Investor Presentaiton

Key considerations ■ The Slovak authorities are set on joining the euro in January 2009 - Slovakia is already in ERM II since November 2005. ■ Slovakia is quickly catching up on the eurozone - S&P forecasts for Slovakia GDP growth of +7.2% this year, while Moody's. forecasts 6.5%. Moody's and S&P see Slovak general government debt as a % of GDP as low and stable based on their forecasts. ■ Slovak government bond spreads in EUR have been tightening vs. debt of EU and EMU Sovereign and agency peers H

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