Investor Presentaiton

29 Estonia has a predictable policy environment Estonia stands out for its good governance and strong, transparent institutions • Estonia has a predictable and consensual policy environment. Its institutions and governance have allowed successive governments to put in place a long-term growth strategy which has credibility and to address the challenges of recent crises including Covid-19 and Ukraine Parliamentary elections took place on March 5, 2023, with Prime Minister Kaja Kallas' centre-right Reform Party remaining the largest party • The new coalition, comprising the Reform Party, Estonia 200 and Social Democrats, maintains a prudent policy agenda driven by the key priority of protecting macroeconomic stability • The new government aims to ensure the broad-based security of the Estonian state, to invest in the competitiveness of the Estonian economy and in energy security and to implement green reforms, while modernizing tax policy Estonian parliament composition Estonian Reform Party 38 seats Social Democratic Party 13 seats Source: Riigikogu Government 65 seats Estonia 200 14 seats Isamaa ("Fatherland") 10 seats Estonian Centre Party 7 seats Conservative Peoples Party of Estonia 16 seats Unaffiliated 3 seats Opposition 36 seats Estonia is an agile country in making reforms - top performer as measured by OECD's reform responsiveness rate indicator 2017-2018 Responsiveness Rate Indicator 60 58.3 50 50.0 50.0 40.0 40.0 40.0 41.7 41.7 41.7 41.7 41.7 42.9 40 28.6 30.0 31.3 31.4 30 25.0 25.0 25.0 20.0 20.0 21.4 21.4 20 16.7 16.7 16.7 10.0 8.3 10 0 SVK ISL AUS BEL PRT EU FIN ITA GBR ESP CHE SVN LUX HUN NLD OECD CZE DNK NOR AUT DEU IRL POL SWE LVA Source: Economic Policy Reforms 2019: Going for Growth, OECD FRA GRC EST REPUBLIC OF ESTONIA MINISTRY OF FINANCE

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