Structural Reforms For Long-Term Development

Bond Redemption Profile 5.5 Maturing bonds [EUR] 5.0 4.5 Maturing amount [EUR billions] 2.0 2.5 3.0 35 3.5 4.0 1.5 1.0 0.5 0.0 Available additional amount to be sold through auctions and syndicate [EUR] 2049 2047 2045 2043 2041 2039 2037 2035 H 2033 2031 2029 2027 2025 2023 2021 2019 Source: ARDAL as of 31/12/2018 25 ARDAL 2067 2065 2063 2061 2059 2057 2055 2053 2051

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