Investor Presentaiton

Fiscal Targets Quarterly accumulated primary deficit and targets (% of GDP) Target Observed 1.9% OUTPERFORMING FISCAL TARGETS 0.6% 1.1% 0.2% 0.6% 1.3% 0.3% 0.9% 0.3% 1Q18 2018 3Q18 2.7% Fiscal target for 3Q18 was overachieved by 0.6 p.p. 4Q18 14 14

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