Sustainable Bond Framework

Annual Funding Plan 2023 Financing needs and sources Financing needs AFP in 2022 EUR bn AFP in 2023 EUR bn The main funding of the AFP 2022 is through the issuance of one international benchmark bond and at a lesser extent through other financing sources. 1.8 1.1 Debt Redemptions 2.2 1.5 Treasury Bills 0.3 0.1 Domestic Bonds-Retail bonds 0.8 0.3 EMTNS 1.0 1.0 Loans 0.1 0.1 Fiscal needs, cash basis (0.4) (0.4) Financing Sources (upper borrowing limit) 1.8 1.5 Treasury Bills 0.14 0.3 EMTN 1.0 1.0 Loans 0.13 0.18 Retail bond 0.02 0.04 Utilization of cash reserves (minus sign=increase) 0.51 -0.4 Complementary financing through Retail bonds, Treasury bills and loans. The yields of 3-month Treasury Bills turned to positive territory since June 2022 with the weighted average yield at 0.37% in 2022 compared to -0.36% in 2021. Very strong cash position with the liquidity at the end of 2022 covering more than 3.5 times the next 9-month financing needs of the year 2023. The main financing instrument of AFP 2023 remains the international bonds which takes the form of a sustainability bond. Lower financing needs in 2023 due to lower debt redemptions and projected fiscal surplus. Source: Public Debt Management Office Note: Discrepancies between the totals and the sum of constituent items are contributed to rounding. 29 29

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