STATEMENT ON RATING

Slovak rating agency grants following rating to the issues MATADOR 03 and MATADOR 04:

Long-term local currency rating	BBB+ (stable outlook)
Short-term rating	S2

Granted long-term rating in the category of transactions in Slovak crowns BBB+ (stable outlook) is one degree lower than the rating of Slovakia (A - stable outlook). Short-term rating of the issues MATADOR 03 and MATADOR 04 is S2, which is the best possible short-term rating for the entities attaining long-term rating BBB+.

Characteristics of issues:

Name of issue:	MATADOR 03	MATADOR 04
Date of admission:	24.1.2002	24.1.2002
ISIN:	SK 4120002981	SK 4120002973
Rated value:	10 000,- SKK	100 000,- SKK
Number of securities in the issue:	25 000	3 000
Date of issue:	12.12.2001 (series 01)	12.12.2001 (series 01)
Maturity date:	12.6.2006	12.6.2007
Floating interest rate:	6-M BRIBOR + 1,8 %	6-M BRIBOR + 1,9 %
Frequence of coupon pay-out:	6 months	6 months

Characteristics of issuer:

Issuer:	Matador, a.s.
Identification number:	00 152 820
Registered office:	Terézie Vansovej 1054, Púchov 020 01
Legal form:	joint stock company
Date of establishment:	01.07.1990

Rationale:

• The company Matador, a.s., is an important Slovak producer in the area of rubber products with a clear defined strategy of further development of the company. Clear and stable shareholders structure is basis for the fulfilment of strategic goals of the company.
• Planning, control and management mechanisms together with the strengthening of competences of the Board of Directors and Supervisory Board results from restructuring processes in all activity areas. In addition to the restructuring of management processes, restructuring of companies investments and focussing on core business within the whole Matador-Group is very important and positive step.
• We see the risk in the cumulation of single maturities of some liabilities of the company associated with risk of defaults. On the other hand, such risk is significantly eliminated by operating management and control systems in the area of financial and non-financial risk management, e.g. management of insolvency, liquidity, credit management and business realtions management. We can suppose that the company is able to prevent the default risk by using these tools in the future.
• In the area of personnel management, the company is focussed on training of own staff, of various skill levels, while there is close cooperation with the Univesity in Trenčín, Economic University in Bratislava and the Secondary Comprehensive School in Púchov. The educational process continues also in the company, and the personal policy is based on the philosophy of lifetime education. This educational process was successfully certified according to the standard ISO/TS 16949 in 2001. The goal of the company is to develop institutional tools used for changing the corporate culture to involve all employees in the business processes.
• We highly appreciate the positive relation to the environment. The company has been certified by ISO 14001- application of the system of environmental mangement being certified by the certification company DET NORSKE VERITAS in 2001. Matador, a. s. has been awarded by eco-symbol within the National program of environmental assessment and marking of products announced by the government of the Slovak Republic in 1996.

Please don't hesitate to address your questions to autner@slovakrating.sk, or call +421 2 5464 5151.

Slovak Rating Agency
Bratislava, 08 October 2002