Investor Presentaiton

Achieving an Optimal Debt Balance Debt Servicing Costs have Increased and are Being Managed Down Interest Cost / Revenue % External Debt Is Primarily Concessional Borrowing % of Total External Debt, 1H2018 11.1 9.6 15.6 28.1 29.7 21.0 ıllı 49% O 11% 40% 46% O 54% 2013 2014 2015 2016 2017 2018F ■ Multilateral ■Commercial ■ Bilateral On Track to Shift Domestic Debt Portfolio to Long Term Maturities % of Total Domestic Federal Government Debt ■ Non-concessional ■Concessional Rebalancing to Optimal External/Domestic Debt Mix % of Total Federal Government Debt 57.3% 60% 63.7% 68.6% 70.4% 71.6% 75.7% 75% 73.4% 69.8% 86.3% 85.7% 83.6% 80.1% 42.7% 40% 36.3% 31.4% 29.6% 28.4% 24.3% 25% 26.6% 30.2% 13.7% 14.3% 16.4% 19.9% 2013 2014 2015 2016 ■ Short term 2017 ■Long term 1H2018 2019 Target 2013 2014 2015 2016 2017 1H2018 2019 Target ■External Debt Domestic Debt Sources: Moody's Statistical Handbook May 2018, Debt Management Office, Debt Management Strategy. 20 Fiscal Performance, Reforms and Debt Management

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