SummaryofBankAccountBalancesfortheGovernmentofPuertoRicoanditsInstrumentalitiesInformationasofDecember31,2017

January19,2018

Disclaimer

§ ThispresentationwaspreparedandisbeingpublishedbythePuertoRicoFiscalAgencyandFinancialAdvisoryAuthority(“AAFAF”)aspartoftheongoingevaluationoffinancialmattersoftheGovernmentofPuertoRicoincludingcertainofitsPublicCorporationsanditsinstrumentalities(the“Government”).TheinformationcontainedhereinprovidesthecashbalancesofGovernmentaccountsasofthedatesindicatedbutisnotintendedtoprovideananalysisofthesourceofthesefundsortheiradequacytosatisfytheGovernment’sliquidityneeds.GovernmentcreditorsandotherthirdpartiesshouldnotrelyonthisinformationtomakeanyinvestmentdecisionregardingsecuritiesissuedbytheGovernmentoranyinstrumentalitythereof.

§ TheaccountbalancesincludedhereinarebasedoninformationAAFAFobtainedfromgovernmentalinstrumentalitiesandfinancialinstitutionsasofthedatesindicatedaspartofanongoingreviewofthebankaccountsandbalancesoftheGovernmentanditsinstrumentalities.AAFAFhasnotvalidatedalltheinformationreceivedand,asaresult,cannotanddoesnotassumeanyresponsibilityfortheaccuracyofsuchinformation.Asadditionalinformationbecomesavailableandthevalidationprocessiscompleted,therecouldbematerialchangestotheinformationcontainedherein.

§ Theaccountbalancesincludedhereinareprovidedtoshowthecashpositionasofspecificdates,andthispresentationdoesnotpurporttoprovide,nortakeintoconsideration,anychangessincesuchdates.Suchbalancesareexpectedtochange,potentiallymaterially,onadaytodaybasisbasedon,amongotherthings,thefinancialneedsoftheGovernmentanditsinstrumentalities,aswellasjudicialdeterminationsregardingsuchfunds.

§ Theinformationcontainedhereinregardingtherestrictedorunrestrictednatureofanycashbalanceispreliminaryandsubjecttofurtheranalysis.

§ Theaccountbalancesincludedhereinhavenotbeenconfirmedthroughanauditconductedinaccordancewithgenerallyacceptedauditingstandards,anexaminationofinternalcontrolsorotherattestationorreviewservicesinaccordancewithstandardsestablishedbytheAmericanInstituteofCertifiedPublicAccountantsoranyotherorganization.Thisdocumentdoesnotconstituteanauditofcompliancewithanyfederallaw,rule,orregulation.

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Disclaimer(cont’d.)

§ Nothinginthisdocumentshallbeconsideredasolicitation,recommendationoradvicetoanypersontoparticipate,pursueorsupportaparticularcourseofactionortransaction,topurchaseorsellanysecurity,ortomakeanyinvestmentdecision.

§ AAFAF,theGovernment,andeachoftheirrespectiveofficers,directors,employees,agents,attorneys,advisors,members,partnersoraffiliates(collectively,withAAFAFandtheGovernment,the“Parties”)makenorepresentationorwarranty,expressorimplied,toanythirdpartywithrespecttotheinformationcontainedherein,andallPartiesexpresslydisclaimanysuchrepresentationsorwarranties.

§ ThePartiesdonotoweoracceptanydutyorresponsibilitytoanyreaderorrecipientofthispresentation,whetherincontractortort,andshallnotbeliablefororinrespectofanyloss,damage(includingwithoutlimitationconsequentialdamagesor lostprofits)orexpenseofwhatsoevernatureofsuchthirdpartythatmaybecausedby,orallegedtobecausedby,theuseoforrelianceuponthispresentationorthatisotherwiseconsequentuponthegainingofaccesstothisdocumentbysuchthirdparty.

§ Byreceivingthisdocument,therecipientshallbedeemedtohaveacknowledgedandagreedtothetermsdescribedinthe“Disclaimer”slides.

§ Thisdocumentmaycontaincapitalizedtermsthatarenotdefinedherein,ormaycontaintermsthatarediscussedinotherdocumentsorthatarecommonlyunderstood.Youshouldmakenoassumptionsaboutthemeaningofcapitalizedtermsthatarenotdefined.

