Investor Presentaiton

Ensuring sufficient liquidity in secondary markets • • Annual issuance of a new 10-year bond and a shorter dated bond (usually a 3- or 5-year bond); in 2017 a new 7-year bond Raising the outstanding amounts of bonds up to and including 10-year bonds to at least € 15 bn within 1 year of issuance Quotation obligation for Primary Dealers to ensure tradable prices to be available at all times Repo facility available to Primary Dealers ('lender of last resort') 24 24 Investor presentation Mexico City

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