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Slovenia: Solid fundamentals protect during the international crisis January 2011 Ministry of Finance Republic of Slovenia

Table of Contents Country Overview Key Strengths Strong Economic Performance over the Past Years Policy response to global financial crisis Financing Programme 3

Key Considerations Euro area member for over four years (joined January 1 st, 2007) Prudent fiscal policy track record and steady competitiveness position Low government debt with low borrowing requirement in the future Sound banking system Solid economic fundamentals and adequate policy response to crisis to mitigate its impact Government committed to stability and sustained reform 4

Country Overview 5

Slovenia: Member of the Euro area for 4 years Austria Italy Hungary Population of 2 million Track record of strong macroeconomic performance GDP per capita over 88 % of EU average Stable multi-party democracy Joined the euro area in January 2007 Joined OECD in June 2010 Slovenia Croatia 6

A strong sovereign credit in the euro zone Peer credit ratings Double A credit rating (Aa 2 / AA /AA) Well diversified and open economy Sustained real convergence Low public debt burden (35. 4 % of GDP in 2009) Belgium Aa 1/ AA+/AA+ Slovenia Aa 2 / AA /AA ECB eligibility for government paper Italy Aa 2/A+/AA- Well recognised economic and political stability Portugal A 1/ A- /A+ Source: Moody’s/ Standard & Poors/Fitch (January 3 rd, 2011) 7

Also a strong credit in European Union AAA AU; DK; FI; FR; DE; LU; NL; SE; UK AA+ BE AA SLOVENIA; ES A+ IT; SK A MT; EE; CZ; IRL; CY A- PT, PL BBB BG; LT BBB- HU BB+ GR, RO, LV Source: Standard & Poor`s, January 3 rd, 2011 8

Strong Economic Performance over Past Years 9

High and sustained degree of real convergence Source: Eurostat 10

Growth led by exports and investments Source: Eurostat 11

Slovenia has a highly diversified economy Industry, agriculture and services value added, 2009 Comparable to EU member states Growth is driven by manufacturing and services Successful and growing tourism industry Small agricultural sector Source: SORS 12

Export driven economy Focus on high value-added exports More than two thirds of exports destined for EU € 16 bn exports of goods and services in 2009; 45. 9% of GDP Exports of goods (2009) Geographic distribution, 2009 Source: SORS 13

Good labour market performance Source: Eurostat 14

Competitiveness preserved and convergence to EU levels sustained Real effective exchange rate index (1999 = 100) Productivity Source: Eurostat 15

Maintaining market share in EU-15 Exports of goods from Slovenia to EU-15 as % share of EU-15 intra-EU imports Source: Eurostat 16

Strong investment over the past years Current account balance % GDP (2009) Slovenia´s current account balance (% GDP) Source: Eurostat, January 2011 Source: Eurostat 17

Good financial position and sound banking system Low external indebtedness of the economy Lowest household indebtedness in EMU 30% of GDP in 2008 and 33% in 2009 Banking sector assets in GDP only one third of EMU average Banking system’s cross-border indebtedness of about 46% of GDP Comfortable banking system capital adequacy of 11. 4% and Tier 1 of 9. 1% (June 2010) Short-term net creditor position of domestic banking system vis-a-vis euro area Banking system’s external debt maturity profile is spread out (bulk more than 2 years) Source: IMF Banks have low exposure to toxic assets 18

50% 0% Slovakia 86% Slovenia 151% Greece 210% Finland 226% Italy 243% Portugal 310% Germany 310% Spain 326% Belgium 341% France 375% Austria 378% Netherlands 388% Malta 717% Cyprus 823% Ireland 829% Luxembourg 2096% Banking system still to catch up Total Assets of Financial Credit % GDP, 2009 500% 450% 400% 350% 300% 250% 200% 150% 100% Source: AMECO, ECB"EU banking structures" 19

Housing market: High owner occupation rate and low indebtedness Source: ECB 20

Policy response to global financial crisis 21

Global financial crisis and collapse of trade Source: ECB Source: Eurostat 22

External openness strongly affected growth and investment Source: Eurostat 23

Stabilization and gradual recovery in line with major trading partners Source: Eurostat 24

Gradual recovery to influence fiscal consolidation path Source: European Commission, DG Economy and Finance, Eurostat 25

The downturn also reflected in inflation trends Source: Eurostat 26

Coordinated EU policy response to crisis…. Source: European Commission. Ameco 27

…in line with existing debt levels Source: Eurostat 28

Policy to safeguard jobs and economic potential Budgetary stimulus aims at limiting the impact of decline in external demand on productive capacity and jobs Three types of policy measures: slowing down the impact of the crisis on enterprises; enhancing enterprise financial liquidity and safeguarding existing jobs; increasing expenditure in research and education to improve the growth potential of the economy Budgetary policy economic support package in 2009 equivalent to 1. 6% of GDP. Most of the measures of temporary nature Additional support to small and medium size enterprises in the form of borrowing guarantees of up to € 1. 2 bn. 29

Preventive measures to ensure functioning of banking system in line with EU Financial system support measures include: Full retail deposit guarantee Guarantees for bank borrowing (€ 12 bn) up to 5 years, pricing according to EU/ECB guidelines On-lending to banks, insurance, reinsurances, pension companies Capital injections Purchase of claims (Banks) Measures other than deposit guarantee are subject to relevant supervisory institution’s endorsement Measures are being gradually phased out with normalization of financial markets and in accordance with EU decisions 30

