Cap. 505 Art. 16out of or in accordance with shall be settled Member States only, it shall be 17. This more of the Agreement and signatures on the EFSF is conformed copies 18. The Annexes 1. List of 2. 3. Template Signed in For the Kingdom of represented by - signed - Didier Federal represented by - signed - Irelan

GOVERNING LAW AND JURISDICTION

(1) This Agreement and any non-contractual obligations arising connection with it shall be governed by and shall be construed in English law.

(2) Any dispute arising from or in the context of this Agreement amicably. In the absence of such amicable agreement, the euro-area agree that to the extent it constitutes a dispute between them EXECUTION OF THE AGREEMENT

Agreement may be executed in any number of counterparts signed by one or Parties. The counterparts each form an integral part of the original the signature of the counterparts shall have the same effect as if the counterparts were on a single copy of the Agreement. authorised to promptly after the signature of this Agreement supply of the Agreement to each of the Parties. ANNEXES to this Agreement shall constitute an integral part thereof:

Guarantors with their respective Guarantee Commitments; Contribution Key; and Commitment Confirmation.

Luxembourg on 7 June 2010 euro-area Member States, Belgium,

Vice Prime Minister and Minister of Finance

Reynders

Republic of Germany, Minister Dr. Wolfgang Schäuble

Mr. Brian Lenihan, T.D., Minister for Finance

Spain, Minister of Economy and Finance

Mendez

Republic,

Minister Christine Lagarde l’Economie, de l’Industrie et de l’Emploi represented by Minister Giulio Tremonti, Ministro dell’economia

- signed -Minister Giulio Tremonti

Republic of Cyprus, represented by Minister of Finance - signed -

Mr. Charilaos Stavrakis

Grand Duchy of Luxembourg, represented by Minister - signed -Luc Frieden

Republic of Malta, represented by Minister Tonio Fenech

Minister for Finance the Economy and Investment - signed -

Kingdom of the Netherlands, represented by Minister of Finance - signed -

Mr. drs. J.C. de Jager

Republic of Austria, represented by Federal Minister of Finance - signed -Josef Pröll

Portuguese Republic, represented by Minister of State and Finance, Fernando Teixeira

- signed -

Republic of Slovenia, Republic,

Minister Ján Pociatek

Finland, Minister of Finance

Republic by Minister of Finance

Giorgos Papakonstantinou

FINANCIAL STABILITY FACILITY

by its sole Director

Heinrich

ANNEX 1 GUARANTOR EURO-AREA MEMBER STATES WITH THEIR RESPECTIVE GUARANTEE COMMITMENTS

Member State ECB Capital subscription key % Belgium 2.4256 Republic of Germany 119,390.07 7,002.40 Spain 52,352.51 Republic 89,657.45 Republic 78,784.72 Cyprus 863.09 of Luxembourg 1,101.39 Malta 398.44 Republic of Slovenia Slovak Republic Republic of Finland Hellenic Republic

Total Guarantee Commitments

ANNEX 2 CONTRIBUTION KEY

Member State ECB Capital Contribution subscription key % Kingdom of Belgium 2.4256 3,475494866853410% Federal Republic of Germany 18.9373 27,134106588911300% Ireland 1.1107 1,591454546757130% Kingdom of Spain 8.3040 11,898297070560200% French Republic 14.2212 20,376693436879900% Italian Republic 12.4966 17,905618879089900% Republic of Cyprus 0.1369 0,196155692312101% Grand Duchy of Luxembourg 0.1747 0,250317015682425% Republic of Malta 0.0632 0,090555440132394% Kingdom of the Netherlands 3.9882 5,714449467342010% Republic of Austria 1.9417 2,782143957358700% Portuguese Republic 1.7504 2,508041810249100% Republic of Slovenia 0.3288 0,471117542967267% Slovak Republic 0.6934 0,993530730819656% Republic of Finland 1.2539 1,796637126297610% Hellenic Republic 1.9649 2,815385827787050%

Total 67.8266 100,000000000000000% followed by registered mail: Financial Stability Facility

Financial Stability Facility ("EFSF") – Confirmation Commitment

EFSF Framework Agreement between the Kingdom of Belgium, of Germany, Ireland, Kingdom of Spain, French Republic, Italian Republic of Cyprus, Grand Duchy of Luxembourg, Republic of Malta, Netherlands, Republic of Austria, Portuguese Republic, Republic of Republic, Republic of Finland, the Hellenic Republic and EFSF signed on [●] 2010.

