Agenda

Page

[ C L I E N T N A M E ]

Presentation2

October 2013

Dominican Republic Investor

Presentation

Dominican Republic

Investor PresentationNovember 2019

1

Our Delegation

DONALD GUERRERO ORTÍZ

Minister of Finance of the Dominican Republic, designated in August 2016, with extensive experience in money and capital

markets. Minister Guerrero previously served as Vice-President of Corporate Banking and second Vice-President of Institutional

Banking at Chase Manhattan Bank, and has held managerial positions in the auto industry in Puerto Rico, and in MID America

Insurance Agency, which he owns, and has lectured in Finance, Business and Economics at various national universities.

CYNTHIA I. ARIAS BÁEZ

Deputy Director of the Ministry’s Public Debt Office, where she has worked over the last twelve years. Mrs. Arias’ vast

experience in public credit operations spans financial restructuring, securities issuances, negotiations with bilateral and

multilateral agencies, and overseeing execution of investment projects. Before becoming Deputy Director, she served as the

Director of Debt Negotiations (Front Office).

RICHARD MEDINA GÓMEZ

Financial Advisor to the Minister, with an accumulated experience of nine years at the Ministry of Finance. Prior to his role as

Financial Advisor he distinguished himself as Head of the Public Debt Office’s Debt Restructuring and General Financing

division, where he participated in several important negotiations, including a debt buyback operation with Petrocaribe and

several benchmark domestic and international bond issuances.

VIRGINIA M. BELLO MEJÍA

Public Debt Advisor to the Minister. Mrs. Bello has an accumulated experience of over fifteen years at the Ministry of

Finance’s Public Debt Office, where she has contributed extensively in portfolio management operations, market and risk

analyses, debt instrument issuances and investor relations coordination. Before becoming Public Debt Advisor, she served as

Director of Information, Financial Analysis and Risk Management (Middle Office), at the Public Debt Office.

Key Investment Highlights

Largest Economy in the Central America and Caribbean Region

✓ DR’s GDP in 2018 was the highest of any country in Central America and the Caribbean, accounting for 23% of total

regional GDP1

✓ Third most populous country in Central America and the Caribbean, with an estimated population of 10.4 million2

1

Resilient Economy and Sustained GDP growth, supported by Public and Private Investment

✓ Average annual real GDP growth rate of 6.5% from 2014 to 2018, and real GDP growth rate of 7.0% (YoY) for 2018, the

highest growth rate of any economy in the Western Hemisphere during the same period. Expected to grow 5.0% by 2019.

✓ Well-diversified economy, supported by the construction, manufacturing, retail and tourism sectors

Proven Monetary Policy and Healthy Financial System

✓ Consistent track record of inflation at or below the target range for each year with increasing international reserves and

stable FX

✓ Sizable and well-capitalized banking system

Enhanced Fiscal Discipline

✓ Significant commitment to fiscal discipline has led to a steady improvement in the Public Sector Deficit (as a percentage of

GDP)

✓ Strong focus on institutional efficiency and public accountability

Long-term plan committed to Sustainable Growth, Social Transformation and Economic Competitiveness ✓ Increase in public investment and support to micro and small enterprises has translated into decreasing poverty rate from 34.8%

in 2014 to approximately 23.0% in 2018

✓ Attraction, promotion and protection of national and foreign investments, as well as ongoing efforts for infrastructure

improvements

2

3

4

5

(1) Regional GDP composed of Dominican Republic, Guatemala, Panama, Costa Rica, El Salvador, Honduras, Jamaica, and Nicaragua

(2) Estimate as of October 30, 2019

2

Presentation2

Dominican Republic Overview

Recent Developments

4

2

3

4

(1) The Financial Action Group of Latin America

5

1

i

ii

iii

The fastest growing economy in the Western Hemisphere in terms of real GDP, growing 7.0% in 2018 over 2017

Relatively stable exchange rate, with a nominal YoY depreciation of 4.7% as of September 30, 2019

Continuously improving external position, with Net International Reserves growing 63% between 2014 and June 2019,

reaching US$7.6 bn, and a current account deficit of 1.4% of GDP by December 2018, more than financed by Foreign Direct

Investment equal to 3.0% of GDP for the same year.

