#1EUROPEAN STABILITY MECHANISM January 2023 R European Stability Mechanism 25m Public#2DISCLAIMER • IMPORTANT: YOU ARE ADVISED TO READ THE FOLLOWING CAREFULLY BEFORE READING, ACCESSING OR MAKING ANY OTHER USE OF THE MATERIALS THAT FOLLOW. THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO, TO RESIDENTS IN, OR FROM, ANY JURISDICTION IN, INTO, TO RESIDENTS IN, OR FROM, WHICH SUCH DISTRIBUTION IS UNLAWFUL, INCLUDING THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA AND JAPAN (OTHER THAN IN COMPLIANCE WITH AN APPLICABLE EXEMPTION UNDER THE LAWS OF SUCH JURISDICTION). THIS PRESENTATION IS BEING DELIVERED IN CONNECTION WITH A PROPOSED MEETING WITH THE EUROPEAN STABILITY MECHANISM ("ESM") AND COPIES OF THE PRESENTATION MUST BE RETURNED AT THE END OF THE MEETING. THIS DOCUMENT MAY NOT BE REMOVED FROM THE PREMISES. 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ESM's registered office and seat is at 6a, Circuit de la Foire Internationale, L-1347 Luxembourg 2 Public 25m#3CONTENTS 1 ESM mandate 2 Funding ESM 3 ESG at the ESM 4 Programme 3 Why invest in EFSF and ESM? Public 25m#4ESM MANDATE Europeon Stability Mechanism European Financial Stability Fucility 25M 2PSF 4 1 Public#5THE ESM IS THE CRISIS PREVENTION AND RESOLUTION MECHANISM OF THE EURO AREA *Ratification of the Amending Agreement to the ESM Treaty ongoing Strong capital structure: €704.8 billion subscribed capital of which €80.5 billion is paid-in capital Financial assistance The ESM provides financial assistance to euro area countries experiencing or threatened by severe financing problems, through raising financing on debt capital markets Max. lending capacity: €500 billion of which €417.4 billion is still available Crisis prevention and market trust ESM supports market stability and confidence through strong market presence and the existence of its diversified toolkit European Stability Mechanism 25m Enhanced mandate* Common backstop to the SRF and a stronger role in designing and monitoring future programmes 5 Public 25m#6UNITED FISCAL AND MONETARY RESPONSE MADE EURO AREA STRONGER AND CALMED DOWN MARKETS Public 40 Euro's inception 35 30 25 22 20 15 Euro area 10-year sovereign spreads (percentage points) FR —IT -ES NL -PT —IE GR Sovereign debt crisis Fiscal: ESM/EFSF €700bn of which €300 bn used 2011-2018. €60bn EU Global financial crisis Pandemic Monetary: ECB asset purchases (PSPP) 2015 - 22 Fiscal: 540bn ESM/EIB/ EU & 750bn NGEU Monetary: ECB asset purchases (PEPP) 2020 - 22 10 5 0 1995 2000 2005 2010 2015 2020 FR IT -ES -NL PT -IE -GR Source: ECB and ESM 6 25m#7ESM WITHIN THE EUROPEAN FINANCIAL ARCHITECTURE € PRESERVING FINANCIAL STABILITY IN THE EURO AREA MONETARY POLICY Monetary policy instruments and fragmentation tools GROWTH AND INVESTMENT Project finance, growth and public good: NGEU, REPowerEU, EU Budget, EIB EA RESCUE FUND Backstop to Euro Area sovereigns European Stability Mechanism 25m EUROPEAN CENTRAL BANK European Commission European Investment Bank € SUPERVISION (ESFS) ESRB European Systemic Risk Board European System of Financial Supervision Macro- prudential supervision Backstop to the banking system* + EBA EUROPEAN BANKING AUTHORITY * Ratification of the Amending Agreement to the ESM Treaty ongoing 7 SRB Single Resolution Board EUROPEAN CENTRAL BANK BANKING SUPERVISION Micro- prudential supervision * esma Banking system Securities market elopa EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS AUTHORITY Insurance & pension Public 2sm#8THE ESM IN THE MULTILATERAL CONTEXT: THE GLOBAL FINANCIAL SAFETY NET (GFSN) GFSN provides insurance against crises, financing to mitigate their impact, and incentives for sound macro- economic policies to ensure long-term prosperity Global Regional Bilateral National At the global level, the IMF provides a financial backstop; At the regional level, protection comes from the Regional Financial Arrangements (RFAs); At the bilateral level, there are swap lines concluded bilaterally among countries; At the national level, countries can self- insure against external shocks using foreign reserves or fiscal space. 