notify you that we are duly authorised under our national laws to bound by the above mentioned Agreement with effect from [date].

faithfully, euro-area Member State]

on the 6th September, 2011

AMENDMENT TO THE EFSF FRAMEWORK AGREEMENT Between

KINGDOM OF BELGIUM FEDERAL REPUBLIC OF GERMANY REPUBLIC OF ESTONIA IRELAND HELLENIC REPUBLIC KINGDOM OF SPAIN FRENCH REPUBLIC ITALIAN REPUBLIC REPUBLIC OF CYPRUS GRAND DUCHY OF LUXEMBOURG REPUBLIC OF MALTA KINGDOM OF THE NETHERLANDS REPUBLIC OF AUSTRIA PORTUGUESE REPUBLIC REPUBLIC OF SLOVENIA SLOVAK REPUBLIC REPUBLIC OF FINLAND AND EUROPEAN FINANCIAL STABILITY FACILITY THIS AMENDMENT (the "Amendment") TO THE EFSF AGREEMENT is made by and between:

(A) Kingdom of Belgium, Federal Republic of Germany, Republic Ireland, Hellenic Republic, Kingdom of Spain, French Republic, Republic of Cyprus, Grand Duchy of Luxembourg, Republic of Malta, the Netherlands, Republic of Austria, Portuguese Republic, Republic Slovak Republic and Republic of Finland (the "euro-area Member "EFSF Shareholders"); and

(B) European Financial Stability Facility ("EFSF"), a société incorporated in Luxembourg, with its registered office at 43, Kennedy, L-1855 Luxembourg (R.C.S. Luxembourg B153.414) Member States and EFSF referred to hereafter as the "Parties"). PREAMBLE

Whereas:

(1) The euro-area Member States and EFSF have entered into agreement to set out the terms and conditions upon which EFSF may euro-area Member States, finance such Loans by issuing or entering Instruments backed by Guarantees issued by the Guarantors, conditions on which the Guarantors shall issue Guarantees in respect Instruments issued by or entered into by EFSF, the arrangements between them in the event that a Guarantor is required to pay under more than its required proportion of liabilities in respect of a Funding the purchase of bonds of such euro-area Member States on the as financial assistance. accordance with Article 13(8) of the Framework Agreement, the Republic become a party to the Framework Agreement with effect from the the Amendments (as defined in Article 3(1) of this Amendment) by Framework Agreement and entering into this Amendment.

statement dated 21 July 2011 the Heads of State or Government of the institutions stated their intention to improve the effectiveness of address contagion and that they had agreed to increase the flexibility of appropriate conditionality. As a consequence, whilst originally assistance was provided solely by way of loan facility agreements, assistance may now be granted in the form of financial assistance facility ("Financial Assistance Facility Agreements", each a "Financial Facility Agreement") to provide financial assistance by way of loan precautionary facilities, facilities to finance the recapitalisation of institutions in a euro-area Member State (through loans to the governments States including in non-programme countries), facilities for the bonds in the secondary markets on the basis of an ECB analysis existence of exceptional financial market circumstances and risks to or facilities for the purchase of bonds in the primary market (each of a Financial Assistance Facility Agreement being a "Financial with the Financial Assistance to be made under all Financial Facility Agreements being financed with the benefit of guarantees in an EUR 779,783.14 million to be used within a limited period of time. to result in an effective capacity for EFSF to provide Financial EUR 440,000 million.

euro-area Member States and EFSF have agreed that the Framework be amended on the terms set out in this Amendment and that such hall take effect prospectively on the Effective Date of the defined in Article 3(1) of this Amendment). therefore, the Parties have agreed as follows: AMENDMENTS TO THE FRAMEWORK AGREEMENT

from the Effective Date of the Amendments (as defined below), the Agreement shall be amended as follows:

Republic of Estonia shall be listed in the list of euro-area Member the cover page and in paragraph (A) of the list of parties to the Agreement and the Hellenic Republic shall be moved in the list of signature pages to be listed after Ireland. paragraph (B) of the list of parties the registered address of EFSF will be avenue John F. Kennedy, L-1855, Luxembourg". Paragraph (1) of the preamble of the Framework Agreement shall be follows: words "euro-area" shall be added after the words "beyond such"; words "with the aim of safeguarding the financial stability of the