§ NoneofAAFAF,theGovernmentoranyofitsinstrumentalitiesundertakeanydutytoupdatetheinformationcontainedherein.

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ExecutiveSummary

§ AAFAFstarteditseffortstoidentifygovernmentbankaccountsandtheirbalancestoobtainacomprehensiveviewofthecashpositionoftheCentralGovernmentanditsinstrumentalities.Requestsweresenttogovernmentalinstrumentalities,theOfficeoftheCommissionerofFinancialInstitutions(“OCIF”)andvariouscommercialbanks.

§ Basedontheinformationobtained,AAFAFpreparedaninventoryofbankaccountsacrossgovernmentalinstrumentalities,includingthoseoutsidethescopeofthefiscalplanssubmittedtotheFinancialOversightandManagementBoardforPuertoRico(“FOMB”).

§ Theexerciseandtheinventorydescribedinthispresentation,whichhadnotbeenconductedbyprioradministrations,obtainedinformationon+800bankaccounts.AAFAFnowhascentralizedaccesstobankaccountinformationformostoftheGovernmentanditsinstrumentalities.

§ AAFAFhasconductedthisprocessinconsultationwiththeFOMBanditsadvisors,andhasbeenprovidingperiodicreportstotheFOMBsinceJuly2017.

§ OnOctober31,2017,AAFAFcommencedpublishingweeklycashflowreportsfortheTSAonitswebsiteandEMMA.AAFAFnowintendstoreportperiodicallythecashbalancepositionofthebankaccountsincludedinthispresentationtoprovideadditionaltransparency.

§ Investorsarecautioned,however,thatthisreportislimitedtoprovidingthebankaccountbalancesasofthedatesindicatedanddoesnotaddressspecificallythesourceofallsuchfunds,thesufficiencyofthesefundstomeettheliquidityneedsof theGovernmentanditsinstrumentalitiesand/oralloftherestrictionsorlimitationsthatmayapplytotheuseofthesefunds.

§ AAFAFhasdesignedafive-stepprocesstoevaluatethecashpositionoftheGovernmentanditsinstrumentalities,asdescribedherein.AAFAFhascompletedthefirststepofthisprocessandwillcontinuewiththeotherstepstoarriveatacomprehensivecashmodel.

§ Theinformationpresentedexcludescertainfundsassetforthinthe“ExcludedFunds”slide.

§ ThepresentationofaccountbalanceshereinreclassifiesandupdatesinformationofcertainbanksaccountsfromtheDecember18,2017presentationtoprovideadditionalclarity.AppendixAprovidesareconciliationoftheinformationintheDecember18presentationtothenewpresentation.

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ProcesstoEvaluatetheCashPositionoftheGovernment

§ AAFAFinstructedbanks,agenciesandpubliccorporationstoprovideinventoryofbankaccounts.

§ ProgrammedlistofbankaccountsintoonlineWebCashplatforms1,allowingforon-demandaccesstobankaccountdetail.

1. Procureandvalidatecompletesetofbankaccounts

§ Legalreviewoftheresultsoftheindependentevaluationtoconfirmlegalrestrictionsrelativetofundsdepositedinthebankaccounts.

3. Performalegalanalysistodeterminetherestrictedorunrestrictednatureoffundsatnon-TSAbankaccounts

§ Determineoperatingcashneedsatmajorcomponentunits.

§ AssessrelianceonappropriationsfromtheTSA.

§ Determineexcesscashavailableacrossthebankaccounts,ifany.

4. Determinepotentialexcesscashavailableinnon-TSAgovernmentalbankaccounts,ifany

§ Establishlegalmechanismandprocesstoaccessexcesscash,ifany.5. Evaluateandestablishpathtolegallyaccessingexcesscashatnon-TSAinstrumentalities,ifany

Steps Overview

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§ Engageanindependentfirmtoconductanevaluationofthecashinflowsandoutflowsintoallgovernmentalbankaccounts.

§ AAFAFexpectstheFOMB’sforensicanalysiseffortswillbeconductedjointlytoreduceoverallcosts.

