Investor Presentaiton

-10 -8 Jan-14 -6 -4 -2 0 Jan-15 2 Restoration of investment grade status Notches above Credit rating history and current status investment grade • S&P Fitch BBB- (Stab) BBB- (Pos.) • DBRS BBBL (Stab) Moody's Ba2 (Pos.) Fitch Moody's Standard & Poor's DBRS Jan-16 Jan-17 Jan-18 Jan-19 . Ratings' summary Rating strengths 1 High income per capita, strong institutions and governance Fiscal policy space Highly skilled labour force Concerns . High levels of public and private debt • Banking sector asset weakness • Capital market access for banks Progress • Material reduction in the stock of NPES • Strong fiscal policy management . Robust and resilient growth Government financing buffer Note: 1. Non-exclusive list, as indicated in publicly available opinions of the Credit Rating Agencies reports. Please see full reports for more detail. 35

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