Investor Presentaiton

Estonia's credit ratings are resilient to crises Creditworthiness reflects the country's solid fiscal position and strong institutions . Through a proven track record of development and growth, Estonia has been able to improve its credit rating over the years Estonia's credit ratings have approached those of its larger Western European peers (with Estonia now rated higher than most regional peers) Rating agencies highlight Estonia's track record of strong fiscal and economic policies, combined with an established institutional set-up, as key rating strengths Estonia's creditworthiness is also supported by its low government debt and very high debt affordability and by a flexible and dynamic economy Estonia's improving credit rating path AA/Aa2 AA-/Aa3 A+/A1 A/A2 A-/A3 BBB+/Baa1 BBB/Baa2 BBB-/Baa3 1997 1999 2001 2003 2005 S&P Fitch - Moody's 2007 2009 2011 2013 2015 2017 2019 2021 Source: Standard & Poor's, Fitch Ratings, Moody's, all as of 28 December 2023 Evolution of general government gross debt (% of GDP) 2023 AA- A+ A1 9 Estonia compared with peer group Estonia Finland AA- AA+ Negative A1 Stable Aa1 Country S & P Outlook Moody's Outlook Fitch Outlook Stable Stable 140 120 A+ Stable 100 AA+ Stable 80 Belgium AA Stable Aa3 Stable AA- Negative 60 Ireland AA Stable Aa3 Stable AA- Positive 40 Czech Rep. AA Stable Aa3 Stable AA- Negative 20 Slovenia AA- Stable A3 Stable A Stable 0 Lithuania Latvia A+ A+ Negative Negative A2 A3 Stable A Stable 2011 2012 2013 2014 Stable A- Positive - Estonia Ireland 2015 2016 Czech Rep. Slovenia 2017 2018 2019 2020 2021 2022 Lithuania Latvia Belgium Finland Source: Standard & Poor's, Fitch Ratings, Moody's, all as of 28 December 2023 Source: Eurostat, Statistics Estonia REPUBLIC OF ESTONIA MINISTRY OF FINANCE

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