Investor Presentaiton

Inflation criteria expected to be met in 2H 2007 Fiscal criteria to be met this year Long-term yields are below 14% 12% 200 10% EMU Entry in Sight Fulfilment of Maastricht Criteria 65% 60% 55% reference value of Maastricht criteria 8% 50% * Forecasts Source: Ministry of Finance, NBS 6% 45% Public debt level already below Maastricht threshold 4% 40% 2% 35% + EMU Entry Expected in January 0% 30% Inflation Fiscal deficit Interest rate FX volatility Public debt 2009 ■Maastricht Slovakia ++ 牛 Note: FX volatility is defined as deviation from central parity at 35.4424 SKK/E within the period from revaluation of the central parity (19.3.2007) up to 20.4.2007 % 12

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