#1JULY 2021 ECONOMY HELLENIC REPUBLIC INVESTOR PRESENTATION#2TABLE OF CONTENTS RESILIENCE OF THE GREEK ECONOMY || RECOVERY OF THE GREEK ECONOMY 1 III FUNDING THROUGHOUT THE RECOVERY 10 APPENDIX#3RESILIENCE OF THE GREEK ECONOMY INVESTOR PRESENTATION#4THE GREEK ECONOMY HAS BEEN BETTER PREPARED TO FACE A GLOBAL SHOCK At the outbreak of the COVID-19 crisis, Greece macro-fiscal position had been strengthened thanks to sustained efforts on structural reforms - notably in the financial sector - and a healthy budget governance A strong macroeconomic profile Unemployment rate (% active population) An enhanced financial sector NPL ratio (% total loans) A healthy budgetary position 27% 25% 24% 22% 19% 17% 2014 2015 2016 2017 2018 2019 41% 48% 49% 48% 46% 40% Primary surplus (%GDP) 4,4% 4,5% 3,9% 3,8% Real GDP growth rate (%) 1,3% 1,6% 1,9% 0,4% 33% 0,7% (0,4%) (0,5%) -2,1% 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 Source: Eurostat Source: Bank of Greece Source: Eurostat Structural reforms have been consistently implemented since the Great Financial Crisis, with a focus on public administration, financial stability and competitiveness These efforts enhanced Greece's investment attractiveness and paved the way for recent FDI decisions by global corporates (Microsoft, AWS, ...) throughout the crisis RESILIENCE OF THE GREEK ECONOMY Targeted structural reforms have succeeded in improving financial stability. Recent reforms such as the new Insolvency Code are expected to have a further positive impact Together with the successful rollout of the Hercules scheme, this has allowed the NPL ratio to decrease from 49% in 2016 to 33% as at end-2020 Greece has consistently outperformed its fiscal targets, up until the activation of the General Escape Clause at the European level This fiscal position has preserved Greece public debt sustainability It has also allowed to build sizable liquidity reserves (c. EUR 32bn in end- June 2021) to mitigate refinancing risks 1#510,0% 8,0% 6,0% 4,0% 2,0% 0,0% 01-2020 02-2020 03-2020 04-2020 05-2020 06-2020 07-2020 08-2020 09-2020 10-2020 RESILIENCE OF THE GREEK ECONOMY THE AUTHORITIES TIMELY AND ROBUSTLY RESPONDED TO THE CRISIS The Hellenic authorities swiftly responded to the COVID-19 crisis with the objectives of (i) preserving the population and (ii) supporting the economy Greece's swift response to the COVID-19 crisis has allowed to efficiently contain the pandemic Cumulative number of confirmed cases of Covid-19 (% total population) Cumulative number of confirmed deaths of Covid-19 (% total population) 11-2020 12-2020 01-2021 02-2021 03-2021 04-2021 05-2021 06-2021 07-2021 0,2% 8,1% 0,2% 0,1% 3,6% 0,1% 0,0% 01-2020 02-2020 03-2020 Greece - Confirmed cases - UE+EEA Confirmed cases Source: European Centre for Disease Prevention and Control; Data on 14 days notification rate of new COVID-19 cases and deaths, 22 June 2021 Preserving the population ... The authorities swiftly implemented sanitarian measures, including: Social distancing and containment measures, building on a regionalized approach Targeted restrictions on domestic and international mobility Compulsory use of masks and mass testing Broad vaccination campaign The Greek government has also been at the forefront of the global effort to implement COVID-19 passports Greece - Deaths UE+EEA - Deaths and supporting the economy The Greek State supported economic activity, through a EUR 41bn support package (23bn in 2020, 16bn in 2021, 2bn in 2022) including: Extension of social benefits and job subsidy schemes A EUR 5.7bn repayable advance scheme to support companies A EUR 2.3bn guarantee scheme launched to help maintain corporate access to credit A loan subsidy scheme for households and companies Targeted sectorial support packages through the EU NSRF(1) Note: (1) National Strategic Reference Framework 04-2020 05-2020 06-2020 07-2020 08-2020 09-2020 10-2020 11-2020 12-2020 01-2021 02-2021 03-2021 04-2021 05-2021 2 06-2021 07-2021 0,2% 0,1%#6THE GREEK ECONOMY HAS BEEN RESILIENT THROUGHOUT THE CRISIS Economic activity strongly recovered in Greece as early as in Q1 2021, while unemployment has decreased as compared to the pre-crisis level Greece economic downturn has been in line with peers in 2020 while its economic rebound in Q1 2021 is more pronounced 2020 real GDP growth 4,4% 2021 Q1 real GDP growth (6,6%) (7,6%) (8,1%) (8,2%) (8,9%) (10,8%) Euro Zone Source: ELSTAT, European Commission 0,1% (0,1%) (0,3%) (0,5%) (3,3%) Euro Zone Greece labour market has been resilient, with a stabilisation of unemployment at 15.4% Variation in Unemployment rate March 2020 - May 2021 (percentage points) +0,8 +0,8 (0,7) +0,1 Source: European Commission RESILIENCE OF THE GREEK ECONOMY Euro Zone +0,9 +3,0 3#7= || RECOVERY OF THE GREEK ECONOMY INVESTOR PRESENTATION#8GREEK ECONOMY IS EXPECTED TO STRONGLY REBOUND Greek economy is expected to grow at high and sustainable rates over the next period, supported by the investment and structural reforms Historical Authorities Forecasts by: European Commission IMF 2019 2020 2021 