#1牛 ARDAL Debt and Liquidity Management Agency SLOVAK REPUBLIC Investor Presentation October 2021#2Slovakia: A Robust Credit Story 2#3Slovakia - At a Glance Geographical location Key facts Ratings (Moody's/S&P/Fitch) ARDAL A2 (stable) / A+ (stable) / A (negative) Slovakia European Union (Euro Zone members) European Union (Non Euro Zone members) GDP (2020) GNI per capita (2019) Population (2020) Real GDP growth (2020) Inflation (HICP - 2020) Currency Key economic sectors Memberships Head of State Capital Territory € 91.6 billion € 17,039 5.5 million -4.8% 2.0% EUR Services, Manufacturing, Wholesale & Retail Trade, Construction OECD, EU, EMU, NATO, Schengen Area President Mrs. Zuzana Čaputová Bratislava 49,034 km² Source: Eurostat, Ministry of Finance of the Slovak Republic (MoF), National Bank of Slovakia (NBS) 3#4Key Investment Highlights Efficient public spending Low geopolitical risk Sustainable and diversified economic growth Strong commitment to fiscal discipline A unique mix ARDAL of stability and upside potential as Slovakia converges with the Eurozone's core countries Flexible and resilient economy and stable banking sector Low and stable level of public debt + 4 Leader of the converging club#5Slovakia - Credit Strengths in Detail Moderate downturn • ARDAL Moderate economic downturn in pandemic: -4.8% in 2020 vs. -6.3% for Euro area in real GDP terms Expected strong recovery after the COVID-19 crisis Strengths Credit # Sound fundamentals Fiscal discipline Low public debt • An export-oriented performer with balanced external accounts: moderate current account deficits explained by investment imports Well capitalized banking sector without government assistance Significant but temporary impact from pandemic also in 2021: government balance -9.9% of GDP as of May 2021* Return to fiscal consolidation from 2023 Public debt to stabilize in 2021 below 65 % of GDP*: well below an average in the Eurozone (102.4% of GDP). Fiscal Responsibility Act: an essential tool for debt levels consolidation eyes Export oriented Competitive export sectors with high value niches in key industrial sectors (motor vehicles, machinery, equipment, metal products, electronics, etc.) High credit ratings Amongst the highest rated countries in the CEE region (A2/A+/A) Stable outlook from two major rating agencies *Stability Programme 2021 to 2024 based from May 2021. However, the recent macroeconomic data point to lower general government deficit and debt. Council for Budget Responsibility estimates deficit at 7.1% of GDP. 牛 5#6Transformation Success Story Small and effective government ✓ High share of investment to GDP ARDAL ✓ Sustainable and robust GDP growth ✓ Export-oriented economy ✓ Commitment to fiscal discipline ✓ Economic costs of COVID-19 are comparable within the region 2015 2016 2017 2018 2019 2020 2021e 2022e SLOVAKIA Real GDP Growth (in %) 4.8 2.1 3.0 3.7 2.5 (4.8) 3.7 4.2 Private Consumption 2.8 3.9 4.7 4.2 2.6 (1.1) 0.1 2.4 Public Consumption Gross fixed capital formation 5.3 1.9 1.3 0.1 4.6 0.3 4.9 4.1 21.6 (9.3) 3.0 2.7 6.6 (12.0) (0.3) 16.7 Exports (goods and services) 6.6 5.0 3.6 5.2 0.8 (7.5) 10.5 3.1 Imports (goods and services) 8.5 4.8 3.9 5.0 2.1 (8.3) 10.9 3.9 GNI (real growth p.c. in %, adjusted by GDP deflator) 2.9 3.8 3.8 4.2 2.1 (4.7) 4.8 5.3 Employment Growth (% p.a.) 2.0 2.4 2.2 2.0 1.0 (1.9) (0.8) 0.8 Unemployment rate (% of labour Force) 11.5 9.6 8.1 6.5 5.8 6.7 7.0 6.7 Inflation (HICP) (% p.a.) (0.3) (0.5) 1.4 2.5 2.8 2.0 2.3 4.0 General government balance (% of GDP) (2.7) (2.6) (1.0) (1.0) (1.3) (6.2) (9.9)* (5.1)* *General government balance estimates from Stability Programme of SR from May 2021. Sources: Eurostat, MoF September forecast for 2021, EC for GNI in current prices per head of population. ㄝ 6#7Structural Reforms for Long-Term Development ARDAL The Slovak government remains committed and continues to implement structural reforms to boost competitiveness and quality of life for the country. EU Recovery and Resilience Plan Investment plans from 2021-2026 in Slovakia will focus on the following 5 key structural areas: Better education Healthy life Effective public administration and digitalization Green economy Competitive and innovative economy Slovakia is the fifth EU member state to be granted approval by the EC for its Recovery and Resilience Plan. Improving Tax Collection and Combating Tax Evasion ✓ VAT gap has decreased from 37% in 2012 to 16.6% in 2020 The decrease is primarily due to measures that increased tax collection: • In 2020, online cash registers were introduced to tackle evasion in sectors with the largest VAT gap such as retail, hotels and restaurants In addition, electronic invoicing is expected to be introduced in June 2022 Value for Money (VfM) Initiative Government initiative to raise public spending efficiency (started in 2016) Compulsory spending reviews of at least 50% of government expenditures within the electoral cycle Reinforced the Ministry of Finance mandate in 2020: Strengthening the role of the VfM Unit in the investment process and managing the investment centralized budget Efficiency check of investment projects exceeding € 1mn Expected Reform of Fiscal Responsibility Act Implementation of multi-annual expenditure limits to promote effective fiscal policy Net debt basis to provide flexible liquidity management Recalibrations of debt thresholds, escape clauses, and respective sanctions Stronger emphasis on analytical input into the budgetary process キ 7#8EU Recovery and Resilience Plan (RRP) Kicks in RRP contributions to Slovakia's expected GDP growth 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% 2021 2022 2023 2024 2025 2026 other factors RRP contribution GDP growth rate RRP is expected to boost the economy mainly from 2022 to 2025 Slovak economy is set to grow by 4.2% in 2022, partly due to financial impulse from the RRP • Public investment funded by the RRP will boost the output by approx. EUR 1 bn each year until 2025 + 8 ARDAL Source: MoF#9GDP per capita in PPS EU28=100 (2019) Ongoing Economic Convergence to EU28 140.0 Nations that converged closer to EU 120.0 100.0 NL AT ♦ DK SE DE FI BE EU FR UK MT ♦ IT CZ ES CY LT EE 80.0 Slovakia H4 PT PL ♦ HU ◆ LV RO EL HR 60.0 BG 40.0 20.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 GDP per capita in PPS EU28=100 (1995) ARDAL Successful transformation to market economy Fast speed of convergence: 29 p.p. in 24 years Current level: 73.3% of the EU28 GDP per capita + Source: IMF 6#10Slovakia - A Top Performer among Eurozone Countries ARDAL Slovakia's economic performance declined in 2020 due to coronavirus - in line with that of peer countries ✓ Healthy and competitive external sector and industrial production supported by drawings from EU funds and RRP suggest a high growth potential for Slovakia ✓ Convergence is almost complete for the unemployment and inflation rates Slovakia's