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Investor Presentaiton

EFSF & ESM VS FRANCE AND GERMANY BOND CURVES Mid Asset Swap Spread -20 -40 -60 -80 80 60 40 20 France EFSF ⚫ESM 0 Germany 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 15Y 20Y 25Y 30Y 40Y 50Y Source: Bloomberg, as of 19 December 2022 31
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