Latvia Economic and Fiscal Outlook

CONSERVATIVE CENTRAL GOVERNMENT DEBT MANAGEMENT STRATEGY Debt portfolio parameters are in lines with Central Government Debt and Cash Management Strategy Eurobonds dominate in debt structure by instruments (million EUR) Liquidity of bonds outstanding in increased by regular TAP auctions of XS ISIN bonds in domestic market 18 000 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Years 3.43% 3.17% 8.00 2.81% 7.00 2.41% 6.00 5.00 4.00 5.86 3.00 4.97 4.47 2.00 4.16 1.00 0.00 2014 2015 2016 2017 Duration (years) 33 Other Domestic T-bills Source: The Treasury, June 31, 2022 Weighted average interest rate of debt portfolio below 1% in 2021 Domestic T-bonds 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Eurobonds 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 ■Loans from financial institutions 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q21 2Q22 2049 1.875% 19/02/2049 2047 2.250% 15/02/2047 2036 1.375% 16/05/2036 2031 0.000% 17/03/2031 2030 0.250% 23/01/2030 2029 0.000% 24/01/2029 2028 1.125% 30/05/2028 2026 0.375% 07/10/2026 2025 1.375% 23/09/2025 2024 2.875% 30/04/2024 2023 0.125% 14/04/2023 0 500 Latvia Eurobonds Outstanding (nominal amount, EUR million) Eurobond issuances in international capital markets in 2021 TAPS of outstanding Eurobonds in domestic market 1000 1500 ■Sustainability bond, issued in 2021 2000 Source: The Treasury Debt Portfolio parameters are in lines with Strategy Parameters Strategy 31/03/2022 31/06/2022 3.5% 3.0% Maturity profile (%) • 2.5% up to 1 year ≤ 25% 10.7% 18.9% 2.18% 2.03% 1.60% 2.0% up to 3 year ≤ 50% 33.6% 33.6% 7.61 0.87% 1.5% 6.49 Share of fixed rate(1) ≥ 60% 83.1% 75.2% 1.0% 6.62 6.14 0.5% Macaulay duration 5.00 9.00 6.44 6.55 0.0% (years) 2018 2019 2020 2021 PORTFOLIO: weighted average interest rate, % Net debt (2) currency composition 100% EUR with a deviation of +/- 5% 100.27% 100.26% Source: The Treasury Source: The Treasury

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