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Yield (%) 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

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