2. Conductanindependentevaluationofthesourceoffundsinnon-TSAbankaccounts

1Webbasedbankplatforms

ExcludedFunds

6

LegislativeBranch

JudicialBranch

MunicipalFunds

GovernmentDevelopmentBank

InvestmentAccounts

§ ThePuertoRicoLegislativeAssemblyreceivesmonthlytransfersfromtheGeneralFundtofunditsoperationsbasedonbudgetaryappropriations.

§ ThePuertoRicoJudicialBranchreceivesmonthlytransfersfromtheGeneralFundtofunditsoperationsbasedonbudgetaryappropriations.TheJudicialBranchalsoholdsfundsincustodyrelatedtolegalproceedings.

§ MunicipalfundsincludefundsofPuertoRicomunicipalities,theMunicipalRevenueCollectionsCenterandthePuertoRicoMunicipalFinanceAgency.

§ Includesnon-bankinvestmentaccountsofcertaininstrumentalities(e.g.ERS,TRS,JRS,StateInsuranceFundCorporationandAutomobileAccidentCompensationAdministration).

Agency Description

§ IncludesdepositsonGDB’sbalancesheetforgovernmentagenciesandinstrumentalities,publiccorporationsandmunicipalities.Thesefundsareunavailabledueto existinglegal restrictions andasaresultofGDB’sRestructuringSupportAgreementwhich,ingeneralterms,providesforthequalifiedmodificationofGDB’s debtunderTitleVIofPROMESA.

OpeningandTrackingBankAccounts

CentralGovernment:

§ Thecriteriaforopeningabankaccountisbasedonthefollowing:– Federalfundawardsoragreementsmandateaseparatebankaccount– Specialrevenuefundslegallymandatedasseparatebankaccount– Specificsourceoffundsfortrackingpurposes– Specificuseoffundsfortrackingpurposes

§ TheDepartmentofTreasury:– Mustapprovetherequesttoopenanynewbankaccount.– TheDepartmentofTreasuryhasastandingpolicythatrequiresthereconciliationofbankaccountbalanceson

amonthlybasis.

PublicCorporations:

§ PubliccorporationsareseparatelegalentitiesfromtheCentralGovernmentandhavetheirowngovernancestructurethroughtheirboardofdirectorsorothersimilargovernancemechanism.

§ Bankaccountsareopenedandmanagedbasedonthepoliciesandproceduresadoptedbythegoverningbodyateachsuchpubliccorporation.

§ AlthoughtheDepartmentofTreasurydoesn'thavecontrolovertheseaccounts,AAFAFacquiredvisibilityovertheseaccountsthroughStep1ofthefive-stepprocessdescribedinthispresentationafterreceivingauthorizationbyeachentity.

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BankAccountBalancesfortheGovernmentanditsInstrumentalities

8

TSA2 $1,642.7M $1,694.5M § ReportedonaweeklybasisonAAFAF’swebsite

TSASweep $56.9M $63.8M § AccountsthatcollectincomeandcompletelypassthroughtoTSAonadailybasis.

PensionRelated $282.9M $374.3M§ Includesemployeewithholdingsmostlyfordefinedcontributionretirementaccounts

($133M),repaymentofemployeeloansissuedbytheretirementsystem($95M)andPay-gochargesfrommunicipalitiesandpubliccorporations($144M).

CentralGov’tNon-TSA $843.5M $833.8M

§ ~$400MfederalfundsadministeredbythePublicHousingAuthority§ $128Mlotteryrelatedfunds§ Remainingamountsheldandadministeredbycentralgovernmentagencies

COFINA $904.6M $1,021.0M § BalanceatTheBankofNewYorkMellon(“BNYM’)andsubjecttointerpleaderproceedings;expectedtocontinueincreasinguntilCOFINAdisputeisresolved.

OtherRestrictedTitleIIIAccounts $790.5M3 $806.2M § ERSrelatedaccounts($488M),GORedemptionFund($171M),andClawbackfunds

($146M)PREPA $597.6M $245.1M § Decreaseinbalanceduetotheirongoingemergencysituation

PRASA $324.4M $343.3M§ $79Minfundsusedtocoveroperatingexpenses.Theremainingbalancesrepresentfunds

setasideforspecificusessuchasthepaymentofdebtservice,costsofimprovementsandtherevenuefundusedtosourcePRASAfundspertheMasterAgreementofTrust(“MAT”)

HTA $64.2M $82.1M § Over80%ofthe12/31balanceisusedforoperationalpurposes.

