Investor Presentaiton

Low Currency Risk and Diversified Investor Base ARDAL ✓ Almost no foreign currency debt The only USD bond matured in 2022 Currency Breakdown (%) ✓ Increasing portfolio holdings of residents due to PSPP and PEPP Investor Type Breakdown (%)* 0.03% 0.3% 0.7% EUR ■ NOK 43.6% ■ CHF 99.0% 52.9% ■ JPY 3.5% ■Resident - Banks ■Resident - other institutions ■Resident - retail ■Non-residents キ 37 *Bonds held in Slovak Central Securities Depository Source: ARDAL, data as of June 2022

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