Letter

Eurupedn Finwicial SLbiIity Facility FSF Socit anonyine 6a, Circuit dc la Foire Internationale, L- 1347 Luxembourg (Grand-Duch de Luxembourg) R.C.S. Luxembourg: B 153414 SHARE CERTIFICATE This is to certify that, as of the date of the present certificate, the Republic of Estonia is registered in the register of shares of European Financial Stability Faeility as the registered holder of seven million two hundred ninety-four thousand three hundred fifty-seven (7,294,357) registered shares with a par value of one Euro cent (EUR 0.0 1-) numbered as follows: 2,844,045,336 to 2,85 1,339,692 As of the date of the present certificate, the share capital of European Financial Stability Facility amounts to twenty-eight million five hundred and thirteen thousand three hundrcd and ninety-six Euro and ninety two Euro cents (28,5 13,396.92-) represented by two billion eight hundred and fiify-one million three hundred thirty nine thousand six hundred and ninety two (2,851,339,692) registered shares with a par value ofone Euro ccnt (EUR 0.0 1-) each. This certificate is evidence of registration in the share register only and is not a document of title. Entitlements are determined by the share register and title to the shares represented by this certificate shall pass by registration in the share register and in accordance with the applicable legal provisions. The present certificate is established in accordance with the provisions ofarticle 430-4 of the Luxembourg Iaw of 10 August 1915 on commercial companies, as amended from time to time, and the provisions of article 6.2 of the articles ofassociation ofEuropean Financial Stability Facility. EUROPEAN FINANCIAL STABILITY FACILITY % 5iuLL By: Nicola Giammarioli Title: Mcmber ofthe Management Board, Secretary General Date: 1 January 2024 15 -ui— 2O2  Eu’opean Stbhty Mecharnsm CERTIFICATE This is to certify that, as of 1 January 2024, the Republic of Estonia subscribed 17,907 shares ofthe authorised capital stock, ofwhich 2,046.50 paid-in shares and 15,860.50 callable shares. The nominal value of the shares subscribed is one hundred thousmd euro (€ ioo,000.-). The Republic of Estonia has provided a contribution to the authorised capital stock amounting to two hundred and four million six hundred and fifty thousand euro (€ 204,650,000.-) which corresponds to the total amount of paid-in shares subscribed, in accordance with the contribution key specified in Annex 1 to the Treaty establishing the European Stability Mechanism. The callable shares of the authorised capital stock subscribed by the Republic of Estonia amount to one billion five hundred and eighty-six million fifty thousand euro (C 1,586,050,000.-). Done in Luxembourg, 1 January 2024 / Mr Nicola Giam,o1i, Member of the Management Board, Secretary General European Stability Mechanism 6a, Circuit dela Foireinternationale, 1-1347 Luxembourg Telephone (+352)260 9620 Fax (+352)260911 706 www•esm.europa.eu