UPR $320.5M $309.9M § MajorityoffundsheldintwoaccountsmanagedbyCentralAdministration.$221.5Minmoneymarketaccountand$89.9Minconcentrationaccount.

ASES $293.4M $259.3M § StateandfederalfundsusedmainlyforpaymentsofhealthinsurancepremiumsandclaimsOtherPublicCorporationsandLegally

SeparateEntities

$822.1M $848.4M § Governmententitieswithautonomousfiscalauthorityestablishedbylaw.§ Slide18includesanoverviewofthesixentitiesthatrepresent55%ofthiscategory.

1Exceptforaccountswithanaggregatebalanceof$268.1Mwhichhavenotbeenupdatedasoftheindicateddates.2Source:PuertoRicoDepartmentofTreasurySingleAccount("TSA")FY2018CashFlowReport.http://aafaf.pr.gov/assets/fy18-weeklytsacashflow-12-29-17.pdf3December18th PresentationincludedfundsbelongingtotheTeachersRetirementSystemandJudiciaryRetirementSystemtotaling$22.5M.Forpurposeofthispresentation,theseamountshavebeenreclassifiedasOtherPublicCorporationsandLegallySeparateEntitiesbecausetheyarenotpartoftheERSTitleIIIproceedings.

Balanceasof1

RevisedGrouping 11/30 12/31 Notes

TOTAL $6,943.4M $6,881.6M

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TSA,TSASweepandPensionRelatedAccounts

GeneralCollectionPosts $40.3M $41.5M

§ AccountusedforGovernmentreceiptsfromallthecollectionpostsIslandwideandthewebbasedplatform,knownasColecturia Virtual itsSpanishname.ReceiptsincollectionspostsaccountoccurapproximatelytwobusinessdayspriortobeingdepositedintotheTSA.

SUT $12.4M $19.3M§ AccountusedforconsolidatedreceiptsofSalesandUseTax.Balancesaresweptonadaily

basisintoaccountsheldbythetrusteeoftheCOFINAbonds,theGeneralFundand/ortheMunicipalAdministrationFund.

AgencyCollectionPosts $4.1M $3.1M

§ Accountusedtoreceiveamountscollectedbycollectionofficersattheagenciesmainlyforchargesforservicesandfees.ReceiptsincollectionspostsaccountoccurapproximatelytwobusinessdayspriortobeingdepositedintotheTSA.

TOTAL $56.9M $63.8M

TSA $1,642.7M $1,694.5M

§ TheTSAistheGovernment’smainoperationalbankaccountinwhichamajorityofreceiptsfromgovernmentalfundsaredepositedandfromwhichmostexpensesaredisbursed.

§ Itincludestaxcollections,chargesforservices,intergovernmentalcollections,theproceedsofpriorshortandlongtermdebtissuancesheldincustodybytheSecretaryofTreasuryforthebenefitofGovernmentfiduciaryfunds,andotherreceipts.

TSASweepAccounts1:

TOTAL $1,642.7M $1,694.5M

EmployeeWithholding $161.5M $230.0M

§ Custodybankaccountwhichbalancesrepresentemployees/participantswithholdingsforspecificpurposesasfollows:(i)$133Mforindividualdefinedcontributionretirementaccount,(ii)$94.5MrepaymentofemployeeloansissuedbytheEmployeesJudiciaryandTeacherRetirementSystem,(iii)$2.6Mforthepaymentofdisabilityinsuranceand(iv)$34Mfortherepaymentofindividualloans.

Pay-gocharges $120.4M $143.3M § Pay-gochargesincludebalancesfrompaymentsmadebymunicipalitiesandpubliccorporationsinconnectionwithbenefitspaidtoretirees.

PensionRelated:

TOTAL2 $282.9M $374.3M1IncludesZeroBalanceAccountswhicharevariousaccountsusedfordisbursementsofvendorspayments,payrollandpensions.TheseaccountsmakedisbursementsandareautomaticallyreplenishedfromtheTSAaccount.2Includesotherunclassifiedaccountsthatarenotmaterial<$1M.

BalanceasofGrouping

Subcategory 11/30 12/31 Notes

CentralGovernment– Non-TSA

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PublicHousingAdministration $438.6M $436.9M § PHAaccountsincludegrantsoffederalfundsreceivedtofinancepublichousingprograms

andtheiroperations.

