Investor Presentaiton

Debt Management in 2022 ARDAL Gross issuance originally planned at EUR 6.0 billion Positive development in State budget deficit mostly due to elevated revenues from inflation - actual deficit probably lower than budgeted EUR 5.5 billion Gross issuance expected to be at original amount or lower Substantial cash buffer Issued EUR 3.3 billion bonds No syndication so far EUR 3.3 billion via regular auctions Loans received in amount of EUR 0.1 billion ✓ One tranche of EIB loan Issuance plan till the end of 2022 EUR 1.0-2.0 billion - syndicated deal EUR 0.6 1.0 billion - auctions in October and November キ Source: Ardal as of September 2022 29 29

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