Investor Presentaiton

THE GOVERNMENT OF THE GRAND-DUCHY OF LUXEMBOURG Ministry of Finance 4: CREDIT RATING Standard & Poor's AAA Stable outlook Moody's Fitch Aaa Negative outlook AAA Stable outlook The rationale behind this strong AAA rating is: Standard & Poor's High wealth levels, GDP per capita likely to exceed a forecast €86,000 in 2013 A stable, predictable, and transparent political environment A strong government balance sheet Outlook: Luxembourg's strong government balance sheet, wealthy population, and stable political environment should be sufficient to outweigh risks to its economy. Moody's Fitch . Large net financial assets and low levels of public debt Political stability and historically robust economic performance Attractive business environment Outlook: negative outlook is part of a broader exercise reassessing the outlook on Aaa-rated member countries of the euro area in the context the sovereign crisis. Rich Economy, Strong Institutions Strong Public Balance Sheet Large, Sound Financial Sector Outlook: strong and stable institutions foster confidence in the sovereign's ability and willingness to honour its public debt commitments. Source: Moody's / Standard & Poor's / Fitch Investor Presentation, June 2013 13 of 40

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