eib investor presentation h1 09

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European Investment BankThe Bank Promoting European Objectives

June 2009

This presentation has been prepared for information purposes only and should not be taken as investmentadvice. It constitutes neither an offer to sell nor an invitation to purchase securities, nor is it intended to serveas a basis for any kind of obligation, contractual or otherwise. Securities of the European Investment Bank

may not be offered or sold in the United States nor to U.S. persons outside the United States unless theoffering or sale is registered under US securities laws. Similar restrictions may apply in other countries.

Certain sections of this presentation contain forward-looking statements that are based on expectations,estimates, projections and assumptions. These statements are not guarantees of future performance andinvolve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results andtrends may differ materially from what is forecast in such forward-looking statements. This presentationspeaks only as of its date. The Bank does not undertake any obligation to update or publicly release anyrevisions to this presentation to reflect events, circumstances or changes in expectations after the date ofthis presentation.

European Investment Bank


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Table of contents

1. EUs Premier Financial Institution for 50 years2. EIB support to EU-economy3. Shareholders: strength and diversification

4. Strong capital base5. Capital and Gearing6. Geographical distribution European focus7. Geographic breakdown of lending focus on EU8. Outstanding asset quality

9. Largest supranational borrower10. Benchmark focus11. USD issuance: a leading non-U.S. issuer12. EUR issuance: EU-Sovereign proxy13. GBP issuance: Leading Gilt alternative14. Wide variety of Tailor-made Issuance15. Non-core currency borrowing16. Executive summary

Annexes:- Treasury activities- Funding background information)


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EUs Premier Financial Institution for 50 Years

Very strongly capitalised

Sole and 100% ownership by 27 member countries of the EU

Board of Governors consisting of Ministers of the EU Member States

Total subscribed capital is EUR 232.4bn (since 1st April 2009)

Entire capital is Tier I and capital adequacy ratio (BIS II ratio) is 33%. Includingcallable capital, the ratio is around 240%

Only supra to have access to a Central Banks liquidity management system (ECB)

Stable net profit in 2008: EUR 1.65bn vs. 1.63 in 2007 Triple-A rated by Moodys, S&Ps and Fitch with stable outlook

Page 3European Investment Bank

Outstanding quality of Loan Book

Lending Criteria: only lending to economically viable projects

Non performing loans are close to 0% of loan portfolio

Watch-listed (loans under special monitoring) well below 0.5% of total loan portfolio

Unless stated, data is as of end Q2 2009


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EIB loans to support stimulus for EU-economyLending and Funding

Lending increase

Initially fixed at around 30% increase over 2009-2010 (i.e. around EUR 15 billion

p.a.). Semi-annual review increased 2009 lending target by EUR 10 billion.

Sectoral Focus: SMEs and mid-caps; energy, climate change and infrastructure

including clean transport and R&D; convergence lending

Funding impact

2009 funding programme: EUR 80bn increase vs. 2008 (EUR 60 bn)

Funds raised at end Q2 2009: EUR 64 bn, 80% of annual programme:

EUR 38bn USD 20.2bn/EUR 15.2bn

GBP 5.5bn/EUR 6.2bn

Other EUR 4.6bn



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Source: S&P / Moodys ratings;Bloomberg, as of 29 June 2009

EIB Shareholder Structure by Rating(Best rating) 16.17%AAAAAAGermany

0.04%AAMalta

0.07%AAA+Estonia

0.09%BB+BBB-Latvia

0.11%A+AA-Cyprus

0.11%AAAAAALuxembourg

0.15%BBBA-Lithuania

0.18%BBB-BBBBulgaria

0.24%AAAASlovenia

0.26%A+A+Slovakia

0.52%BB+BBB-Romania

0.57%AA+AAAIreland

0.72%BBB-BBB+Hungary

0.76%AA+Czech Republic

0.78%A+AAPortugal

1.22%A-A+Greece

1.28%AAAAAAFinland

2.07%A-APoland

2.22%AAAAAAAustria

2.27%AAAAAADenmark

2.97%AAAAAASweden

4.48%AAAAAANetherlands

4.48%AA+AA+Belgium

9.70%AA+AAASpain

16.17%AAAAAAUnited Kingdom

16.17%A+AAItaly

16.17%AAAAAAFrance

Shareholders: Strength & Diversification

ShareholderBest

ratingLowestRating

Share ofsubscribed

capital


AAA

72.1%

AA

21.9%

BBB

1.5%A

4.5%


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Strong Capital Base

Balance sheet total EUR 357bnAs of 30 June 2009


Subscribed enlarged Capital and Reserves account for over EUR 250bn, i.e.