The Dominican Republic continues to boast positive macroeconomic figures:

iv

As of September 2019, annualized inflation rate reached 2.0%, below the Central Bank’s target rate of 4.0%

The latest IMF Article IV Consultation with the Republic concluded that strengthened labor markets, reinvigorated credit growth, and

favorable external conditions have aided the country in its continuingly rapid economic growth. In addition, inflation-targeting framework

and the Central Bank’s neutral policy stance has been successful at maintaining inflation rates within or below the official target range.

The GAFILAT1 concluded an on-site visit to the Republic and issued a final report in July 2018 highlighting the appropriate legal

framework to prevent money laundering in compliance with international standards. Also, the country was recently awarded with

the rating of Largely Compliant by the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes.

Multilateral agencies have been an important source of funding for the Republic to support projects across different industries, including

health, education, and electricity. During 2018 and 2019, Congress approved loans from multilateral lenders in an aggregate principal

amount of US$1.2 bn for the financing of various investment projects, including in the electricity distribution network, social inclusion and

natural disasters.An additional US$715 mm in financing for projects is currently awaiting Congress approval.

6An ample record of access to the international Debt Capital Markets as evidenced by successful continued issuances of US$12.3

bn between 2015 and 2019, US$5.6 bn of which were placed between 2018 and 2019, including the first ever two bonds

denominated in DOP.

Solid international position, being elected as part of the UN Security Council and establishing diplomatic relations with China – one

of the Republic’s most important trade partners.

Presentation2

Macroeconomic Overview

6

Leading Economy in Central America and the Caribbean

Sources: World Bank and International Monetary Fund World Economic Outlook (October 2019). Bloomberg for Credit Ratings as of October 30, 2019

(1) Represents selected Central American and Caribbean countries, for year ended December 31, 2018

Region-leading GDP growth rate

Primary GDP participation in CAC1

◼ Real GDP growth 2018

Total: US$368 bn(2018)Country

Nominal

GDP ’18

(US$ bn)

GDP per

capita PPP

(US$ ‘000)1

GDP growth

‘18 / forecast

‘19

Pop. ’19

(mm)

Ratings

(Moody’s/S&P/

Fitch)

Dom. Rep.

85.6 8.3 7.0% / 5.0% 10.4 Ba3 / BB- / BB-

Mexico

1,222.1 9.8 2.0% / 0.4% 125.9 A3 / BBB+ / BBB

Colombia

331.0 6.6 2.6% / 3.4% 50.4Baa2 / BBB- /

BBB

Guatemala

78.5 4.6 3.1% / 3.4% 17.6 Ba1 / BB- / BB

Costa Rica

60.5 12.0 2.6% / 2.0% 5.1 B1 / B+ / B+

Panama

65.1 15.6 3.7% / 4.3% 4.2Baa1 / BBB+ /

BBB

El Salvador

26.1 3.9 2.5% / 2.5% 6.7 B3 / B- / B-

Jamaica

15.5 5.4 1.6% / 1.1% 2.9 B3 / B / B+

Dominican Republic

23%

Guatemala22%

Costa Rica16%

Panama18%

El Salvador7%

Honduras6%

Jamaica4%

Nicaragua4%

7.0%

3.7% 3.1%

2.6% 2.5% 2.5% 2.0% 1.6%

DominicanRepublic

Panama Guatemala CostaRica

ElSalvador

Colombia Mexico Jamaica

Robust & Diversified Economy

GDP per capita (US$ at current prices)

7

GDP per capita PPP vs. Regional Peers1

Avg.

15,381

CAGR: 4.7%25,628

20,61618,346 17,566

14,936

9,473 8,443 8,041

Panama Mexico DominicanRepublic

Costa Rica Colombia Jamaica Guatemala El Salvador

6,805 7,138 7,520 7,869 8,332 8,553

2014 2015 2016 2017 2018 est. 2019

Share of GDP by top sectors2 (Jun 2018 - Jun 2019) High growth sectors (1H19 vs 1H18)

