Investor Presentaiton

Sovereign credit spreads are indicative of the ongoing differentiation Sovereign Risk (G-Spread in 10-Y dollar bonds, in bps) 800 700 600 500 400 300 200 100 мл Argentina Brazil Mexico Colombia Uruguay Peru 0 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Source: Bloomberg 16

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