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THE HELLENIC REPUBLIC

MINISTRY OF FINANCE | PUBLIC DEBT MANAGEMENT AGENCY

EUR 2.5 billion GGB 3.875% due 15 June 2028

Transaction Highlights

• On Wednesday, 29^th March 2023, the Hellenic Republic (rated Ba3 Positive by Moody’s, BB+ Stable by S&P, BB+ Stable by Fitch and BBH Stable by DBRS) successfully launched and priced a new long 5-year EUR 2.5bn Greek Government Bond (GGB) providing further liquidity to a key reference point in the Republic’s curve
• This is the second syndicated benchmark transaction in 2023 by Greece, following their very successful 10-year benchmark transaction in January, and brings the total amount raised year-to-date in the capital markets to EUR 6bn
• Despite the last two volatile weeks, the issuer decided to take advantage of the more stable opening and was able to quickly capture strong investor focus with books reaching over EUR 13.4bn by the first update and the final orderbook closing in excess of EUR 19.1bn with 144 different accounts
• The high quality of the demand, and the price insensitivity from investors, allowed the Hellenic Republic to tighten the transaction by 5bps from the initial guidance, a further testament to Greece’s upward credit rating trajectory
• The transaction follows the recent update from Moody’s on 17^th March 2023, when the Sovereign’s outlook was changed from “Ba3 Stable” to “Ba3 Positive”
• The new bond pays an annual coupon of 3.875% and was priced at a yield of 3.919% at a spread of MS+90bps, equivalent to +160.9bps over the OBL #187

Issuance Timeline

• Following weeks of no supply on the back of a financial liquidity crisis, the Hellenic Republic took the opportunistic decision to announce a mandate for a new EUR 5-year benchmark on Tuesday 28^th March 2023 on the back of strong signs from the primary market and a stable backdrop
• The following morning books officially opened at 09:03 CET with initial guidance at MS+95bps area
• On the back of very strong interest from investors, the books grew very quickly and the Hellenic Republic released an update at 11:30 CET with demand in excess of EUR 13.1bn (incl. EUR 1bn JLM interest) allowing to revise the spread guidance to MS+90bps area
• A further update followed shortly at 12:47 CET when the spread was set at MS+90bps on the back of a strong momentum from high quality accounts and an orderbook in excess of EUR 15.9bn (incl. EUR 1bn JLM interest)
• Setting the spread provided further focus to investors and the final orderbook closed in excess of EUR 19.1bn (incl. EUR 730m JLM interest), confirming the increasing appetite for Greek Government Bonds, and providing support to set the size at EUR 2.5bn
• The new GGB EUR 2.5bn 15 June 2028 was priced at 16:26 CET with an annual yield of 3.919% and a coupon of 3.875%, implying an issue price of 99.808% and a spread to the OBL #187 of +160.9bps

Orderbook Distributions

• In terms of Geographical distribution, Greek investors took the lead role with 33% of the allocation followed by UK / Ireland with 23%, Iberia with 10%, Italy with 7%, Germany / Austria / Switzerland with 7%, United States with 6%, Nordic Investors with 5%, France with 4%, Other Europe with 3% and, finally, Rest of the World with 2%
• By type, the largest investor base were Banks / Private Banks with 44% and Fund Managers with 36%, followed by Hedge Funds 6%, Insurance / Pension Fund with 6%, Central Banks / Official Institutions with 3%, and Others with 5%

          Distribution by Region                                                                   Distribution by Type

These materials are not an offer for sale of the securities in the United States.  Securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.  The HELLENIC REPUBLIC does not intend to register any portion of the SECURITIES offering in the united states or to conduct a public offering of securities in the united states.

DISCLAIMER

This document has been prepared by the Joint Lead Managers for information purposes only. This document is an indicative summary of the terms and conditions of the transaction described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the transaction and any related security will be set out in full in the applicable offering document(s), pricing supplement or binding transaction document(s).

This document shall not constitute an underwriting commitment, an offer of financing, an offer to sell, or the solicitation of an offer to buy any securities described herein, which shall be subject to the Joint Lead Managers’ internal approvals and satisfaction of all appropriate conditions precedent. No transaction or service related thereto is contemplated without the Joint Lead Managers' subsequent formal agreement.

The Joint Lead Managers are not responsible for providing or arranging for the provision of any general financial, strategic or specialist advice, including legal, regulatory, accounting, model auditing or taxation advice or services or any other services in relation to the transaction and/or any related securities described herein. The Joint Lead Managers are acting solely in the capacity of arms’ length contractual counterparty and not as adviser, agent or fiduciary to any person. The Joint Lead Managers accept no liability whatsoever to the fullest extent permitted by law for any consequential losses arising from the use of this document or reliance on the information contained herein.

The Joint Lead Managers do not guarantee the accuracy or completeness of information which is contained in this document and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. Any data on past performance, modelling, scenario analysis or back-testing contained herein is no indication as to future performance. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any modelling, scenario analysis or back-testing. All opinions and estimates are given as of the date hereof and are subject to change. The value of any investment may fluctuate as a result of market changes. The information in this document is not intended to predict actual results and no assurances are given with respect thereto.

The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, as defined in Regulation S under the Securities Act. This document is not intended for distribution to and must not be passed on to any retail client.

NO ACTION HAS BEEN MADE OR WILL BE TAKEN THAT WOULD PERMIT A PUBLIC OFFERING OF ANY SECURITIES DESCRIBED HEREIN IN ANY JURISDICTION IN WHICH ACTION FOR THAT PURPOSE IS REQUIRED. NO OFFERS, SALES, RESALES OR DELIVERY OF ANY SECURITIES DESCRIBED HEREIN OR DISTRIBUTION OF ANY OFFERING MATERIAL RELATING TO ANY SUCH SECURITIES MAY BE MADE IN OR FROM ANY JURISDICTION EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS AND WHICH WILL NOT IMPOSE ANY OBLIGATION ON THE JOINT LEAD MANAGERS OR ANY OF THEIR AFFILIATES.

The Joint Lead Managers, their affiliates and the individuals associated therewith may (in various capacities) have positions or deal in transactions or securities (or related derivatives) identical or similar to those described herein.

This document is confidential, and no part of it may be reproduced, distributed or transmitted without the prior written permission of the Joint Lead Managers.

THESE MATERIALS ARE NOT AN OFFER FOR SALE OF THE SECURITIES IN THE UNITED STATES. SECURITIES MAY NOT BE SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE HELLENIC REPUBLIC DOES NOT INTEND TO REGISTER ANY PORTION OF THE SECURITIES OFFERING IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES.