Investor Presentaiton

23 Primary expenditures reduction Consolidated public expenditure (% of GDP) 24 24 24 24 23 23 24 26 46 1993 1994 1995 1996 1997 1998 1999 2000 25 26 46 2001 2002 22 23 24 25 26 30 29 42 42 38 39 35 37 35 35 34 40 40 39 37 36 35 34 33 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (p) 2019 (p) 2020 (p) 2021 (p) 2022 (p) 2023 (p) Primary expenditure of the provinces and local governments Primary expenditure of the central government Primary expenditures will have declined by 3.2% of GDP by the end of 2018 Public spending is being reduced by 6.2% in 2018 and 8.0% in 2019 in real terms 16

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