11.3% 10.6%

10.0%

8.5% 8.0% 7.7%

5.4% 5.3% 4.2%

1.7%

7.9% 7.7%

5.2%4.7%

4.1%

1.9%

Construction Finance Mining Services Hotels, Bars &Restaurants

LocalManufacture

Source: IMF World Economic Outlook Database as of October 2019; Central Bank

(1) International dollars, year ended December 31, 2018

(2) These sectors account for 73% of the country’s GDP

Strong Credit Metrics vs. Comparable Sovereigns

8

Country risk well below the LatAm region’s and approaching world average

200.0

250.0

300.0

350.0

400.0

450.0

500.0

550.0

600.0

2/1/2018 3/3/2018 2/5/2018 1/7/2018 30/8/2018 29/10/2018 28/12/2018 26/2/2019 27/4/2019 26/6/2019 25/8/2019 24/10/2019

EMBI Dom Rep EMBI Global EMBI Latin America

NFPS1 debt (% of GDP for fiscal year 2018)

Avg.

52.7%

(6.0%)

(3.0%) (2.8%) (2.6%) (2.4%)(2.0%)

(1.4%)

(0.2%)

Costa Rica Mexico Colombia El Salvador DominicanRepublic

Panama Guatemala Jamaica

Fiscal deficit as a % of GDP (avg. 2014-2018)

94.3%

67.0%53.6% 52.1% 53.5% 38.5% 37.5%

24.7%

Jamaica El Salvador Mexico Colombia Costa Rica DominicanRepublic

Panama Guatemala

Avg.

(2.6%)

Source: IMF World Economic Outlook Database as of October 2019; Central Bank; JP Morgan

(1) Non-Financial Public Sector (General Government and public enterprises)

6.5%

7.5%

8.5%

9.5%

10.5%

0.8 2.8 4.8 6.8 8.8 10.8 12.8 14.8

Local DOP Bonds

9

Local DOP Bonds (YTM, %) 2

Sources: Central Bank, Ministry of Finance, IMF World Economic Outlook Database (October 2019)

(1) Figures correspond to the average of the daily purchase exchange rate reported by the financial intermediaries for the last business day of the year

(2) Excludes bonds issued in 2013 with a different tax treatment (MH1-2023, MH1-2028 and MH2-2028). Figures as of November 15, 2019

Attractive Local Rates Driven by Stable FX and Healthy Inflation

Prices have remained stable in recent years

Moderate currency depreciation¹

Average rate of inflation vs. Regional Peers (2014-2018)

Avg.

2.9%

4.6% 4.5%4.2%

3.9%

2.2% 2.0%

0.9% 0.8%

Jamaica Colombia Mexico Guatemala DominicanRepublic

Costa Rica Panama El Salvador

1.6%2.3%

1.7%

4.2%

1.2%

2.0%

2014 2015 2016 2017 2018 Sep' 2019

Change in CPI, YoY

3.5% 2.8% 2.5% 3.3% 4.0% 4.7%

DOP 44.2DOP 45.5

DOP 46.6DOP 48.2

DOP 50.2DOP 52.3

2014 2015 2016 2017 2018 Sep' 2019

Depreciation Year-end DOP/USD

Sources: Central Bank and World Bank. Dominican Republic Real GDP growth figures are calculated using constant prices as of 2007

10

Resiliency during Periods of Global and Regional Economic Turmoil

Real GDP growth despite domestic and external shocks Growth post world financial crisis

Rank Country

Real GDP

Growth

Rate

2009

1 Uruguay 4.2%

2 Bolivia 3.4%

3 Panama 1.6%

4 Peru 1.1%

5 Dominican Republic 0.9%

6 Ecuador 0.6%

7 Guatemala 0.5%

8 Brazil (0.1%)

9 Costa Rica (1.0%)

10 Chile (1.6%)

11 Honduras (2.4%)

12 El Salvador (3.1%)

13 Venezuela (3.2%)

14 Nicaragua (3.3%)

15 Jamaica (3.4%)

16 Paraguay (4.0%)

17 Trinidad and Tobago (4.4%)

18 Mexico (4.7%)

19 Argentina (5.9%)

2.6%

9.4% 9.2%

7.4%

3.2%

0.9%

8.3%

3.1%2.8%

4.9%

7.6%7.0%

6.6%

4.6%

7.0%

4.7%

2,618

4,0044,195

4,806

5,196 5,151

5,685

6,0626,274

6,410

6,805

7,138

7,520

7,869

8,332

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 sep-19

Real GDP growth GDP per capita (US$)