(4) Paragraph (2) of the preamble of the Framework Agreement and replaced by the following paragraphs (2) and (2)(a): "EFSF has been incorporated on 7 June 2010 for the purpose stability support to euro-area Member States. In a statement July 2011 the Heads of State or Government of the euro institutions stated their intention to improve the effectiveness and address contagion and they had agreed to increase EFSF linked to appropriate conditionality. As a consequence, originally financial assistance was provided solely facility agreements, financial assistance may now be granted of financial assistance facility agreements ("Financial Facility Agreements", each a "Financial Assistance Agreement") to provide financial assistance by disbursements, precautionary facilities, facilities recapitalisation of financial institutions in a euro-area (through loans to the governments of such Member States non-programme countries), facilities for the purchase secondary markets on the basis of an ECB analysis existence of exceptional financial market circumstances financial stability or facilities for the purchase of bonds market (each such utilization of a Financial Assistance Agreement being a "Financial Assistance") with Assistance to be made under all Financial Assistance Agreements being financed with the benefit of guarantees of up to EUR 779,783.14 million to be used within a time. This is intended to result in an effective capacity provide Financial Assistance of EUR 440,000 million. of such Financial Assistance Facility Agreements will upon the relevant euro-area Member States which Financial Assistance Facility Agreements entering into understanding (each an "MoU") with the European Commission, on behalf of the euro-area Member States, including conditions budgetary discipline and economic policy guidelines compliance with the terms of such MoU. With respect Assistance Facility Agreement, the relevant beneficiary Member State shall be referred to as the "Beneficiary If Financial Assistance is in the form of facilities for bonds in the primary or secondary market, the nature including as to pricing, policy conditionality, conditions and documentation of such arrangements shall be in guidelines adopted by the board of directors unanimously pursuant to Article 2(1)(b). Similarly, Assistance is in the form of precautionary facilities finance the recapitalisation of financial institutions Member State, the board of directors of EFSF acting unanimously adopt guidelines under Article 2(1)(c) in relation to such The terms of an MoU shall impose appropriate policy the full duration of a Financial Assistance Facility Agreement just limited to the period in which Financial Assistance 20 June 2011, euro area Finance Ministers agreed that the pricing EFSF loan facility agreements should be as follows: EFSF Cost of Funding; plus Margin. margin shall be equal to 200 basis points with such Margin being increased to 300 basis points in respect of any Loan which remains outstanding after the third anniversary of the date of disbursement. respect of fixed rated Loans with a scheduled maturity which exceeds

(3) years, the Margin shall be equal to the weighted average of 200 points for the first three (3) years and 300 basis points for the period from (and including) the third anniversary of its drawdown and ending on (but excluding) the scheduled maturity date of such Loan."

on 21 July 2011, Heads of State or Government of the euro-area have decided to lengthen the maturity of future EFSF loans to Greece to the maximum extent possible from the current 7.5 years to a minimum of 15 years and up to 30 years with a grace period of 10 years. this context, we will ensure adequate post programme monitoring. will provide EFSF loans at lending rates equivalent to those of the Balance of Payments facility (currently approx. 3.5%), close to, without going below, the EFSF funding cost. We also decided to extend substantially the maturities of the existing Greek facility. This will be accompanied by a mechanism which ensures appropriate incentives to implement the programme." stated: EFSF lending rates and maturities we agreed upon for Greece will applied also for Portugal and Ireland." " Paragraph (3) of the preamble of the Framework Agreement shall be adding the words "European Union" after the words "the 27". Paragraph (4) of the preamble of the Framework Agreement shall be follows: words "such loans" in the first line shall be replaced by the term "Financial Assistance"; and words "It is not anticipated that a request under Article 2(7) of this Agreement would be made by a euro-area Member State which has requested Financial Assistance in the form of a precautionary facility, so as such facility is not drawn or utilised, a facility to finance the recapitalisation of financial institutions in such Member State by way of loan made to such Member State or a facility for the purchase of bonds such Member State in the secondary market." shall be added at end of paragraph. Paragraph (6) of the preamble to the Framework Agreement shall be follows: Assistance available";

(c) after the words "finance such", the word "Loans" is deleted by "Financial Assistance".

