Investor Presentaiton

TRANSPARENCY: 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

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