Investor Presentaiton

LOW PUBLIC DEBT FISCAL DEFICIT 0% -2% -4% -2.0% -1.7% -1.9% -2.6% -2.4% -2.9% -2.7% -2.3% -2.0% -6% -5.3% -8% -10% Fiscal deficit (IMF program definition) Note: Deficit calculated as net lending / borrowing minus budget lending PUBLIC DEBT AS % OF GDP 70% 60% Public debt/GDP capped at 60% 50% 40% 30% 20% 10% ―― Total public debt to GDP, % ―― External public debt to GDP, % 2015 2016 2017 2018 2019E Source: IMF, MoF, Geostat 70% 140% 60% 120% 100% 50% 80% 40% 60% 30% 40% 20% 20% 0% 10% BREAKDOWN OF PUBLIC DEBT Source: MoF, IMF Source: MoF, as of December 2019 Multilateral 57% Domestic 21% External 79% weighted average interest rate 2.1% Bilateral 15% Eurobond 7% External public debt portfolio GROSS GOVERNMENT DEBT/GDP | 2019 Source: IMF, MoF, Galt & Taggart Russia Kazakhstan Uzbekistan Moldova Turkey Czech rep. Lithuania Latvia Romania Georgia 39.8% Belarus Poland Slovakia Armenia Ukraine Hungary Slovenia Croatia Spain Canada Montenegro Singapore Italy Contractual maturity 22 years 55

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