- around 70% of the Banks Balance Sheet

- around 150% of non-sovereign/public loan book

EUR

bn

0

100

200

300

400

500

600

Assets Liabilities

Other

EUR 4.5bn

DisbursedLoans

EUR 307.6bn

Liquidity

EUR 45.1bn

Borrowings

EUR 308.3bn

Other

EUR 11.7bn

Undisbursed Loans

EUR 66.3bn

Capital & Reserves

EUR 37.2bn

Callable Capital

EUR 220.8bn


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Strong capital cover

Strong cover of risk weighted assets: RWA of around EUR 108 billion vs. EUR 232billion subscribed capital

Paid-in Capital: 5%

Callable Capital: 95% (EUR 221 billion), of which EUR 159bn (72%) from AAA EUsovereigns

Can be called for Bank to meet debt obligations

Member States are liable up to the amount of capital subscribed

Legally binding obligation under Treaty establishing the European Community


Capital increase

The increase in the lending volume for 2009/10 as well as longer term needs (up to 2015)explain increase of subscribed capital by EUR 67.6 billion to EUR 232 billion

Unless stated, data is as of end Q2 2009

Capital & Gearing


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* As of 31 December 2008

** EFTA Countries: Iceland, Norway and Switzerland

EUR 11.7bn

EUR 13.3bn

EUR 1.9bn

EUR 1.5bn

EUR 2.6bnEuropean Union & EFTA countries**

Candidate Countries

Africa/Caribbean/Pacific

Mediterranean/Balkans

Asia and Latin America

Russian Federation & Western NewlyIndependent States

EUR 0.5bn

EUR 319bn(91%)

Geographical Distribution: European Focus

European Investment Bank Page 8

Geographical Distribution of Loans Signed*

Total granted loans outstanding: EUR 350bn at end 2008- of which new signatures in 2008: EUR 57.6bn

Total disbursed outstanding: EUR 291bn or 83% (end 08)


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Geographic breakdown of lending focus on EU (signed loans)

Data as of 31 December 2008

Poland 3.84%

Czech Republic 2.26%

Hungary 2.18%

Romania 1.45%

Slovenia 0.65%

Bulgaria 0.65%

Cyprus 0.36%

Latvia 0.31%

Slovakia 0.30%Estonia 0.06%

Malta 0.06%

Lithuania 0.05%

Spain

15%

Germany

14%

Italy

13%

France

10%

Portugal

5%

New Member

States

12%

United Kingdom6% Greece

4%Austria

2%

Ireland

1%

Loans outside

the EU

9%

Scandinavia

4%

Benelux

4%

New Member States (NMS) -Central Eastern & Southern

countries

(% of total loan book)

Share of total outstanding: EUR 350bn- of which new in 2008: EUR 57.6bn


Obligor structure

NMS obligors account for 66.6% of obligors in NMS loan book- 55.2% sovereign, 6% public sector, 5.4% corp/bank

EC Budget accounts for 10.6% of the obligors

W European (EU 15) obligor share in NMS loans: 14.4% (mainly banks)

Other: 8.4% (including those to be defined before disbursement)

Disbursed portion relatively low, no watch-listed loans

Disbursed portion: 68%

NMS (EU 12) loans: mainly sovereign/public sector obligors over 70%


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Ultimate Obligors of EIB Loans

As of 31 December 2008*

The EU Member States and Public Institutions

are ultimate obligors for 54% of the loans

76% of EIB loans are backed by a formal

guarantee or other form of security

Outstanding Asset Quality


EU Public

Institutions

26%

Banks

23%

Corporates

22%

EU Budget

7%

EU Member States

22%

Breakdown of IndividualLoans by Sector in 2008*

Loans via banks

21%

Water Mgmt,

Sewage

6%

Health,

Education

6%

Telecoms

3%Services

3%

Transport

27%

Misc. Infrastructure

7%

Industry

11%

Energy

16%

* As of 31 December 2008


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0

20

40

60

80

100

EIB IBRD -

World

Bank*

IADB ADB NIB IFC* EBRD AfDB

2008

2009 (e)

