Investor Presentaiton

2010 2011 -5.3% Fiscal consolidation high on the agenda Fiscal deficit as % of GDP Public debt as % of GDP -Total public debt to GDP, % External public debt to GDP, % 70% 70% -2.0% -1.9% -2.1% -2.4% -1.7% -2.7% -2.7%-2.5% Public debt/GDP capped at 60% -3.0% 60% 60% -2.3% -2.6% -2.8% -4.4% -9.3% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022F 2023F Source: MOF, GeoStat, forecasts as of 2022 budget law Note: Deficit calculated as net lending / borrowing minus budget lending -6.1% 2024F 2025F 10% 20% 2010 30% 2011 40% 2012 50% 2013 2014 2015 2016 2017 2018 2019 2020 Source: MOF, GeoStat, forecasts as of 2022 budget law 49.5% 47.7% 50% 39.8% 40% 33.9% 2021 2022F 2023F 2024F 2025F 10% 20% 30% 54

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