Investor Presentaiton

SOLID GROWTH, FISCAL BUFFERS AND HIGH PUBLIC INVESTMENTS IN PREVIOUS YEARS Moderate deficits and solid growth during 2012 -2019 contributed to public debt reduction Since 1995 Latvia's GDP per capita (PPS, 1995=1) has experienced significant increase relative to EU average Change in GDP per capita (1995-1) current prices, purchasing power standard (PPS, EU27 from 2020) Moderate deficits and solid growth during 2012 -2019 contributed to debt reduction by 10 pp in 8 years thus building fiscal buffer for next challenges General government budget balance (% of GDP) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 6.0 5.0 4.0 3.0 2.0 1.0 0.0 1995 1996 1997 1998 Source: Eurostat 1999 2000 2001 M 2002 2003 2004 European Union - 27 countries (from 2020) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 ※ 2019 2020 2021 2022 Debt reduction has been achieved without compromising levels of public investment, which is above EU average, even netting out EU support 2.0 0.0 -2.0 -4.0 -4.3 -4.3 -6.0 -8.0 0.0 -0.8 -0.8 -0.6 -1.2 -1.4 -1.4 -1.6 -4.4 !|! -4.4 -7.1 ■One-off measures (Covid-19, energy etc.) -10.0 Source: Eurostat, Informative report on projections of macroeconomic indicators, revenue and general government budget balance in 2024, 2025 and 2026 (approved on August 15, 2023) -9.5 -8.6 General Government Debt (% of GDP) 6.0 50.0 45.0 5.5 40.0 LV Gross fixed capital 37.0 5.0 formation, % of GDP 35.0 30.0 4.5 25.0 18.5 LV Gross fixed capital 4.0 20.0 formation net of LV capital transfers 15.0 11.9 3.5 receivable from EU 10.0 8.4 institutions, % of GDP 10.0 3.0 5.0 EU27 Gross fixed capital formation, % of 0.0 2.5 GDP 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 13 Source: Eurostat Source: Eurostat 47.6 45.1 43.7 42.0 42.4 41.6 40.8 40.3 40.3 38.9 37.0 37.0 36.5 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

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