(8) The Title of Article 2 shall be deleted and replaced by the Assistance Facility Agreements, Grant of Financial Assistance, Funding and issuance of Guarantees".

(9) Article 2(1) shall be amended by:

(a) adding "(a)" after "2(1)";

(b) in sub-paragraph (a), the words "stability support loan" words "made by a euro-area Member State to the Member States for a" and prior to the words "(i) the Commission" be deleted and replaced by "Financial Assistance Facility

(c) in sub-paragraph (a) the reference to "Article 136" shall a reference to "Article 136(1)";

(d) in sub-paragraph (a), each occurrence of the words Agreement" or "Loan Facility Agreements" shall be words "Financial Assistance Facility Agreement" Assistance Facility Agreements", and each occurrence "Borrower" shall be replaced by the term "Beneficiary

(e) in sub-paragraph (a), the words "(each adapted to the particular financial assistance being provided to the relevant euro-area State)" shall be added after the words "shall be substantially of template Financial Assistance Facility Agreements" prior to the word "template" shall be deleted and prior "which shall be approved by the euro-area Member State of this Agreement and the financial parameters of such";

(f) in sub paragraph (a) the word "available" shall be added "The terms of Article 3(2) set out the basis upon which be made in relation to Financial Assistance to be made";

(g) in sub-paragraph (a), the words "subject to any other may be adopted pursuant to guidelines adopted by the of EFSF pursuant to Articles 2(1)(b) or 2(1)(c)" shall be words "The terms of Article 3(2) set out the basis upon shall be made in relation to Financial Assistance to be existing Financial Assistance Facility Agreement" and stop;

(h) adding a sub-paragraph (b) as follows: "(b) Financial euro-area Member State may consist of facilities for bonds in the secondary market to avoid contagion, on ECB analysis recognising the existence of exceptional circumstances and risks to financial stability or by way the purchase of bonds in the primary market. The nature including as to pricing, conditions to and procedures or utilisation, administration, documentation and compliance with policy conditionality of such arrangements accordance with guidelines adopted by the board of directors EFSF and address contagion, Financial Assistance Facility Agreements a euro-area Member State may consist of precautionary facilities or facilities to finance the re-capitalisation of financial institutions in a euro-area Member State by way of a loan to the government of such Member State (whether or not it is a programme country). If a Financial Assistance Facility Agreement covers such Financial Assistance, the nature and terms of such agreement, including as to pricing, conditions and procedures for disbursement or utilisation, compliance with policy conditionality, administration, documentation and monitoring of compliance with policy conditionality shall be in accordance with guidelines to be adopted by the board of directors of EFSF acting with unanimity."

2(2) shall be amended as follows: words "Loan Facility Agreement" falling after the words "In respect each" and prior to the words "and the Loans to be made thereunder, euro-area Member States agree that EFSF" shall be deleted and replaced by "Financial Assistance Facility Agreement"; words "Loans to Borrowers" shall be deleted and replaced by the words "Financial Assistance to Beneficiary Member States"; word "Loans" which appears after the words "substantially the same financial profile as the related and after the phrase "the amounts it recovers in respect of" and the word "Loan" after the phrase "the interest rate which will apply to each" shall all be replaced by the term "Financial Assistance"; third sentence shall be deleted and replaced by the following sentence: "The pricing which will apply to each Loan is intended to cover the cost of funding and operations incurred by EFSF and shall include a margin (the "Margin")."; following sentences shall be added as fourth and fifth sentences to the words "The Service Fee": "This shall provide remuneration for the Guarantors and shall be specified in the relevant Financial Assistance Facility Agreement. The EFSF shall review periodically the pricing structure applicable to its Financial Assistance Facility Agreements and any changes thereto shall be agreed by the Guarantors acting unanimously in accordance with Article 10(5)." the final sentence, the words "retained in respect of Financial Assistance disbursed prior to the Effective Date of the Amendments" be added after the words "The Service Fee"; the final sentence, the word "Borrower" shall be replaced by "Borrower Member State".

