Investor Presentaiton

Executive Summary The financial program for 2019 continues to show that there is no need to raise financing in the international capital markets The higher than anticipated cash balance at the beginning of 2019 resulting from higher roll-over rates than those included in the original program, have reduced the roll over rate requirement from 60% to 46% in 2019 If the roll over rate of short-term instruments in 2019 were to reach 70% or more, the cash balance at the beginning of 2020 would eliminate any net financing requirements for the year The treasury will have a net long dollar position in 2019. The mechanism for converting the dollars needed to cover peso-denominated expenditures will be announced during 1Q19. PPP projects are not expected to raise financing from the capital markets in 2019. Flexibility to the original framework will reduce the financing to the minimum in order to carry out the works committed for the upcoming months; small alternative financing from multilaterals and banks might be considered. 2

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