Investor Presentaiton

25 25 Dutch B/O spreads relatively tight B/O spreads for German Bunds and Dutch State Loans (eurocents) 120 100 80 60 40 20 0 2-Jan-13 2-Mar-13 2-May-13 2-Jul-13 2-Sep-13 2-Nov-13 2-Jan-14 2-Mar-14 2-May-14 2-Jul-14- 2-Sep-14 2-Nov-14 2-Jan-15 2-Mar-15 2-May-15 2-Jul-15 2-Sep-15 2-Nov-15 Source: MTS, April 2017 DBR 6.5-15 yrs DSL 6.5-15 yrs 2-Jan-16 2-Mar-16 2-May-16 2-Jul-16 2-Sep-16- WW 2-Nov-16 2-Jan-17 2-Mar-17 Investor presentation Mexico City

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