#1OeBFA Austrian Treasury Republic of Austria Investor Information - April 2024 IFR AWARDS 2022 Sustainable Issuer of the Year 2022 Climate Bonds 8TH CLIMATE BONDS AWARDS Sovereign Green Bond Pioneer TER#2OeBFA Austrian Treasury Content 1. Economic & Fiscal Overview 2. Debt Management 3. Green Issuance Republic of Austria / Investor Information, April 2024 3 23 35 2#3OeBFA Austrian Treasury 1 Economic & Fiscal Overview Austria's Favourable Fundamentals =#4OeBFA Austrian Treasury Austria at a Glance ☐ ☐ ☐ ☐ ☐ 1) 2) 3) 4) 5) A Safe Haven Core-Euro Area Economy Diversified and competitive economy 4th richest country in the Euro area¹ No major macro imbalances, low private sector indebtedness Solid current account balance reflecting strong international competitiveness High level of innovation (R&D expenditure 2023e: 3.2% of GDP)² Strong and diversified exports: 3th most diversified export structure and 11th most diversified import structure in the world³ 8th (out of 124 countries) in the Economic Complexity Index (ECI)4, underlining the high knowledge intensity of the economy 6th highest employment rate in 2023 and 6th lowest unemployment rate in the Euro area in 2023 Net capital exporting and positive net international investment position 5th most peaceful country in the world (out of 163)5 Low vulnerability and high readiness for climate change / ranked 11 out of 185 countries worldwide6 GDP per capita of 2022 in PPS, European Commission, November 2023 Statistics Austria - R&D intensity, April 2023 UNCTAD Statistics, Diversification indices of merchandise exports and imports, October 2023 OEC, Economic Complexity Index (ECI), March 2024 Institute for Economics and Peace, Global Peace Index 2023, June 2023 University of Notre Dame Global Adaptation Index (ND-GAIN Country Index), February 2022 Republic of Austria / Investor Information, April 2024 Austria Euro area Area (sq. km '000) 84 2,902 Population 2023 (mn) 9.1 346.8 Population growth p.a. +0.3% +0.2% (2019-2024e) GDP per capita 44,128 36,744 2022 (EUR) Net financial assets per private household (Q2 2023 in EUR) 147,627 135,845 Euro area EU-27 in % Austria Euro area Real GDP Growth Inflation (HICP) Unemployment -0.8 0.2 1.8 0.5 0.8 1.5 7.7 3.8 2.7 5.4 2.7 2.2 5.1 5.5 5.4 6.5 6.6 6.4 Current Account Balance 2.2 2.4 2.4 2.5 2.6 2.7 Budget Balance (Maastricht) -2.7 -2.7 -2.8 -3.2 -2.8 -2.7 Structural Budget Balance -2.5 -2.5 -2.7 -3.2 -2.8 -2.8 Debt to GDP 77.8 76.4 76.5 90.4 89.7 89.5 Year 2023 2024 2025 2023 2024 2025 Data: Statistics Austria, March 2024 / Austrian Institute of Economic Research, March 2024 / Federal Ministry of Finance, October 2023 / European Commission - Winter Forecast, February 2024 1. Economic & Fiscal Overview 4#5OeBFA Austrian Treasury Austria - Well Diversified Composition of GDP Composition of Austrian GDP 2023 EUR 477.3 bn Consumption 72.1% Investments 25.3% Net exports 2.8% Exports 59.5% Imports 56.6% High diversification of economic activity Public administra- tion; Education; human health and social work activities: 17.4% Other administra- tive and support service activities: 9.6% Other service activities: 2.6% Agriculture, forestry and fishing: 1.5% Mining and quarrying; manu- facturing: 17.7% Electricity; water supply; sewerage and waste manage- ment: 4.1% Construc- tion: 7.4% Note: Totals might not add up due to rounding / in % of GVA (Gross Value Added) Real estate activities: 9.8% Financial and insurance activities: 4.8% Information and communi- cation: 3.6% Accommodation and food service activities: 4.8% Wholesale and retail trade: 11.8% Transportation: 4.9% Source: Statistics Austria, February 2024 Republic of Austria / Investor Information, April 2024 1. Economic & Fiscal Overview сл 5#6OeBFA Austrian Treasury Tourism recovering strongly from the pandemic years. Overnight stays in Austria per country of origin With 151 million overnight stays, the calendar year 2023 is only slightly behind 2019 (153 million), which was the year with the most overnight stays since records began. ■ Almost 74% of overnight stays are attributable to guests from abroad. With a direct and indirect GDP share of around 8% percent, tourism brings added value and prosperity to the regions and provides secure and meaningful employment for over 230,000 people in the high season. in million stays • Tourism Strategy: Sustainable and high quality The federal "Plan T - Master Plan for Tourism" forms the basis of Austrian tourism policy. 1 Sustainability plays a central role in "Plan T" and is to be implemented in all three dimensions - economic, ecological and social. Price sensitivity of guests is rather limited, as Austria is not competing on cost but quality. This is underlined by the fact that overnight stays in 4/5 star accommodations account for over one third of all overnight stays. 1 Plan T Master Plan for Tourism 160 140 120 100 80 60 60 40 40 20 20 COVID-19 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ■Austria Germany Netherlands Others Source: Statistics Austria, January 2024 Republic of Austria / Investor Information, April 2024 In 2023, for the first time, revenue generated through summer tourism exceeded the one generated through winter tourism. Vienna This is the continuation of a long-term trend towards diversification. Upper Austria Lower Austria Vorarlberg Salzburg Tyrol 2% 32% Share of overnight stays in % of total stays (2023) 1. Economic & Fiscal Overview Carinthia Burgenland Styria Source: Statistics Austria, January 2024 6#7OeBFA Austrian Treasury Industrial production as the core of the Austrian Economy ☑ Austria - an industrial Nation with many "Hidden Champions” Austria is not only a beautiful holiday location. The country is primarily an industrial nation. Around 30% of GVA comes from the secondary sector, whereas tourism contributes around 8% to the GDP1 Austria is among the countries with the most "Hidden Champions" per capita. Many Austrian industrial companies are in the top ranks or even global market leaders² Around 450 global companies have set up their CEE headquarters in Austria and leverage the potential of skilled Austrian workers with extensive foreign language skills. Austria ranks third in the 2023 English Proficiency Index worldwide³ Vienna is a centre of international diplomacy. It is one of the four headquarters of the United Nations and is the seat for the OPEC and OSCE. It also has the highest quality of living worldwide 4 and is a international conference and congress metropole 5 1) Source: Statistics Austria, February 2024 (Secondary sector i.e. industry & construction contributed 29.2% of the gross value added in 2023) 2) Source: Austrian Business Agency, May 2023 3) EF Education First, November 2023 4) Source: Economist Intelligence Unit -The Global Liveability Index 2023 5) Source: International Congress and Convention Association, May 2023 Republic of Austria / Investor Information, April 2024 1. Economic & Fiscal Overview 7#8OeBFA Austrian Treasury Strong performance in industrial production underlined by productivity gains. Industrial production excluding construction, Index (2001=100) Real labour productivity per person (industry, excl. construction), 180 160 140 120 100 80 60 60 60 2001 2002 T 1 2014 2015 2016 2017 2018 2019 - Finland Spain 2020 11 2021 2022 = Republic of Austria / Investor Information, April 2024 2003 Germany 2004 2005 Euro area - Italy EU-27 Netherlands - Belgium - Luxembourg 2006 2007 2008 2009 France 2010 2011 2012 2013 Austria 2023 = In % 50 45 40 40 35 55 30 50 25 20 15 10 10 5 0 Austria EU-27 Source: Eurostat, February 2024 1. Economic & Fiscal Overview cumulative gains since 2001 Euro area Belgium Netherlands Germany Finland Spain France Italy Source: Eurostat, March 2024 8#9OeBFA Austrian Treasury Austria - Growth of Exports Top-10 Export Partners Distribution of Austrian Exports Growth in % Country Share in % (yoy) Africa Australia Asia 1.1% 0.7% 8.1% Germany 29.2 +0.8 USA 7.4 +14.2 America 10.2% Italy 6.2 -6.7 Switzerland 5.0 -0.3 Europe Belgium 3.7 +148.9 