Obligation Slovenija 4.125% ( XS0982708926 ) en USD

Slovenija

100 % ▲

Slovenie

XS0982708926 ( en USD )

4.125% par an ( paiement semestriel )

18/02/2019 - Obligation échue

Prospectus brochure de l'obligation Slovenia XS0982708926 en USD 4.125%, échue

200 000 USD

1 500 000 000 USD

La Slovénie est un pays d'Europe centrale, membre de l'Union européenne et de l'OTAN, connu pour ses paysages alpins, sa côte adriatique, ses grottes karstiques et sa riche histoire et culture.

L'Obligation émise par Slovenija ( Slovenie ) , en USD, avec le code ISIN XS0982708926, paye un coupon de 4.125% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 18/02/2019

THE REPUBLIC OF SLOVENIA
U.S.$1,500,000,000 4.125 per cent. Notes due 2019
U.S.$2,000,000,000 5.250 per cent. Notes due 2024
The issue price of the U.S.$1,500,000,000 4.125 per cent. Notes due 2019 (the "2019 Notes") and the U.S.$2,000,000,000
5.250 per cent. Notes due 2024 (the "2024 Notes" and, together with the 2019 Notes, the "Notes") of the Republic of Slovenia
("Slovenia", the "Republic" or the "Issuer") is 99.331 per cent. and 98.247 per cent., respectively, of their principal amount.
Unless previously redeemed or cancelled, the 2019 Notes will be redeemed at their principal amount on 18 February 2019 and
the 2024 Notes will be redeemed at their principal amount on 18 February 2024. See "Terms and Conditions of the Notes 
Redemption and Purchase".
The 2019 Notes will bear interest from and including 18 February 2014 (the "Issue Date") at the rate of 4.125 per cent. per
annum payable semi-annually in arrear on 18 February and 18 August in each year, commencing on 18 August 2014. The 2024
Notes will bear interest from and including the Issue Date at the rate of 5.250 per cent. per annum payable semi-annually in
arrear on 18 February and 18 August in each year, commencing on 18 August 2014. Payments on the Notes will be made in
U.S. dollars without deduction for or on account of any Slovenian taxes and the Republic will pay additional amounts if any
such taxes are imposed, subject to certain exceptions as described under "Terms and Conditions of the Notes Taxation".
Application has been made to list the Notes on the Official List of the Luxembourg Stock Exchange and to admit the Notes
to trading on the Luxembourg Stock Exchange's regulated market pursuant to the rules and regulations of the Luxembourg
Stock Exchange.
This Offering Circular neither constitutes a prospectus pursuant to Part II of the Luxembourg law on prospectuses for securities (loi
relative aux prospectus pour valeurs mobilières) dated 10 July 2005 (the "Luxembourg Prospectus Law") which implements Directive
2003/71/EC, as amended (the "Prospectus Directive") nor a simplified prospectus pursuant to Part III of the Luxembourg
Prospectus Law. Accordingly, this Offering Circular does not purport to meet the format and the disclosure requirements of the
Prospectus Directive and Commission Regulation (EC) No. 809/2004 implementing the Prospectus Directive, as amended, and it
has not been, and will not be, submitted for approval to any competent authority within the meaning of the Prospectus Directive
and, in particular, the Supervisory Commission of the Financial Sector (Commission de Surveillance du Secteur Financier), in its
capacity as competent authority under the Luxembourg Prospectus Law. The Notes issued pursuant to this Offering Circular will,
therefore, not qualify for the benefit of the single European passport pursuant to the Prospectus Directive.
The Notes are expected to be rated BBB+ by Fitch Ratings Limited ("Fitch"), Ba1 by Moody's Investors Service, Inc.
("Moody's") and A- by Standard & Poor's Credit Market Services Europe Limited, a division of The McGraw-Hill Companies,
Inc. ("S&P"). A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or
withdrawal at any time by the assigning rating organisation. As at the date of this Offering Circular, each of Fitch and S&P is
established in the European Union and is registered under Regulation (EU) No. 1060/2009 (as amended) on credit rating agencies
(the "CRA Regulations"). Moody's Investors Service, Inc. is not established as a credit rating agency in the European Union and
is not registered in accordance with CRA Regulations, however, ratings issued by Moody's Investors Service, Inc., for debt issued
by the Government of Slovenia, are eligible for endorsement by Moody's Investors Service Ltd., which is established in the
European Union and registered in accordance with CRA Regulations.
The Notes have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act") or with any
securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within
the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws. Accordingly, the Notes are being offered, sold or delivered: (a) in the United States
only to qualified institutional buyers ("QIBs") (as defined in Rule 144A under the Securities Act ("Rule 144A")) in reliance on, and
in compliance with, Rule 144A; and (b) to Persons (other than U.S. Persons) (each as defined in Regulation S under the Securities Act
("Regulation S")) outside the United States in reliance on Regulation S. Each purchaser and prospective purchasers of the Notes will
be deemed to have made the representations described in "Subscription and Sale" and is hereby notified that the offer and sale of Notes
to it is being made in reliance on the exemption from the registration requirements of the Securities Act provided by Rule 144A. In
addition, until 40 days after the commencement of the offering, an offer or sale of any of the Notes within the United States by any
dealer (whether or not participating in the offering) may violate the registration requirements of the Securities Act if the offer or sale
is made otherwise than in accordance with Rule 144A. For a description of this and certain further restrictions on offers, sales and
transfers of the Notes and distribution of this Offering Memorandum; see "Subscription and Sale" and "Transfer Restrictions".
The 2019 Notes will initially be represented by two or more global certificates in registered form (the "2019 Global Certificates")
and the 2024 Notes will initially be represented by two or more global certificates in registered form (the "2024 Global
Certificates" and together with the 2019 Global Certificates, the "Global Certificates"), one or more of which will be issued in
respect of the 2019 Notes offered and sold in reliance on Rule 144A (the "2019 Restricted Global Certificates") and one or more
of which will be issued in respect of the 2024 Notes offered and sold in reliance on Rule 144A (the "2024 Restricted Global
Certificates" and, together with the 2019 Restricted Global Certificates, the "Restricted Global Certificates") and each will be
registered in the name of Cede & Co., as nominee for The Depository Trust Company ("DTC"), and one of which will be issued
in respect of the 2019 Notes offered and sold in reliance on Regulation S ("the 2019 Unrestricted Global Certificate") and one
of which will be issued in respect of the 2024 Notes offered and sold in reliance on Regulation S (the "2024 Unrestricted Global
Certificate" and, together with the 2019 Unrestricted Global Certificate, the "Unrestricted Global Certificates") and each will be
registered in the name of a common safekeeper (or its nominee) for Euroclear Bank SA/NV ("Euroclear") and Clearstream
Banking, société anonyme ("Clearstream, Luxembourg") and/or any other relevant clearing system. It is expected that delivery
of the Global Certificates will be made on 18 February 2014 or such later date as may be agreed (the "Closing Date") by the
Republic and the Joint Lead Managers (as defined under "Subscription and Sale").
Joint Lead Managers
BARCLAYS
GOLDMAN SACHS INTERNATIONAL
J.P. MORGAN
Offering Circular dated 13 February 2014

