Investor Presentaiton

-15 Jan-11 -10 Jan-12 -5 5 Restoration of investment grade status Credit rating history and current status Notches above investment grade • High levels of public and private debt 0 • Banking sector asset weakness 0, Stable Fitch Moody's Jan-13 Jan-14 Jan-15 Jan-16 Standard & Poor's Jan-17 Jan-18 Jan-19 DBRS 0, Stable 0, Stable Ratings' summary 1 Rating strengths • • High income per capita, strong institutions and governance Fiscal policy space Highly skilled labour force Concerns -2, Stable • Strong fiscal policy management • Robust and resilient growth • Progress Material reduction in the stock of NPES Government financing buffer Note: 1. Non-exclusive list, as indicated in publicly available opinions of the Credit Rating Agencies reports. Please see full reports for more detail. 31

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