Others 11.4% Poland 3.7 -0.2 EU-27 68.4% Hungary 3.6 -6.0 France 3.6 -6.6 Czech Republic 3.6 +1.0 United Kingdom 2.7 +6.7 Note: 2023 compared to 2022 Source: Statistics Austria, March 2024 Republic of Austria / Investor Information, April 2024 1. Economic & Fiscal Overview Note: Totals might not add up due to rounding Euro area: 53.4% 79.8% Europe: 9#10OeBFA Austrian Treasury A balanced energy mix with a high share of renewables and a set of measures enables Austria to limit its dependency on Russian gas imports 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% Energy mix (share of fuels in gross available energy) Austria has managed to reduce its dependency on Russian gas supplies from 79% (Feb. 2022) to below 60%¹ to Strategic gas reserve of 20 TWh (close of the Austrian annual natural gas consumption); established in November 2022 and prolonged until 2026 Austrian energy company OMV has secured long-term transport capacities of up to 40 TWh (close to ½ of the annual consumption) until 20282 Gas consumption was reduced by around 22% since 2021 An accelerated expansion of renewable energy projects and large subsidy programs like "Out of Oil and Gas" are driving the transition towards renewable energies (Austria has already the fourth highest renewables share in the Euro area³) 1) E-Control, March 2024, monthly average July 2022 - January 2024 2) OMV press release, July 2023 3) Eurostat, April 2023, Share of renewable energy in gross final energy consumption by sector 0% Italy Hungary Netherlands Romania Germany Slovakia Belgium Austria EU-27 Portugal France Finland ■Natural gas Oil an solid fossil fuel products Renewables and biofuels Nuclear Other Note: data as of end-2022, ranked by share of natural gas Source: Eurostat, January 2024 Republic of Austria / Investor Information, April 2024 1. Economic & Fiscal Overview 10#11OeBFA Austrian Treasury High Gas Storage Levels compared to Consumption and European average Austria's Gas Storage Levels Fill level as of March 24, 2024 at around 75%, which is well above average historic levels at this time in the year Vast pipeline capacities of around 170 TWh p.a. from Italy and Germany (around 2-times the Austrian annual gas consumption) enable supply security1 Storage Capacity and Storage in % Annual Consumption At 108%, Austria's gas storage capabilities are larger than the annual gas consumption At around 80% of annual consumption, Austria currently has the second highest gas storage in Europe 88260 232 2 in % 100 max. 2016-2022 90 260% 240% 220% Average 2016-2022 200% 70 2023/24 180% 160% 140% 50 min. 2016-2022 40 30 120% 100% 80% 60% 20 40% 10 20% 0 0% May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 1) Austrian Gas Grid Management AGGM, Coordinated network development plan 2022, April 2023 Source: GIE Aggregated Gas Storage Inventory (agsi.gie.eu), Data as of March 24, 2024 Republic of Austria / Investor Information, April 2024 1. Economic & Fiscal Overview Latvia Austria Hungary Slovakia Czech Republic Denmark Netherlands ■Gas in storage in % of 2022 consumption ■Gas storage capacities in % of 2022 consumption Germany EU Romania Italy France Bulgaria Poland Spain Croatia Portugal Belgium Sweden 11#12OeBFA Austrian Treasury Leading the way in renewable electricity generation མ་ 100% Renewable Electricity by 2030 " 75% Austria has set itself the target of meeting 100% of its annual electricity needs from renewable energy sources by 2030 Austria ranks 1st in the euro area: With 75% of it's final electricity consumption coming from renewable energy sources in 2022 Electricity generation through hydropower accounts for around 60% of Austria's electricity needs Source: Eurostat, February 2024 " Wind-Power Total stock at the end of 2023: 1,426 wind power plants with a total capacity of 3,885 MW Annual wind power generation: 9 TWh of electricity for around 2.55 million households more than 12% of Austria's electricity consumption This avoids 4.5 million tons of CO2 emissions per year, which is about as much CO2 as around 1.8 million cars emit in a year Source: Austrian Wind Energy Association, January 2024 ◉ ◉ Solar-Power The photovoltaic (PV) share of electricity generation has more than doubled since 2022, rising from 0.98 TWh in 2022 to 2.35 TWh in 2023. This means that photovoltaics now contribute 4.4% to Austria's electricity generation. The record PV expansion in 2023 will primarily be reflected in the electricity generation in 2024. So a further strong increase in the PV share of electricity generation is expected for this year. Source: Federal Ministry for Climate Action, January 2024 0% 75% Share or renewable energy sources in gross electricity consumption of EA member states Republic of Austria / Investor Information, April 2024 1. Economic & Fiscal Overview Source: Eurostat, February 2024 12#13Republic of Austria / Investor Information, April 2024 ☐ Interest Expenditures Absolute level of effective interest expenditures constantly declined between 2012 and 2022 Relative to GDP, interest expenditures were still below 1% in 2023 and considerably below peak levels of mid-1990s Interest expenditures in % of GDP are moderately increasing but still expected to stay well below historical averages for the next years OeBFA Austrian Treasury High Debt Sustainability Government debt and budget development Debt Ratio already peaked in 2020 and already fell below 80% again in 2022, despite government support measures in the course of the energy crisis Further decreasing trend in 2023 and deficit below Maastricht criteria in the upcoming years 1995 1996 1997 1998 in bn EUR 7 3.51% of GDP 6 5 4 3 2 1 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Source: Interest expenditures 2024e: Austrian Treasury forecast as of January 2024 / GDP: WIFO, March 2024, Statistics Austria, February 2024 1. Economic & Fiscal Overview 13 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 in 2023 to 1.09% of GDP in 2024 Expected increase from 0.86% of GDP 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 2025e 2026 2027e Source: Forecast: Federal Ministry of Finance, October 2023 / Statistics Austria, March 2024 2021 2022 2023 2024e in % of GDP 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% in % of GDP 90 84.0 84.9 85 82.7 82.4 81.9 81.3 82.8 79.9 78.5 80 74.1 75 70.6 68.7 0.2 70 0.6 65 -1.0 -0.8 -1.5 -1.5 -2.6 -2.2 -2.0 -2.7 60 Deficit / Surplus (rhs) -4.4 -5.3 55 8 82.9 82.5 78.4 77.8 76.4 76.5 76.2 76.1 4 -2 -2.7 -2.7 -2.8 -2.8 -2.7 -4 -3.3 Government debt (Ihs) -5.8 Forecast -8.0 10 -6 -8 2006 +20 ~ 46 % 7 -10 50 2008 2009 2010 2011 2012#14OeBFA Austrian Treasury Debt-to-GDP Ratio significantly below Euro Area Average Euro Area Non-Euro area and others % of GDP Greece % of GDP 180.6 160.9 236.4 Japan 251.7 Italy 134.2 139.8 France 97.4 109.6 107.8 United States 122.5 Spain 98.2 107.5 Belgium 97.6 106.3 United Kingdom 85.7 97.4 Portugal 116.6 103.4 Euro area 85.9 90.4 EU-27 79.4 83.1 Cyprus Austria Finland Slovenia Germany Croatia Slovakia ■2019 2023e Malta Netherlands Ireland 93.0 78.4 70.6 77.8 Hungary 65.3 69.9 64.9 74.3 65.4 Poland 69.3 45.7 50.9 59.6 64.8 35.1 70.9 Romania 60.8 47.9 48.0 56.7 2019 2023e 30.0 40.0 Czechia 44.7 53.3 48.6 47.1 Sweden 57.1 35.6 30.4 43.0 Latvia 36.7 41.7 Denmark 33.7 30.3 Lithuania 35.8 37.3 Luxembourg 22.4 26.8 Estonia 8.5 19.2 200 180 160 140 120 100 80 60 40 20 0 Bulgaria 280 240 200 160 120 20.0 23.5 60 80 40 0 Source: Statistics Austria, March 2024 / European Commission - Autumn Forecast, November 2023 Republic of Austria / Investor Information, April 2024 1. Economic & Fiscal Overview 14#15OeBFA Austrian Treasury Credit Ratings Overview Long-Term Short-Term Outlook Standard & Poors AA+ A-1+ Stable Moody's Aa1 P-1 Stable Fitch AA+ F1+ Stable Morningstar DBRS AAA R-1 (high) Stable Scope Ratings AAA S-1+ Negative Rating reports available at www.oebfa.at = Republic of Austria / Investor Information, April 2024 1. Economic & Fiscal Overview 15#16OeBFA Austrian Treasury Austria's High Institutional Strength and Low