Investor Presentaiton

100% 90% 20% 29% 80% 70% 26% TESOURONACIONAL Holders' Domestic Public Debt Portfolio By security type (August 2012) 19% 3% 56% 53% 74% Public Debt Management >> As regards the debt by type, 50% of bank holdings are fixed rate bonds, while 54% of Mutual Fund's portfolio is in floating rate bonds. Inflation-linked bonds are 73% of Pension Fund holdings. 60% 50% 51% 40% 30% 0% 78% 23% By maturity (August 2012) 53% 20% 10% 9% 44% 21% 18% 100% 24% 90% 17% 21% 0% 80% Financial Institutions Mutual Funds Pension Government Non-residents Insurance 18% 29% 44% 19% 52% 15% 70% 25% Fixed Rate Floating Rate Inflation Linked Others Source: National Treasury 60% 20% 50% 11% 39% 41% 29% 40% 16% 21% » Regarding maturities, Pension Fund portfolio's have. 30% 33% 20% 22% longest duration. 28% 30% 25% 10% 23% 10% 12% 0% Financial Institutions Mutual Funds Pension Non-residents Government Insurance Up to 1 Year From 1 to 3 Years From 3 to 5 Years After 5 Years 12 Source: National Treasury

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