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Investor Presentaiton

Evolution of the USD Letes Program Letes stock in USD held by private investors (USD bn) $17.1 Domestic investors Foreign investors $15.4 $15.2 $15.1 $14.8 $13.8 $13.0 $11.8 $9.2 $8.6 $8.8 $9.3 $9.5 $9.4 $9.3 $9.4 $8.6 $8.6 $8.5 $8.1 $11.2 $10.7 $10.1 $9.7 $7.9 $6.8 $6.4 $5.8 $5.3 $4.4 $3.7 $2.4 $2.6 $2.1 $1.7 $1.6 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 The stock of Letes held by private investors fell by USD7.4 bn in 2018. The stock of Letes held by domestic investors remained stable. Foreign investors held almost half of the stock outstanding in Jan-18, while they held 16.5% of the Letes outstanding in Dec-18. 8

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