Investor Presentaiton

13 A wealthy and dynamic economy Real growth and per capita GDP exceed most peers over the last five years • Estonia has become a wealthy and diversified economy with a solid track-record of economic growth and a GDP per capita level which is amongst the highest in the CEE region at EUR 27,040 in 20221 • The strong recovery following the Covid-19 crisis, fuelled by accommodative policies and a flexible private sector, demonstrates economic resilience and institutional strength • The Russian Ukrainian war had an impact on GDP growth, which was -0.5% in 2022 and -2% (forecast) in 2023, but which is expected to return to its long-term potential of around 2.5% - 3.0% per year from 2024 onwards² • The Ukraine crisis has impacted Estonia through high energy prices, trade disruptions and weakening economic confidence Real GDP growth (Annual % change) 8 6 4 0 -2 -4 -6 -8 Euro area Baltic peers avg. A decade of rapid convergence (GDP per capita) 40,000 30,000 20,000 10,000 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Estonia (lhs) European Union (lhs) Estonia - Volume index of GDP per capita (EU27=100) (rhs) Source: Eurostat 100 80 60 7.20 6.73 5.90 -Estonia 3.40 1.77 -0.50 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Eurostat Share of gross value added by economic activity (Q3 2023) Other 28.2% Agriculture 3.7% Manufacturing 13.8% Construction 7.2% 40 20 Technical activities Trade 13.0% 5.9% Real Estate 10.4% Transportation Finance 5.9% ICT 5.0% 6.9% Source: Statistics Estonia Note: (1) Statistics Estonia, 2022; (2) The Ministry of Finance of Estonia, Summer Forecast 24 August 2023, however, there can be no assurance that such growth will be achieved in the timescale currently envisaged or at all REPUBLIC OF ESTONIA MINISTRY OF FINANCE

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