0

2

4

6

8

10

12

FNMA FHLMC EIB KfW FHLB 0

2

4

6

8

10

12

FNMA FHLMC EIB FHLB KfW

0

2

4

6

8

10

12

FNMA FHLMC EIB KfW FHLB

Source: Barclays Capital research/ best efforts estimates as of 15 June 2009


*Fiscal years from July to June

Largest Supranational BorrowerMeaningful weight in Indices

Barclays Capital GlobalAggregate Index

Merrill Lynch Global BroadMarket Quasi-Govt. Index

Citi AAA BIG Index

Source: Barclays Capital, Merrill Lynch, Citigroup, 30 June 2009

% % %

USD bn


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The cornerstone of the EIBs funding strategy continues to be the combination

of benchmark issuance in the three core currencies, offering exceptionally

comprehensive and carefully maintained yield curves.

Benchmark Focus

* As of 30 June 2009


No. of bonds Maturity rangeTotal Outstanding*Currency

2010-203627USD 79 billionUSD

2010-203719EUR 101 billionEUR

24 2009-2054GBP 44 billionGBP


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EUR Issuance: EU-Sovereign Proxy

Largest source of funding in 2009 (59%) and key source of duration

Complement to Eurozone-Sovereigns with regular supply of benchmark issues in

highly liquid size out to 30-years

Large initial size and liquidity injections over time ECB-eligibility, active repo, Euro-MTS Trading

Secondary turnover comparable to Eurozone-Sovereigns

Yield pick-up to core Eurozone-Sovereigns


Results in 2009 Issuance across curve (3 15 years)Issued total of EUR 37 billion including :

5 new Euro Area Reference Notes (EARNTM)

- EUR 5 billion EARN due 15 Apr 2012

- EUR 8.25 billion EARN due 15 Apr 2014

- EUR 5 billion EARN due 15 Apr 2016

- EUR 3.25 billion EARN due 15 Apr 2019

- EUR 5 billion EARN due 15 Oct 2025

4 x increases of existing EARNs (15 Oct 2011 and 15 Apr 2024 for a total of EUR 5 billion)

Non-benchmark issues: EUR 5.5 billion

As of 26 June 2009


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USD Issuance: A leading non-U.S. issuer

Among largest non-U.S. issuers of Global benchmarks

Consistent benchmark issuance, sizes catering for liquidity

Treasury benchmark maturities

Steady volumes, regular presence and frequently refreshed curve

Performance sensitive pricing

Continuous monitoring and focus on after-market dynamics


Results in 2009

Issued a total of USD 20.2 billion (EUR 15.15 bn) including 5 Global benchmarks:

- USD 4.5 billion due 10 February 2012

- USD 2 billion FRN due 5 March 2012

- USD 2 billion due 14 March 2014

- USD 3.5 billion due 8 April 2014

- USD 4.5 billion due 4 June 2014

- Non-benchmark issues: USD 3.7 billion

As of 26 June 2009


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GBP Issuance: Leading Gilt Alternative

Largest issuer in non-Gilt market: 10% of non-gilt index at end June2009*

Eligible for repo at Bank of England and sterling stock liquidity

Dedicated dealer group and repo arrangements

Combination of taps and bookbuilt trades


Issued a total of GBP 5.5 billion (EUR 6.2bn) including 5 new lines with strong demand/exceptional size:

- GBP 1,185 million FRN due 6 August 2010

- GBP 1,425 million due 7 March 2013 (record initial size of GBP 1bn)- GBP 1,100 million due 8 September 2014- GBP 500 million due 7 December 2017- GBP 600 million due 7 June 2029

5 taps (GBP 725 million) of existing issues(Aug 2010; Dec 2010; Apr 2014; July 2015; Oct 2018)

Results in 2009

As of 26 June 2009* Source: Barclays


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Wide Variety of Tailor-made Issuance

