Latvia Economic and Defence Update

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 is 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 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q21 3Q22 ■ Other Domestic T-bills ■Domestic T-bonds Source: The Treasury, December 31, 2022 ■Eurobonds Loans from financial institutions 2049 1.875% 19/02/2049 2047 2.250% 15/02/2047 Latvia Eurobonds Outstanding (nominal amount, EUR million) 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 3.500% 17/01/2028 2028 1.125% 30/05/2028 2027 3.875% 25/03/2027 2026 0.375% 07/10/2026 2025 1.375% 23/09/2025 2024 2023 2.875% 30/04/2024 0.125% 14/04/2023 0 500 1000 1500 2000 ■Sustainability bond, issued in 2021 TAPS of outstanding Eurobonds in domestic market Eurobond issuances in international capital markets in 2023 Source: The Treasury, 22.03.2023 Weighted average interest rate of debt portfolio below 1% in 2021 Duration (years) Debt Portfolio parameters are in line with Strategy Parameters Strategy 30/09/2022 31/12/2022 8.00 Maturity profile (%) 7.00 7.61 • up to 1 year ≤ 25% 18.3% 17.4% 6.00 6.49 6.62 6.55 5.00 5.86 5.85 5.77 up to 3 year ≤ 50% 39.7% 38.2% 4.00 4.97 4.47 4.16 3.00 Share of fixed rate (1) ≥ 60% 75.8% 76.4% 2.00 1.00 0.00 Macaulay duration (years) 5.00 9.00 6.00 5.85 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Feb Duration (years) Net debt (2) currency composition 100% EUR with a deviation of +/- 5% 100.53% 100.47% 33 Source: The Treasury Source: The Treasury

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