Income Inequality Rule of Law: Austria's High Institutional Strength World Bank Governance Indicators ranked 10th out of 213 countries Voice and Accountability: ranked 13th out of 208 countries Government Effectiveness: ranked 19th out of 213 countries Regulatory Quality: ranked 28th out of 213 countries Control of Corruption: ranked 33th out of 213 countries 2.5 2 1.5 1 0.5 0 Finland Denmark Luxembourg Switzerland Austria Sweden Netherlands Canada Japan Note: Values range from -2.5 (weak) to +2.5 (strong), ranked by Rule of Law Source: World Bank, September 2023 Germany United Kingdom Austria's low Gini coefficient indicates a relatively equal income distribution Political Stability & Absence of Violence: ranked 67th out of 213 countries 45.0 40.0 35.0 30.0 25.0 Slovakia Source: Eurostat, June 2023 Republic of Austria / Investor Information, April 2024 20.0 Slovenia Czechia Belgium Netherlands Poland Finland Hungary Sweden Denmark Austria Ireland Croatia 1. Economic & Fiscal Overview Germany Cyprus Luxembourg EU-27 France Euro area Malta Greece United States France Estonia Portugal Spain Romania Italy Latvia Lithuania Bulgaria 16 ■Rule of Law ■Voice and Accountability Government Effectiveness ■Regulatory Quality Control of Corruption ■Political Stability & Absence of Violence#17OeBFA Austrian Treasury Total Indebtedness of the Real Economy is well below Euro area average Household Debt in % of GDP 80 75 70 65 60 Luxembourg Cyprus France Belgium Greece Italy 55 Netherlands 50 Portugal 45 2006 2008 2010 2012 2014 2016 2018 2020 2022 Euroarea Austria Spain Finland Austria Corporate Debt* Ireland in % of GDP 120 * nonfinancial, short- and long-term loans, and debt securities Germany Malta 115 Slovakia 110 Croatia 105 Slovenia 100 95 Estonia Latvia 90 Lithuania 85 80 2006 2008 2010 2012 2014 2016 2018 2020 2022 Euroarea Austria Republic of Austria / Investor Information, April 2024 Euro area: Total Debt in % of GDP ■Government Debt Corporate Debt ■Household Debt 0 50 100 150 200 250 300 350 400 Source: European Central Bank, January 2024 / Austrian National Bank, January 2024 / Statistics Austria, September 2023 Source: ECB/ESRB, January 2024 (data as of Q3 2023) / Note: Corporate debt refers to non-financials corporations only 1. Economic & Fiscal Overview 17#18OeBFA Austrian Treasury Austria's Strong Current Account Balance and Positive Net lending Position Austria's Current Account Balance ■ Austria's solid current account development reflects its strong international competitiveness The average of Austria's current account balance over the last 20 years is above both the Euro area and the EU average % of GDP 5.0 ■ Net lending (+) / net borrowing (-) of the nation in % of GDP Austria is an international net lender (avg. net capital export 2007-2025e: +2.0% p.a.) Austria has a positive net international investment position (2023 Q3: 17.5% of GDP) 1 4.0 3.0 2.0 1.0 0.0 -1.0 -2.0 Forecast 2000 2001 2002 Republic of Austria / Investor Information, April 2024 2003 2004 2005 2006 2007 ■Austria 2008 2009 2010 2011 2012 2013 2014 Euro area ■ EU-27 Source: WIFO, March 2024, EC - Autumn Economic Forecast, November 2023 2015 2016 2017 2018 2019 2020 2021 2022 2023e 2024e 2025e Greece United Kingdom Ireland United States Portugal France Finland■ ■Spain Italy Belgium Austria EU-27 -8 -6 -4 -2 1. Economic & Fiscal Overview 0 2 Euro area Japan Germany Netherlands 4 6 8 10 in % of GDP (average 2007 - 2025e) Source: EC-Autumn Economic Forecast, November 2023, 1 OeNB, December 2023 18#19OeBFA Austrian Treasury High Domestic Wealth: Household Assets and GDP per Capita GDP per capita in PPS ■ 2022: 4th highest in the Euro area ■ ~20% higher than the Euro area average in PPS (Euro area=100) 135 130 125 120 115 110 105 100 95 90 995 2007 2008 2009 2010 2011 2012 2013 Netherlands France 2014 2015 Austria Finland 900 in bn EUR 800 700 EU-27 2016 2017 Germany 2018 600 500 400 2019 2020 300 Assets vs. Debt Growth of households' net financial assets exceeds increase in government debt Source: EC Autumn Economic Forecast, November 2023 2021 Belgium 2022 200 2023e 2024e 100 0 2004 2005 2006 2007 1. Economic & Fiscal Overview 2008 2009 2010 2011 2012 2013 2014 Household financial assets (Gross) (lhs) Household financial assets (Net) (Ihs) Government debt (Ihs) Gross savings rate in % (rhs) Source: Austrian National Bank, January 2024 / Statistics Austria, December 2023 ↑ in % 25 20 20 15 2015 2016 10 2017 2018 2019 5 2020 2021 2022 2023 Republic of Austria / Investor Information, April 2024 19#20OeBFA Austrian Treasury Manageable Increase in Age-Related Expenditures and Steady Population Growth Total ageing costs in the Euro area (projected change in pp of GDP, Austria's Population Growth Outperforms European Average 8 7 6 5 4 13 2 1 0 -1 -2 2019-2045) 106 104 102 100 98 96 90 == 94 92 92 2034 2039 2044 Netherlands EU-27 Greece Euro area Spain Lithuania Malta Cyprus France Finland Latvia Estonia Greece 90 90 88 2019 2024 Austria Belgium Finland 2029 Spain Germany Portugal Source: Eurostat, August 2023 / Population projections (main scenario): Assumptions related to fertility, mortality, net international migration as well as the approximated values of life expectancy at birth Republic of Austria / Investor Information, April 2024 1. Economic & Fiscal Overview Netherlands Ireland Belgium Slovakia Slovenia Luxembourg Italy Portugal Germany Austria Source: European Commission Ageing Report, May 2021 (baseline scenario) 2049 France Italy 20#21OeBFA Austrian Treasury Austria's Labour Market: High Participation and Low Unemployment ☐ Employment rate 6th highest Employment in the Euro area Employment rate reached pre-COVID levels again in % 85 80 GO 75 70 65 60 55 50 2000 2001 2002 2003 2004 Unemployment rate in % 14 12 ◉ In 2023 the unemployment rate was the 6th lowest in the Euro area 10 5th lowest youth unemployment and 2nd lowest long-term unemployment in the Euro Area in 2023* 8 6 4 2 0 Republic of Austria / Investor Information, April 2024 2005 2006 2007 2008 • Euro area - Belgium • Germany Estonia Ireland - Spain Italy Netherlands Austria Finland 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Eurostat, March 2024, employment of 15- to 64-year-olds 2021 2022 2023 Austria Euro area European Union 2009 2010 2011 2012 Forecast 2000 2001 2002 2003 2004 2005 2006 2007 2008 2013 2014 Source: Eurostat, March 2024 / WIFO, March 2024 / EC - Autumn Economic Forecast, November 2023 1. Economic & Fiscal Overview 21 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 2025e#22نة 1.0 0.5 2004 2005 Source: Eurostat, January 2024, Gross expenditure on R&D 2006 2007 2008 2009 2010 2011 With an expected R&D quota of 3.2% in 2023, Austria will exceed the EU goal of 3% for the 10th year in a row¹ Austria has the 3rd most researchers per capita in the Eurozone² Austria has the 2nd most STEM (Science, Technology, Engineering, Mathematics) graduates per capita in the EU2 1) Statistics Austria, April 2023 2) UNESCO, March 2024 Republic of Austria / Investor Information, April 2024 1. Economic & Fiscal Overview 22 in % of GDP 4.0 3.5 3.0 2.5 2.0 1.5 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Netherlands Luxembourg ⚫⚫ Ireland France EU-27 • Euro area Austria Germany Belgium Finland OeBFA Austrian Treasury Strong Innovation Performance: Austria's R&D Expenditure above Peers Research and Development Expenditure#23OeBFA Austrian Treasury 2 Debt Management Conservative, stable and innovative =#24OeBFA Austrian Treasury A Reliable, Transparent and Stability-oriented Borrower Key Metrics of the Federal Debt Portfolio Cornerstones of the Funding Strategy in % in years 5.0 Total Annual Funding: 4.5 ◉ Diversity of funding sources (geographically and by instruments) 20 Avg. Maturity Years 4.0 (lhs) 18 4.04% 3.30 3.5 Federal Debt Portfolio: 16 Green funding as an important pillar (implemented in all relevant programmes) Financial flexibility (e.g. to address specific investor demand) Capitalizing on scarcity value and strong fundamentals 14 2.88 2.90 12 3.33 2.17 10 8 1.53 8.4y 6 0.91 0.49 4 2 0 ■ Secondary market liquidity Monthly auctions for bonds and bills 2009 2010 ☐ ■ ■ No foreign currency risk ■ 20 primary dealers for RAGBs, 19 for ATBS (19 dealers for ACPs) Conservative debt management strategy o over 90% fixed rate 。 