Investor Presentaiton

TESOURONACIONAL Investors Base - Pension Funds Active behavior with Pension Funds managers >> Then, the Treasury approached Pension Fund managers on 2005-2006 >> Show them the importance of rebalancing their portfolios sooner rather than later Example: Hypothetical Yield for an Inflation-Linked Investment vs Overnight Rate -(% p.y.) NTNB May-2007 Floating Rate Bonds HTM Inflation-Linked bonds HTM 12.4 12.3 12.25 12.2 12.26 12.26 12.22 12.1 12.2 12.18 12.06 12 11.9 11.8 11.7 11.6 11.5 11.5 11.4 1 month 2 months 3 months 4 months 5 months 6 months 6

View entire presentation