To the best of the knowledge and belief of the Issuer (which has taken all reasonable care to ensure
that such is the case), this Offering Circular contains all information with respect to the Issuer and the
Notes which is material in the context of the issue and offering of the Notes, the information contained
in this Offering Circular is true and accurate in every material respect and is not misleading, the
opinions and intentions expressed in this Offering Circular are honestly held and there are no other
facts the omission of which makes misleading any statement herein, whether of fact or opinion. The
Issuer accepts responsibility for the information contained in this Offering Circular accordingly.
No person has been authorised in connection with the offering of the Notes to give any information or
make any representation regarding the Issuer or the Notes other than as contained in this Offering
Circular. Any such representation or information should not be relied upon as having been authorised
by the Issuer or any agency thereof or the Joint Lead Managers (as defined in "Subscription and Sale").
Effective from the date of commencement of discussions concerning the Issuer or the sale of Notes,
prospective purchasers of Notes and each of their employees, representatives or other agents may
disclose to any and all persons, without limitation of any kind, the U.S. federal income tax treatment
and tax structure of the offering and all materials of any kind, including opinions or other tax analyses
that the Issuer has provided to such prospective purchasers relating to such U.S. federal income tax
treatment and tax structure. Neither the delivery of this Offering Circular nor any sales made in
connection with the issue of the Notes shall, under any circumstances, constitute a representation that
there has been no change in the affairs of the Issuer since the date hereof.
To the fullest extent permitted by law, the Joint Lead Managers do not accept any responsibility for the
contents of this Offering Circular or for any other statement made or purported to be made by the Joint
Lead Managers in connection with the Issuer or the issue and offering of the Notes. The Joint Lead
Managers accordingly disclaim all and any liability whether arising in tort or contract or otherwise
which any of them might otherwise have in respect of this Offering Circular or any such statement.
Each person receiving this Offering Circular acknowledges that such person has not relied on the Joint
Lead Managers or any person affiliated with the Joint Lead Managers in connection with its
investigation of the accuracy of such information or its investment decision. Each person
contemplating making an investment in the Notes must make its own investigation and analysis of the
creditworthiness of the Issuer and its own determination of the suitability of any such investment, with
particular reference to its own investment objectives and experience and any other factors which may
be relevant to it in connection with such investment.
The Notes have not been approved or disapproved by the U.S. Securities and Exchange Commission, any
State securities commission in the United States or any other U.S. regulatory authority, nor have any of
the foregoing authorities passed upon or endorsed the merits of the offering of the Notes or the accuracy
or adequacy of this Offering Circular. Any representation to the contrary is a criminal offence in the
United States.
This Offering Circular has been prepared by the Issuer for use in connection with the offer and sale of
the Notes outside the United States, the resale of the Notes in the United States in reliance on Rule
144A and the admission of the Notes for listing on the Luxembourg Stock Exchange. The Issuer and
the Joint Lead Managers reserve the right to reject any offer to purchase the Notes, in whole or in part,
for any reason. This Offering Circular does not constitute an offer to any person in the United States
other than any QIB to whom an offer has been made directly by the Joint Lead Manager or their U.S.
broker-dealer affiliates. Distribution of this Offering Circular to any person within the United States,
other than any QIB and those persons, if any, retained to advise such QIB with respect thereto, is
unauthorised and any disclosure without the prior written consent of the Issuer of any of its contents
to any such person within the United States, other than any QIB and those persons, if any, retained to
advise such QIB, is prohibited.
This Offering Circular does not constitute an offer of, or an invitation by or on behalf of, the Issuer or
any agency thereof or the Joint Lead Managers to subscribe or purchase any of the Notes. The
distribution of this Offering Circular and the offering of the Notes in certain jurisdictions may be
restricted by law. Persons into whose possession this Offering Circular comes are required by the Joint
Lead Managers to inform themselves about and to observe any such restrictions. For a description of
certain further restrictions on offers and sales of Notes and distribution of this Offering Circular, see
"Subscription and Sale" and "Transfer Restrictions".
In this Offering Circular, unless otherwise specified or unless the context otherwise requires, references
to "EUR", "" or "euro" are to the currency introduced at the start of the third stage of European
Economic and Monetary Union pursuant to the Treaty establishing the European Community (as
ii

