Economic Improvement and Social Assistance Program

Evolution of the USD Letes Program Letes stock in USD held by private investors (USD_bn) $17.1 $15.4 $15.2 Domestic investors Foreign investors $15.1 $14.8 $13.8 $13.0 $11.8 $11.2 $10.7 $9.2 $8.6 $8.8 $9.3 $9.5 $9.4 $9.3 $9.4 $8.6 $8.6 $7.9 $6.8 $6.4 $5.8 $5.3 $4.4 $3.7 $2.4 $2.6 $2.1 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 The stock of Letes held by private investors fell by USD6.4 bn in 2018 YTD. The stock of Letes held by domestic investors remained stable. Foreign investors held almost half of the Letes stock in Jan-18, while they held 20% of the Letes stock by Oct-18. 6

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