Investor Presentaiton

2010 2011 2012 2013 2014 PUBLIC DEBT FISCAL DEFICIT Source: MOF, Geostat, forecasts as of 2022 budget law 0% -2.0% -1.9% -2.4% -2.7% -2.1% -2% -1.7% -2.6% -2.8% -2.3% -4% -6% -5.3% -8% -10% -12% 2016 2017 Note: Deficit calculated as net lending / borrowing minus budget lending 2018 -9.3% -2.7% -2.5% -3.0% -4.4% -6.1% 2019 2020 2021E 2022F 2023F 2024F 2025F PUBLIC DEBT AS % OF GDP Source: MOF, Geostat, forecasts as of 2022 budget law 180% 70% 60% 50% 40% 30% 20% 10% 70% Public debt/GDP 150% capped at 60% 60% 49.6% 47.7% 120% 50% 90% 40% 39.9% 60% 30% 33.9% 30% 20% 0% 10% Total public debt to GDP, % External public debt to GDP, % 2021E 2022F 2023F 2024F 2025F Multilateral 58% Domestic 20% External 80% BREAKDOWN OF PUBLIC DEBT Source: MoF, as of 31 December 2021 Bilateral 17% Eurobond 5% GROSS GOVERNMENT DEBT/GDP | 2022F Russia Kazakhstan Turkey _ Moldova Uzbekistan Belarus Lithuania Latvia Czech rep. Ukraine Romania 51.1% Poland| Georgia Armenia Slovakia Slovenia Hungary Montenegro Croatia Canada Spain Singapore Italy External public debt portfolio weighted average interest rate 0.97% Contractual maturity 20.8 years Source: IMF, MoF 46

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