Investor Presentaiton

Tax collection and social security contributions have moderated recently in real terms... Tax revenues (Real annual change, in %) 7 6 5 4 3 2 1 Social security contributions (Real annual change, in %) 8 7 6 5 3 2 1 1.5 0 -0.2 -1 0 2013 2014 2015 2016 2017 Jan- Sep -2 18 2013 2014 2015 2016 2017 Jan-Aug 18 Source: Ministry of Economy and Finance 20 20

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