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ROADSHOW PRESENTATION April 2015 Disclaimer REPUBLIC OF PARAGUAY ROADSHOW PRESENTATION April 2015 Disclaimer THIS PRESENTATION HAS BEEN PREPARED BY OR ON BEHALF OF THE REPUBLIC OF PARAGUAY (THE "REPUBLIC"). THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES OR AN INDUCEMENT TO ENTER INTO INVESTMENT ACTIVITY. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR FOR THE ACCOUNT OR THE BENEFIT OF U.S. PERSONAS (AS DEFINED UNDER REGULATION S OR UNDER U.S. SECURITIES ACT OF 1933 AS AMENDED) ABSENT REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE REPUBLIC DOES NOT INTEND TO REGISTER ANY POSITION OF THE OFFERING IN THE UNITED STATES OR TO CONDUCT ANY POSSIBLE OFFERING OF THE SECURITIES IN THE UNITED STATES. IT IS SOLELY FOR USE AT THIS ROADSHOW PRESENTATION AND IS PROVIDED FOR INFORMATION ONLY. THIS PRESENTATION DOES NOT CONTAIN ALL THE INFORMATION THAT IS MATERIAL TO AN INVESTOR. NO PART OF THIS PRESENTATION, NOR THE FACT OF ITS DISTRIBUTION, SHOULD FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR COMMITMENT OR INVESTMENT DECISION WHATSOEVER. THIS PRESENTATION IS NOT FINANCIAL, LEGAL, TAX OR OTHER PRODUCT ADVICE. BY ATTENDING THE PRESENTATION OR BY READING THE PRESENTATION SLIDES YOU AGREE TO BE BOUND AS FOLLOWS: THIS PRESENTATION IS CONFIDENTIAL AND DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS, AN OFFER OR INVITATION, TO SUBSCRIBE FOR, UNDERWRITE OR OTHERWISE ACQUIRE, OR A RECOMMENDATION REGARDING, ANYSECURITIES OF THE REPUBLIC NOR SHOULD IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH (I) ANY CONTRACT TO PURCHASE OR SUBSCRIBEFOR ANY SECURITIES OF THE REPUBLIC, OR (II) ANY OTHER CONTRACT OR COMMITMENT WHATSOEVER. ANY PERSON CONSIDERING THE PURCHASE OF ANY SUCH SECURITIES MUST INFORM HIMSELF INDEPENDENTLY BASED SOLELY ON A FINAL OFFERING CIRCULAR BEFORE TAKING ANY INVESTMENT DECISION. THIS PRESENTATION HAS BEEN MADE TO YOU SOLELY FOR YOUR INFORMATION AND BACKGROUND FOR DISCUSSION PURPOSES ONLY AND MAY BE AMENDED AND SUPPLEMENTED AND MAY NOT BE RELIED UPON FOR THE PURPOSE OF ENTERING INTO ANY TRANSACTION. THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND PROPRIETARY TO THE REPUBLIC, AND NO PART OF IT OR ITS SUBJECT MATTER MAY BE REPRODUCED, REDISTRIBUTED, PASSED ON, OR THE CONTENTS OTHERWISE DIVULGED, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR PUBLISHED IN WHOLE OR IN PART FOR ANY PURPOSE WITHOUT THE PRIOR WRITTEN CONSENT OF THE REPUBLIC. IF THIS PRESENTATION HAS BEEN RECEIVED IN ERROR, IT MUST BE RETURNED IMMEDIATELY TO THE REPUBLIC. THIS PRESENTATION IS NOT DIRECTED TO, OR INTENDED FOR DISTRIBUTION TO OR USE BY ANY PERSON OR ENTITY THAT IS A CITIZEN OR RESIDENT OR LOCATED IN ANY LOCALITY, STATE, COUNTRY OR JURISDICTION WHERE SUCH DISTRIBUTION, PUBLICATION, AVAILABILITY OR USE WOULD BE CONTRARY TO LAW OR REGULATION OR WHICH WOULD REQUIRE ANY REGISTRATION OR LICENSING WITHIN SUCH JURISDICTION. THIS PRESENTATION IS ONLY BEING PROVIDED TO PERSONS THAT ARE (I) "QUALIFIED INSTITUTIONAL BUYERS" AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933 AS AMENDED ("QIBS") OR (II) PERSONS THAT ARE