Public Debt to GDP is one of the lowest in the region, at around 60% compared to 98% Eurozone average, and therefore has a sufficient room to face COVID-19 emergency Net debt in 2020 only at 52.8 % of GDP (net debt = gross debt - assets managed by ARDAL) Real GDP growth (%) Inflation- HICP (%) Unemployment rate (%) Current Account Balance (% of GDP) Budget Balance (% of GDP) Structural Budget Balance (% of pot. GDP)* General Government Gross Debt (% of GDP) Slovakia Belgium Finland 2019 2020 2019 2020 2019 2020 Eurozone 2.5 (4.8) 1.8 (6.3) 1.3 2019 2020 (2.9) 1.5 (6.3) 2.8 2.0 1.2 0.4 1.1 0.4 1.2 0.3 5.8 6.7 5.4 5.6 6.7 7.8 7.6 7.9 (2.7) (0.4) 0.3 (0.2) (0.3) 0.8 3.1 3.0 (1.3) (6.2) (1.9) (9.4) (0.9) (5.4) (0.6) (7.2) (2.3) (4.7) (2.8) (5.6) (1.2) (3.4) (1.2) (3.6) 48.2 60.6 98.1 114.1 59.5 69.2 83.9 98.0 + Source: Eurostat, EC EC spring forecast 2021 110 10#11Strong Productivity and GDP Growth ✓ Slovakia's real labor productivity and GDP per capita have consistently been higher compared to peers Real labor productivity per hour worked ARDAL GDP per capita (chain-linked volumes) 2010=100 2010=100 130 125 120 115 110 105 100 95 90 2007 2008 2009 2010 2011 Slovakia Finland * Data for 2020 for Belgium is not available Belgium 2012 2013 2014 2015 2016 Euro area (19 countries) 2017 2018 2019 2020 H= 11 130 125 120 115 110 105 100 95 90 2007 2008 2009 Slovakia 2010 Finland 2011 2012 2013 Belgium 2014 2015 2016 2017 2018 Euro area (19 countries) 2019 2020 Source: Eurostat#128% 4% 0% -4% -8% -12% Economic Outlook - Better than EU Average ARDAL The decline in Slovakia's real GDP growth in 2020 was milder than the EU average and the euro area average ✓ Second half of 2020 saw strong recovery mainly due to resilient manufacturing production and strong exports ✓ Outlook for 2021 is better than the EU and euro area average Real GDP Growth in 2020 Ireland Lithuania Luxembourg Denmark Poland Sweden Finland Estonia Latvia Netherlands Romania Bulgaria Slovenia Germany Slovakia Hungary Cyprus Czechia EU27 Belgium Austria Euro area Portugal 8% 6% 4% do do ou ove do 2% 0% Expected Real GDP Growth in 2021 Il l l l l l l l l l T Romania Ireland Hungary Spain France Slovenia Malta Belgium Croatia Italy Estonia Slovakia Luxembo. Poland Euro area Sweden Bulgaria EU27 Cyprus Greece 12 + Latvia Austria Germany Netherlands France Croatia Greece Czechia Portugal Lithuania Malta Denmark Italy Finland Spain Source: Eurostat, European Commission Summer 2021 Forecast#1318.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2004 Unemployment Rate Increased Due to Crisis ✓ The unemployment rate declined towards historical minimum in 2019 ✓ However, the pandemic naturally caused an increase in unemployment, in line with Eurozone peers 2005 2006 2007 2008 2009 2010 Belgium ⚫Slovakia Unemployment Evolution versus Peers 2011 2012 2013 2014 * Data for 2020 for other countries is not available yet, but an increase in the unemployment rate is also expected in those countries. 2015 Euro area - 19 countries (from 2015) H 13 2016 Finland 2017 2018 2019 7.9 7.8 2020 Source: Eurostat 5.6 6.7 ARDAL#14Open and Export-Oriented Economy External imbalances are curbed ✓ Strong export performance stabilizes the current account position 6.0 4.0 2.0 0.0 -2.0 -4.0 Economic Composition of Accounts (% of GDP) ARDAL -6.