EU

Sovereign

debt crisis

Substantial

fiscal

adjustment

DR

banking

crisisWorld

financial

crisis

Hurricanes

Maria &

Irma

Presentation2

External and Fiscal Sector

External Sector: Decreasing Current Account Deficit

12

External sector key metrics2

FDI flows by sector (as of June 30, 2019)

Current account deficit

Source: Central Bank

(1) (Outflow)

(2) Data as of December 31 of each year

(3) Data as of September 31 2019

US$mm 2014 2015 2016 2017 2018 Jun 2019 Est. 2019

Current account (2,170) (1,280) (815) (133) (1,160) (55) (1,423)

(%) GDP (3.2) (1.8) (1.1) (0.2) (1.4) (0.1) (1.6)

Total exports 9,899 9,442 9,840 10,135 10,908 5,573 11,492

Change, YoY (%) 5.0 (4.6) 4.2 3.0 7.6 2.8 5.4

Free trade zone exports 5,262 5,424 5,504 5,710 6,230 3,086 -

Change, YoY (%) 5.7 3.1 1.5 3.7 9.1 (0.2) -

Total imports 17,273 16,907 17,399 17,734 20,209 9,921 21,134

Change, YoY (%) 2.8 (2.1) 2.9 1.9 14.0 2.7 4.6

Remittances 4,571 4,961 5,261 5,912 6,494 5,293 3 6,939

Change, YoY (%) 7.3 8.5 6.0 12.4 9.8 8.8 6.9

Financial Account (3,762) (1,513) (2,455) (2,121) (2,712) (1,778) -

(%) GDP (5.6) (2.1) (3.2) (2.7) (3.2) (4.1) -

Net int. reserves 4,650 5,266 6,047 6,781 7,627 7,5883 7,750

NIR/Imports month 3.2 3.7 4.2 4.6 4.5 4.4 4.2 - 4.4

(3.2%)

(1.8%)

(1.1%)

(0.2%)

(1.4%)

(0.1%)

(1.6%)

2014 2015 2016 2017 2018 Jun' 2019 est. 2019

Tourism36.8%

Real Estate18.3%

Electricity13.7%

Wholesale and Retail Trade

12.9%

Free Trade Zones9.2%

Mining8.0%

Transport2.1%

Financial Services2.1% Communications

-3.2% (1)

Over 50% of our

exports go to the

United States, and

16% to Europe

Region-leading Tourism Sector

13

Tourism Revenues (US$ mm) Nationalities of Tourists

Tourism Arrivals (millions of people)

Source: Central Bank

5,6306,116

6,7207,184

7,561

5,767

2014 2015 2016 2017 2018 Sep' 2019

5.15.6

6.0 6.26.6

5.0

2014 2015 2016 2017 2018 Sep' 2019

56.5%

24.5%

14.1%

4.3%

0.7%

57.8%

23.2%

13.2%

5.0%

0.8%

North America

Europe

Sourth America

Central America & the Caribbean

Asia & Rest of the World

Dic' 2018 Sep' 2019

TOTAL: 1.1 million

France: 17.4%

Russia: 15.4%

Germany: 14.1%

Spain: 13.1%

England: . 12.7%

14

Source: Ministry of Finance

(1) Excluding interest expense, to show primary expenditure

(2) Includes interest payments on Central Bank recapitalization bonds and direct transfers for that purpose according to Law No. 167-07

(3) Non-Financial Public Sector (General Government and public enterprises)

(4) Including extraordinary revenues related to “capital grants” obtained from the Petrocaribe Agreement

Central Government Primary Expenditure (% of GDP)

Central Government Interest Burden (% of GDP)2 Public Sector Deficit (% of GDP)

Central Government Primary Balance (% of GDP)

Results of Deficit Reduction Strategy

11.7% 11.0% 11.3% 11.4% 11.3%8.3%

2.9% 3.3% 3.0% 3.4% 2.6%

1.6%

14.6% 14.3% 14.3% 14.8%13.9%

9.9%

2014 2015 2016 2017 2018 Sep' 2019

Current Expenditure Capital Expenditure

(4)

