Portrait of an Ascending Sovereign Credit

16 000 14 000 Debt structure by Instruments 12 000 (milion EUR) 10 000 Central Government Debt Profile Government debt portfolio is well managed according to the Central Government Debt and Cash Management Strategy 1800 8 000 1600 6 000 4 000 1400 Debt Redemption Profile 1200 (EUR million) 1000 2.000 0 800 600 400 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 ■Other Domestic T-bills Domestic T-bonds Eurobonds Loans from financial institutions Source: The Treasury, September 30 2021 200 0 2021... 2022 2023 2024 2025 Parameters Debt Portfolio Management Strategy 30/06/2021 30/09/2021 2026 2027 2028 2029 2030 ■ Eurobonds EC loan (Program) ■Other external debt liabilities Source: The Treasury, on October 31, 2021 ■Eurobond Tap issues targeted for domestic investors ■SURE ■Domestic debt redemption 2031 2032-2035 2036 2037-2046 2047 2048-204 2050 >=2051 32 Maturity profile (%) • up to 1 year ≤ 25% 12.3 % 12.1% • up to 3 year ≤ 50% 33.7 % 31.7% Share of fixed rate (1) ≥ 60% 86.7 % 81.3% Macaulay duration (years) - 5.00 9.00 7.21 6.78 Net debt (2) currency composition 100% EUR with a deviation of +/- 100.17% 100.59% 5% Source: The Treasury Source: The Treasury | (1) Fixed rate central government debt with a maturity over one year; (2) Central government debt at the end of the period less the amount of loans and receivables, where impairment loss of guarantees are not taken in account (including Treasury's cash accounts, investments in deposits and fixed income securities, loans, receivables (including receivables of derivative financial instruments which are not classified as risky from credit risk perspective)), and increased by provisions of guarantees as well as liabilities of derivative financial instruments which are not classified as risky from credit risk perspective.

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