Investor Presentaiton

External Developments 2018 Global economic activity lost traction in 2018: Growth declined to 3.7% (3.8% in 2017). Deceleration in China and Euro Area. However, US economy accelerated from 2.2% in 2017 to 2.9% in 2018. Monetary policy normalization. in advanced economies: Interest rates tend to increase. ECB completed asset accumulation program. 5

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