

    1Material de Construccin103,000VIGARSBAIJun-03

    1Papel511,000VIGARSBAIJun-03

    1Siderurgia15,449,999VIGARSBAIJun-03

    1Turbogeneradores178,771VIGARSBAIJun-03

    1Azucar11,758,565EMIARSTUCJun-03

    1Frutas8,800EMIARSRIOJun-03

    1Melaza300,000EMIARSTUCJun-03

    1Vinos159,875EMIARSMENJun-03

    1T974,558EMIUSDMISJun-03

    1Jugos625,800EMIUSDRIOJun-03

    1Prod. Metalurgicos438,200EMIUSDBAIJun-03

    1Maz400,906EMIUSDBAIJun-03

    1Electrodomsticos397,505EMIUSDBAIJun-03

    1Cables385,098EMIUSDBAIJun-03

    1Jugos351,798EMIUSDNEUJun-03

    1Fertilizantes341,581EMIUSDBAIJun-03

    1Soja294,100EMIUSDERIJun-03

    1Papel289,522EMIUSDBAIJun-03

    1Man183,491EMIUSDBAIJun-03

    1Trigo240,860EMIUSDCBAJun-03

    1Aceite Oliva171,720EMIUSDMENJun-03

    1Melaza110,450EMIUSDBAIJun-03

    1Agroquimicos90,000EMIUSDBAIJun-03

    1Conservas48,804EMIUSDMENJun-03

    1Yerba Mate30,915EMIUSDBAIJun-03

    1Frutas7,200EMIUSDRIOJun-03

    1Azucar10,135,329VIGARSTUCJun-03

    1Frutas8,800VIGARSRIOJun-03

    1Jamones2,955,326VIGARSBAIJun-03

    1Mel