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External Market Strategy

The National Treasury will continue implementing its policy of increasing the efficiency of the external yield curve by conducting qualitative bond issuances and repurchasing non-benchmark bonds. The EFPD pursues the following guidelines:

• Creation and improvement of benchmarks in the yield curve;

• Maintenance of the buyback program;

• Possibility of external liability management operations aimed at enhancing the efficiency of the external yield curve;

• Monitoring of the External Contractual Debt, pursuing alternative operations capable of generating financial gains for the National Treasury; and

• Improving and diversifiying investors base

It is important to emphasize that EFPD management is backed by Federal Senate Resolution n° 20/2004, authorizing buyback operations, securities exchange and the use of derivatives for EFPD management purposes. Implementation of such measures depends on the existence of favorable market conditions.

For more information, consult the Annual Borrowing Plan.