14.6% 14.3% 14.4% 14.8%13.9%

9.9%

2014 2015 2016 2017 2018 Sep' 2019

Total Revenues and Grants Primary Expenditures

0.9% 1.0% 1.2% 1.2% 1.3% 1.1%

1.5% 1.3%1.4% 1.3% 1.3%

1.1%

2.4% 2.3%2.6% 2.5% 2.6%

2.2%

2014 2015 2016 2017 2018 Sep' 2019

Foreign Domestic

3.6%

0.3%

2.8% 2.9% 2.4%1.0%

1.4%

1.4%

1.3% 1.2%1.1%

0.7%

5.0%

1.7%

4.1% 4.1%3.5%

1.7%

2014 2015 2016 2017 2018 Sep' 2019

NFPS Quasi-fiscal Deficit

(1)

(3)

Presentation2

Debt Profile

Solid Debt Profile

Sources: Central Bank, Ministry of Finance – Department of Public Credit

Note: Data is preliminary

(1) Excludes intra-governmental debt eliminations to avoid double counting

(2) Financial Public Sector (Central Bank and other State financial entities). NFPS refers to Non-Financial Public Sector (General Government and public enterprises)

Consolidated public sector debt (% of GDP)1

16

Consolidated public sector debt (% of GDP)1

Domestic debt breakdown (as of September, 2019)1 External debt breakdown (as of September, 2019)

Total: US$23.4bnTotal: US$20.4bn

30.9% 29.8% 31.6% 33.3% 34.4% 35.6%

12.7% 13.2% 13.4% 13.2% 13.5% 13.6%

43.6% 43.0% 45.0% 46.5% 47.9% 49.2%

2014 2015 2016 2017 2018 Sep' 2019

NFPS FPS Total Debt

25.7% 23.8% 24.0% 23.9% 25.6% 26.3%

17.9% 19.2% 21.0% 22.6% 22.3% 22.9%

43.6% 43.0% 45.0%46.5% 47.9% 49.2%

2014 2015 2016 2017 2018 Sep' 2019

External Domestic

CB Certificates57.8%

Treasury Bonds38.5%

Commercial Banks3.7%

Multilaterals/Bilaterals

27.8%

Bonds70.7%

Commercial Banks1.5%

(2)

NFPS debt2

17

Sources: Department of Public Credit - Ministry of Finance and Central Bank

(1) As of October 31, 2019

(2) Excludes intra-governmental debt eliminations in order to avoid double counting. NFPS refers to Non-Financial Public Sector (General Government and public enterprises)

External debt maturity profile (US$mm)1

NFPS debt average life (years) NFPS portfolio rates (%)

Solid Debt Profile (cont’d)

1,2011,054 1,109

933

2,783

1,3751,261

1,405 1,473 1,496 1,4441,258

2019 2020 2021 2022 2023 2024

Amortization Interest

24.4% 22.8% 23.2% 23.5% 25.2% 26.0%

6.4% 7.0% 8.4% 9.8% 9.2% 9.6% 30.8% 29.8%

31.6%33.3% 34.4%

35.6%

2014 2015 2016 2017 2018 Sep'19

External Domestic

8.6

9.9

9.4

9.0

9.2

10.2

2014 2015 2016 2017 2018 Sep' 2019

6.8% 7.5% 7.8% 7.7% 7.6% 7.5%

20.2% 20.2% 18.7%

14.0% 12.80% 11.5%

2014 2015 2016 2017 2018 Sep' 2019

Avg Interest Rate Variable Rate Risk

Presentation2

Monetary Policy

Impact of Monetary Policy

19

Source: Central Bank

(1) Deposit and lending rates refer to weighted average of commercial banks in the Dominican Republic

Interest rate corridor (annual %) Interbank and nominal interest rates1

Private credit in local currency CPI Inflation (Y-o-Y)

MPR was decreased

25bps in Sep’2019, to

4.50%

4.0%

2.0%

0%2%4%6%8%

10%12%14%16%18%20%

dic

-14

mar-

15

jun

-15

sep-1

5

dic

-15

mar-

16

jun

-16

sep-1

6

dic

-16

mar-

17

jun

-17

sep-1

7

dic

-17

mar-

18

jun

-18

sep-1

8

dic

-18

mar-

19

jun

-19

sep-1

9Credit to the Private Sector Lending Rate

0%

2%

4%

6%

8%

10%

12%

14%

dic

-14

mar-

15

jun

-15

sep-1

5

dic

-15

mar-

16

jun

-16

sep-1

6

dic

-16

mar-

17

jun

-17

sep-1

7

dic

-17

mar-

18

jun

-18

sep-1

8

dic

-18

mar-

19

jun

-19

sep-1

9

Monetary Policy Rate (MPR)Interbank RatePermanent Facility of DepositsPermanent Facility of REPOS