amended from time to time). On 1 January 2007, the euro became legal tender in Slovenia. It replaced
the Slovenian tolar at the fixed exchange rate of 1 = 239.64. References to "billions" are to thousands
of millions.
References to "Uradni list Republike Slovenije" are to the official gazette of the Republic of Slovenia.
References to the "Government" are to the government of the Republic of Slovenia.
Information contained herein that is identified as being derived from a publication of the Republic of
Slovenia or one of its agencies or instrumentalities is included herein on the authority of such
publication as an official public document of the Republic of Slovenia. All other information
contained herein is included as an official public statement made on the authority of the Minister of
Finance of the Republic of Slovenia.
Statistical data appearing in this Offering Circular has, unless otherwise stated, been obtained from the
Statistical Office of the Republic of Slovenia (the "SORS") and the Bank of Slovenia. On the basis of
these calculations, where appropriate, projections were made by the SORS, the Bank of Slovenia, and
the Institute for Macroeconomic Analysis and Development (IMAD/UMAR). Budget data, including
pension fund data, and data relating to indebtedness has been obtained from the Ministry of Finance
of the Republic of Slovenia (the "Ministry of Finance"). The same databases are used for regular
reporting. Similar statistics may be obtainable from other sources, although the underlying
assumptions and methodology, and consequently the resulting data, may vary from source to source.
Although every effort has been made to include in this Offering Circular the most reliable and the most
consistently presented data, no assurance can be given that such data was compiled or prepared on a
basis consistent with international standards and practices. However, as far as the Issuer is aware and
is able to ascertain from the information published by these entities, the information has been
accurately reproduced and no facts have been omitted which would render the reproduced information
inaccurate or misleading in any material respect. In this Offering Circular, the data is presented as
having been provided by the relevant responsible source. The relevant interim periods in 2013 and 2014
for which, and/or the relevant dates in 2013 and 2014 as at which, data is presented may differ
depending on the most recent information available from the relevant responsible source.
Unless otherwise stated, all annual information, including budgetary information, is based on calendar
years. Gross Domestic Product ("GDP") is a measure of the total value of final products and services
produced in the country. Gross Value Added ("GVA") is a measure of the total value of products and
services before taking account of taxes and subsidies. Unless otherwise stated, all references to "GDP"
or "GVA" are to "real GDP" or "real GVA", which measures the total value in constant prices, thus
allowing historical GDP comparisons that exclude the effect of inflation. For the purposes of this
Offering Circular, real GDP figures are calculated by reference to previous year prices. Nominal GDP
measures the total value in current prices.
Certain figures included in this Offering Circular have been subject to rounding adjustments;
accordingly, figures shown for the same category presented in different tables may vary slightly and
figures shown as totals in certain tables may not be an arithmetic aggregation of the figures which
precede them. Certain statistical information relating to periods in 2013 should be treated as
preliminary and any statistical information may be subject to future adjustment.
This Offering Circular is based upon statistics from 2007 to 2012 and certain statistical information for
periods in 2013 and 2014. Statistical information for interim periods shorter than one year may not be
directly comparable to full-year data.
Certain revisions of historical data were undertaken by the SORS in 2011 in order to implement the
Commission Regulation (EU) No. 715/2010 of 10 August 2010. The aim of these revisions was to bring
the statistical methods applied within the Republic of Slovenia in line with the approach adopted
throughout the rest of the European Union ("EU") in accordance with the applicable Eurostat rules.
The Eurostat methodology includes more detailed subclassifications in the general government sector
and introduces non-material changes in the classification of some source items, including, for example,
certain labour market data.
iii

