Investor Presentaiton

Slovakia - Credit Strengths ARDAL Strengths Credit キ Resilient Economic Growth Sound Fundamentals Fiscal Discipline Steady Debt Dynamics • • Strong track record of economic growth and high GDP per capita: compares well relative to EU peers Moderate economic downturn in pandemic: -4.4% in 2020 vs. -6.4% for euro area in real GDP terms and Solid post-pandemic growth prospects An export-oriented performer with balanced external accounts: moderate current account deficits explained by investment imports Well capitalized banking sector profitable with good asset quality COVID-19 pandemic crisis absorbed with lower fiscal costs compared to the other EU countries. Low volatility of revenues Reforms to the fiscal framework: including multi-annual expenditure ceilings covering 2022-25 will further help to reduce the debt burden Public debt still well below the Euro Area average High debt affordability: interest servicing costs are 2.7% of GDP for 2021 Export Oriented Competitive export sectors with high value niches in key industrial sectors (motor vehicles, machinery, equipment, metal products, electronics, etc.) Member of Key Political and Economic Organizations EU and Eurozone membership: supports Slovakia's institutional strength and credible macroeconomic policies 牛 5 Source: Moody's, IMF

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