4.0 20 3.5 3.0 2.5 2.0 1.5 19 1.0 0.5 GFSN layers and their functions 8 0 International reserves (right axis) IMF Regional financial arrangements Bilateral swap arrangements 12.0 14.0 20 10.0 8.0 6.0 4.0 2.0 Source: IMF 1995 1996 1997 1998 1999 2000 2001 GFSN firepower expansion (trillions of USD) 25m 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 020 0 Public#9ESM IS THE LARGEST REGIONAL PLAYER IN THE GLOBAL FINANCIAL SAFETY NET Future shocks make a strong case for enhanced cooperation between the regional rescue funds and the IMF VERNATION $10.1bn FLAR €50bn €500bn 25m $100bn European Commission BRICS 2022 CHINA E AL AND صندوق النقد العربي $10bn EFSD ARAB MONETARY FUND $4.5bn RFAs around the world and their maximum lending capacity $240bn AMRO AREAN MACROREONOMIE RASPARCH OFFICE 9 Public 1 Annual High-level Dialogue between RFA and IMF leaders initiated by ESM, FLAR and AMRO in 2016 fosters policy exchanges Technical cooperation: joint research 2 projects and regular expert interactions help strengthen institutional capacity 3 Exploring complementarities between IMF' and RFA' toolboxes and lending frameworks 25m#10CROATIA ADOPTED THE EURO ON 1 JAN 2023 • • By joining the euro area, Croatia also becomes eligible for membership in the ESM. This is expected to happen in early 2023. The minister of Finance of Croatia will become a member of the ESM Board of Governors, which takes all the important decisions regarding the ESM. Each Member contributes to the ESM authorised capital based on its respective share of the EU total population and gross domestic product (GDP). Croatia is expected to benefit from a temporary correction period of 12 years, during which its initial capital subscription to the ESM will be lower, thus leading to a temporarily lower paid-in capital contribution. • Croatia will also benefit from the solidarity that comes with ESM membership, with access to financial assistance tools, which is a signal of protection for investors. Further reading: https://www.esm.europa.eu/blog/croatia-makes-euro-20-nations-strong CROATIA EURO 20 Public 10 25m#11European Stability Mechanism 25m HIGHEST RATINGS FROM TOP 3 RATING AGENCIES Long Short Outlook Ratings Term Term Commentary STANDARD AAA A-1+ Stable & POOR'S “Very strong capital adequacy, further reinforced by strong access to market funding and a robust liquidity position" MOODY'S Aaa P-1 Stable Fitch Ratings AAA F1+ Stable "ESM is a key pillar for the euro area's financial architecture, alongside institutions such as the EIB and the ECB " "The credit profile of the ESM, the euro area's permanent crisis-resolution mechanism, reflects its substantial capital buffers, low leverage and preferred creditor status. Other credit strengths include its prudent capital and liquidity management, strong liquidity and the very strong support of its shareholders" "The ESM has established a strong market presence since its inception. It has proved its ability to issue bonds in size within a short period of time. "The low risk business profile primarily reflects the ESM's excellent governance and importance of its public mandate, further enhanced by the role it is expected to play in the Banking Union. Fitch also assesses the ESM's operating environment as 'low' risk, based on the high credit quality and low political risk of the countries of operations." 