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e 2023e 2024e Goods Services Primary income Secondary income -O-Current account + 14 Source: NBS; MoF March 2021 Forecast#15Key Trading Partners in the First Half of 2021 1% 1% 2% 2% Imports By Geography (%) 24% 5 હર હર્ષ 20% ■Germany ■Czech Republic ■ China ■ Korea, Republic of ■Russian Federation ■ Poland I Viet Nam 9% ■ France ■ Hungary ■ Italy ■ Austria 7% 5% 4% 5% 5% ■ Spain ■ Romania ■United Kingdom ■Netherlands ■ Other NO NO NO NO H 15 2% Exports By Geography (%) ARDAL 15% 23% ■Germany ■Czech Republic ■ Poland ■France ■ Hungary Austria ■ Italy ■United Kingdom ■ United States 3% 3% 4% 5% 8% 5% 6% 7% 11% ■ China ■ Spain ■ Romania ■Netherlands ■Russian Federation ■ Sweden Other Source: Statistical Office of the Slovak Republic#16Key Export and Import Products in the First Half 2021 2% 3% 3% 2% 9% 6% 7% Imports by Product (%) ■Machinery, electr. Equipment ■ Vehicles 1% 2% 2% 2% ■Base metals and articles of base metal ■Mineral products 3% 33% 3% Products of the chemical 5% industries Plastics and articles thereof ■Miscellaneous manufactured 10% articles ■Prepared foodstuffs; 8% 17% 10% beverages; tobacco ■Textiles and textile articles ■ Optical ■ Other ㄝ 16 Exports by Product (%) 7% 29% ARDAL 36% ■ Vehicles ■Machinery, electr. Equipment ■Base metals and articles of base metal Plastics and articles thereof ■Mineral products Miscellaneous manufactured articles ■ Products of the chemical industries ■ Textiles and textile articles ■Prepared foodstuffs; beverages; tobacco ■Pulp of wood, cellulose ■ Other Source: Statistical Office of the Slovak Republic#17Ratings Reflect a Solid Credit Profile Rating Agency Rating Comments ARDAL MOODY'S STANDARD & POOR'S A2 Stable (June 2021) A+ Stable (May 2021) "Government fiscal metrics remain strong in a global comparison against a level of institutional strength that, although high in a broader international comparison, continues to be constrained by long-standing issues related to the rule of law and control of corruption" "The stable outlook balances the consequences of the pandemic on public finances with our expectation of an economic rebound facilitated by a steady absorption of EU funds and continued investments from the private sector into Slovakia's productive capacity" Fitch Ratings A Negative (April 2021) "Slovakia's banking sector is well-capitalised with strong asset quality. Fitch expects that the banking sector will be largely resilient to the crisis" H 17 Sources: Moody's, S&P and Fitch#18Prudent Fiscal Policy to be Reintroduced in 2022 ARDAL Since the Global Financial Crisis in 2009, Slovakia successfully reduced the government deficit by 6.8 p.p. of GDP (2019) Deficit deterioration since 2020 reflects the outbreak of COVID-19 pandemic Medium-term fiscal consolidation is expected to start in 2023 (structural consolidation of 1 p.p. of GDP annually) General Government balance % of GDP 6.0 4.0 2.0 0.0 - 2.0 - 4.0 - 6.0 - 8.0 - 10.0 - 12.0 2007 2008 2009 2010 2011 2012 ■Slovakia EU Government budget deficit rule (-3%) 2018 2019 2020 2021e 2022e Belgium 2014 2015 2016 2017 2013 Euro area - 19 countries (from 2015) Finland H 18 Source: Eurostat, EC Spring forecast 2021#19Government's Objective to Stabilize Post-Pandemic Debt ARDAL ✓ ✓ Public debt on a declining trajectory since 2014, with cumulative decrease of 6.5% of GDP until 2019 Previous debt to GDP ratio decline driven by macroeconomic growth, inflation and primary surpluses Outbreak of COVID-19 elevated public debt by more than 12 p.p. of GDP Medium-term objectives: 1) stabilization