Investor Presentaiton

TESOURONACIONAL Investors Base - Pension Funds Active behavior with Pension Funds managers ➤ In 2006 the scenario for a macroeconomic stabilization was better configured. This allowed a portfolio change from the Pension Funds side: leveraged with overnight rate position - – from the asset side, and exposed with inflation linked bonds - from the liabilities side ➤ The unbalance was sub-optimal: ✓ Treasury wanted to increase Inflation Linked bonds on the overall debt ✓ Pension Funds would loose money in locking in that position 5

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