11 Public 25m#12European Financial Stability Facility 2F5F HIGH RATINGS FROM TOP 3 RATING AGENCIES Ratings Long Short Outlook Term Term STANDARD AA A-1+ Negative & POOR'S MOODY'S Aaa P-1 Stable Fitch Ratings AA F1+ N/A Commentary "The EFSF has benefited from low funding costs since its inception, and we expect it will continue to do so. Under the Basel framework, EFSF bonds are considered to have 0% risk weights. Furthermore, the European Central Bank (ECB) has included the EFSF in its expanded public-sector asset purchases program." "The credit profile of the European Financial Stability Facility reflects primarily the strong support by its guarantors. Other credit strengths include the EFSF's prudent liquidity management and its strong liquidity position, supported by solid market access and a diversified investor base." "EFSF's ratings rely on irrevocable and unconditional guarantees and over- guarantees provided by Euro Area Member States (EAMS) (...). They ensure EFSF debt is fully covered by guarantees and over guarantees (up to 165% of original guarantees) from the most highly-rated EAMS or by a cash reserve." 12 Public 25m#13ESM FUNDING PROGRAMME Europeon Stability Mechanism European Financial Stability Fucility 25M 2PSF 13 2 Public#14FUNDING STRATEGY WITH TWO PILLARS Loan disbursements Bond redemptions Coupon payments Short-term funding FUNDING POOL Funds not attributed to one country Unique rate for all Long-term funding 14 Public 25m#15SHORT-TERM FUNDING ⚫ Bill market is an important tool to manage funding liquidity risk The ESM has a strategic minimum presence to ensure permanent access to its investor base • In case of higher or lower liquidity needs, the ESM can adjust the bill volume Current Characteristics Size Timing Min. target size of €1.1bn 1st and 3rd full week of the month (see calendar below) Bidding period 08:00 - 12:30 CET Features Access Multiple price auction, each bill is rated by Moody's, Fitch and S&P Via ESM market group Information Bloomberg ESM pages, 4 {GO}, Buba {GO} and GAM {GO} Auction dates for each half-year announced in advance * 2023 January February March April May June 3-month Tuesday 03 Tuesday 07 Tuesday 07 Tuesday 04 Tuesday 02 Tuesday 06 6-month Tuesday 17 Tuesday 21 Tuesday 21 Tuesday 18 Tuesday 16 Tuesday 20 *12 month line discontinued as of 06 May 2022 15 European Stability Mechanism 25m#16LONG-TERM FUNDING 03-13.04% 0001-50.00% 0 0.0003 14.29% C 0.0005-12.50 FLAGSHIP PRODUCTS Highly liquid € benchmark bonds • Flagship product with regular presence in all parts of the curve ESM up to longest loan with maximum limit of 45 years, EFSF<2070 Use of taps to increase liquidity • Syndication and auction. NEDOR STRATEGIC PRODUCTS USD market Strategic tool utilised subject to market conditions and funding needs Issuance format: RegS/144A All proceeds swapped back to euros N-bonds Minimum issue size: €25 million Maturity: Maximum limit of 45 years, EFSF<2070 Frequency: Issuance via reverse enquiry Distribution: Via ESM/EFSF market group members The EFSF and ESM are included in the major SSA and government bond indices such as ICE BofAML, J.P. Morgan, iBoxx, FTSE and Barclays 16 Public 25m#17ESM/EFSF FUNDING PROGRAMME The combined funding for EFSF & ESM for 2023 will be €28 billion • €20 billion for EFSF €8 billion for ESM -0.37 +0.50 0.30 +8.00 +3.48% 0% +1.30% 45% 60 EFSF / ESM Bond issuance (€ billion)* 58 50 50 40 40 30 20 20 16 10 44.8 34.5 19 49 28 24.5 23.5 15 14 12.5 11.5 10 0 2011 2012 2013 2014 2015 2016 2017 *Please note that figures are based on estimates and may vary. These figures do not include any cashless operations. 