of debt to GDP ratio Percentage Points 18 15 12 6 0 2) subsequent consolidation well below 60 % Change in the Public Debt to GDP Ratio -3 2012 2013 2014 2015 2016 2017 ■Slovakia ■Finland 2019 ■Euro area - 19 countries (from 2015) 2018 2020 2021e ■Belgium 2022e ‡ Source: Eurostat, EC spring forecast 2021 19#20Long-term Debt Position Anchored by the Debt Brake ARDAL Strong commitment to keep public debt below 50% of GDP "debt brake” (well below euro area average and Maastricht criterion) Fiscal responsibility act (national debt brake) became stricter starting from 2018: ✓ Overall fiscal position worsened in 2020 due to outbreak of COVID-19 ✓ European Commission estimates debt to GDP ratio below 60% already in 2021 ✓ Government proposal of Fiscal Responsibility Act amendment to be approved in 2021 % of GDP 120 110 100 90 80 70 60 50 40 30 20 10 Public Debt to GDP Ratio 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e Slovakia Euro area 19 countries (from 2015) Maastricht limit Finland Belgium SK debt break 1st lower limit H 20 Source: Eurostat, EC spring forecast 2021#21Prudent Debt Management Strategy 21 27#22Debt Management in 2021 ARDAL Financial needs originally planned at EUR 10.6 billion ✓ Positive development in State budget deficit and State Treasury funds ✓ Financial needs revised down to approximately EUR 7.1 billion State budget deficit for 2021 originally approved at EUR 8.1 billion (State budget for 2021); reality may be better Issued EUR 5.0 billion bonds (as of 30.9.2021) EUR 1.5 billion via international Syndication EUR 3.5 billion via regular auctions (includes September auction) Loans received in amount of EUR 0.3 billion ✓ Only EUR 330 million received from EU SURE programme Expected activity till the end of 2021 (since 1.10.2021) Syndicated EUR 0.8 billion via auctions transaction in size of EUR 1.0 billion (potentially larger) No T-bills, no loans H 22 Source: Ardal#23Debt Management in 2021 (cont'd) v Total redemptions EUR 2.5 billion EUR 1 billion bonds matured in March 2021 EUR 1.5 billion T-bills matured in January and May 2021 One syndicated bond transaction in first half of the year EUR 1.5 billion 15Y benchmark issued in April with a re-offer yield of 0.435 % p.a. Bond auctions stable on third Monday of each month except July, August & December Four bonds offered in the first half of the year; three bond auctions scheduled from September No special auctions, no auction with remuneration ARDAL Cheap financing continued Weighted average yield at 0.14% p.a. (new issuance, as of 30.9; recorded all time low); weighted average maturity 12.9 years (new issuance, as of 30.9) Strong presence of ECB Continuing PSPP (holdings EUR 16.4 billion; as of end of August 2021) and PEPP (holdings EUR 6.7 billion; as of end of July 2021) In reality significantly lower monthly purchases compared to potential purchases based on ECB capital key 牛 23 Source: Ardal#24Debt Management Outlook in 2022 Total redemptions in 2022 only EUR 1.3 billion equivalent EUR 1.16 billion equivalent - USD 1.5 billion bond maturing in May 2022 ✓ EUR 0.14 billion equivalent - CHF 0.175 billion bond maturing in April 2022 Uncertainty about state budget cash deficit ✓ Cash deficit of state budget around EUR 4.6 billion in 2022 (preliminary estimate) Total gross financing needs will be around EUR 5.9 billion, depending on budget deficit - EUR 2.0 3.0 billion can be issued via regular monthly auctions EUR 2.0 