Fiscal Consolidation and policy response Gradual fiscal consolidation over the past years 2009 deficit reflects strong economic downturn on tax revenue (automatic stabilizers) and discretionary policy to offset the impact of the crisis Fiscal policy to reduce deficit below 3% of GDP by 2013 General government deficit as % GDP and deficit structure in 2009 1 0, 5 0 2003 2004 2005 2006 -1 -1, 4 -2 -1, 3 2007 2008 -0, 9 2009 -2, 7 -2, 2 -3 -2, 7 -1, 6 Deficit Discretionary response Automatic stabilizers -4 -5 -5, 5 -6 Source: Ministry of Finance 31

Stability Programme submitted to EU General government deficit to return into the scope of Maastricht criteria (3% of GDP) by 2013 Source: Ministry of Finance 32

Withdrawal of fiscal stimulus and consolidation 2011 adopted budget reflects full withdrawal of fiscal stimulus by the end of 2010; however, Slovenia will act in line with EU and EMU policies and recommendations. Gradual, primarily expenditure driven fiscal consolidation over the medium term. Deficit below 3% of GDP by 2013 — — Rationalization of cost of public administration — Rationalization and better targeting of social transfers — Shifting investment financing towards EU funds — Rationalization and discontinuation of inefficient government programs Increase in excises’ rates and widening social security contribution tax base Modernization and reform of pension system. 33

Financing Programme 34

2011 borrowing requirement Max. gross borrowing: Purpose of borrowing: 4. 2 Bn. EUR Gross borrowing for 2011 central government budget: 2. 9 Bn. EUR — Pre-financing of debt due for redemption in 2012 and 2013: 1. 3 Bn. EUR — Already executed borrowing: Pre-financing of part of 2011 repayments executed in 2010: — 0. 3 Bn. EUR Expected structure of borrowing at the end of 2011: Short term (end of the year) 30 Ml. EUR — Long term Up to 3 Bn. EUR — 35

Further government debt market integration Established issuer in the Euro debt market International structure of primary dealers with strong domestic institutions — Abanka; Barclays Capital; BNP Paribas; Crédit Agricole CIB; Commerzbank; Deutsche Bank; Goldman Sachs; HSBC; ING; Jefferies; JP Morgan; Nova Ljubljanska Banka; RBS; Société Générale CIB; Uni. Credit Banka Slovenija Newly issued bonds trading on major international trading platforms MTS Slovenia (www. mtsslovenia. com), Bloomberg (SLOREP Govt ), Bondvision — Benchmark size issues to ensure liquidity (minimum € 1 bn) — Bonds in new S&P Eurozone Government Bond Index — MTS Slovenia established since March 2007 (www. mtsslovenia. com) Currently 17 system participants (14 international and 3 from Slovenia) — 8 bonds on the system (http: //www. mtsdata. com/content/data/public/rsl/bulletin/, http: //www. mtsdata. com/content/data/public/rsl/fixing/) — Broaden investor base to increase integration of Slovenia’s signature in the Euro area 36

Strong performance and support Name Ratings Size EUR mln Issue Date Maturity Cpn Bid Spr vs MS (at lunch) Dur (yrs) Slovenia 02/12 Aa 2/AA/AA 1 05. 02. 2009 05. 02. 2012 4, 25% 165 bps 1, 1 Slovenia 04/14 Aa 2/AA/AA 1, 5 02. 04. 2009 02. 04. 2014 4, 38% 160 bps 2, 9 Slovenia 03/15 Aa 2/AA/AA 1 17. 03. 2010 17. 03. 2015 2, 75% 37 bps 3, 9 Slovenia 02/16 Aa 2/AA/AA 1, 066 17. 01. 2005 17. 02. 2016 4, 00% - 4, 5 Slovenia 03/18 Aa 2/AA/AA 1 22. 03. 2007 22. 03. 2018 4, 00% -8 bps 6, 1 Slovenia 02/19 Aa 2/AA/AA 1 06. 02. 2008 06. 02. 2019 4, 38% -3 bps 6, 5 Slovenia 01/20 Aa 2/AA/AA 1, 5 26. 01. 2010 26. 01. 2020 4, 13% 68 bps 7, 2 Slovenia 09/24 Aa 2/AA/AA 1, 5 09. 2009 09. 2024 4, 63% 80 bps 9, 9 Source: MTS Slovenia, Bloomberg, 04 January 2011; Ministry of Finance Distribution by region Distribution by investor type 37

Strong relative performance in turbulent times Source: MTS. 38

Favourable state budget debt portfolio Stable debt service profile Most debt denominated in local currency Outstanding debt by type of currency (31. 12. 10) USD: 0. 0% Source: EUR: 99. 7% Other: 0. 3% Ministry of Finance 39

Contact details Republic of Slovenia Ministry of Finance Treasury Directorate Boštjan Plešec Director General bostjan. plesec@mf-rs. si Tel: +386 1 369 6410 Public Debt Management Department Marija Eber Head of Department marija. eber@mf-rs. si Tel: +386 1 369 6442 40