2(3): the words "the percentage set out next to each Guarantor’s name in third column (the "Contribution Key") in Annex 2", a footnote is the amendments.";

(b) in item (b), "120%" shall be replaced by "up to 165% Guarantee Percentage") in respect of Funding Instruments entered into after the Effective Date of the Amendments";

(c) in item (b), a footnote shall be added after "(b)" drafted percentage of 120% shall continue to apply to Funding issued or entered into prior to the Effective Date of the

(d) after the words "No Guarantor shall be required to which would result in it", the words "having a Guarantee excess of its aggregate guarantee commitment Commitment") set out alongside its name in Annex deleted and shall be replaced by the words "having Notional Exposure in excess of its guarantee ("Guaranteed Commitment") set alongside its name the purposes of this Agreement, a Guarantor’s "Guarantee Exposure" is equal to the aggregate of: (i) the principal Funding Instruments issued or entered into (including Instruments issued or entered into pursuant to any Diversified Strategy approved pursuant to Article 4(5), and other principal guaranteed under Guarantees issued for other purposes Article 2(3)) which benefit from Guarantees issued Agreement and which remain outstanding; and (ii) counting, the aggregate amounts paid by the Guarantors demands made under Guarantees issued under this Agreement paid amounts have not been reimbursed to the Guarantors.";

(e) in the final paragraph, the words "Guarantor's Guarantee shall be replaced by the words "Guarantor's Guarantee Exposure"; and

(f) a new paragraph is added after the final paragraph, drafted is acknowledged and agreed that the amendments to apply to Funding Instruments issued or entered into Effective Date of the Amendments. These amendments respect affect or reduce the liability of Guarantors Guarantors which became Stepping-Out Guarantors) which guarantee Funding Instruments issued or entered Effective Date of the Amendments in respect of which Key and Adjusted Contribution Key Percentage Commitment of each Guarantor is that which applied issue of or entry into the relevant Funding Instrument.".

(12) In Article 2(5)(a), the term "Loan(s)" shall be replaced "Financial Assistance".

(13) In Article 2(5)(b), each occurrence of the words "Loan Facility shall be replaced by the following words "Financial Assistance Facility

(14) In Article 2(5)(d), after the phrase "the liability of the Guarantor Guarantee", the following words are added "gives rise to a Guarantee Exposure" and the words "is for a maximum amount" are deleted.

(15) Article 2(7) shall be amended as follows: Agreement"; words "or incurring new liabilities as a Guarantor" shall be added the words "to accept that the Guarantor in question does not participate in issuing a Guarantee"; and words "Loan Facility Agreements or further Loans" falling after the words "The decision of the euro-area Member States in relation to such request is to be made at the latest when they decide upon making any further" shall be deleted and replaced by the following: "Financial Assistance Facility Agreements or make available further Financial Assistance".

2(8) shall be amended by: adding the words "In respect of Financial Assistance disbursed prior to Effective Date of the Amendments," prior to the words "an upfront service fee (the "Service Fee") calculated as being"; occurrence of the word "Borrower" shall be replaced by "Borrower Member State" and each occurrence of the word "Loan" shall be replaced by the term "Financial Assistance"; adding the words "(the "Prepaid Margin")" after the words "of the anticipated Margin that would accrue on each Financial Assistance to its scheduled maturity date" and before the words "shall be deducted from cash amount to be remitted to the Borrower"; replacing the words "net present value of the anticipated" with the word "Prepaid"; and adding the phrase "the amounts credited to the Cash Reserve under Article 2(9)" after the phrase "The "Cash Reserve" shall include these retained amounts". Article 2(9) shall be added after Article 2(8) (the "New Article previous Article 2(9) shall become the new Article 2(10) (the "New The New Article 2(9) shall be drafted as follows:

respect of Financial Assistance disbursed after the Effective Date of Amendments, if on the date of disbursement of such Financial Assistance, the Notes issued to finance such Loan obtain the highest credit ratings (without any additional credit enhancement), then, unless otherwise agreed: subject to Article 2(9)(c), the Margin shall be payable on such Financial Assistance in arrear at the end of each interest period; an amount calculated as being 50 basis points on the aggregate principal amount of each Financial Assistance shall be charged to the Borrower as an advance payment of a portion of the Margin on such Financial Assistance (the "Advance Margin") and shall be deducted from the cash amount to be remitted to the Beneficiary Member State in respect of such Financial Assistance; on the first (and/or subsequent) interest payment date(s) of a Financial Assistance the amount payable in respect of Margin Assistance shall be the amount of the Advance fees and costs incurred in connection with the Instruments to finance such Financial Assistance adjustment for Funding Instruments being issued price less than par value ("Issuance Costs") Disbursement Amount shall be equal to the principal the Financial Assistance less (i) the amount of and (ii) the Issuance Costs. The deduction of an amount equal to the Issuance amount of Advance Margin shall not reduce the of a Financial Assistance that the Borrower is liable on which interest accrues. Advance Margin and Margin amounts retained respect of a Financial Assistance shall be credited Reserve. If, on the date of disbursement of a Financial Notes issued to finance such Loan would not obtain quality credit ratings (without any additional enhancement), then the euro-area Member States additional credit enhancement mechanisms under this Agreement and make consequent modifications relevant Financial Assistance Facility Agreement.".

