Investor Presentaiton

European Stability Mechanism 25m HIGHEST RATINGS FROM TOP 3 RATING AGENCIES Long Short Outlook Ratings Term Term Commentary STANDARD AAA A-1+ Stable & POOR'S “Very strong capital adequacy, further reinforced by strong access to market funding and a robust liquidity position" MOODY'S Aaa P-1 Stable Fitch Ratings AAA F1+ Stable "ESM is a key pillar for the euro area's financial architecture, alongside institutions such as the EIB and the ECB " "The credit profile of the ESM, the euro area's permanent crisis-resolution mechanism, reflects its substantial capital buffers, low leverage and preferred creditor status. Other credit strengths include its prudent capital and liquidity management, strong liquidity and the very strong support of its shareholders" "The ESM has established a strong market presence since its inception. It has proved its ability to issue bonds in size within a short period of time. "The low risk business profile primarily reflects the ESM's excellent governance and importance of its public mandate, further enhanced by the role it is expected to play in the Banking Union. Fitch also assesses the ESM's operating environment as 'low' risk, based on the high credit quality and low political risk of the countries of operations." 11 Public 25m

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