Latvia Economic and Fiscal Outlook

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These forward-looking statements speak only as at the date of this presentation. Latvia expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any new information or change in events, conditions or circumstances on which any of such statements are based. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. © Photos in slides 3, 17 and 25 by Shutterstock.com. O Photos in slides 4 and 30 of National Library of Latvia taken by Reinis Hofmanis. © Photos in slides 8 and 12 by Pexels. 2 O Photo in slide 35 of National Library of Latvia taken by Indriķis Stūrmanis.