3.0 billion can be issued via syndications No T-bills No specific loans planned but could be arranged based on market conditions Issued amounts can change based on State Treasury funds development + liquidity buffer optimization Ultra-long or foreign currency issuances are less likely + 24 ARDAL Source: Ardal#25Bond Redemption Profile Smooth redemption profile not exceeding EUR 6 billion redemption in any single year ✓ Only small redemptions in 2022 EUR bn 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Slovakia Bond Redemptions ARDAL 2068 2066 2064 2062 2050 2048 2046 2044 2042 2040 H 2038 Available additional amount to be sold through auctions and syndicate 2060 2058 2056 2054 Source: ARDAL, data as of September 30, 2021 2052 25 2036 2034 2032 2030 2028 2026 Maturing bonds 2024 2022#26Government Bond Portfolio Metrics Average maturity increased steadily since 2012 – maintained above 8 years since 2018 ✓ At the same time average YTM was reduced significantly Average Maturity and Yield Metrics for Slovakia ARDAL 9 4.5% 4.0% 8 3.5% 7 3.0% 6 2.5% 54 3 III 2.0% 1.5% 1.0% 0.5% 2 0.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Avg. Maturity (years, Ihs) Avg. YTM (new issuance, rhs) H 26 Source: ARDAL, data as of June 30, 2021#27Risk Indicators Comparison ARDAL As of 31 March 2021 Slovakia Belgium France Slovenia Latvia Germany Austria Euro Area Average Life of Debt (years) 8.44 10.02 8.37 9.94 4 9.20 7.11 9.73 7.83 Refinancing Risk 1Y (% of total debt) 1.35 15.86 13.70 10.42 8.01 18.40 16.37 15.23 Refinancing Risk 5Y (% of total debt) 32.64 39.46 46.10 34.23 43.57 52.70 52.38 48.60 Refixing Risk 1Y (% of total debt) 1.36 16.31 23.91 10.83 9.55 25.30 16.99 24.01 Refixing Risk 5Y (% of total debt) 32.64 39.91 52.38 34.31 47.41 58.40 53.00 52.96 Foreign Debt to Total Debt (before derivatives) % 3.91 1.48 0.00 3.82 4.02 0.00 4.60 0.66 Foreign Debt to Total Debt (after derivatives) % 0.03 0.00 0.00 0.08 1.20 0.00 0.00 0.04 Prudent risk management ✓ Average debt maturity of Slovakia at Euro Area level and comparable with higher rated issuers ✓ Sufficient space for short term financing and shock absorption H 27 Source: ESDM, data as of March 31, 2021#28MTS Slovakia Introduction of MTS Slovakia in February 2018 Quoting obligation for Primary Dealers ✓ Average monthly trading volume EUR 90 million since inception Slovak PDs Secondary Market (EMAR) ARDAL EUR mn 4,000 3,500 3,000 2,500 26 2,000 14 1,500 170 517 1,000 500 1,125 765 700 757 818 806 0 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jan-19 243 190 142 189 1,678 152 128 34 266 44 20 20 ,292 78 34 544 538 456 442 534 382 181 220 Dec-20 Nov-20 Oct-20 Sep-20 Aug-20 Jul-20 Apr-20 Mar-20 Feb-20 Jan-20 Nov-19 Dec-19 Oct-19 Sep-19 Jul-19 Aug-19 ■EMAR without MTS ■ MTS キ May-20 Jun-20 28 158 80 106 3,204 56 140 80 2,327 70 8 157 168 124 4 44 24 1,217 1,321 868 941 908 812 756 621 640 578 816 648 Jan-21 Feb-21 Mar-21 Jun-21 May-21 Apr-21 Source: ARDAL, data as of June 30, 2021#29Interest Payments Development ARDAL Interest payments are at historical lows as a percentage of GDP ✓ ECB's PSPP further helped in decreasing interest payments ✓ Sharp drop in 2021, 2020 and partially in 2019 due to significant premium received (bonds issued above par) 1.30 1.20 1.10 1.00 0.90 0.80 0.70 0.60 0.50 2013 2014 Interest Payment Dynamics for Slovakia THE 2015 2016 Interest payments in EUR bn (lhs) 2017 2018 2019 --Interest payments in % of GDP (rhs) H 29 2.0% 