Investor Presentaiton

14 A track record of rapid post-crisis recovery Estonia has historically bounced back from crises faster than peers Comparison of the MoF's* GDP forecasts (index 2018=100) 130 120 Fiscal policy space + Open, diverse and flexible economy 110 100 90 I I 80 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024f 2025f 2026f 2027f 2019 Summer Forecast 2020 Summer Forecast 2023 Summer Forecast Capacity to recover swiftly from external shocks -2022 Summer Forecast Source: Ministry of Finance of Estonia Estonia is exposed to external shocks due to its openness, but it has also returned to growth quickly (real GDP %) 20 10 0 Euro Area -10 Baltic peers average ―― Estonia -20 Stronger Economy post- Covid-19 Covid-19 Ukraine-Russia expected to resume crisis growth co conflict growth 2024f Avg. 2010-12 growth: Estonia 4.30% vs. Euro Area Financial Crisis 0.97% and Baltic peers 2.77% 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023f Source: Statistics Estonia, Eurostat, IMF World Economic Outlook April 2023, Ministry of Finance of Estonia Summer forecasts. Forecasted numbers are subject to change. Note: (*) MoF: Ministry of Finance 2009 REPUBLIC OF ESTONIA MINISTRY OF FINANCE

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