Frequent tailor-made issuance in plain vanilla or structured format, withflexible approach in terms of product, currency and size

Larger transactions have exceeded USD 1bn

Diverse and continuously changing array of structures, including

Notably USD, EURCallables

JPYPRDC

EUR, JPYInterest Rate Linked (e.g. TARNs)

AUD, CHF, EUR, GBP, JPY, SEKInflation Linked

BRL, BWP, EGP, GHD. IDR, MUR, NAD, PHP, ZMKCurrency Linked (synthetic format)

EUR, USDSwap Rate Linked (e.g. CMS)

Main CurrenciesStructure Group



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0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

J

PY

AUD

NZD

C

HF

T

RY

SEK

Syn

th.

N

OK

Z

AR

H

UF

ISK

CAD

D

KK

P

LN

H

KD

BGN

MXN

RUB

RON

C

ZK

M

TL

SIT

SKK

8,785

7,817

4,3694,406

2,045

1,667

945

1,428

852

417 359364167 125 58

1,636

GHS15

MUR

23

TRL

85EGP

107

IDR

148

BWP

115

RUB

125

BRL

1,333

PHP

33

NAD

33 ZMK

28

2,141

7

4,596

21423

32517

(inEUR

millionequivalent)

Issuance in synthetic format in 2004 2009*

(in EUR million equivalent)

Non-Core Currency BorrowingVolumes issued in 2004 2009*




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100% EU Sovereign Ownership & Support

Very well capitalised and financial self-sufficiency

Strong loan book, majority of public sector risk androbust guarantees

Conservative risk management principles

Leading global issuer of fixed income product

Leading Sovereign complement in EUR & GBP

One of the largest non-U.S. issuers of USD debt

globally

Robust funding programme spread historically overmore than 30 different currencies

EIB: The Worlds Largest Multilateral Lending Institution



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Annexes


20/31


Funding BackgroundInformation


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Annual issuance & redemptions (EUR bn)*


2008 Bonds Outstanding:EUR 253bn

Funding Evolution and Currency Diversification

As of 31 Dec 2008, excl. Commercial Paper

2008 funding programme : EUR 59.5bn

2009 funding programme: EUR 80 billion - EUR 64bn raised ytd*

Final redemptions in 2009: EUR 30bn equiv.

GBP

19%

EUR

42%

Other13%

USD

26%

-60

-40

-20

0

20

40

60

80

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

EUR GBP USD Other Projected Redemptions (all currencies)



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Source: BNP Paribas, as at 30 June 2009


EIB EUR performance in the Secondary Markets

EIB performance ASW

EIB performance vs GermanyEIB performance vs France

-60

-40

-20

0

20

40

60

80

100

Jan-

07

Mar-

07

May-

07

Jul-

07

Sep-

07

Nov-

07

Jan-

08

Mar-

08

May-

08

Jul-

08

Sep-

08

Nov-

08

Jan-

09

Mar-

09

May-

09

bp

EIB 3.625 15/10/11 EIB 4 10/2037 EIB 3.625 15/10/13

-20

0

20

40

60

80

Jan-07

Mar-07

M

ay-07

Jul-07

S

ep-07

Nov-07

Jan-08

Mar-08

M

ay-08

Jul-08

S

ep-08

Nov-08

Jan-09

Mar-09

M

ay-09

bp

EIB vs France 3y EIB vs France 30y EIB vs France 5y

-5

15

35

55

75

95

115

Jan-

07

Mar-

07

May-

07

Jul-

07

Sep-

07

Nov-

07

Jan-

08

Mar-

08

May-

08

Jul-

08

Sep-

08

Nov-

08

Jan-

09

Mar-

09

May-

09

bp

EIB vs DBR - 5y EIB vs DBR - 30 y EIB vs DBR - 3 y


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Stable performanceLow volatility


NB: Issues maturing 2017 in EUR are included in the chart

Mid-spread ASW, rebased at 0 since 26 June 2007.0 : under-performance

bp

ASW: standarddeviation since26 June 2007

EARN due 2017 evolution of ASW spreads since 26 June 2007

31.5Italy

14.2Germany

77.4Greece

19.1France

31.8Belgium

30.8Spain

27.2EIB

Source: BNP Paribas, as at 30 June 2009

-60

-40

-20

0

20

40

6080

100

120

140

160

180

200

220240

260

280

26-Jun 26-Aug 26-Oct 26-Dec 26-Feb 26-Apr 26-Jun 26-Aug 26-Oct 26-Dec 26-Feb 26-Apr 26-Jun

