Investor Presentaiton

ESM/EFSF FUNDING PROGRAMME The combined funding for EFSF & ESM for 2023 will be €28 billion • €20 billion for EFSF €8 billion for ESM -0.37 +0.50 0.30 +8.00 +3.48% 0% +1.30% 45% 60 EFSF / ESM Bond issuance (€ billion)* 58 50 50 40 40 30 20 20 16 10 44.8 34.5 19 49 28 24.5 23.5 15 14 12.5 11.5 10 0 2011 2012 2013 2014 2015 2016 2017 *Please note that figures are based on estimates and may vary. These figures do not include any cashless operations. 17 20 19.5 19,5 20 19 18 16.5 11 9.8 8 8 8 6 2018 2019 2020 2021 2022 2023 2024e EFSF ESM Public 25m

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