1.8% 1.6% 1.4% 1.2% 1.0% 0.8% 0.6% 2020 2021 Source: ARDAL, data as of June 30, 2021#30Low Currency Risk and Diversified Investor Base 0.03% 0.5% 0.7% 2.1% Debt hedged against FX risk Currency Breakdown (%) 96.6% EUR ■ USD ■ NOK ■CHF ■ JPY ARDAL ✓ Increasing portfolio holdings of residents due to PSPP and PEPP Investor Type Breakdown (%)* H 30 46.7% ■Resident - Banks 49.9% ■ Resident - other institutions ■ Resident - retail 0.01% 3.4% ■ Non-residents *Bonds held in Slovak Central Securities Depository Source: ARDAL, data as of June 30, 2021#31Government Bond Yields 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% Jan-15 Jul-15 10y-Slovakia Slovakia 10Y Government Bond versus Peers ARDAL Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 -10y-Germany Note: Data for Slovenia not available for whole period 10y-France H 31 10y-Belgium -10y-Finland -10y-Slovenia Source: Bloomberg, NBS, Deutsche Bundesbank, as of September 2021#32Auction Calendar 2021 - Bonds Auction Date 18 January 15 February 15 March 19 April 17 May 21 June 20 September 18 October 15 November Government Bonds Settlement Date 20 January 17 February 17 March 21 April 19 May 23 June 22 September 20 October 18 November ARDAL Auctions on the third Monday of the month – no auction during July, August and in December Settlement T+2 (Wednesday) ✓ Non-competitive part of the auction usually on the next day (Tuesday) with settlement T+1 (Wednesday) Possibility to include additional auctions based on the funding requirements and market conditions ‡ 2 32 Source: ARDAL#33Auction Calendar 2021 - Treasury Bills Currently there are no Treasury Bills auctions planned ✓ The auction can be added into the auction calendar based on state budget development Treasury Bills are sold in competitive auctions (Dutch type - single price) Settlement T+2 + 33 ARDAL#34Primary Dealers of the Slovak Republic ✓ Barclays Bank Ireland PLC Citibank Europe PLC ✓ Československá obchodná banka, a.s. (KBC Group) Deutsche Bank AG ✓ HSBC Continental Europe S.A. ✓ J.P. Morgan AG NATIXIS Slovenská sporiteľňa, a.s. (Erste Group) Tatra banka, a.s. (RBI Group) ✓ UniCredit Bank Czech Republic and Slovakia, a.s. ✓ Všeobecná úverová banka, a.s. (Intesa Sanpaolo Group) + 34 ARDAL#35Contacts ARDAL Debt and Liquidity Management Agency Agentúra pre riadenie dlhu a likvidity - ARDAL Radlinského 32 813 19 Bratislava Slovak Republic Daniel Bytčánek Managing Director Peter Šoltys Head of Debt Management Department www.ardal.sk Reuters/Bloomberg: DLMA [email protected] [email protected] G TÜV SÜD ISO 9001 H 35 TÜV SÜD ISO 27001#36Disclaimer ARDAL THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES. IT HAS BEEN PREPARED FOR INFORMATION PURPOSES ONLY. THIS PRESENTATION IS NOT INTENDED TO CONTAIN ALL OF THE INFORMATION THAT MAY BE MATERIAL TO AN INVESTOR. 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PRIOR TO ENGAGING IN ANY TRANSACTION, POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF THE SECURITIES AND ANY APPLICABLE RISKS. THIS DOCUMENT IS NOT A PROSPECTUS FOR ANY SECURITIES REFERENCED HEREIN AND NO PROSPECTUS HAS BEEN OR WILL BE PREPARED AND APPROVED BY RELEVANT AUTHORITIES IN RESPECT OF ANY SECURITIES REFERENCED HEREIN IN ANY JURISDICTION. INVESTORS SHOULD ONLY SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN ON THE BASIS OF INFORMATION IN THE RELEVANT OFFERING CIRCULAR AND TERMS AND CONDITIONS AND NOT ON THE BASIS OF ANY INFORMATION PROVIDED HEREIN. キ 36