STABILISATION
In connection with the issue of the Notes, J.P. Morgan Securities plc (the "Stabilising Manager") or any
person acting on behalf of the Stabilising Manager may over-allot Notes or effect transactions with a view
to supporting the market price of the Notes at a level higher than that which might otherwise prevail.
However, there is no assurance that the Stabilising Manager (or any persons acting on behalf of the
Stabilising Manager) will undertake stabilisation action. Any stabilisation action may begin on or after
the date on which adequate public disclosure of the terms of the offer of the Notes is made and, if begun,
may be ended at any time, but it must end no later than the earlier of 30 days after the Issue Date of the
Notes and 60 days after the date of the allotment of the Notes. Any stabilisation or over-allotment must
be conducted by the Stabilising Manager (or persons acting on behalf of the Stabilising Manager) in
accordance with all applicable laws and rules.
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A
LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED
STATUTES ("RSA") WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A
SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF
NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF NEW
HAMPSHIRE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE
AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN
EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION
MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS
OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON,
SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO
ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES
The Issuer is a foreign sovereign state outside the United States and the United Kingdom, and a
substantial portion of the assets of the Issuer are located outside the United States and the United
Kingdom. As a result, it may not be possible for investors to effect service of process within the United
States or the United Kingdom upon the Issuer or to enforce against the Issuer in or through courts
located in the United States or the United Kingdom judgments obtained in courts located in the United
States or the United Kingdom, respectively, or elsewhere, including judgments predicated upon the civil
liability provisions of the securities laws of the United States or any state or territory within the United
States.
The Republic of Slovenia reserves the right to plead sovereign immunity under the United States
Foreign Sovereign Immunities Act of 1976 (the "Immunities Act") with respect to actions brought
against it under United States federal securities laws or any state securities laws. In the absence of a
waiver of immunity by the Republic of Slovenia with respect to these actions, it would not be possible
to obtain a United States judgment in such an action against the Republic of Slovenia unless a court
were to determine that the Republic of Slovenia is not entitled under the Immunities Act to sovereign
immunity with respect to such action.
It may not be possible to enforce in the courts of the Republic of Slovenia certain foreign court
judgments (including a judgment obtained from a United States court) against the Republic of
Slovenia that is predicated upon the laws of a foreign jurisdiction in certain circumstances.
There is a risk that, notwithstanding the limited waiver of sovereign immunity by the Republic of
Slovenia in connection with the Notes, a foreign court judgment would not be recognised in the
Republic of Slovenia or enforced against certain assets of the Republic of Slovenia in certain
jurisdictions, including the Republic of Slovenia (including the imposition of any arrest order or the
attachment or seizure of such assets and their subsequent sale), without the Republic of Slovenia
having specifically consented to such enforcement at the time when the enforcement is sought.
It should be noted that regardless of any waiver of immunity by the Republic of Slovenia, certain assets
of the Republic of Slovenia may not be subject to execution under the provisions of Slovenian law,
iv