0.0

5.0

10.0

15.0

20.0

Dec-1

4

Mar-

15

Jun-1

5

Sep-1

5

Dec-1

5

Mar-

16

Jun-1

6

Sep-1

6

Dec-1

6

Mar-

17

Jun-1

7

Sep-1

7

Dec-1

7

Mar-

18

Jun-1

8

Sep-1

8

Dec-1

8

Mar-

19

Jun-1

9

Sep-1

9

Deposit Rate Lending Rate Interbank Rate

0%

2%

4%

6%

8%

10%

Dec-1

4

Mar-

15

Jun-1

5

Sep-1

5

Dec-1

5

Mar-

16

Jun-1

6

Sep-1

6

Dec-1

6

Mar-

17

Jun-1

7

Sep-1

7

Dec-1

7

Mar-

18

Jun-1

8

Sep-1

8

Dec-1

8

Mar-

19

Jun-1

9

Sep-1

9

Inflation Target Upper / lower band

Presentation2

Financial System

Growing financial system

Diversified and Sizeable Financial System

21

Highlights

Diversification of the loan portfolio

• As of December 31, 2018, the Republic’s financial

system was comprised of 50 financial institutions:

– 18 commercial banks (including BanReservas)

– 2 government-owned financial institutions (Banco

Nacional de las Exportaciones and Banco Agrícola

de la República Dominicana)

– 14 savings and credit banks

– 10 savings and loan associations

– 6 credit corporations

• Total Assets of the financial system

– US$36.9 billion as of September 30, 2019 (41.0% of

the year end’s estimated GDP)

• BanReservas, a state-owned commercial bank, ranked first among Dominican commercial banks in terms of total assets as of September 30, 2019

• As of October 2019, the private sector has received on average 93.6% of the total loans issued by the financial system, while the public sector received 5.1% and intra-financial sector loans accounted for the remaining 1.3%

Sources: Banking Superintendency and Central Bank

(As of October 31, 2019)

$28,042 $30,216 $32,991 $34,763 $36,025 $36,896

41.7% 42.4% 43.5% 43.4% 42.1% 41.0%

2014 2015 2016 2017 2018 Sep' 2019

Total Assets (US$ mm) % of GDP

Loans to Individuals

27.8%

Housing21.5%

Wholesale & Retail16.0%

Construction6.7% Manufacturing, 6.6%

Public & Financial Sector, 4.7%

Hotels, Bars & Restaurants, 4.6%

Agriculture, 3.4%

Utilities, 2.0%

Transportation, 1.8%

Mining, 0.1%

Other, 4.8%

Financial System Metrics

22

Solvency1,2 Productive Assets/(Capital Raising + Cost Obligations)

Non-performing loans2

Sources: Banking Superintendency and Central Bank

(1) Solvency ratio as defined by the Banking Superintendency

(2) Information only for commercial banks (“Bancos Múltiples”)

(3) Includes entire financial system

Total loans and deposits (US$ bn)3

Legal req.

of 10%

14.0% 14.4%15.6%

16.4% 15.8% 16.4%

2014 2015 2016 2017 2018 Aug' 2019

Solvency Index

87.9% 89.2% 89.4% 93.0% 92.1% 94.2%

2014 2015 2016 2017 2018 Sep' 2019

1.3%

1.5% 1.5% 1.7%1.5%

1.6%

2014 2015 2016 2017 2018 Sep' 2019

NPLs

17.3 19.6

21.0 22.0 23.5 23.8 23.2

25.2 27.3

28.9 30.0 30.7 74%

78%77% 76%

78% 77%

2014 2015 2016 2017 2018 Sep' 2019

Total Loans Deposits Loan/Deposit Ratio

Presentation2

Electric Power Sector

83.5%

42.2%

11.0%

30.5%

36.0%

12.4%

23.0%

16.5% 10.5%15.0%

4.4%15.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

2000 2018 2020 (Target)