(18) The New Article 2(10) shall be amended by:

(a) replacing each occurrence of the words "Loan Facility the following words "Financial Assistance Facility each reference to the term "Loans" by "Financial Assistance";

(b) adding the phrase "then, unless otherwise agreed" prior "these amounts shall be paid to the Guarantors as consideration issuance of their Guarantees"; and

(c) adding after the words "anticipated Margin retained in Loan Facility Agreement" the words "and the amounts Cash Reserve under Article 2(9) and the".

(19) In Article 2(11), each occurrence of the words "Loan Facility shall be replaced by the following words "Financial Assistance Facility the word "Loan" shall be replaced by the term "Financial Assistance" "Borrower" by "Beneficiary Member State".

(20) In Article 2(12), the words "Loan Facility Agreement" words "(i) the Guarantees, (ii) the" and prior to the words ", (iii) the for the Funding Instruments" shall be deleted and replaced by "Financial Assistance Facility Agreements (adapted as appropriate guidelines adopted by the board of directors of EFSF under Articles 2(1)(c))";

(21) The word "Loan" shall be deleted from the title to Article 3.

(22) Article 3(1) shall be amended as follows:

(a) the words "Loan Facility Agreement" falling after the agreed or unless otherwise specified in guidelines adopted by the board of directors of EFSF pursuant to Articles 2(1)(b) or 2(1)(c) and applicable to the relevant category of Financial Assistance Facility Agreement"; the third sentence, the words "Loan Facility Agreement" falling after words "The first Loan to be made available to a Borrower under a" be replaced by the following words "Financial Assistance Facility Agreement"; occurrence of the word "Borrower" shall be replaced by "Beneficiary Member State" and the word "Loan" replaced by "Financial Assistance"; the third sentence, the word "is" falling after the words "Loan Facility Agreement" and prior to the words "released following the initial signature" shall be replaced by the words "shall be"; the third sentence, the words "or utilised" shall be added after the "released"; and last sentence shall be added as follows: "The board of directors of EFSF shall adopt guidelines under Article 2(1)(b) and 2(1)(c) regarding conditions to and procedures for the disbursement and on-going monitoring of compliance with policy conditionality of Financial Assistance in the form of precautionary facilities, facilities for the re-capitalisation of financial institutions in a Member State and facilities the purchase of bonds in the primary or secondary markets.".

3(2) shall be amended as follows: first word "Following" shall be deleted; words "Unless otherwise specified in the relevant Financial Assistance Facility Agreement (in accordance with guidelines adopted the board of directors of EFSF under Articles 2(1)(b) or 2(1)(c) and applicable to the relevant category of Financial Assistance Facility Agreement)," shall be added in the first sentence prior to the words "following a request for"; words "funds (a "Request for Funds")" shall be replaced by "financial assistance (a "Request for Financial Assistance")"; words "and requesting a Loan thereunder" shall be deleted; and occurrence of the words "Loan Facility Agreement" shall be replaced by the following words "Financial Assistance Facility Agreement" each occurrence of the word "Loan" shall be replaced by "Financial Assistance" and the word "Borrower" by the term "Beneficiary Member State". 3(3) shall be amended as follows: words "Loan Facility Agreement" shall be replaced by the following words "Financial Assistance Facility Agreement"; and word "Loan" falling prior to the full stop shall be replaced by the words "Financial Assistance". applicable to the relevant category of Financial Assistance Agreement)" shall be added after the words "On Disbursement Date," and prior to the words "EFSF relevant Loan available to the Beneficiary Member State":

(b) the words "Loan Facility Agreement" shall be replaced words "Financial Assistance Facility Agreement", the "Financial Assistance" and the word "Borrower" Member State".

