Structural Reforms For Long-Term Development

Risk Indicators of the Slovak Debt Portfolio ARDAL Values at historical lows ✓ Sufficient space for short term financing and shock absorption Debt portfolio for the next year Debt Portfolio for the next 5 cumulative years Refinancing Risk Refixing Risk Refinancing Risk Refixing Risk 80% 45% 75% 40% 70% Value set in strategy for refinancing 35% Value set in strategy for 65% 30% refixng risk 60% 25% 55% 20% 15% Value set in strategy for 10% refinancing risk 5% 0% 2009 2010 Source: ARDAL as of 30/09/2018 2018 2017 2016 2015 2014 2013 2012 2011 50% 45% 40% 35% 30% ㄝ 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 and refixing risk 28

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