NOT U.S. PERSONS IN OFFSHORE TRANSACTIONS. IN ACCORDANCE WITH REGULATION S OF TEH U.S. SECURITIES ACT OR 1933 AS AMENDED. BY ACCEPTING DELIVERY OF THIS PRESENTATION THE RECIPIENT WARRANTS AND ACKNOWLEDGES THAT IT FALLS WITHIN THE CATEGORY OF PERSONS UNDER (I) OR (II) ABOVE. THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS. THE WORDS "BELIEVE", "EXPECT", "ANTICIPATE"', "INTEND", "PLAN"," MATE", "EXPECT", "PROJECT'', “FORECAST”, “WILL” AND “MAY” AND SIMILAR EXPRESSIONS AS WELL AS STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS INCLUDING, WITHOUT LIMITATION, THOSE REGARDING FINANCIAL POSITION, STRATEGY, PLANS AND OBJECTIVES OF THE GOVERNMENT OF THE REPUBLIC FOR FUTURE OPERATIONS (INCLUDING DEVELOPMENT PLANS AND OBJECTIVES) IDENTIFY FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS WHICH MAY AFFECT THE REPUBLIC'S ABILITY TO IMPLEMENT AND ACHIEVE THE ECONOMIC AND MONETARY POLICIES, BUDGETARY PLANS, FISCAL GUIDELINES AND OTHER DEVELOPMENT BENCHMARKS SET OUT IN SUCH FORWARD-LOOKING STATEMENTS AND WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE REPUBLIC'S PRESENT AND FUTURE POLICIES AND PLANS AND THE ENVIRONMENT IN WHICH THE REPUBLIC WILL OPERATE IN THE FUTURE: FURTHERMORE, CERTAIN FORWARD-LOOKING STATEMENTS ARE BASED ON ASSUMPTIONS OR FUTURE EVENTS WHICH MAY NOT PROVE TO BE ACCURATE. THE FORWARD-LOOKING STATEMENTS IN THIS PRESENTATION SPEAK ONLY AS OF THE DATE OF THIS PRESENTATION AND THE REPUBLIC EXPRESSLY DISCLAIMS TO THE FULLEST EXTENT PERMITTED BY LAW ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE IN EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. NOTHING IN THE FOREGOING IS INTENDED OR SHALL EXCLUDE ANY LIABILITY FOR, OR REMEDY IN RESPECT OF, FRAUDULENT MISREPRESENTATION. THE INFORMATION IN THIS PRESENTATION HAS NOT BEEN INDEPENDENTLY VERIFIED. NO REPRESENTATION, WARRANTY OR UNDERTAKING, EXPRESS OR IMPLIED, IS MADE AS TO THE FAIRNESS, ACCURACY OR COMPLETENESS OF THE PRESENTATION AND THE INFORMATION CONTAINED HEREIN AND NO RELIANCE SHOULD BE PLACED ON IT. INFORMATION OTHER THAN INDICATIVE TERMS (INCLUDING MARKET DATA AND STATISTICAL INFORMATION) HAS BEEN OBTAINED FROM VARIOUS SOURCES. ALL PROJECTIONS, VALUATIONS AND STATISTICAL ANALYSES ARE PROVIDED TO ASSIST THE RECIPIENT IN THE EVALUATION OF MATTERS DESCRIBED HEREIN. THEY MAY BE BASED ON SUBJECTIVE ASSESSMENTS AND ASSUMPTIONS AND MAY USE ONE AMONG ALTERNATIVE METHODOLOGIES THAT PRODUCE DIFFERENT RESULTS AND TO THE EXTENT THEY ARE BASED ON HISTORICAL INFORMATION, THEY SHOULD NOT BE RELIED UPON AS AN ACCURATE PREDICTION OF FUTURE PERFORMANCE. NONE OF THE REPUBLIC, ITS ADVISERS, REPRESENTATIVES, CONNECTED PERSONS OR ANY OTHER PERSON ACCEPTS ANY LIABILITY WHATSOEVER FOR ANY LOSS HOWSOEVER ARISING, DIRECTLY OR INDIRECTLY, FROM THIS PRESENTATION OR ITS CONTENTS. THE INFORMATION CONTAINED HEREIN lS SUBJECT TO CHANGE WITHOUT NOTICE. 