Announcements

THE HELLENIC REPUBLIC

MINISTRY OF FINANCE | PUBLIC DEBT MANAGEMENT AGENCY

Dual Tranche Transaction:

EUR 1.5 billion Tap of 0.00% 5-year benchmark due 12 February 2026 &

EUR 1 billion Tap of 1.875% 30-year benchmark due 24 January 2052

Transaction Highlights

• On Wednesday, 1^st September, the Hellenic Republic, rated Ba3 / BB / BB / BBL (stable/ positive/ stable/ stable) successfully completed a €2.5bn dual tranche transaction consisting of the re-opening of the existing 5-year GGB, due February 12th 2026 and the existing 30-year GGB, due January 24th 2052.
• The 5-year fixed-rate RegS/144a benchmark which has a coupon of 0.00% was tapped for €1.5bn at a re-offer yield of 0.020%, equivalent to a spread of +75.6bps over the OBL 10/25.
• The 30-year fixed-rate RegS/144a benchmark which has a coupon of 1.875% was tapped for €1.0bn at a re-offer yield of 1.675%, equivalent to a spread of +155.3bps over the DBR 08/50.
• This transaction marks the Hellenic Republic’s fifth syndicated EUR transaction of the year and takes the Republic’s year-to-date international capital markets borrowing to €14.0bn. This also represents a landmark transaction for the Republic, given this is the first time Greece prices comfortably through Italian government bonds in the 30y sector.
• The final orderbook stood in excess of €18.9bn (including €400mn JLM interest), split €9.3bn on the 5-year tranche and €9.6bn on the 30-year tranche. The depth of investor interest, which is illustrated by over 300 orders in the joint final orderbook, demonstrates the Hellenic Republic’s continued appeal to investors across the globe.

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.

Issuance Timeline

• The mandate for the Hellenic Republic’s dual tranche syndication was announced on Tuesday 31st August at 11:55 CET with the objective of executing the transaction on Wednesday 1st September.
• Investor reaction to the initial announcement was supportive, and consequently, on Wednesday 1st September at 09:30 CET, the Hellenic Republic officially opened books with guidance of ms+43bps area and ms+145bps area for the 5-year and 30-year tranches respectively.
• Demand for both traches grew swiftly throughout the European morning and at 11:33 CET the orderbook for the 5-year tranche stood above €6.6bn (including €175mn JLM interest) while the orderbook for the 30-year tranche stood in excess of €7.3bn (including €125mn JLM interest). This strong demand enabled the spread to be set 5bps tighter on the 5-year tranche at ms+38bps and 10bps tighter on the 30-year tranche at ms+135bps.
• Despite the price revision, the orderbook continued to grow and closed at 12:30 CET in excess of €18.9bn (including €400mn JLM interest). The joint book was split €9.3bn on the 5-year tranche and €9.6bn on the 30-year tranche.
• The dual-tranche priced at 16:55 CET, and the 5-year line came with an issue price of 99.911% resulting in a re-offer yield of 0.020% and a spread of 75.6bps over the OBL 10/25. The 30-year tranche was priced with an issue price of 104.730%, providing a re-offer yield of 1.675% and a spread of 155.3bps over the DBR 08/50.

Distribution Statistics

5-year Tranche by Geography and Investor Type

30-year Tranche by Geography and Investor Type

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.