COMPLIANCE NOTIFICATION To whom it may concern

Consequently all daily operations of the EFSF are managed by the ESM and the ESM staff in line with the specific ESM guidelines, rules and procedures (where relevant and applicable). [...] It decides on the acts in respect of the existing financial assistance operations, and is also responsible for drawing up the balance sheet, and the profit and loss accounts of the EFSF. [...] • Articles of Association The Articles of Association (Statuts Coordonnés, available here) and the Framework Agreement form the two main documents of the operational, legal and governance structure of the EFSF. [...] In addition, the EFSF has appointed an external auditor (réviseur d'entreprises agréé) whose mandate shall expire at the time of the annual general meeting of the shareholders of the EFSF to be held in 2020. [...] The Internal Audit function of the ESM also oversees the activities of the EFSF based on the service level agreement.