Structural Reforms For Long-Term Development

Low Currency Risk and Diversified Investor Base ARDAL Debt hedged against FX risk Currency Breakdown in % ✓ Increasing portfolio holdings of residents due to PSPP Investor Type Breakdown in %* 1.1% 1.7% 3.1% 94.1% Source: ARDAL, government bonds only as of 31/12/2018 EUR USD 50.5% CHF ■ NOK H 30 *Bonds held in Slovak CDCP 44.2% Resident Banks 5.3% ■Resident - other institutions ■ Non-residents

View entire presentation