below 20% short-term debt Well-balanced maturity profile 80 70 ■Redemptions 60 ■Net funding volume 50 40 30 20 10 ☐ Reliability, Transparency, stability-oriented approach 0 2014 2015 2016 2017 2018 2011 2012 2013 2014 0.30 0.43 0.23 2015 2016 2017 Total Gross Funding Volume (in EUR bn) 2018 2019 2020 2021 2022 2023 3.0 Avg. Maturity Years (lhs) 2.5 11.1y Federal Debt Portfolio: 2.0 Avg. Effective Interest 1.5 1.79% Rate % (rhs) 1.0 Total Annual Funding: 1.00 0.5 Avg. Yield % (rhs) 0.12 0.32 0.0 -0.34 -0.5 2020 2021 2024e 2019 2022 2023 Note: All funding instruments including own quota of the Republic of Austria 24 Republic of Austria / Investor Information, April 2024 2. Debt Management#25OeBFA Austrian Treasury Financing Instruments Republic of Austria = ■ Government bonds RAGB ☐ ■ Debt issuance programme (DIP 144A) EMTN-Programme (Euro Medium Term Notes) Australian Dollar MTN-Programme - "Kangaroo Programme" ■ Loans (short- and long-term) and "Schuldschein❝-Format ▪ Austrian Treasury Bills (ATB-Programme) ■ Austrian Commercial Paper (ACP-Programme) Green leaf Green issuance possible Republic of Austria / Investor Information, April 2024 2. Debt Management 25#26OeBFA Austrian Treasury Primary Dealer Panel Republic of Austria 20 Primary Dealers for Austrian Government Bonds and 19 for Austrian Treasury Bills Barclays Bank Ireland PLC BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG BNP Paribas BofA Securities Europe SA BRED Banque Populaire Citigroup Global Markets Europe AG Commerzbank AG Deutsche Bank Aktiengesellschaft Erste Group Bank AG Goldman Sachs Bank Europe SE HSBC Continental Europe J.P. Morgan SE Landesbank Baden-Württemberg Morgan Stanley Europe SE Natixis Nomura Financial Products Europe GmbH Oberbank AG Raiffeisen Bank International AG Société Générale UniCredit Bank GmbH Volksbank Wien AG 19 Dealers for Austrian Commercial Papers ABN AMRO Bank N.V. AFS Interest B.V. Bank of America Europe DAC Barclays Bank Ireland PLC BRED Banque Populaire Citigroup Global Markets Europe AG Commerzbank AG Republic of Austria / Investor Information, April 2024 Société Générale for RAGBs = for ATBs X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X Coöperative Rabobank U.A. DenizBank AG Erste Group Bank AG Goldman Sachs Bank Europe SE HSBC Continental Europe ING Bank N.V. 2. Debt Management J.P. Morgan SE Nomura Financial Products Europe GmbH Raiffeisen Bank International AG UBS Europe SE UniCredit Bank GmbH 26#27OeBFA Austrian Treasury Funding Milestones of the Republic of Austria US-Dollar CHF 1958 1971 1999 Bond Issuance Bond Issuance Debt Issuance Programme (DIP), Euro Medium Term Note (EMTN) Programme and Austrian Commercial Papers (ACPs) 2014 DEM Yen 1968 1979 2012 Bond Issuance Bond Issuance First sovereign to use dual-tranche syndication / Launch of 50-year tenor RAGB First combined RAGB fixed- and EMTN floating rate syndication 2015 Legal framework for FRNs in RAGB-format introduced 2021 Lowest yielding 10-year sovereign conventional bond ever issued worldwide in syndicated format Introduction of Austrian Treasury Bill Programme (ATB) including auctions 2019 First syndicated Euro government bond (5-year tenor) ever to price below the ECB deposit rate 2017 First ever launch of 100-year tenor RAGB 2020 First nominal syndicated 10-year government bond worldwide issued with a negative yield Second new issue of a 100-year RAGB (at 0.85% lowest coupon of any century bond worldwide) Longest negative yielding nominal syndicated benchmark ever issued by any global SSA borrower 2022 First ever triple-tranche syndicated benchmark offering from a Eurozone sovereign issuer (new short 7-year benchmark and taps of 2040 and 2071 RAGBs) 2023 2018 First European sovereign to use Blockchain technology in government bond auctions 2016 First ever launch of RAGB with negative yields (7-year tenor) in combination with Launch of 70-year tenor RAGB First sovereign worldwide to issue Green Commercial Paper (March 2023) and inaugural Green EMTN issuance (Dec. 2023) First sovereign issuer with a green bond framework that allows for short-term debt instruments in green format 2022 (successful inaugural Green ATB auction in October 2022) Successful issuance of a inaugural 27y Green bond, second-longest of all Green euro-denominated sovereign bonds outstanding Republic of Austria / Investor Information, April 2024 2. Debt Management 27 22#28OeBFA Austrian Treasury Funding 2024 - Outlook RAGB issuance 2024: EUR 45 50 bn - 2023: EUR 50.3 bn Thereof new Green issuance 20242); over EUR 6.0 bn (2023: around 5.5 bn) Short-term debt instruments change in stock 1): EUR 2 - 4 bn 2023: unchanged* 1) Short-term debt stock as of end-2023: 24.7bn* € RAGB syndications 2024: Total portfolio tenor (end-2024): Total interest fixing period (end-2024): 2) Indicative amount only. The actual green issuance volume depends on available eligible green expenditures from budget execution 2023 and 2024e (to be specified until Q2 2024). Intended around 80/20 split medium/long-term vs. short-term green funding instruments will continue in 2024. three to four syndicated EUR issues (2023: three) 10.25 11.75 years - 11.00 – 12.50 years - As of March 28, 2024: over 35% of total RAGB issuance completed (end of 2023: 11.1 years) (end of 2023: 12.1 years) Republic of Austria / Investor Information, April 2024 2. Debt Management 28#29OeBFA Austrian Treasury RAGB Auction Calendar 2024 Announcement Issue date Value date Jan 4 Jan 9 Jan 11 Jan 17 Jan 18 Jan 25 Feb 1 Feb 6 Feb 8 Feb 29 Mar 5 Mar 7 Apr 4 Apr 9 Apr 11 May 2 May 7 May 10 May 29 Jun 4 Jun 6 Jul 4 Jul 9 Jul 11 Aug 1 Aug 6 Aug 8 Aug 29 Sep 3 Sep 5 Oct 3 Oct 8 Oct 10 Oct 31 Nov 5 Nov 7 Dec 5 Dec 10 Dec 12 Details EUR 1.33 bn increase of 2.90% RAGB 2023-2033 EUR 0.87 bn increase of 3.15% RAGB 2023-2053 EUR 4.50 bn syndication of new 2.90% RAGB 2024-2034 EUR 1.25 bn syndicated increase of 2.90% Green RAGB 2023-2029 EUR 1.25 bn syndicated increase of 1.85% Green RAGB 2022-2049 EUR 1.53 bn increase of 0.00% RAGB 2022-2028 EUR 0.73 bn increase of 2.90% RAGB 2024-2034 EUR 1.17 bn increase of 3.45% RAGB 2023-2030 EUR 1.17 bn increase of 2.90% RAGB 2024-2034 Volume and tenors are announced on Thursdays in the week prior to the auction date at www.oebfa.at Republic of Austria / Investor Information, April 2024 2. Debt Management 29#30OeBFA Austrian Treasury ATB Auction Calendar 2024 Announcement Auction date Value date Details Jan 23 Jan 25 Dec 14, 2023 Feb 27 Feb 29 Mar 26 Mar 28 ATB 2024-07-25 - EUR 1.02 bn ATB 2024-04-25 - EUR 1.02 bn ATB 2024-07-25 - EUR 1.07 bn ATB 2024-05-23 (G) - EUR 1.86 bn ATB 2024-10-31 - EUR 1.01 bn ATB 2024-07-25 - EUR 1.00 bn ISIN AT0000A38NL5 AT0000A360U8 AT0000A38NL5 AT0000A38NK7 AT0000A38NM3 AT0000A38NL5 Apr 23 Apr 25 Mar 28, 2024 May 21 May 23 ATB 2024-10-31 EUR 1 bn ATB 2024-07-25 - EUR 1 bn ATB 2024-10-31 - EUR 1 bn ATB 2024-08-29 (G) - EUR 1.75 bn AT0000A38NM3 AT0000A38NL5 AT0000A38NM3 AT0000A3BPX2 Jun 25 ATB 2025-01-30 - EUR 1 bn Jun 27 ATB 2024-10-31 - EUR 1 bn AT0000A3BPY0 AT0000A38NM3 Jul 23 Jul 25 Jun 28, 2024 Aug 27 Aug 29 Sep 24 Sep 26 Oct 29 Oct 31 Sep 30, 2024* Nov 26* Nov 28 Dec 17* = * Dec 19 December remains a reserve auction date. Please note that the volume for the November auction will only be announced in the week before the auction date. Republic of Austria / Investor Information, April 2024 2. Debt Management 30#31OeBFA Austrian Treasury Triple-tranche syndication of the Republic of Austria (January 2024) Distribution by Investor Type Distribution by Geography EUR 4.50bn 10y, EUR 1.25bn Green 2029 tap, EUR 1.25bn Green 2049 tap 1% 6% 10% 22% 1% New 10y 51% 42% 41% Green 2049 tap 26% 23 May 2049 Issue Ratings Format Tranches Maturity Date Total Issue Amount Form of Notes Settlement