Book size: 11800; Registration: Reg S Only; Comments: EUR4bn 5yr cpn 2.50% at 99.954, yld 2.51%. Spread: MS+11bps. +21.3bps vs. OBL 2 ½ 04/16/31 #193 (100.960 / HR 96%);

Reoffer: 5yr: MS+11bp / 99.954 / 2.510% Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 100.960 / B+21.3bp / HR 96% Size Set: €4bn - Book closed in excess of €12.5bn (incl. €700m JLM interest) Spread Set: MS+11bp - Book in excess of €12.5bn (incl. €700m JLM interest) Guidance: MS+13bp area Issuer: European Financial Stability Facility (EFSF) Ratings: Aaa/A+/A+ (Moody's/Fitch/S&P) Risk Weighting: 0% Format: Reg S / Bearer Notes (TEFRA rules apply, no communications with or into the U.S.) Size: €4bn Coupon: 2.500%, Fixed, Annual ACT/ACT Maturity: 03-Mar-31 (5yr) Settlement: 03-Mar-26 (T+5) Final Spread: MS+11bp Reoffer: 99.954 / 2.510% Benchmark: +21.3bp vs. OBL 2.5 16-Apr-31 @ 100.960 / HR 96% Bookrunners: BNPP (DM/B&D) / HSBC / JPM Listing: Luxembourg Stock Exchange's regulated market Law: English Docs: Off the EFSF Debt Issuance Programme Denominations: €1,000 x 1,000 ISIN: EU000A2SCAY6 Timing: PRICED. TOE: 12:52 LDN / 13:52 CET. FTT immediately. Target Market: Professionals / Eligible Counterparties only (all distribution channels), each as defined in MiFID II Advertisement: The Final Terms, when published, will be available on the website of the Luxembourg stock exchange