Fuel Oil (#6 and #2) Natural Gas Coal Hydro Renewables

Energy Sector Continues to Improve

24

… while energy generation matrix is diversifying

Sources: World Bank and Corporación Dominicana de Empresas Eléctricas Estatales (CDEEE)

1) Information presents electric power transmission and distribution losses as a percentage of outputs. Dominican Republic information is presented as of

December 31, 2018; the rest of the countries’ data ranges from 2011 to 2014, as per the most recent data reported by the World Bank

Evolution of energy prices (US cents/kWh)

Historical Figures and 2020 Objective:

EDES energy losses have been declining… Energy losses with room for improvement1…

17.516.9 16.6

16.2 15.612.310.4

11.6

14.1 12.5

2015 2016 2017 2018 sep-19

Average Selling Price Average Buying Price

27.3%25.5%

14.4% 14.0%12.1% 11.4% 10.7% 10.1%

DomRep Jamaica Mexico Panama Guatemala Colombia CostaRica

ElSalvador

31.1%31.5%

29.9%

28.4%

27.3%

2015 2016 2017 2018 sep-19

Coal and Gas Projects in Place to Decrease Energy Prices and Drive Increased Capacity

25

New coal plants: Punta Catalina

Source: Corporación Dominicana de Empresas Eléctricas Estatales (CDEEE)

• Consortium formed by various companies signed EPC contract with

CDEEE in February 2014

• Nominal Net Power: 300MW per unit, plus or minus 20%

• First unit started dispatching energy to the system in February 2019

• Second unit still running final tests

Renewables

Gas projects pipeline

• AES: Combined cycle DPP-Los Mina (114 MW) (already in operation)

• CDEEE and CESPM are considering an agreement for the conversion of

power facilities from fuel oil to natural gas

• AES: Addition of a second LNG storage tank would support an additional

1,000 MW of generation capacity, following the conversion of relevant

generation facilities

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DOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOMDOM

San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San San

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PeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeraviaPeravia

Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor Monseñor

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Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez Sánchez

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María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María María

Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad Trinidad

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La EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa EstrelletaLa Estrelleta

SantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiago

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ValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverdeValverde

San JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan JuanSan Juan

SantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiagoSantiago

DevelopedBiomass Photovoltaic Wind

Energy Strategy Going Forward

26

Source: Corporación Dominicana de Empresas Eléctricas Estatales (CDEEE)

Electricity sector challenge: the Republic continues to make

progress towards reaching the sector’s financial stability

Action plan:

• Diversification of the generation matrix. More natural gas,

coal, and renewables, and reduced reliance on fuel oil

• Reduce technical and non-technical losses

− Improve the distribution system and grid infrastructure

to ensure that electricity is delivered effectively to

customers with reduced costs

− Continue to improve collections

− Introduce telemetering and prepaid meters

• Redesign institutions in the energy sector under the Ministry of

Energy and Mines

• Continue to push for management efficiency in its distribution

companies (EDES)

▪ OPEX reduction

• Gradual implementation of the technical tariff

Balance the

Generation Matrix

Distribution and Transmission

Infrastructure

Management Efficiency

and institutional

Strengthening

Presentation2

National Development Strategy

The Road Ahead

28

1. Achieve high-income country threshold by 2030

2. Continue to improve institutional framework to

increase transparency and accountability

3. More competitive and productive sectors and

more robust integration to the global economy

through a strategy to bolster national exports

1. Consolidation of full-fledged inflation targeting

2. Improve tax collections by strengthening tax

administration and evaluation and control of

Government expenditures

1. Pursue economic growth close to country’s

potential

2. Increase the level of International Reserves

3. Continue to access international capital markets

4. Strengthen the local capital markets

Further enhance competitiveness

and global integration

Maintain economic growth/stabilityContinuous improvement in fiscal

and monetary policy management

2030 National development strategy

1. Infrastructure: power generation, highways, rural

roads, urban transportation infrastructure, water

supply and schools

2. Education: higher quality and additional resources

and facilities, eradicate illiteracy, close the digital

gap

3. Environment: sustainable production and

consumption in order to adequately confront

climate change challenges (Paris Agreement)

1 2

3 4

The Republic has a long-term plan committed to sustainable economic growth while developing a strong social agenda and political stability

Targets