Coupon Issue Spread Re-offer Price / Yield AA+ (stab)/Aa1 (stab) / AA+ (stab) / AAA (stab) / AAA (neg) (S&P/Moody's / Fitch / Morningstar DBRS/ Scope) Domestic Government Bond, RegS/144A, CAC New 10-year 20 February 2034 Green 2029 tap 23 May 2029 EUR 4.50bn (incl. EUR 0.25bn EUR 1.25bn (incl. EUR 0.25bn EUR 1.25bn (incl. EUR 0.25bn own retention) 2.90% MS +22bps 99.704/2.934% own retention) Bearer Notes, Senior, Unsecured, Unsubordinated Re-offer Spread vs BM +59.6 bps (2.20% DBR 02/34) Listing ISIN AT0000A39UW5 25 January 2024 2.90% MS -5bps own retention) 1.85% MS +56bps 77.614/3.145% 101.4542.602% +35.5 bps (2.10% OBL 04/29) +64.3 bps (1.25% DBR 08/48) Vienna, Frankfurt AT0000A33SH3 AT0000A2Y8G4 Joint Bookrunners Barclays, BofA Securities, Citi, Deutsche Bank, J.P. Morgan and Raiffeisen Bank International On 18 January 2024, Austria successfully launched a new EUR 7.00 billion triple-tranche transaction, comprising a new 10-year benchmark and taps of the Green 2029 and Green 2049 RAGBs. This was Austria's third triple-tranche transaction and the first one worldwide including two green bonds. High demand led to an avg. oversubscription of 10.2x; final books closed at over EUR 64bn (EUR 28bn for the 10-year, EUR 12bn for the Green 2029 and 24bn for the Green 2049 tap). This represents the largest combined order book size achieved for any Austrian government transaction in the history of the Republic. Distribution for all lines was well-diversified by investor type and order size with 310 different investors participating in the transaction, marking a record. Republic of Austria / Investor Information, April 2024 2. Debt Management 2% 6% 14% 22% 2029G tap 2% 50% 33% 45% 26% 1% 1% 3% 9% 37% 35% 63% 2049G tap 17% ■Funds ■ Banks 34% ■CBs/Official Institutions ■Insurance / Pension funds ■Retail / Other ■Eurozone (incl. AT) Other Europe (UK, NOR, CH) ■Middle East ■America Asia 31#32OeBFA Austrian Treasury Diversified and Stable Investor Base Diversified investor base with Euro area as home market (and strong overweight by Austrian investors) Around 90% of debt held by investors domiciled in Europe More than 80% of non-domestically held bonds are within the Euro area¹ Distribution by Region² Asia 5% America 6% Austria 8% Europe (excl. Austria) 80% Middle East 1% Source: 1) IMF (CPIS), share of non-domestically held long-term debt securities as of 2022 2) Austrian Treasury estimates: syndicated RAGB issues 2015-2024 Investors by type and region (syndicated 10y RAGB issues) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Austria Europe excl. Austria Asia Middle East 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Republic of Austria / Investor Information, April 2024 60% 50% 40% 30% 20% 10% 0% America Central Banks & Asset Managers Official Institutions 2. Debt Management Banks Distribution by Category² Insurance & Pension Funds 9% Central Banks & Official Institutions 20% Retail 3% Others 1% Banks 33% Retail = Asset Managers 34% Insurance & Pension Funds Other 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 32#33OeBFA Austrian Treasury Debt Portfolio - Redemption Profile Well Diversified in bn EUR 50 45 55 40 40 35 30 50 25 20 20 15 10 10 5 0 Redemptions as of 31.12.2023 Redemptions as of 31.12.2022 2033 2034 2035 2036 2037 2039 2040 2041 2042 2044 2. Debt Management 2046 2047 2049 2050 2051 2052 2053 2061 זייןי וױןייד ייו 2062 2068 2071 2072 2077 2080 2086 2117 2119 2120 2024 Republic of Austria / Investor Information, April 2024 2025 2026 2027 2028 2029 2030 2031 2032 33#34OeBFA Austrian Treasury 10y Yields - Austria vs. Germany Yield in % 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 10y German benchmark yield Jan-12 Jul-12 Jan-13 Jul-13 10y Austrian benchmark yield Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Source: Bloomberg (as of March 28, 2024) Republic of Austria / Investor Information, April 2024 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 2. Debt Management 34#35OeBFA Austrian Treasury 3 Green Issuance Austria's Green Securities - an investment in the nation's environmental standing and environmental future =#36OeBFA Austrian Treasury The Republic of Austria is already a Leader in Sustainability ... Sustainability Country Ranking1 UN SDG Index Ranking: 5th SUSTAINABLE DEVELOPMENT GOALS Environmental Performance Index Ranking: 8th EPI Environmental Performance Index ISS ESG Sustainalytics Ranking: 9th Ranking: 12th ISS ESG‣ SUSTAINALYTICS out of 166 ... out of 180 ... out of 178 ... out of 172 Republic of Austria / Investor Information, April 2024 3. Green Issuance Notes: 1) Sustainability rankings available at www.oebfa.at 36#37OeBFA Austrian Treasury and Austria is one of the most ambitious countries on climate action... 200 180 160 140 European Commission Eco-Innovation Scoreboard 1 ECO-INNOVATION Austria ranks 3rd in the European Commission Eco-Innovation Scoreboard1 European Commission Austria ranks 1st in the euro area with 75% share of renewable energy sources used for electricity. That is nearly double the figure of the EU average (41%)² ■ ■ 2880 120 100 60 40 20 0 BG PL MT HU RO HR SK CY BE EL LT LV PT IE CZ EE SL ES NL EU IT FR DE SE DK AT FI LU ■Eco-l Catching-up Average Eco-l performers ■Eco-l leaders Recovery and Resilience Facility RRF With 56% Austria has one of the highest shares of estimated expenditures of its recovery and resilience plan dedicated to measures contributing to climate objectives (EU average: 47%) The RRF allocation (incl. REPowerEU funds) for Austria (only grants) amounts to EUR 3.96bn Further Information regarding Austria's recovery and resilience plan can be found here Austria has the 2nd highest inland water quality in the EU3 With 62.3% Austria has the 2nd highest recycling rate of municipal waste in the EU4 and with less than 4% one of the lowest plastic waste mismanagement quotas in the world 5 Austria ranks 1st among all EU member states with 25.7% of its overall agricultural area utilized under organic farming in 20216 1) European Commission, December 2022 (captures different aspects of eco-innovation via 16 indicators) 2) Eurostat, February 2024 3) European Environment Agency, State of bathing waters in 2022, June 2023 4) Eurostat / European Environment Agency, August 2023 5) Plasteax, 2023 6) Eurostat, November 2023 Republic of Austria / Investor Information, April 2024 3. Green Issuance 37#38OeBFA Austrian Treasury with the highest share of green expenditures among sovereigns ■ The Republic of Austria has already a wealth of expertise in financing projects for green purposes ■ Public households have substantially stepped up greening their budgets The Republic of Austria has the highest share of eligible green expenditures under the green framework across all sovereign Green Bond issuers worldwide1 Around 3% of the Austrian 2022 central government expenditures are green under the Austrian Green Bond Framework This represents around 1.1% of GDP Eligible Green Expenditures p.a. in % of GDP (2022 or corresponding period) 0.1% 1) Measured in % of GDP (2022 or corresponding period) (Source: Eurostat, DMO and Ministry of Finance websites / grey = no Green Bond issuer or no data on green expenditures available) Republic of Austria / Investor Information, April 2024 3. Green Issuance 1.1% 38#39OeBFA Austrian Treasury Other relevant ESG Indicators Selected Principal Adverse Impact Indicators (PAI)1 The Republic of Austria ranks 11th out of 140 countries in the WJP Rule of Law Index, which measures the the level of corruption, lack of fundamental rights, and the deficiencies in civil and criminal justice² Austria is among the 10th percentile of the most stable countries in the world³ (ranked as 13th best out of 179 countries in the Fragile State Index) The score of 93 - out of a possible 100 points - in the Freedom House Index, validates the Republic of Austria's strive for an open, tolerant and free society4 The Institute for Economics and Peace ranks the Republic of Austria in its Global Peace Index as the 5th most peaceful