OtherTreasuryCustodyAccounts

$210.7M $201.3M§ OtherTreasuryCustodyAccountsincludebalancesfromtheLotteries($128M),federal

funds($33M)andoperationalandmiscellaneousaccountbalancesundercustodyofSpecialDisbursementOfficers($4.6M)andother($35M).

DepartmentofLaborandHuman

Resources

$60.8M $61.0M

§ DLHRaccountsincludeoperationalaccountsandotherfundsasfollows:‒ WorkOpportunityIncentiveFund($41M)tofinanceanincentiveprogramto

promotejobcreation.‒ ContributionTrustFund($8M)fromemployers’receiptsusedtopayclaimsto

employees.‒ ActNo.15($7M)specialrevenuesforoperations.‒ Operationalaccountsandotherfunds($5M).

ChildSupportAdministration $50.7M $50.7M § Custodybankaccountcontainingchildsupportpaymentsfromnon-custodialparents.

PuertoRicoPolice $15.7M $16.6M § BankaccountusedtoprocessPoliceDepartmentpayrollfundedthroughbudget

appropriations.

DepartmentofHousing $12.2M $11.4M § DOHaccountsincludegrantsoffederalfundsreceivedtofinancepublichousingprograms

andtheiroperations.

DDEC $11.1M $10.3M § DDECaccountsincludeoperationalaccountsfromgeneralfundandinternallygeneratedrevenues($5M),ActNo.22($4M),filmprogram($1M)andfederalfunds($0.4M).

9-1-1Services $10.7M $11.7M § 9-1-1Servicesaccountrepresentstheiroperationalaccountfromspecialrevenues(Act144).

OtherNon-TSACorporations $33.1M $34.0M § DescriptionincludedinAppendixB.

TOTAL $843.5M $833.8M

Balanceasof1

CentralGovernment

Entity11/30 12/31 Notes

1Exceptforaccountswithanaggregatebalanceof$151.3Mwhichhavenotbeenupdatedasoftheindicateddates.

RestrictedAccountsSubjecttoTitleIIIProceedings- COFINA

11

BalanceasofGrouping 11/30 12/31

COFINADebtServiceand

FederalSubsidyAccountsatBNYM$904.6M $1,021.0M

§ ThePuertoRicoSalesTaxFinancingCorporation(“COFINA”)wascreatedpursuanttoActNo.91-2006,asamended,andhasissuedbondspayablesolelyfromaportionofthesalesandusetaximposedbytheGovernmentonqualifiedtransactions.

§ SalesandusetaxcollectionsareconsolidatedatanaccountatBancoPopulardePuertoRico(“BPPR”).

§ AmountsaresweptonadailybasisintocorrespondingaccountsatBNYM,astrusteefortheCOFINAbondholders,thePuertoRicoTreasuryDepartmentand/ortheMunicipalAdministrationFund.

§ BNYMappliesthefundsreceivedfromBPPRpursuanttothewaterfallsetforthintheSalesTaxRevenueBondResolution.BNYMalsoreceivescertainfundsfromtheFederalGovernmentinconnectionwithcertainbondsissuedbyCOFINAthatreceiveafederalinterestsubsidy.ThefundsondepositatBNYMmaysolelybeusedtopayCOFINAbondsandobligations.

§ CurrentlyrestrictedpursuanttothecourtorderissuedbytheUnitedStatesDistrictCourtfortheDistrictofPuertoRicoinAdversaryProceedingNo.17-133-LTSinCOFINA’sTitleIIIproceedingunderPROMESA.

1Firstrevenuesuptothe“PledgedSalesTaxBaseAmount”fortheparticularfiscalyeararedepositedwithBankofNewYorkMellon,asCOFINATrustee.Then,anamountequaltotheamountdepositedwiththeCOFINATrusteeistransferredtotheGovernment’sGeneralFund.AllotheramountsaftertheGovernmenthas receivedsuchamountaredividedequallybetweenCOFINAandtheGovernment.2Correspondstothe4.5%salesandusetaxsurcharge.

