1. Ivica Chačaturianová Gabriel Hinzeller Association of Financial Intermediaries and Financial Advisors 30. April 2008, CIFA - VI. International Forum

2. Base Factors Market - Maastricht criteria - Euro expectations and fears - reforms (necessity & challenge) Economy - change of interest rates - earnings growth - tax benefits - strengthening of Slovak crown - increase of real estate prices 2

3. Financial Market Development Banking - increase of motgages - higher risk products - specialised banking products Investment - euro-convergent funds - longer terms investments - savings plans - guaranteed products - real estates 3

4. Financial Market Development Insurance - unit linked products - bankassurance - effects of demonopolisation of MTPL (2002) - effects of pension reform in life assurance Financial services - improving the quality through education - competition - higher requirements of clients - responsibility 4

5. Slovak Pension Reform (2004-2006) very well managed, now changes of terms experience (legislation, business, professionalism,...) II.pillar is not a cure-all raise of consumer responsibility better consumer financial literacy improvement of other life/pension products 5

6. Consumer Behaviour higher consumer literacy modern ways of thinking experience from abroad long term regular savings indebtedness role of financial advisors and distributors drawbacks and speed 6

7. Structure & use of incomes... 7

8. Assets Assets & liabilities of households Liabilities 8

9. Loans to households (% of GDP) Structure of loans Breakdown of loans 9

10. 2006 2007 Market share of financial institutions on assets in % 10

11. Sources of information www.statistics.sk www.nbs.sk (National Bank) www.mfsr.sk (Finance Ministry) www.etrend.sk (economic weekly) www.hnonline.sk (economic daily)... 11

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13. KD Investments, správ. spol., a.s. Gabriel Hinzeller Laurinská 3 811 03 Bratislava, Slovakia Tel.: +421 2 5910 4908 Fax: +421 2 5910 4910 E-mail: gabriel.hinzeller@kd-group.sk www.kd-group.sk 13