country in the world (out of 163)5 1) According to SFDR (Sustainable Finance Disclosure Regulation) 2) World Justice Project, WJP Rule of Law Index 2023, October 2023 3) The Fund for Peace, Fragile State Index, July 2023 4) Freedom House, Freedom House Index, February 2024 5) Institute for Economics and Peace, Global Peace Index 2023, June 2023 Republic of Austria / Investor Information, April 2024 3. Green Issuance 39#40OeBFA Austrian Treasury Austria's Environmental & Climate Strategy manifests itself in a multitude of supranational and national initiatives and legislations Austria's Climate Strategy: Main overarching goals Supranational level 2030 H 100% net renewable electricity¹ 2012 2015 2030 Agenda for Sustainable Development (17 SDGs) Paris Agreement 2019 EU Green Deal 2020 2021 2040 CO neutral Climate neutrality2 EU "Fit for 55" package 2022 Inaugural Green Bond Inaugural Green T-Bill 2023 Inaugural Green EMTN National Energy and Eco-Social National 4 7 Climate Plan Tax Reform level 2030 Mobility 3 Bioeconomy strategy 6 Green Budgeting 8 Master Plan Inaugural Green CP 2 Kick-off Green Finance Agenda Strategy for Research, 5 1 Austrian strategy for adaptation to climate change Technology and Innovation (RTI) 1) covering 100% of electricity needs by renewable energy sources by 2030, for more details see Federal Act on Renewable Energy Expansion 2) reaching Net Zero GHG emissions by 2040, for more details see Government-programme p. 17 Republic of Austria / Investor Information, April 2024 3. Green Issuance 40#41OeBFA Austrian Treasury The Republic of Austria believes in the effectiveness of the sustainable finance market to support Austria's ambitious climate change strategy Four components of Austria's Green Bond Framework Use of Proceeds Project Evaluation and Selection L Management of Proceeds Reporting Key features and rationale Austria is a leader in the sustainability space and its federal budget already contains a high proportion of green expenditures The implementation of this Green Bond Framework promotes and highlights Austria's strong environmental agenda aiming at increasing the participation Austria's private sector to achieve the levels of investment required to ensure environmental sustainability and decarbonise the economy with a view to achieving net-zero GHG emissions ■ Besides contributing to Austria's environmental goals, the Green Bond Framework aims at: o providing investors with an opportunity to diversify their investment portfolios towards sustainable assets o expanding Austria's broad investor base and potentially increasing the demand for Austrian debt securities overall o promoting and developing the domestic and international short- and long-term Green Government Securities Market ■ The Republic of Austria's Green Bond Framework is aligned with the 2021 version of the Green Bond Principles (GBP), as published by the International Capital Market Association (ICMA) The Green Bond Principles Republic of Austria / Investor Information, April 2024 3. Green Issuance 41#42OeBFA Austrian Treasury Strategic considerations for Austria's Green Funding & Features of Green Securities Key similarities to conventional financing instruments Green securities have the same characteristics as all other financing instruments issued by the Republic of Austria, with regards to: ■ Legal format ■ Governing law ■ Issuance method ■ Initial size Reopening of the bond Key differences to conventional financing instruments Use of Proceeds of Green financing instruments : In a conventional government security the Use of Proceeds are not specified in the terms. However, money raised by a Green Security will be invested in predetermined climate and environmental projects and will be tracked after issuance Detailed Green reporting, through regular allocation and impact reports Additional documentation in the form of a Green Framework and Second Party Opinion on the framework, and comprehensive allocation and impact reporting. The Republic of Austria has published its first combined Green Investor Report, including information on both allocation and impact in June 2023 (in the case of the impact report this was one year earlier compared to guidance given in the Green Framework). The Republic of Austria issues Green instruments across a broad spectrum of the curve (incl. short-term debt instruments) and has already issued Green financing instruments in all possible formats. Republic of Austria / Investor Information, April 2024 3. Green Issuance 42#43OeBFA Austrian Treasury Green Funding Strategy and Green Highlights of 2023 = Green Funding Strategy As long as the current green framework is valid, around 80% of eligible green expenditure will be used for medium/long-term (e.g. Green Austrian Government Bonds, Green Loans) and around 20% for short-term financing instruments (e.g. Green Austrian Treasury Bills, Green Commercial Paper, Green Deposits). 20% Green Funding 2024 over EUR 6.0 bn Green Highlights 2023 Issuance of the second Green Bond in April (volume: EUR 3 billion; tenor: 6 years) and increase of the existing Green Bond 2049 by EUR 1.25 billion in October ■ Launch of the issuance of green commercial paper in March (as the first government issuer worldwide) ■ Successful rolling and increase (from EUR 1 billion to EUR 1.8 billion) of the Green Treasury Bill in four auctions ■ Publication of the first Green Investor Report (combined allocation and impact report) in June With the issuance of a Green EMTN in December 2023, Austria has now made use of all the green financing instruments available under its Green Framework Development of the annual green funding volume Mid- to long-term Short-term 80% The Republic of Austria will report on all (medium/long-term and short-term) green instruments outstanding at the date of the reporting to avoid the risk of double counting. Additionally, information on related roll-overs in the reporting period will be included. Republic of Austria / Investor Information, April 2024 3. Green Issuance > € 6.0bn € 5.5bn 2024 € 5.1bn 2023 2022 Already issued ● Planned issuance 43#44OeBFA Austrian Treasury Republic of Austria - Green Short-Term Pioneer Green Austrian Treasury Bills After the successful first green ATB issuance (EUR 1 bn) via auction on October 18, 2022 (strong Bid-to-Cover Ratio of 2.7x and more than 85% green investors) this issue was rolled for the first time at the auction on February 21, 2023 into ATB 2023-05-25 (G)1 The roll overs throughout the year 2023 received a very warm welcome by the market, with strong demand in all auctions (avg. Bid-to-Cover Ratio: 2.2x) The green ATBs were successfully tapped two times in auctions an once via other form (May and November) to an outstanding volume of EUR 2.01 bn² Development of a loyal green investor base, proven by the fact that around 50% of the investors have rolled over their positions in the Green T-bill auctions Rolling of Green Austrian Treasury Bills Green Commercial Paper First Green Commercial Paper issued by any sovereign worldwide on March 6, 2023 as part of the Green short-term funding 2023 Tailor-made bilateral issuance in all currencies possible Flexible tenors: rolling into a subsequent Green ACP possible Green EMTN With the issue of a Green EMTN in December 2023, the Republic of Austria has now made use of all the green financing instruments available under the Green Framework published in 2022. Tailor-made bilateral issuance in all currencies possible, short- and medium-/long-term Oct. 2022 Inaugural issue Green ATB Feb. 2023 1st Roll Green ATB May 2023 2nd Roll & Tap Green ATB Aug. 2023 3rd Roll Green ATB Nov. 2023 4th Roll & Tap Green ATB Feb. 2024 5th Roll Green ATB 1) Further details available in the quarterly announced ATB auction calendar 2) as of March 28, 2024 Republic of Austria / Investor Information, April 2024 3. Green Issuance Green Deposits First Green Deposit used on March 2023 as part of the Green short-term funding 2023 Flexible tenors Available only in EUR 44#45OeBFA Austrian