Investor Presentaiton

Net Funding Development Increased issuance after the COVID outbreak ✓ Low redemptions between 2019-2022 Net funding volume expected to decrease in line with fiscal consolidation Issuance and Redemptions 12.0 10.0 8.0 6.0 4.0 2.0 ARDAL 0.0 2015 2016 2017 2018 2019 2020 2021 2022 Issuance Redemptions Net funding volume H Source: ARDAL, 2022 expected amount for whole year 33

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