Any person who offers or sells securities issued by ESM/EFSF has the responsibility of acting in accordance with all applicable laws and regulations including selling restrictions and rules regarding suitability of investments. The fact that information about a particular issue of securities is given on this web site does not mean that those securities are permitted investments under such laws and regulations. Investing in securities carries risks, especially in the case of structured or long-dated securities. Financial intermediaries who recommend investments in securities issued by ESM/EFSF should ensure that the investors understand the risks attached to such investments. Nothing on this web site constitutes an offer to sell any investment.

You are requested to ensure that you are legally authorised to access this site. By clicking "I confirm" below, you represent that you:

• Have informed yourself about and will observe any legal restrictions regarding access to this web site in the country from which you are making the Internet connection.
• Will not copy, transmit or otherwise send any information on this web site to any person.
• Are not physically present in the United States of America or a "U.S. person" as defined in Regulation S under the U.S. Securities Act of 1933, as amended.

In relation to ESM securities only, by clicking “Section for US QIB Investors” below, you represent that you are either:

• Not physically present in the United States of America and not a "U.S. person" as defined in Regulation S under the U.S. Securities Act of 1933, as amended
• A Qualified Institutional Buyer as defined in Rule 144A under the U.S. Securities Act of 1933, as amended.