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RestrictedAccountsSubjecttoTitleIIIProceedings

ERSRelatedAccounts $490.4M $488.3M

§ $136M for operational purposes.§ $117M in a Pre-petition Segregated Account created as part of a stipulation

entered into Pre-Title III.§ $107M relating to proceeds from sale of investments.§ $74McorrespondingtoaPost-petitionSegregatedAccountcreatedaspartofa

stipulationenteredintotheTitleIIIproceedings.§ $30Mcorrespondingtocertainreservestocoverobligationsincurredinloan

portfoliosaletransactionstoprivateparties.

GORedemption

Funds$153.8M $171.5M

§ $172Mcorrespondingtorevenuesfromthe1.03%propertytaxcollectedduringfiscalyear2017anddepositedinthePublicDebtRedemptionFund,theuseofwhichiscurrentlyrestrictedtothepaymentofgeneralobligationdebt.

Clawbacks $146.3M $146.3M§ $146M corresponding to revenues retained (or “clawed-back”) by the Government

in fiscal year 2016 pursuant to Executive Order 2015-46 for the payment ofGeneral Obligation debt.

TheaforementionedfundsareheldinsegregatedaccountsandmostofthemaresubjecttovariousclaimsundertheTitleIIIproceedings.Theultimateuseofthefundsmaybesubjecttocourtdetermination.

TOTAL $790.5M $806.2M

BalanceasofGrouping

Subcategory 11/30 12/31 Notes

RestrictedAccounts/SubjecttoTitleIIIProceedings- PREPA

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Operational $339.3M $208.1M§ Declineprimarilyduetoemployeeexpenses,fuelprocurementandpurchased

powerdisbursements,partiallyoffsetbycustomercollectionsandtransfersfromFEMAemergencyaccounts.

FEMA $223.4M $4.3M § Declineduetore-obligatingapproximately$170Minpreviouslyadvancedfundsforothersystemrestorationpurposesandatransfertooperationalaccounts.

Construction&Other

Restricted$34.9M $32.7M § DeclineprimarilyduetopaymentsfortheMayaguezturbinerepairsandother

miscellaneousmaintenanceprojects.

TOTAL $597.6M $245.1M

PREPAhasenactedaggressivecashmanagementstrategiestomaintainoperatingcapacityandliquidity.

BalanceasofGrouping

Subcategory 11/30 12/31 Notes

PRASA

14

DebtServiceAccounts $183.6M $201.9M § Forthepaymentofprincipalandinterestonseniorandseniorsubdebt.

OperatingReserve $48.5M $51.8M § TocovertheoperatingreservefundforcurrentexpensesasrequiredpertheMAT.

ConstructionFund $41.0M $41.1M § TopayCostofImprovements,paymentoftheCostsofIssuanceoftheBonds,and

interestsduringconstruction.

CurrentExpenseFund $48.5M $26.8M

§ Forpaymentofoperationalexpenses.§ Decreasemainlyduetooperationaldisbursements,emergencyrelatedactivities,

andpaymentsmadetosuppliers.

RevenueFund $2.1M $20.1M§ TofundTrustReserveswithamountsheldindepositfollowingtheMATpriority

schedule(SrDebtService,SrSubDebtService,CurrentExpenseFund,OperatingReserve,CapitalImprovementFundandCommonwealthPaymentFund).

TOTAL1 $324.4M $343.3M

1lncludesCapitalImprovementFundandaccountsrelatedtoCGI&CSOdebtserviceaccounts,totaling$0.5Mand$1.7Mfor11/30 and12/31,respectively.

BalanceasofGrouping

Subcategory 11/30 12/31 Notes

RestrictedAccounts/SubjecttoTitleIIIProceedings- HTA

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Operational $41.7M $65.8M

§ Includes constructionandoperationalaccounts.HTA didnotreceiveTSAtransfersforthemonthofOctoberorNovember.Theweekending12/15,HTAreceived$35.6Mforthreemonthsoftransfers(includingDecember).ThisbankaccountisthemaindepositaccountforHTA.FundsfromthisaccountaretransferredalsotootherHTAbankaccountstocoveroperationalexpenses.

Payroll $5.6M $5.4M § Relatedtopayrolltaxes.ThedecreaseisduetothepaymentofpayrolltaxesduringthemonthofDecember.

FederalFunds $7.7M $0.2M§ ReceivesfederalfundsfromtheFederalHighwayAdministration(“FHWA”)and

usesthosefundstospendonFHWAearmarkedinfrastructureprojects.Theaccountdecreased~$7.5MduringDecemberduetoCapExspend.

