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You Must Read the Following Disclaimer Before Continuing IMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY PERSON OR ADDRESS IN THE UNITED STATES IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the attached offering circular following this page (the "Offering Circular") or otherwise received as a result of such access and you are therefore advised to read this disclaimer carefully before reading, accessing or making any other use of the attached Offering Circular. In accessing the attached Offering Circular, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access. Confirmation of your representation: By accessing this Offering Circular you have confirmed to Barclays Bank PLC, BNP Paribas, Commerzbank Aktiengesellschaft, Goldman Sachs International Bank, J.P. Morgan Securities plc and UniCredit Banka Slovenija d.d. as joint lead managers (together, the "Joint Lead Managers") and to the Republic of Slovenia that (i) you have understood and agree to the terms set out herein, (ii) that the electronic mail address you have given to us is not located in the United States, its territories and possessions and (iii) you consent to delivery by electronic transmission. This Offering Circular has been made available to you in electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of transmission and consequently neither the Joint Lead Managers nor any of their respective affiliates nor the Republic of Slovenia accepts any liability or responsibility whatsoever in respect of any difference between the Offering Circular distributed to you in electronic format and the hard copy version. You are reminded that the attached Offering Circular has been delivered to you on the basis that you are a person into whose possession this Offering Circular may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not nor are you authorised to deliver this Offering Circular, electronically or otherwise, to any other person and in particular to any United States address. Failure to comply with this directive may result in a violation of the United States Securities Act of 1933, (as amended) (the "Securities Act") or the applicable laws of other jurisdictions. Restrictions: NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. Under no circumstances shall this Offering Circular constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any securities to be issued will not be registered under 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 in the United States (as such term is defined in Regulation S under the Securities Act) unless registered under the Securities Act or pursuant to an exemption from such registration. 259389-348946606-117-v10.0 70-41004004 THE REPUBLIC OF SLOVENIA €1,000,000,000 0.4875 per cent. Notes due 2050 The issue price of the €1,000,000,000 0.4875 per cent. Notes due 2050 (the "Notes") of the Republic of Slovenia (the "Republic", "Slovenia" or the "Issuer") is 99.847 per cent. of their principal amount. The Notes will bear interest from and including 20 October 2020 at the rate of 0.4875 per cent. per annum payable annually in arrear on 20 October in each year, commencing on 20 October 2021 (see "Terms and Conditions of the Notes — Interest"). Payments of interest in respect of the Notes will be made without deduction for or on account of Slovenian taxes, as described, and subject to the exceptions set out, under "Terms and Conditions of the Notes — Taxation". The Notes will mature on 20 October 2050. The Terms and Conditions of the Notes are governed by Slovenian law. The Notes will be in dematerialised registered form and will be issued and cleared through KDD – Centralna klirinško depotna družba, d.o.o. ("KDD"). The Notes may be held by the Noteholders directly through accounts with KDD. In addition, links between KDD and Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking S.A. ("Clearstream, Luxembourg") have been established which allow interests in the Notes to be held through the fiduciary accounts of Euroclear and of Clearstream, Luxembourg with KDD. Persons holding interests in the Notes otherwise than directly at their accounts with KDD will not be considered as the legal owners of such Notes under Slovenian law. The Terms and Conditions of the Notes contain provisions pursuant to which persons holding the Notes through accounts with Euroclear or Clearstream, Luxembourg ("Accountholders") may, in certain circumstances, directly make a claim against the Republic for payment under the Notes. The Republic will recognise the statement of accounts of Euroclear and Clearstream, Luxembourg, to be conclusive and binding evidence of the right of Accountholders under the Terms and Conditions of the Notes. See also "Clearing and Settlement" for further information. Application has been made for the Notes to be listed and traded on the bond segment (segment obveznic) of the stock exchange market (borzni trg), which is the EEA Regulated Market of the Ljubljana Stock Exchange (Ljubljanska borza d.d., Ljubljana) (the "Ljubljana Stock Exchange") pursuant to the rules and regulations of the Ljubljana Stock Exchange. An "EEA Regulated Market" means a regulated market for the purposes of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments, as amended ("MiFID II"). Joint Lead Managers BARCLAYS BNP PARIBAS COMMERZBANK GOLDMAN SACHS INTERNATIONAL BANK J.P. MORGAN UNICREDIT BANKA SLOVENIJA D.D. The date of this Offering Circular is 16 October 2020. 259389-348946606-117-v10.0 - i - 70-41004004 The Republic accepts responsibility for the information contained within this document. To the best of its knowledge and belief, the information contained within this Offering Circular is in accordance with the facts and does not omit anything likely to affect the import of such information. The Republic accepts responsibility accordingly. Barclays Bank PLC, BNP Paribas, Commerzbank Aktiengesellschaft, Goldman Sachs International Bank, J.P. Morgan Securities plc and UniCredit Banka Slovenija d.d. as joint lead managers (the "Joint Lead Managers") have not separately verified the information contained herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by the Joint Lead Managers as to the accuracy or completeness of the information contained in this Offering Circular or any other information provided by the Republic in connection with the Notes or their distribution or for any acts or omissions of the Republic or any other person in connection with the issue and offering of the Notes. No person is or has been authorised to give any information or to make any representation which is not contained in, or which is not consistent with, this Offering Circular or any other information supplied by or on behalf of the Republic in connection with the Notes and, if given or made, such information or representation must not be relied upon as having been authorised by the Republic or the Joint Lead Managers. Neither this Offering Circular nor any other information supplied in connection with the Notes (i) is intended to provide the basis of any credit or other evaluation or (ii) should be considered as a recommendation or constituting an invitation or offer by the Republic that any recipient of this Offering Circular should purchase any Notes. Each investor contemplating purchasing any Notes should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness of the Republic. Neither the delivery of this Offering Circular nor any sale made in connection herewith shall, under any circumstances, create any implication that there has been no change in the affairs of the Republic since the date hereof or the date upon which this Offering Circular has been most recently amended or supplemented or that there has been no adverse change in the financial position of the Republic since the date hereof or the date upon which this Offering Circular has been most recently amended or supplemented or that any other information supplied in connection with the Notes is correct as of any date subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same. The distribution of this Offering Circular and the offer or sale of Notes may be restricted by law in certain jurisdictions. The Republic and the Joint Lead Managers do not represent that this document may be lawfully distributed or that the Notes may be lawfully offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by the Republic or the Joint Lead Managers which would permit a public offering of the Notes or distribution of this document in any jurisdiction where action for that purpose is required. Accordingly, the Notes may not be offered or sold, directly or indirectly, and neither this Offering Circular nor any advertisement or other offering material may be distributed or published, in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession this Offering Circular or any Notes come must inform themselves about, and observe any such restrictions.
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