17 20 19.5 19,5 20 19 18 16.5 11 9.8 8 8 8 6 2018 2019 2020 2021 2022 2023 2024e EFSF ESM Public 25m#18ESG AT THE ESM Europeon Stability Mechanism European Financial Stability Fucility 25M 2PSF 18 3 Public#19THE ESM HAS A HOLISTIC APPROACH TO ESG Lending operations' social dimension • European solidarity • Lender of last resort Making reforms more sustainable Funding Continued dialogue with ESG Rating Agencies Strategic priority • Integrate ESG in full • Social aspect of our funding: ESM bonds contribute to social stability Ad-hoc sustainable frameworks for dedicated social programmes (e.g. Pandemic Crisis Support) • balance sheet Integrate ESG in macro analysis/financial stability • Review existing instruments • from ESG perspective ESG Framework for Investment (UN PRI) 19 Public 25m#20THE ESM IS ENGAGED IN ESG Environmental esm Since 2019 ESM publishes its annual Carbon Footprint Report as part of ongoing efforts to monitor, measure, and report the institution's environmental impact. ZERO SINGLE PLASTIC Sign THE MANIFESTO SDK RESSOURCEN INNOVATIOUN NOHALTEGKEET CIRCULAR ECONOMY SuperDrecksKëscht to ESM continuously implements measures improve the internal environmental impact. encouraging Environmental certificates from Luxembourg government staff's environmentally conscious behaviour. our 0 Social MOTIVATION VALUES FAITH EQUALITY HYPOCRISY ETHICS CONVENTIONALITIES SOCIAL TRUTH AUTHENTICITY CHARACTER MORALS ETIQUETTE PHILOSOPHY HONOR PERFORMANCE DECENCY PURPOSE PUTITUDE FAIRNESS ESM fosters a diverse working environment, the highest standards of integrity, as well as promotes a healthy work-life balance. ESM Pandemic Crisis Support focused on social lending to finance health-related costs of Covid-19. The Social Bond Principles ESM set up a Social Bond Framework to finance this credit line with the issuance of Social Bonds. Governance ensuring Robust ESM governance framework strong accountability and transparency vis-à-vis the ESM shareholders and other stakeholders. Reflected in the latest upgrade Rating report from Moody's Policy A policy described government, privat "Statement of Inte important organiz Three layers of audit oversight to ensure accountability of the ESM. 20 Public 2sm#21ESM AS AN INVESTOR Asset class distribution of investments (in %) 11.3 The ESM is a significant investor in SSA space 46.1 11.9 ✓ ✓ Unlike other peers, the ESM is not allowed to on-lend its paid-in capital. With €80.5bn paid in capital, highest capitalised IFI globally 18.1 ✓ We invest in highly secured liquid fixed income assets rated "A" and above. Public Sovereign Sub-sovereign/ government- related agency 12.6 Supranational Covered bonds Eurosystem Ratings distribution of investments (in %) 1.2 1.8 6.0 8.8 4.3 30.3 47.6 Eurosystem central banks and Bank for International Settlements AAA AA AA+ AA- A+ ■ A Source: ESM Annual Report 2021 ESM as a sustainable and responsible investor - ESG The ESM is currently building a responsible investment framework to assess the alignment of issuers with ESG criteria. ✓ Of our investments, €7.7bn are split between green, social and sustainability bonds (in. addition to €0.3bn invested in pandemic bonds). □ PRI membership In February 2020 the ESM became signatory of United Nations Principles for Responsible Investments. ✓ As a PRI signatory, the ESM will include ESG criteria within its investment processes. 21 21 25m#22WHY INVEST IN ESM AND EFSF ? Europeon Stability Mechanism European Financial Stability Fucility 25M 2PSF 22 4 Public#23TRANSPARENCY: HIGH DEGREE OF COMMUNICATION TO INVESTORS Eren Stay c European Financial Stabity Facility esm eFSF QUARTER 4 2022 INVESTOR NEWSLETTER NO. 46 Dear Investor N° 46/19 December 2022 For the EFSF and ESM, 2022 has been a busy and significant year not least because we began to issue bonds without the presence of issuance windows. During the sovereign debt crisis a decade ago, we chose to guide investors with announcements about our quarterly funding. However, in 2021 we took the decision to drop issuance windows to ensure that our issuance remains agile and responsive to the needs of investors, which has proven beneficial. We navigated the challenging capital markets, and we thank investors for remaining loyal to us as well as our market group