Investor Presentaiton

THE GOVERNMENT OF THE GRAND-DUCHY OF LUXEMBOURG Ministry of Finance 3: PUBLIC FINANCES Luxembourg is the only country that has consistently respected the Maastricht criteria Budgetary Deficit <3% of GDP 5% 4% plo do do do do 7% 6% 3% 2% 1% 0% -1% - -2% -3% -4% -5% 2011 20.10 2009 2008 2007 2006 2005 2004 2003 2002 2001 REFERENCE VALUE: -3% OF GDP . Budgetary balance - in % of GDP 2000 Source: 14th Update of the Luxembourg Stability and Growth Programme 2013-2016 Investor Presentation, June 2013 2016 2015 7 of 40

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