EIB Italy Greece Spain Belgium Germany France


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Generic EIB USD bond and GSE spreads to Libor

Page 24

3yr

5yr

10yr

* Source: JPMorgan as of 2 June 2009


-70

-50-30

-10

10

3050

70

2001 2002 2003 2004 2005 2006 2007 2008 2009

Generic GSE Libor Spd Generic EIB Libor Spd

-50

0

50

100

2001 2002 2003 2004 2005 2006 2007 2008 2009


-40

-20

0

2040

60

80

100

Nov Dec Mar Apr

-20

0

20

40

60

80

100

Nov Dec Feb Apr

-100

-50

0

50

100

150

200

2003 2004 2005 2006 2007 2008


0

50

100

150

200

Nov Dec Feb Apr2009

Jun

Jun

Jun


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EIB GBP performance in the Secondary Markets

Spread to Swap Spread to Gilt

Source: Barclays Capital Research as of 2nd July 2009


-100

-80

-60

-40

-20

0

20

40

60

80

100

120

Jan-07 Jun-07 Nov-07 Apr-08 Sep-08 Feb-09

spre

adtoswaps(bp)

EIB 4.25% Dec 10 EIB 4.75% Jun 12EIB 4.75% Oct 18 EIB 5.625% Jun 32

10

30

50

70

90

110

130

Jan-07 Jun-07 Nov-07 Apr-08 Sep-08 Feb-09

spre

adtoGilt(bp)

EIB 4.25% Dec 10 EIB 4.75% Jun 12EIB 4.75% Oct 18 EIB 5.625% Jun 32

Note: Spreads are mid-market


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33%

32%

34%

1%

81%

7%

12%

Central Bank /Public Institutions

Fund Mgr/Insur./Other

Bank

Corporates

By type of investor

By Geography

Europe & ME

Americas / Other

Asia

59%25%

14%2%

64%12%

24%

Investor distribution of new EARNsin 2007 to 2009*

2008 2007



15%

43%

42%

85%

1%

14%

2009ytd


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Investor Distribution of USD Global Bondsin 2007 to 2009*

56%32%

10%2%

43%

27%

30%

15%

3%

21%

61%

51%

26%

23%



Bank

Corporates

By type of investor

By Geography

Europe & ME

Americas

Asia


2008 2007


22%

5%

2%

31%

26%

51%

23%

2009ytd


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Bank

By type of investor

By Geography

Europe (excl. UK),ME and Africa

Americas

Asia

Investor distribution of sterling benchmark issuesin 2007 to H1-2009

2008 2007

UK (incl. Ch. Islands)



H1-2009

24%

64%

12%23%

52%

25%

16%

47%

37%

65%

13%

19%

3%

64%11%

23%

2%

73%

15%

12%


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EIB Commercial Paper Programme Features

Ratings A1+ / P-1

Euro Dealers Banc of America Securities, Barclays Bank, Citibank, Credit Suisse,Deutsche Bank, EIB, Goldman Sachs, UBS

US Dealers Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EIB,

Goldman Sachs & Co

Amount EUR 25 billion

Currencies EUR, USD, GBP, JPY and all other permissible

Maturities From 1 day to 364 days

From 1 day to 270 days for USCP

Yield - Discounted

- Fixed

- Coupon bearing

Format Global format for USCP and ECP

STEP compliant, ECB eligible NGN Format

Back up line available for USCP outstandings

EIBs EUR 25bn global ECP and USCP multi-currency programme



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Price Sources

Further information can be found at www.eib.org/investor_relations

EIB bonds main: EIB

EIB EUR bonds: EIB1

EIB GBP bonds: EIB2

EIB USD bonds: EIB3 For quotes, type ALLQ

EIB bonds main: EIBBENCH

EIB EUR bonds: EIBEARN

EIB GBP bonds: EIBGBP

EIB USD bonds: EIBUSD

ReutersBloomberg



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