Investor Presentaiton

LIQUIDITY 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

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