including, but not limited to, mineral and other natural resources; real property, installations,
equipment and other property necessary for the performance of the functions of the Republic of
Slovenia; real property and other movables designated for use for national defence purposes; real
property, installations, equipment and other property necessary for the performance of public services;
and receivables of the Republic of Slovenia in respect of taxes and other mandatory duties.
v

FORWARD-LOOKING STATEMENTS
This Offering Circular includes forward-looking statements. All statements other than statements of
historical fact included in this Offering Circular regarding, among other things, Slovenia's economy,
fiscal condition, politics, debt or prospects may constitute forward-looking statements. In addition,
forward-looking statements generally can be identified by the use of forward-looking terminology such
as "may", "will", "expect", "project", "intend", "estimate", "anticipate", "believe", "continue",
"could", "should", "would" or the like. Although the Issuer believes that expectations reflected in its
forward-looking statements are reasonable as at the date of this Offering Circular, there can be no
assurance that such expectations will prove to have been correct. The Issuer undertakes no obligation
to update the forward-looking statements contained in this Offering Circular or any other forward-
looking statement it may make.
For the Issuer, in addition to the factors described in this Offering Circular, including, but not limited
to, those discussed under "Risk Factors", the following factors, among others, could cause future
conditions to differ materially from those expressed in any forward-looking statements made herein:
External factors, such as:
the impact of the international economic environment, specifically developments within the
Eurozone, on the Slovenian economy, including liquidity in the international financial markets
and volatility in international equity, debt and foreign exchange markets;
interest rates in financial markets outside the Republic of Slovenia;
the impact of any changes in the credit rating of the Republic of Slovenia;
the impact of changes in the international prices of commodities; and
economic conditions in the Republic of Slovenia's major export markets.
Internal factors, such as:
general economic and business conditions in the Republic of Slovenia;
the level of domestic debt;
an ageing population and an expansive pension system;
the level of foreign direct and portfolio investment; and
the level of Slovenian domestic interest rates.
vi