Treasury Key Elements of Green ATBs and Green ACPs ESG Rating Credit Rating Governing law Currencies Issuance methods Green ATBs Green ACPS Sustainalytics Country Risk Rating: 10.98 (low risk) ISS ESG Country Rating: Prime (B), SDG Index Score: 82.3 Austrian law Issuance only in Euro Issuance via auctions A-1+ (S&P) Issuance dates Auction calendar (monthly auction dates) Dealers Tenors Ticker (Bloomberg) 19 ATB Dealers Standardized tenors (e.g. 3 months) (4 rolls per year via auction) RATB Listing ECB eligibility None English law Issuance in any currency Bilateral issuance (subject to market conditions) No fixed issuance dates 19 ACP Dealer Flexible tenors REPAUG None Programmes added to the list of tier one assets for monetary policy operations of the European System of Central Banks (see list of non-regulated markets accepted by ECB) Republic of Austria / Investor Information, April 2024 3. Green Issuance 45#46OeBFA Austrian Treasury Republic of Austria's inaugural Green Investor Report (June 2023) Key Highlights & Summary Allocation of spendings 2021 and 2022 by green expenditure category First Green Investor Report* - combining allocation and impacts - published by the Republic of Austria in June 2023 EUR 5.1 bn of total eligible green expenditures were fully allocated to the Green Securities issued in 2022 Allocation to all eligible project categories as outlined in Austria's Green Bond Framework Allocation of the net proceeds in a balanced manner between "Past" (60% / 2021) and "Current” (40% / 2022) Expenditures Impact report one year earlier than committed in Green Framework, maximizing transparency for investors For 77.5% of the allocated amount of EUR 5.1 bn, information on performance and impact is presented in this report Impact analyses and the methodological approach was prepared by the Environment Agency Austria (Umweltbundesamt) Green Investor Report has been externally verified by ISS-ESG confirming alignment with ICMA and market standards ■Clean Transportation ■Renewable Energy ■Energy Efficiency 4% 6% 3% ■ Pollution Prevention and Control 5% 7% 7% 7% Environmentally sustainable management of living natural resources and land use Terrestrial and aquatic biodiversity ■ Sustainable water and wastewater management ■Climate Change Adaptation Republic of Austria / Investor Information, April 2024 3. Green Issuance 61% * First Green Investor Report of the Republic of Austria (June 2023) 46#47OeBFA Austrian Treasury Allocation overview 2021/2022 & rising trend in eligible expenditures in 2023 UN SDG Mapping Eligible Amounts Allocated Amounts Forecasted eligible expenditure Remaining eligible amounts 2021 2022 GBP project categroy AFFORDABLE AND BOUSTRY OVATION SUSTAMABLECITIES CLIMATE 11 COMTES 13 ACTION Clean transportation 3,563.2 3,444.7 7,007.9 73.9% 1,907.9 1,184.8 3,092.7 60.6% 2,259.9 ABE Total Eligible % total eligible 2021 2022 Total Allocated % total allocated Balance 2022 Eligible Expenditure 2023 in % 3,537.8 62.4% Renewable energy AFFORDABLE AND 10 CUMATE 13 ACTION 116.1 257.6 373.7 3.9% 116.1 257.6 373.7 7.3% 7ABLE AND 13 CLIMATE CLEAN ENERGY ACTION 135.6 170.4 306.1 3.2% 135.6 722.6 12.7% 135.6 2.7% 170.4 443.8 7.8% 3 GOOD HEALTH AND WELL-BEING W 157.0 174.1 331.1 3.5% 157.0 174.1 331.1 6.5% Energy efficiency Pollution prevention and control Environmentally sustainable management of living natural resources and land use 12 EPOBLE CONSUMPTION AND PRODUCTION 15 102.8 104.7 207.4 2.2% 102.8 104.7 207.4 4.1% 14 BELOW BELOW WATER 15 LAND Terrestrial and aquatic biodiversity 133.8 133.9 267.6 2.8% 133.8 133.9 267.6 5.2% HEALTH Sustainable water and CLEAN WATER AND WELL-BEING AND SANITATION wastewater management W 333.0 300.2 633.3 6.7% 333.0 Climate change adaptation 224.9 4.0% 182.2 3.2% 140.0 2.5% 333.0 6.5% 300.2 230.1 4.1% 13 GUATE ACTION 173.7 185.1 358.8 3.8% 173.7 185.1 358.8 7.0% 186.3 3.3% 4,715.3 4,770.6 9,485.9 100.0% 3,060.0 2,040.0 5,100.0 100.0% 2,730.6 5,667.6 100.0% Republic of Austria / Investor Information, April 2024 3. Green Issuance 47#48OeBFA Austrian Treasury Impact Report - Outlining the environmental impact of Green Securities' proceeds CO2 Highlights Greenhouse gas emissions reduction / avoidance of 3.15 million tons in 2021 & 2022 Federal government financing enabled a total number of ~164,000 farm subsidies and funding of around 3.2 million hectares of agricultural land Annual Investments in waste water treatment and sewerage in 2021 made it possible for >120,000 additional people to be connected to wastewater treatment Flood protection measures enabled >18,000 citizens to be protected from flood events Impact Report delivered one year earlier than committed in Green Framework, maximizing transparency for investors For 77.5% of the allocated amount of EUR 5.1 bn, information on performance and impact is presented in this first report Key components: • • • Environmental impact of the use of the Green Securities proceeds Information on the positive environmental impacts and green co-benefits of eligible green expenditures Case studies covering selected key projects/expenditures Impact indicators relate to the total volumes of supported projects and infrastructure investments Conservative approach in presenting impacts preventing overstatement of impact¹ Impact analyses and the methodological approach prepared by the Environment Agency Austria (Umweltbundesamt) Renewable energy and energy efficiency projects: 3,139 GWh renewable energy generation in 2021 & 2022 904 GWh energy savings in 2021 1) Several projects and infrastructure investments are eligible to receive funding and grants from more than one funding body in principle. In order to prevent overstatement of impact, performance and impact metrics for such activities are presented only with regard to one funding instrument. Republic of Austria / Investor Information, April 2024 3. Green Issuance 48#49OeBFA Austrian Treasury Inaugural Austrian 27-year Green Bond (May 2022) EUR 4.00bn 27-year Green RAGB May 2049 AA+ (positive) / Aa1 (stable) / AA+ (stable) / AAA (stable) S&P/Moody's / Fitch / DBRS Distribution by Investor Type 1% Distribution by Geography 1% 3% Issue Ratings Format Tenor Maturity Date Total Issue Amount Form of Notes Settlement Coupon Issue Spread Re-offer Price / Yield Re-offer Spread vs BM Listing ISIN Joint Bookrunners Domestic Government Bond, RegS/144a eligible, CAC 27-year 23 May 2049 EUR 4.00bn (incl. EUR 0.25bn own retention) Bearer Notes, Senior, Unsecured, Unsubordinated 31 May 2022 1.85% MS +22bps 99.454/1.876% p.a. +71.3 bps (1.25% DBR 08/48) Vienna, Frankfurt AT0000A2Y8G4 Barclays Bank, BofA Securities Europe, Deutsche Bank, Goldman Sachs Bank Europe, J.P. Morgan, UniCredit The Republic of Austria successfully launched its inaugural Green Bond benchmark issuance with a size of EUR 4.00bn and a tenor of 27-years yielding 1.876% p.a. The issuance met with stellar demand and the transaction was 6.8-times oversubscribed (EUR 25.4bn order book). The tenor, which is the second-longest of all Green euro-denominated sovereign bonds outstanding, perfectly complements the curve in the long end. High-quality order book, with Green Investors accounting for ~70% of the total allocation (esp. Green Asset Managers, Pension Funds and Insurance Companies). Republic of Austria / Investor Information, April 2024 3. Green Issuance 18% ■Funds ■Banks 13% 65% 31% 47% 21% ■CBs/Official Institutions ■Eurozone (incl. AT) ■Other Europe (UK, NOR, CH) ■Middle East / Asia America Green Investor share in % (allocation) ■Insurance / Pension funds ■Retail 30% 70% ■ Green Investors ■ Conventional Investors 49#50OeBFA Austrian Treasury Second Austrian 6-year Green Bond (April 2023) EUR 3.00bn 6-year Green RAGB May 2029 Distribution by Investor Type AA+ (stable) / Aa1 (stable) / AA+ (negative) / AAA (stable) S&P/Moody's / Fitch / DBRS Distribution by Geography 0% Issue Ratings Format Tenor Maturity Date Total Issue Amount Form of Notes Settlement Coupon Issue Spread Re-offer Price / Yield Re-offer Spread vs