2 Transaction Overview Issuer The Republic of Paraguay Transaction Reopening of 2023 Senior Unsecured USD Bonds Ratings Ba1 (stable) / BB (stable) / BB (stable) Offering Size USD 280 Million Format 144A / Reg S Amortization Bullet Use of proceeds Finance infrastructure and capital expenditure and to refinance a portion of its outstanding debt Governing Law / New York / Luxembourg Listing Joint Bookrunners 3 Paraguay at a Glance Paraguay: A Bright Spot in the Region… Strategically Located at the Centre of South America... ...Boasting A Solid Performance... 1 Capital Asunción Presidential, directly elected for a five-year term, Government with a Bicameral Congress Population 6.9 million Size 406,752 km2 Nominal GDP (2014) 1 US$30.8 billion GDP/Capita (2014) 1 US$4,462 Real growth rate (2014) 1 4.4% Public debt / GDP 1 17.6% Reserves / GDP 1 21.8% 1 Asunción Unemployment Rate 6.0% Paraguay Inflation rate 1 4.2% ...With Increasingly Relevant Global Presence... …And a Solid Upward Trend in Credit Ratings Sovereign Ratings: Ba1/BB/BB 2 Global Relevance: Ba1/BB+ Ba2/BB #1 Largest exporter of electricity in South America Ba3/BB B1/B+ B2/B #4 Exporter of soybeans #5 Exporter of beef B3/B- Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Moody's S&P Fitch Source: Ministry of Finance of Paraguay, Central Bank of Paraguay, United States Department of Agriculture, Fitch Ratings, Moody’s and Standard & Poor’s 1 As of December 31st, 2014, preliminary data 2 Based on LT Foreign Currency Debt; A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time 5 …Setting Itself Apart from its Regional Peers Real GDP ‘10 – '14E Average Growth Rate (%) Total Public Debt / GDP (2014E) 8% 70% 7,0% 60,8% 7% 60% 56,0% 5,8% 5,4% 5,5% 6% Average: 5.0% 50% 5,0% 4,8% 5% 4,6% 38,3% 4,2% 40% 35,2% 35,5% Average: 33.6% 4% 2,8% 30% 27,3% 3% 17,6% 19,1% 20% 2% 12,9% 1% 10% 0% 0% PAR PER URU BOL ECU COL CHI ARG BRZ CHI PAR PER ECU BOL COL ARG BRZ URU International Reserves / GDP (2014E) Inflation 2014E (annual average %) 50% 45,4% 37.7% 12%40% 40% 10% 24.4% 8,9% 30,8% Average: 8.5% 30% 8% 6,3% 21,8% 15.7% 5,8% 15,6% Average: 20.5% 6% 20% 4,2% 2.9% 3,6% 12,2% 4% 2,9% 3,2% 10% 6,0% 3,9% 2% 0% 0% BOL URU PER PAR BRZ CHI COL ARG ECU COL PER ECU PAR CHI BOL BRZ URU ARG Source: The Economist Intelligence Unit as of April 2015 Note: Paraguay figures are based on Ministry of Finance data 6 Investment Highlights 1 Paraguay’s economy continues to show strong growth with increasing diversification under a solid and stable environment 2 Open and dynamic external sector 3 Paraguay continues to promote and capitalize on attractive fundamentals for foreign investment Continued surplus in the balance of payments has resulted in growing 4 international reserves and a net creditor position Investment programs will accelerate Paraguay’s growth 5 trend mainly targeting infrastructure projects aimed at enhancing productivity 6 Disciplined fiscal policy promoting sustainable growth 7 Increasingly diversified debt profile with low rollover risk Economic growth and government social programs have contributed to 8 improve social welfare Monetary stability and low domestic interest rates supporting a solid and well 9 capitalized financial system 7 Paraguay’s Economy Continues to Show Strong Growth With 1 Increasing Diversification… Highlights Diversified Economy Across Sectors.
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