EXCHANGE RATES
The table below shows the high and low European Central Bank ("ECB") rates for the euro versus the
U.S. dollar for each respective year and the rate at the end of the year. The average amounts set forth
below under "Average" are calculated as the average of the ECB rates for the euro versus the U.S. dollar
on the last business days of each month for each respective year.
Low High Average End of Year

(U.S. dollars per euro)
2009 .......................................................... 1.2555 1.5120 1.3963 1.4406
2010 .......................................................... 1.1959 1.4563 1.3257 1.3262
2011 .......................................................... 1.2889 1.4882 1.4000 1.2939
2012 .......................................................... 1.2089 1.3454 1.2848 1.3194
2013 .......................................................... 1.2768 1.3814 1.3279 1.3791
The table below shows the high and low ECB rates for the euro versus the U.S. dollar for each month
during the six full months prior to the date of this Offering Circular.
Low High

(U.S. dollars per euro)
July 2013 .................................................................................................. 1.2813 1.3284
August 2013.............................................................................................. 1.3203 1.3384
September 2013 ........................................................................................ 1.3117 1.3545
October 2013 ............................................................................................ 1.3493 1.3805
November 2013 ........................................................................................ 1.3365 1.3611
December 2013 ........................................................................................ 1.3536 1.3814
The euro versus the U.S. dollar ECB exchange rate on 14 January 2014 was U.S.$1.3667 per 1.00.
vii

TABLE OF CONTENTS
Page
OVERVIEW 1
RISK FACTORS 7
TERMS AND CONDITIONS OF THE 2019 NOTES 16
TERMS AND CONDITIONS OF THE 2024 NOTES 27
SUMMARY OF PROVISIONS RELATING TO THE GLOBAL CERTIFICATES 38
USE OF PROCEEDS 42
THE REPUBLIC OF SLOVENIA 43
THE SLOVENIAN ECONOMY 50
PUBLIC FINANCE 64
PUBLIC DEBT 75
MONETARY AND FINANCIAL SYSTEM 81
BALANCE OF PAYMENTS AND FOREIGN TRADE 105
TAXATION 111
CLEARING AND SETTLEMENT ARRANGEMENTS 115
SUBSCRIPTION AND SALE 119
TRANSFER RESTRICTIONS 122
GENERAL INFORMATION 124
viii

