Investor Presentaiton

© Senatsverwaltung für Finanzen Berlin 2012 Senatsverwaltung für Finanzen Secondary spread performance be Berlin 150 100 50 Spread (in bps) 0 Jan-2011 Apr-2011 Jul-2011 Okt-2011 Jan-2012 Apr-2012 -50 -100 -150 BERGER 3.125% Sep 15 DBR 3.750% Jan 17 BERGER 1.750% Jan 17 DBR 2.250% Sep 21 BERGER 3.125% Aug 21 iBoxx Euro Sub-Sovereigns 3-5 OBL 1.750% Oct 15 iBoxx Euro Sub-Sovereigns 5-7 Berlin offers an attractive yield pick-up vs. Bunds while trading less volatile than European peers Investor Presentation September 2012 | Page 15

View entire presentation