BM Listing ISIN Joint Bookrunners Domestic Government Bond, RegS/144a eligible, CAC 6-year 23 May 2029 EUR 3.00bn (incl. EUR 0.25bn own retention) Bearer Notes, Senior, Unsecured, Unsubordinated 25 April 2023 2.90% MS-17bps 99.711/2.952% p.a. +50.4 bps (0.25% DBR 02/29) Vienna, Frankfurt AT0000A33SH3 Barclays, BofA Securities, Deutsche Bank, Erste Group, J.P. Morgan and Morgan Stanley On 18 April 2023, the Republic of Austria successfully issued a new EUR 3.0bn 6-year Green benchmark bond yielding 2.952% p.a. as part of dual-tranche transaction (also including a new EUR 2.0bn 30-year conventional benchmark bond yielding 3.207%). The 6-year tenor enabled Austria to offer the ESG investor base a new point on the green curve and to fill the gap between Green short-term instruments and the 2049 Green RAGB. This syndication represents the first dual issuance of a new Green and conventional benchmark bond of any sovereign worldwide. The new 6-year Green benchmark was characterized by a high-quality order-book (EUR 6.9bn) and was very well received by Green investors, accounting for two thirds of the total allocation. Republic of Austria / Investor Information, April 2024 3. Green Issuance 19% ■Funds 9% 28% 36% 44% 64% ■Eurozone (incl. AT) ■CBs/Official Institutions ■Banks ■Insurance / Pension funds ■Other Europe (UK, NOR, CH) America Green Investor share in % (allocation) 33% 67% ■ Green Investors ■ Conventional Investors 50#51OeBFA Austrian Treasury Green Bond 2049 tap (October 2023) EUR 1.25bn 26-year Green RAGB 2049 tap Distribution by Investor Type Distribution by Geography 1% 1% 2% Issue Ratings Format Maturity Date Total Issue Amount Form of Notes Settlement Coupon Issue Spread Re-offer Price / Yield Re-offer Spread vs BM Listing ISIN Aa1/AA+/AA+/AAA (Moody's/S&P/Fitch/DBRS) Domestic Government Bond, RegS/144a eligible, CAC 23 May 2049 EUR 1.25bn (incl. EUR 0.25bn own retention) Bearer Notes, Senior, Unsecured, Unsubordinated 27 October 2023 1.85% MS +53bps 68.474/3.798% p.a. +72.8 bps (1.25% DBR 08/48) Vienna, Frankfurt AT0000A2Y8G4 16% 14% 34% 36% 35% 61% " Joint Bookrunners ■Banks Barclays, BofA Securities, Citi, Goldman Sachs Bank Europe SE, J.P. Morgan and Raiffeisen Bank International ■Funds On 19 October 2023, Austria successfully tapped the outstanding Green RAGB 1.85% 05/23/2049 by EUR 1.25bn. After this increase the total volume of Austria's inaugural Green Bond stands at EUR 5.25bn bringing it closer to the target size for Green RAGBS of EUR 6 - 8bn. The tap was priced at Mid-Swaps +53bps and the issue yield was 3.798% p.a. Demand was very strong with final books reaching EUR 14.5bn. This oversubscription represents the highest demand so far of any Austrian Green Bond issuance. Distribution was well-diversified by investor type and order size with 165 different investors participating in the transaction. Green investors accounted for around half of the allocation. ■CBs/Official Institutions ■Insurance / Pension funds ■Retail / Other ■Eurozone (incl. AT) ■Other Europe (UK, NOR, CH) ■Middle East ■America ■Asia Republic of Austria / Investor Information, April 2024 3. Green Issuance 51#52OeBFA Austrian Treasury Green Bond 2049 and Green Bond 2029 taps (January 2024) EUR 1.25bn Green 2029 tap, EUR 1.25bn Green 2049 tap Issue Ratings AA+ (stab) Aa1 (stab) / AA+ (stab) / AAA (stab) / AAA (neg) (S&P/Moody's / Fitch / Morningstar DBRS/ Scope) Distribution by Investor Type Distribution by Geography Format Tranches Maturity Date Total Issue Amount Form of Notes Settlement Coupon Issue Spread Re-offer Price / Yield Re-offer Spread vs BM Listing ISIN Domestic Government Bond, RegS/144a eligible, CAC 5-year Green Tap 23 May 2029 2% 6% 25-year Green Tap 22% 23 May 2049 EUR 1.25bn (incl. EUR 0.25bn own retention) EUR 1.25bn (incl. EUR 0.25bn own retention) 2029G tap 2% 50% 33% 45% 26% 14% Bearer Notes, Senior, Unsecured, Unsubordinated 25 January 2024 2.90% 1.85% MS -5bps 101.454/2.602% p.a. +35.5bps (2.10% OBL 04/29) MS +56bps 77.614/3.145% p.a. +64.3bps (1.25% DBR 08/48) 2049G tap 17% Vienna, Frankfurt 1% 1% 3% 9% 37% 35% 63% AT0000A33SH3 AT0000A2Y8G4 34% Joint Bookrunners Barclays, BofA Securities, Citi, Deutsche Bank, J.P. Morgan and Raiffeisen Bank International On 18 January 2024, Austria successfully tapped the outstanding Green RAGB May 2029 and the Green RAGB May 2049 by EUR 1.25bn each. The total volume of Austria's 2029 Green Bond now stands at EUR 4.25bn while the 2049 Green Bond stands at EUR 6.5bn (with the target size for Green RAGBs being EUR 6- 8bn). The Green taps were part of Austria's third triple-tranche transaction (including a new EUR 4.5bn 10-year conventional benchmark bond) and the first one worldwide including two green bonds. The strong investor demand for both green taps (12-times oversubscription of the 2029 and 24-times of the 2049 tap), is yet another strong sign of support for Austria's Green funding programme. Distribution was well-diversified by investor type and order size with 77 investors in the Green 2029 tap and 185 investors in the Green 2049 tap, re-affirming the breadth and quality of Austria's investor franchise. Republic of Austria / Investor Information, April 2024 3. Green Issuance ■Funds ■Banks ■CBs/Official Institutions ■Insurance / Pension funds ■Retail / Other ■Eurozone (incl. AT) ■Other Europe (UK, NOR, CH) ■Middle East America ■ Asia 52#53OeBFA Austrian Treasury Summary ☐ Strong credit fundamentals, diversified and competitive economy No major macroeconomic imbalances ☐ Sound financial policies ☐ High institutional strength ◉ Low private sector indebtedness ☐ High level of innovation ☐ Conservative funding strategy ■ Strong green agenda and excellent sustainability ratings ■ Best-in-class Green Framework & Reporting, confirmed by strong SPOS Possibility for green funding ranging from money-market instruments to long-term debt Republic of Austria / Investor Information, April 2024 = 53#54OeBFA Austrian Treasury Further Information = www.oebfa.at (Austrian Treasury): auction calendar, debt portfolio, debt service, all government bond & bill issues, rating reports etc. https://www.oebfa.at/en/financing-instruments/green-securities.html: All relevant information on the green issuance (Green Framework, SPO, Green Investor Presentation, Green Reporting etc.) of the Republic of Austria www.bmf.gv.at (Federal Ministry of Finance): details on the Austrian budget www.statistik.at (Statistics Austria) www.rechnungshof.gv.at (Austrian Court of Audit): Reports on the Federal Financial Statements (in German only) www.oenb.at (Austrian National Bank) www.fiskalrat.at (Austrian Fiscal Advisory Council) http://ec.europa.eu/eurostat (Eurostat) http://europa.eu/efc/about-sub-committee_en (EFC Sub-Committee on EU Sovereign Debt Markets) https://www.oekb.at/en/capital-market-services/government-bond-and-atb-auctions.html (OeKB / Austrian Government Bonds and Treasury Bills page) Republic of Austria / Investor Information, April 2024 54#55Climate Bonds 8TH CLIMATE Sovereign Green BONDS AWARDS Bond Pioneer OeBFA Austrian Treasury Contacts Austrian Treasury Austria 1010 Vienna, Seilerstaette 24 Web: www.oebfa.at IFR AWARDS 2022 Bloomberg: RAGB, AUST, RATB, REPAUS, REPAUG Managing Director Markets Markus Stix, [email protected] Sustainable Issuer of the Year 2022 Issuance and Portfolio Management, Investor Relations & Federal Budget Christian Schreckeis, CFA (Head), [email protected] loannis Fuchs, [email protected] Viktor Hawel, [email protected] Eduard Kerestesi, [email protected] Rumen Lazov, [email protected] Martin Stenitzer, [email protected] Salina Xu-Wong, [email protected] Pia Zivanovic-Amann, [email protected] Liquidity and Treasury Management Dagmar Atynski, [email protected] Teresa Basterra Gandarias, [email protected] Sabine Denk, CFA, [email protected] Christoph Frömel, CFA, [email protected] Andreas Kroneder, [email protected] Harald Weillechner, [email protected] Republic of Austria / Investor Information, April 2024 Download the most recent Investor Presentation 55