Reserve $9.3M $10.1M § Consistofrestricted/reservedfundsforoperationalandconstructioncontracts.

TOTAL1 $64.3M $82.1M

1Remaining$0.6Mdifferencefor12/31balanceconsistsofrestrictedaccountsforfederalreservesandpayroll/operationalreserves.

BalanceasofGrouping

Subcategory 11/30 12/31 Notes

ASES

16

PremiumPaymentsAccount

$115.8M $162.9M§ Premium Payments account receives federal and state funding, and makes

disbursements for MCO premiums.

ControlAccount $176.1M $94.2M

§ The Control account receives monies from the Rebates and Operational accounts,and makes disbursements for MCO premiums, and general overhead and payrollexpenses.

§ Premium Payment and Control account in aggregate have a negative variance of$35M between the period.

RebatesandOperationalAccounts

$1.5M $1.6M

§ The Operational account receives monies from appropriations of approximately$4M per month and additional $4M to $5M from federal administrativereimbursements.

§ Each day a cash sweep occurs which brings balance to zero in Operational Account,and deposits those monies into Control Account. The Rebate Account operates thesame way in that monies are swept from it to Control Account.

TOTAL2 $293.4M $259.3M

1Exceptforaccountswithanaggregatebalanceof$.1Mwhichhavenotbeenupdatedasoftheindicateddates.2IncludesElectronicHealthRecordsaccounts,$.6Masof12/31.

Balanceasof1

GroupingSubcategory 11/30 12/31 Notes

UPR

17

OperationalAccounts $320.5M $309.9M

§ MajorityoffundsheldintwoaccountsmanagedbyCentralAdministration:$221.5Minmoneymarketaccountand$89.9Minconcentrationaccount.

§ Theseaccountsincludeamixofrestrictedandunrestrictedfundsfromvarioussourcesincluding,butnotlimitedto:(i)federal(“PellGrants”),(ii)federalresearchgrants,(iii)statutorilyallocatedfundsfromAct2-1966,(iv)endowmentfundand(v)otherspeciallegislativeallocationsforscholarshipsorspecificactivities(e.g.redsísmica).

§ Unitshavetheirownbankaccountstodepositfederalstudentaidandoperationalfundsseparately.Furtherdetailsarepending.

TOTAL $320.5M $309.9M

Balanceasof1

Grouping 11/30 12/31 Notes

1Exceptforaccountswithanaggregatebalanceof$26.5Mwhichhavenotbeenupdatedasoftheindicateddates.

OtherPublicCorporationsandLegallySeparateEntities

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StateInsuranceFund

Corporation$100.5M $117.0M

§ 99%ofthebalancesincludeunrestrictedoperationalaccountsforpremiumcollectionsandconcentrationpurposes.Theremainingbalanceconsistsofreserveandoperationalpass-throughaccounts.

AutomobileAccident

CompensationAdministration

$109.4M $117.2M§ Over90%offundsrepresentinvestmentreservesforthepurposesofmeetingfuture

benefitpayments,astandardoperatingprocedureofinsuranceproviders.Theremainingamountsaremostlyusedforoperationalexpenses.

TourismCompany $70.1M $76.6M § Morethan50%ofbalancesarecomposedofroomtaxrevenuesandtherestarefunds

inoperationalaccountsAgriculturalEnterprisesDevelopmentAdministration

$57.8M $53.1M § 85%ofthebalancesincludeoperationalaccountsincludingsweepanddepositaccounts.Theremainingbalancesconsistofrestricted/reserveaccounts.

HousingFinancingAuthority

$60.2M $52.8M§ 70%ofthebalancesarecomposedofrestrictedaccountsincludingdebtservice,

escrow,andfederalfunds.Theremaining30%oftheaccountsareunrestrictedoperationalaccounts.

IndustrialDevelopmentCompany

$52.7M $52.7M§ Over80%offundsaredepositedforspecificusesincluding,butnotlimitedto,debt

servicereserves,incentivepaymentsestablishedbylaw,andcapitalexpenditures.RemainingfundsaremostlyusedforPRIDCOandRumsofPRoperatingexpenses.

OtherPublicCorporations $371.4M $379.1M § DescriptionincludedinAppendixC.

