Investor Presentaiton

PERFORMANCE: OPPORTUNITIES COMBINED WITH ROBUST STRUCTURE Yield (%) EFSF & ESM vs core guarantors basket - 10YR Yield Levels 3.25 200 3.00 2.75 175 2.50 2.25 150 2.00 1.75 125 1.50 1.25 1.00 0.75 0.50 0.25 0.00 -0.25 -0.50 -0.75 -1.00 -1.25 + 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 Source: Bloomberg, as of 19 December 2022 Diff (EFSF vs Basket) Diff (ESM vs Basket) EFSF 10Yr Generic ESM Gen 10YR 10YR Basket (EFSF key) 30 100 75 50 25 Spread vs Basket (bp) 25m Public

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