OVERVIEW
The following is an overview of certain information contained in this Offering Circular. It does not purport
to be complete and is qualified in its entirety by the more detailed information appearing elsewhere in this
Offering Circular. Prospective investors should also carefully consider the information set out in the section
entitled "Risk Factors" in this Offering Circular prior to making an investment decision. Capitalised terms
not otherwise defined in this overview have the same meaning as elsewhere in this Offering Circular. See
"The Republic of Slovenia", "The Slovenian Economy", "Public Finance", "Public Debt", "Monetary
and Financial System" and "Balance of Payments and Foreign Trade" for a more detailed description of
the Issuer.
Overview of the Republic of Slovenia
General
Slovenia is a European country with a total land area of 20,256 square kilometres. It is bordered by the
Republic of Croatia to the south and southeast, Austria to the north, Italy to the west and Hungary to
the northeast and has a coastline on the Adriatic Sea of 48 kilometres to the southwest. Slovenia has
a population of approximately 2.05 million and its capital, Ljubljana, has a population of
approximately 280,600.
On 23 December 1991, Slovenia adopted a constitution (the "Constitution") that established it as a
parliamentary republic with a National Assembly (drzavni zbor) and a National Council (drzavni svet),
a Government (vlada) which holds executive power and is elected by the National Assembly, a President
as head of state and an independent judicial system. A two-thirds vote of all members of the National
Assembly is required to amend the constitution.
Slovenia became a member of the North Atlantic Treaty Organisation ("NATO") on 29 March 2004
and the EU on 1 May 2004. In 2005, Slovenia held the presidency of the Organisation for Security and
Co-operation in Europe. It adopted the euro as its official currency on 1 January 2007. It joined the
Schengen Agreement (providing for the removal of systematic border controls between the
participating countries) on 21 December 2007 and became a member of the Organisation for Economic
Co-operation and Development (the "OECD") on 21 July 2010.
Economy
Prior to its independence in June 1991, Slovenia benefited from the high tariffs of the Socialist Federal
Republic of Yugoslavia ("SFRY") and a protected internal market within the SFRY. However, the
gradual stagnation of the SFRY economy during the 1980s and the subsequent break-up of the SFRY
had a marked impact on Slovenian trade with the other republics of the SFRY.
Following independence, Slovenia began a transformation into a modern market economy. After the
first two years of coping with a recession resulting from its transition into a market economy and
establishing its own sovereignty, the economy experienced positive growth from 1993 until 2008. The
main driver of growth in this period was exports, whose contribution to GDP increased from
approximately 50 per cent. in 1993 to almost 70 per cent. in 2008, while investment also recorded
notable growth. As measured by "value added" to the Slovenian economy, the main contributor to
growth was manufacturing, while market services, such as retail trade, also contributed significantly to
growth.
The Slovenian economy is highly export-oriented and has been significantly affected by the global
financial crisis. With the sharp fall of the global economy, exports and investment initially decreased
substantially, falling 16.7 per cent. and 23.2 per cent., respectively in 2009, while GDP fell 7.8 per cent.
The decrease in investment was mainly a consequence of falling construction investment, which had
recorded substantial growth in the pre-crisis years. Following the sharp decline in 2009, economic
activity recovered in 2010 and 2011, although the recovery was slow. The rebound in 2010 was primarily
due to a somewhat more favourable international economic environment, with exports increasing 10.1
per cent. and 7.0 per cent. year-on-year in 2010 and 2011, respectively, although domestic demand
remained weak, largely as a result of reduced activity in the construction sector and related activities.
In 2012, the real economy declined 2.3 per cent., mainly as a result of a continued decrease in
investment activity, while government and private consumption also fell due to continued labour
market tensions and implementing the first stages of the government's fiscal consolidation plan. Since
1

2011, Slovenian enterprises have been deleveraging and unemployment levels have been increasing. In
2012, banking sector external deleveraging amounted to 10 per cent. of GDP.
Statistical Data
The following selected economic information is qualified in its entirety by, and should be read in
conjunction with, the detailed information appearing elsewhere in this Offering Circular:
Nine months
ended 30
Year ended 31 December(1) September

2010 2011 2012 2013

( billions, except for percentages)
Nominal GDP.............................................. 35,484.6 36,150.0 35,318.6 26,288.0
Real GDP growth (%) ................................ 1.3 0.7 (2.5) (2.2)
Real exports growth (%) .............................. 10.2 7.0 0.6 2.9
Real imports growth (%) ............................ 7.4 5.6 (4.7) 0.0
Unemployment (ILO methodology) (%) .... 7.2 8.2 8.9 9.4
Consumer prices growth (%) ...................... 1.9 2.0 2.7 1.9(2)
General government balance ........................ (2,079.6) (2,287.9) (1,354.4) N/A(3)
as a % of GDP ............................................ (5.9) (6.3) (3.8) N/A(3)

Total revenues .............................................. 15,466.7 15,758.4 15,620.2 N/A(3)
as a % of GDP ............................................ 43.6 43.6 44.2 N/A(3)
Total expenditures ........................................ 17,546.3 18,046.3 16,974.5 N/A(3)
as a % of GDP ............................................ 49.4 49.9 48.1 N/A(3)
General government debt .............................. 13,741.7 17,016.2 19,204.2 N/A(3)
as a % of nominal GDP .............................. 38.7 47.1 54.4 N/A(3)
Notes:
(1) Slovenia Excessive Deficit Procedure ("EDP") Reports are revised each April and October.
(2) Refers to the twelve months ended 31 December 2013.
(3) Due to internal accounting procedures, nine-month comparisons cannot be calculated for budget revenue and expenditure.
Source: SORS; Ministry of Finance, EDP Report, October 2013, IMAD.
2