TOTAL $822.1M $848.4M

Balanceasof1

PCorLegallySeparateEntity 11/30 12/31 Notes

1Exceptforaccountswithanaggregatebalanceof$90.2Mwhichhavenotbeenupdatedasoftheindicateddates.

AppendixA:Reconciliation– Dec18PresentationtoRevisedClassifications

TSA

COFINA

OtherRestrictedTitleIIIAccounts

PREPA

PRASA

HTA

UPR

OtherPuertoRicoTreasuryCustody

Accounts

OtherGovernmentalInstrumentalities

19

$1,642.7M $1,694.5M

$904.6M $1,021.0M

$813.0M$806.2M

$48.8M

$597.6M $245.1M

$324.4M $343.3M

$63.4M $82.1M

$320.5M $309.9M

$491.2M

$374.3M$63.8M$142.1M

11/30 12/31

$1,785.9M

$691.8M

$259.3M

$799.6M

TOTAL $6,943.4M $6,881.6M

PensionRelated

TSASweep

CentralGovernmentNon-TSA

ASES

OtherCorporations,LegallySeparateEntities

Dec18DisclosureGroupings RevisedGroupings

AppendixB:CentralGovernment– NonTSA

20

OfficeofGovernmentEthics $7,990 $7,990OfficeoftheComptroller 6,718 6,718TelecommunicationRegulatoryBoard 4,840 5,102InstituteofStatistics 2,909 2,909PuertoRicoEducationCouncil 2,666 2,771InstituteofForensicSciences 1,828 1,828DepartmentofCorrectionandRehabilitation 1,783 1,725PuertoRicoNationalGuard 1,731 1,440AdministrationforSocioeconomicDevelopmentoftheFamily 983 885FamiliesandChildrenAdministration 620 640DepartmentofConsumerAffairs 419 371OfficeofSocioeconomicDevelopment 362 363CommonwealthElectionCommission 143 102IndustrialCommission 48 48OfficeoftheGovernor 34 34DepartmentofEducation 23 17FEI 20 20EnvironmentalQualityBoard 18 1,024Total $33,135 $33,988

NumbersinThousands BalanceasofAgencyName 11/30 12/31

AppendixC: OtherPublicCorporationsandLegallySeparateEntities

21

PublicBuildingsAuthority $49,467 $42,585EconomicDevelopmentBank 40,712 40,084FiscalAgencyandFinancialAdvisoryAuthority 36,275 15,367ComprehensiveCancerCenter 26,530 25,560GovernmentEmployeeandJudiciaryRetirementSystemAdministration 22,508 48,814PortsAuthority 22,073 25,834Unidentified 21,820 21,136InfrastructureFinancingAuthority 18,405 18,002FinancialOversightandManagementBoard 16,376 16,376MedicalServicesAdministration 12,782 16,265PuertoRicoTradeandExportCompany 12,369 12,355PuertoRicoandtheCaribbeanCardiovascularCenterCorporation 11,931 11,055LandAuthority 11,388 11,267FarmInsuranceCorporation 9,949 6,415Teacher'sRetirementSystem 8,823 7,047IntegratedTransportAuthority 8,303 10,100EnergyCommission 6,085 5,809MusicalArtsandStagecraftCorporation 5,440 5,497ConventionCenterDistrictAuthority 5,288 9,569InstituteofPuertoRicanCulture 5,101 4,526LandAdministration 4,596 4,674NationalGuardInstitutionalTrust 3,390 3,426FineArtsCenterCorporation 2,890 2,809SolidWasteAuthority 1,931 7,614AuthorityfortheRedevelopmentoftheLandandFacilitiesoftheRooseveltRoadsNavalStation 1,369 1,653ConservatoryofMusic 1,153 1,122CenterforResearch,EducationandMedicalServicesforDiabetes 1,142 1,100PublicBroadcastingCorporation 1,078 975CompanyfortheIntegralDevelopmentofCantera'sPeninsula 1,073 1,052PortoftheAmericasAuthority 687 487SchoolofPlasticArts 401 447CulebraConservationandDevelopmentAuthority 63 60MartínPeñaCanalENLACEProjectCorporation 5 5Total $371,403 $379,087

NumbersinThousands BalanceasofAgencyName 11/30 12/31