(26) In Article 4(1) the words "(including the Over-Guarantee applicable to such issue of Funding Instruments)" shall be added "setting out the detailed financial terms of each issue" and the term replaced by "Financial Assistance".

(27) In Article 4(2) the term "Loan(s)" shall be replaced Assistance".

(28) In Article 4(3) the term "ESFS" shall be replaced by "EFSF" "bookrunners" by "book-runners".

(29) In Articles 4(4) and 4(5) the terms "Loans" shall be replaced "Financial Assistance" and in Article 4(5), the words "under an Facility Agreement" shall be replaced by the following words Assistance Facility Agreements".

(30) In Article 5(1)(a), the term "120%" shall be deleted and replaced Over-Guarantee Percentage of up to 165% (as required to ensure the worthiness for Funding Instruments issued or entered into by EFSF issue) in respect of Funding Instruments issued or entered into after Date of the Amendments".

(31) Article 5(1)(b) shall be amended by:

(a) adding the words "(retained in respect of Financial Assistance prior to the Effective Date of the Amendments)" after Cash Reserve" and prior to the words "shall act as a cash

(b) the word "Loans" be replaced by "Financial Assistance" "Borrowers" by "Beneficiary Member States"; and

(c) replacing the words "Article 2(9)" by the words "Article

(32) In the opening sentence of Article 5(2), the term "Borrower" replaced by "Beneficiary Member State" and the term "Loan" Assistance".

(33) In Article 5(2)(a), "120%" shall be replaced with "the Guarantee Percentage".

(34) Article 5(2)(b) shall be amended by adding the words "(provided may not use any amounts credited to the Cash Reserve prior to the the Amendments to cover shortfalls arising in respect of Financial Facility Agreements entered into after such date)" after the words the Cash Reserve".

(35) Article 5(3) shall be amended by adding the phrase "and/or available credit enhancement mechanisms used by EFSF in relation Beneficiary Member States shall cover Issuance Costs (as described Article 2(9)); EFSF shall cover costs and expenses incurred in relation to a Financial Assistance Facility Agreement out of the Cash Reserve; Provided that, EFSF may not use any of the Cash Reserve established prior to the Effective Date of the Amendments to cover costs or expenses incurred relation to Financial Assistance Facility Agreements entered into such date unless the Cash Reserve is no longer required to serve as credit enhancement; and Article 5(7) shall be without prejudice to any undertaking of the Borrower under the Financial Assistance Facility Agreement to cover and expenses of EFSF." Article 5(8) shall be added after the new Article 5(7) as follows:

euro-area Member States may, by a decision made pursuant to Article 10(6), agree that EFSF may use part of the sums credit to the Reserve under Article 2(9) to cover the general non-loan specific operating expenses or exceptional costs of EFSF. Provided that, EFSF not release any Prepaid Margin which has been credited to the Cash Reserve to constitute credit enhancement prior to the Effective Date of Amendments to cover such operating or exceptional costs so long as portion of the Cash Reserve is needed to constitute credit enhancement." Article 5(9) shall be added "It is acknowledged and agreed that the Article 5(7) and 5(8) are without prejudice to the general budgetary EFSF." 6(1) shall be amended by replacing the term "Loan" by "Financial

6(4) shall be amended by replacing the words "under a Loan" by the of a Financial Assistance". Articles 6(7), 6(8) and 6(9) the words "Borrower" and "Borrowers" shall respectively by "Beneficiary Member State" or "Beneficiary Member

Articles 6(7) and 6(8) the terms "Loan" and "Loans" shall be replaced by "Financial Assistance".

Article 6(7) the words "or otherwise recovered by EFSF" shall be added "actually received from the underlying Beneficiary Member States".

7(1) shall be amended by adding the words "as it applies to the guaranteed obligation of EFSF. For the avoidance of doubt, in respect of the Estonia, it is only required to make or to receive contributions under this respect of Funding Instruments issued or entered into after the Effective Amendments." after the words "The "Required Proportion" is equal to Contribution Key Percentage applicable to the relevant Guarantee" and words "Any indemnity or contribution payment from one Guarantor to

"Loan Facility Agreement" by the following words "Financial Assistance Agreement", replacing the word "Loan" by "Financial Assistance" word "Borrower" by "Beneficiary Member State".

