Investor Presentaiton

European 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

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