member banks for their ongoing support. Abandoning issuance windows and separately making more use of intraday transactions rather than two-day bond sales, contributed to flexibility in funding. Furthermore, we completed our 2022 long- term funding programme exceptionally early this year. The last EFSF bond transaction of the year was on 4 October and the last ESM bond transaction was on 17 October. In 2017, we established a strategic presence in the US dollar market. This year we did not issue in US dollars as demand held up strongly for euro-denominated bonds. We will keep the USD as a strategic currency for the future. We focused on euros this year because with higher European rates the demand for short-term euro bonds increased, and we were thus able to tap into that demand several times at attractive rates for our beneficiary Member States. For 2023, our long-term funding target remains stable, for the EFSF it is €20 billion, up from €19.5 billion in 2022. For the ESM, we will seek to raise £8 billion, same as this year. We thank investors for their confidence in our Pandemic Crisis Support credit line, which expires on 31 December 2022. Despite not being triggered by ESM Members, it contributed, as part of the European policy response to the pandemic, reassuring financial markets. In this edition of the newsletter, we would like to take the opportunity to introduce our new Managing Director of the ESM, Pierre Gramegna, whom we welcomed on 1 December. We look forward to introducing Pierre to investors on our roadshows very soon. 同 2 Newsletter announces auctions in advance for each half-year Silke Weiss Head of Funding & Investor Relations EFSF and ESM 23 Any material changes communicated in timely manner to investor community Performance Transparency High degree of communication during transactions RFP announcement, mandate LinkedIn page where we publish Funding and Investor Relations latest news and developments 咖 Liquidity 25m#24TRANSPARENCY: HIGH DEGREE OF COMMUNICATION TO INVESTORS The European Stability Mechanism in collaboration with the European Commission and the European Investment Bank host an annual Capital Markets Seminar addressed to worldwide investors. This flagship event is a great opportunity to present the latest developments at the three institutions and in the EU capital markets, with a special focus on the investor perspective. The event gathers speakers that include both C-Level and operational leaders from the host institutions and other capital markets participants. esm E Transparency Performance Liquidity 24#25LIQUIDITY: A KEY ROLE IN THE FUNDING STRATEGY Transparency Performance 喝咖 Liquidity لها 70 60 60 50 40 New Issuance in Billions 30 20 20 ESM & EFSF Bond Issuances and Turnover 10 10 5 4 3 Turnover/New Issuance 2 1 0 2014 2015 2016 2017 2018 2019 2020 2021 New Issuances Turnover / New Issuance NB: This data is sourced and compiled from trading activities in ESM / EFSF bonds from the market group banks. The data is compiled in a Harmonised Reporting Format used by all Euro Governments and Debt Management Offices. 25#26LIQUIDITY IN STRESS TIMES Transparency Performance Liquidity Asset swap spread 0.20% 0.10% 0.00% -0.10% -0.20% Liquidity in EFSF/ESM bonds has proven to be resilient even in stress times, after the peaks of the Covid-19 crisis and following the ECB normalisation EFSF/ESM bond trades - volumes and asset swap spreads First Covid-19 wave Second Covid-19 wave ECB normalization May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21 Sep 21 Jan 22 May 22 Sep 22 Jan 23 26 26#27SUPPORTED BY A STRONG MARKET GROUP ESM/EFSF Market Group comprises the following 33 international institutions: Americas Europe Asia BofA SECURITIES Body cíti Body Level Three Goldman Sachs Morgan Stanley J.P.Morgan TD RBC As of 1 January 2023 RBC Capital Markets" ERSTEŚ Group CA CREDIT AGRICOLE CORPORATE & INVESTMENT BANK LBEBW NATIXIS NOMURA Rabobank Danske Bank INTESA SANPAOLO ..Deka Bank NatWest Markets Santander GLOBAL BANKING & MARKETS Petercam BARCLAYS Bayern LB Deutsche Bank Helaba ś Landesbank Hessen-Thüringen % Degroof Nordea DZ BANK Bank on Germany Grupo BBVA BNP PARIBAS KORPORATE & INGENIERING COMMERZBANK UniCredit Corporate & Investment Banking SOCIETE GENERALE Corporate & Investment Banking HSBC BRED Banque et populaire à la fois. 27 ☐ ☐ Performance Transparency Liquidity 25m#28PERFORMANCE: OPPORTUNITIES COMBINED WITH ROBUST STRUCTURE ESM's issuances benefit from a robust capital structure EFSF's issuances benefit from a solid structure with an over- guarantee mechanism from the six best-rated euro area countries Finland Transparency ☐ ☐ Performance Liquidity Core EFSF guarantors Adjusted Cont. Key Over-guaranteed Cont. Key Germany 29.13% 46.74% France 21.88% 35.10% The Netherlands 6.13% 9.84% Austria 2.99% 4.79% 1.93% 3.09% Luxembourg Total 0.27% 0.43% 100% 28 25m#29Yield (%) PERFORMANCE: OPPORTUNITIES COMBINED WITH ROBUST STRUCTURE Public EFSF & ESM vs core guarantors basket - 5YR Yield Levels 3.25 250 3.00 225 2.75 2.50 200 2.25 2.00 175 1.75 1.50 150 1.25 1.00 0.75 125 0.50 100 0.25 0.00 75 75 -0.25 50 -0.50 -0.75 25 -1.00 -1.25 0 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Diff (EFSF vs Basket) Diff (ESM vs Basket) EFSF 5Yr Generic ESM 5-year generic 5YR Basket (EFSF key) Source: Bloomberg, as of 19 December 2022 29 Sperad vs Basket (bp) 25m#30PERFORMANCE: OPPORTUNITIES COMBINED WITH ROBUST STRUCTURE Yield (%) EFSF & ESM vs core guarantors basket - 10YR Yield Levels 3.25 200 3.00 2.75 175 2.50 2.25 150 2.00 1.75 125 1.50 1.25 1.00 0.75 0.50 0.25 0.00 -0.25 -0.50 -0.75 -1.00 -1.25 + Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Source: Bloomberg, as of 19 December 2022 Diff (EFSF vs Basket) Diff (ESM vs Basket) EFSF 10Yr Generic ESM Gen 10YR 10YR Basket (EFSF key) 30 100 75 50 25 Spread vs Basket (bp) 25m Public#31EFSF & ESM VS FRANCE AND GERMANY BOND CURVES Mid Asset Swap Spread -20 -40 -60 -80 80 60 40 20 France EFSF ⚫ESM 0 Germany 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 15Y 20Y 25Y 30Y 40Y 50Y Source: Bloomberg, as of 19 December 2022 31#32EFSF AND ESM: SOLID AND DIVERSIFIED INVESTOR BASE Geographical Breakdown 13% 2% 2% Breakdown by Investor Type 1% 6% 21% 7% 55% Euro Area Rest of Europe UK & Switzerland Asia Americas Middle East & Africa 25% Fund Managers Banks 30% 38% Pension funds/Insurance Others Central Banks/Govt/SWFs *Total breakdown includes all EFSF & ESM syndicated bond issues at time of issue. Placements by auction are not included. As at December 2022. Data source: ESM 32 Public 25m#33Breakdown by Investor Type ESM & EFSF: ANNUAL INVESTOR BREAKDOWN 2 2 37 Geographical Breakdown 2 3 8 3 2 4 1 4 1 26 2 1 2 8 6 6 11 33 8 14 19 20 6 20 5 19 20 20 6 9 16 224 13 6 6 60 17 17 18 4 00 13 22 42 24 21 53 50 49 49 5 24 བ་ 24 14 24 19 26 63 83 64 4 56 14 25 25 61 53 51 45 45 55 18 44 44 6 4 33 33 L 1 4 5 7 6 5 4 10 23 31 29 29 40 24 14 39 40 23 21 21 12 21 40 40 44 37 40 40 23 23 29 3 4 26 26 223 Public 33 37 37 41 34 37 37 38 35 36 30 30 32 2 26 22 22 20 2sm 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Middle East & Africa Americas Asia UK & Switzerland Rest of Europe Euro Area 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Others Central Banks/Govt/SWFs Pension funds/Insurance Banks Fund Managers *2011 & 2012 EFSF Only 33#34CONTACTS KALIN ANEV JANSE Member of the Management Board Chief Financial Officer +352 260 962 400 [email protected] SILKE WEISS Head of Funding and Investor Relations +352 260 962 632 [email protected] [email protected] www.esm.europa.eu www.efsf.europa.eu Bloomberg: ESM <GO>; EFSF<GO> Thomson Reuters: 0#EUEFSF= ; 0#EUESM= 34 WELCOME TO THE ESM Public 25m