Economic Reform and Fiscal Tightening Overview

Policy emphasis on domestic capital market development Government securities ✓Increase visibility of financial strategy ✓ Anticipate 2019 auction calendar ✓ New market makers program starting in January 2019 Regulatory environment ✓Increase deductibility levels for life-insurance or retirement savings ✓ Eliminate tax barriers on closed-end mutual funds for SMEs financing Increase visibility of reforms in place - - Digital onboarding Qualified investor definition Securitization of digital assets ON Simples 8

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