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Investor Presentaiton

Macroeconomic Program 2019-2020 Costa Rica Inflation Target range 2% to 4% Demand pressures and inflation expectations consistent with inflation remaining within target range. Impact of new VAT (Law 9635) on price level: 1.1% (70% of which would materialize between July 2019 and June 2020). Consistent with BCCR's commitment to low and stable inflation. 2018: 2.0% BCCR will remain alert to the evolution of key inflation determinants. 23

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