Investor Presentaiton

Andbank Investor 2020 Andorra Ratings ANDBANK Private Bankers Standard & Poor's Report - April 2020 • • • April 2020 S&P has affirmed the BBB Rating for Andorra and revised the Outlook to Stable from Positive due to the Covid19 crisis. S&P recognizes that Andorra's health authorities have so far successfully stabilized the contagion curve. The economy will be affected by the economic outlook of its main trading partners, Spain and France. But Andorra faces the pandemic in a robust fiscal and debt position after 7 consecutive years of surplus. Long-Term IDR Fitch Report • Latest Fitch Ratings Report was published January 2020, before the Covid 19 outbreak. It affirms Andorra's Ratting to BBB+ with stable outlook. Andorra's 'BBB+' rating is supported by high GDP per capita, political stability, and prudent fiscal policy. BBB Outlook Stable Short-Term IDR A2 Long-Term IDR BBB+ Outlook Stable Short-Term IDR F2 Regulatory Improvements International Standards: full implementation of Basel III capital rules / CRR/CRDIV; adoption of IFRS accounting standards; Mifid completed by December 2020 Robust Economy Good tourist numbers, better industrial activity and great real state activity Stable Outlook Debt reduction is supported by a near- balanced central government position, sustained local government surpluses, and by moderate GDP growth. Public Debt Ratio Debt/GDP has been reduced to 33,7% from 40% + By Law annual deficit can not exceed 1%. Obvious exception after Covid 19 crisis. Source: Fitch Ratings S&P Global Ratings 6

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