Economic Reform and Fiscal Tightening Overview

Converting USD debt to pesos Letes and Lecaps held by private investors (USD bn) Letes USD Lecaps ARS $15,1 $14,8 $13,8 $13,0 $11,8 $11,2 $10,7 ARS386 ARS411 ARS415 ARS412 $10,1 $10,1 $10,1 $9,7 $9,9 ARS367 ARS350 ARS202 ARS81 ARS85 ARS81 ARS81 ARS115 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 6

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