(47) Article 8(2) shall be amended by:

(a) adding the words "or incur any new liabilities as Guarantor" words "the Stepping-Out Guarantor shall not be required Guarantee";

(b) adding the words "or any new liabilities to be incurred after the words "and any further Guarantees to be Agreement";

(c) adding the words "and/or incurred" after the words "shall prior to the words "by the remaining Guarantors";

(d) adding the words "or incurrence of any new liabilities after the words "and the Adjusted Contribution Key Percentage issuance of further Guarantees"; and

(e) adding the words "Ireland became a Stepping-Out Guarantor from 3 December 2010 and Portugal, with effect from after the words "Stepping-Out Guarantor with effect from force of this Agreement".

(48) In Article 9:

(a) the Title of Article 9 shall be amended by replacing Facility Agreement" by the words "Financial Assistance Agreement"; and

(b) each occurrence of the words "Loan Facility Agreement" replaced by the following words "Financial Assistance Agreement", each occurrence of the word "Loan" Assistance" and each occurrence of the word "Beneficiary Member State".

(49) Article 10(5) shall be amended by:

(a) replacing each occurrence of the words "Loan Facility the following words "Financial Assistance Facility each occurrence of the word "Loan" by "Financial Assistance";

(b) in sub-paragraph (a), adding the words ", any decisions pricing structure applicable to Financial Assistance Agreements, and any decisions to include in a Financial Facility Agreement the faculty of providing Financial way of the purchase of bonds in the primary markets or bonds in the secondary markets based on an ECB analysis the existence of exceptional financial market circumstance financial stability";

(c) in sub-paragraph (b), deleting the words "on the basis Commission" and by adding the sentence "For secondary purchases, the Financial Assistance Facility Agreement of bonds in the secondary market adopted on the adding a new sub-paragraph as follows: "(j) any transfer of rights, obligations and/or liabilities of EFSF to ESM pursuant to Article 13(10)"; and adding a new sub-paragraph as follows: "(k) the adoption and the amendment of any guideline referred to in Article 2(1)(b) or 2(1)(c).". 10(6) shall be amended by replacing each occurrence of the words Agreement" by the following words "Financial Assistance Facility occurrence of the word "Loan" by "Financial Assistance" and by "and" between sub-paragraphs (d) and (e)".

10(8) shall be amended by replacing each occurrence of the words Agreement" by the following words "Financial Assistance Facility

10(10) shall be amended by replacing the words "Loan Facility the following words "Financial Assistance Facility Agreement" and "Borrower" by "Beneficiary Member State". 11(1) shall be amended by replacing the words "Loan Facility the following words "Financial Assistance Facility Agreement", by term "Loans" by "Financial Assistance" and by replacing the words the words "Article 2(10)". 12 shall be amended by replacing each occurrence of the word the words "Beneficiary Member States" and the word "Loans" by Assistance". 13(1) shall be amended by replacing the word "Borrowers" by Member States". 13(3) shall be amended by replacing the words "Loan Facility the following words: "Financial Assistance Facility Agreements". Article 13(9) is added " - The terms "Financial Assistance Facility "Financial Assistance" shall apply respectively to "Loan Facility "Loans" entered into or disbursed by EFSF prior to the Effective Amendments." Article 13(10) shall be added as follows:

"Following the constitution of the European Stability Mechanism (the "ESM"), EFSF may, with the approval of a decision of the euro-area Member States acting with unanimity and after obtaining any requisite consents from investors in Funding Instruments, transfer all and any of rights, obligations and liabilities, including under Financial Instruments, Financial Assistance Facility Agreements and/or Financial Assistance, to ESM.". 1 (List of Guarantor euro-area Member States with their respective Commitments) shall be amended as from the Effective Date of the set out in Annex 1 to this Amendment in respect of Financial issued as from the Effective Date of the Amendments. 2 (Contribution Key) shall be amended as from the Effective Date of as set out in Annex 2 to this Amendment in respect of

(1) This Amendment and any non-contractual obligations arising connection with it shall be governed by and shall be construed in English law.

(2) Any dispute arising from or in the context of this Amendment settled amicably. In the absence of such amicable agreement, the euro-area States agree that to the extent it constitutes a dispute between them submitted to the exclusive jurisdiction of the Court of Justice of the To the extent there is a dispute between one or more euro-area Member EFSF, the Parties agree to submit the dispute to the exclusive jurisdiction Courts of the Grand Duchy of Luxembourg.