2022 2021 2022 2021 2022 Real GDP 1.9% (8.2%) 3.6% 6.2% 4.1% 6.0% 3.3% 5.4% growth (%) Unemployment 17.3% 16.3% 16.3% 14.4% 16.3% 16.1% 16.6% 15.2% (% total labour force) Inflation (%) 0.5% (1.3%) 0.0% 0.7% (0.2%) 0.6% 0.2% 0.8% Sources: Eurostat (historical figures); Ministry of Finance (Authorities); IMF Article IV 2021 for GDP; April 2021 IMF's World Economic Outlook for inflation and unemployment; European Commission's 2021 Spring Forecasts (European Commission) The authorities' Greek growth agenda will fully take advantage of the available European funds, so as to accelerate the transformation of the economy The consistent implementation of structural reforms - notably in the banking sector - will further enhance Greece growth potential The fiscal policy will support the recovery and enhance the competitiveness of the Greek economy, in a disciplined and sustainable manner || RECOVERY OF THE GREEK ECONOMY 4#9THE GREEK GROWTH AGENDA WILL BE SUPPORTED BY EUROPEAN FUNDS Greece's National Recovery and Resilience Plan, named Greece 2.0, aims at converging towards an extroverted, competitive, green and digital growth model. It builds on an ambitious set of reforms and investments, totaling EUR 60bn over 2021-26 (of which EUR 31bn from the Resilience & Recovery Fund) Closing the output, investment and employment gaps Key investments (1) Pillar 1 Green Transition Energy efficiency of buildings • Energy storage Key reforms (1) • Reform of licensing procedure for renewable energy sources • Promotion of e-mobility Key objectives of Greece 2.0 Strengthening social cohesion The 4-pillar approach of Greece 2.0 Pillar 2 Digital Transformation • 5G infrastructure and fast broadband connections • Public sector digitization • Plan for "customer-centric" digital services by the P.A. • Transition to fast broadband Leaning against the effects of the pandemic Pillar 3 Employment, skills and social cohesion • Incentives for private investment Public-Private Partnerships in . new, large infrastructure projects • Reforms to simplify and improve the business environment • Labor law reform Pillar 4 Private investment & transformation of the economy • Training of the workforce Large investments in health, education and social inclusion • Reform of labor market policies Digitalization of education Budget (RRF/Total Mobilized (2)) Grants EUR 6.2bn / EUR 11.6bn Loans (3) Source: Ministry of Finance • EUR 2.2bn / EUR 2.4bn • EUR 5.2bn / EUR 5.3bn EUR 4.8bn / EUR 8.7bn EUR 12.7bn / EUR 31.8bn Notes: (1) A more comprehensive list of investments and reforms envisaged in the context of Greece 2.0 can be found in appendix; (2) Includes both RRF and private investments; (3) The EUR 12.7bn of RRF loans through three distribution channels: (i) IFIs, (ii) commercial banks and (iii) an equity platform managed by the Hellenic Development Bank of Investments || RECOVERY OF THE GREEK ECONOMY 5#10THE GREEK GROWTH AGENDA WILL BE SUPPORTED BY EUROPEAN FUNDS (CONT'D) Greece 2.0 is expected to support economic recovery over the coming years and close the output gap in the longer term Macroeconomic impact of Greece 2.0 Impact on GDP (% deviation from steady state) 8% 7% 6% 5% 146 4% 3% 2% 110 1% 0% 2021 Source: Bank of Greece Funds & Structural reforms 2037 2039 2041 2043 1 2045 2047 2049 || RECOVERY OF THE GREEK ECONOMY Funds According to the Bank of Greece, Greece 2.0 would lead to: ✓ Increase real GDP by 7% by 2026 ✓ Create of 180,000 new jobs By 2026, the positive economic impact would mainly be derived from increased private investment financed by loans In the longer term, GDP and employment gains would be made permanent, driven primarily by reforms and higher productivity 6#11THE GREEK GROWTH AGENDA IS SUPPORTED BY OUR EUROPEAN PARTNERS Greece National Recovery and Resilience Plan was approved by the European Commission on June 17th Supportive reactions from the European Authorities regarding Greece recovery efforts Camd I am deeply convinced that these reforms, this plan will make Greece come out stronger than ever before. In short, the plan clearly meets the demanding criteria we have jointly established. It is ambitious, it is far-sighted and, most importantly, it will help build a better future for Greece, for the Greek people, and for the European Union as a whole PRESIDENT OF THE EUROPEAN COMMISSION URSULA VON DER LEYEN, 17 JUNE 2021 The timely, targeted and temporary support measures taken by the Greek authorities have cushioned the effect of the pandemic on businesses, workers and the healthcare sector. We welcome the progress made with reform implementation that has been achieved in the challenging circumstances of the Covid 19 pandemic EUROGROUP STATEMENT ON GREECE, 17 JUNE 2021 We confirm the positive news with regard to Greece, which is a recognition of the continued progress that the Greek government and the Greek people have made in the most challenging of circumstances... today is just another very important step in the very positive progress that has been made EUROGROUP PRESIDENT PASCHAL DONOHOE, 17 JUNE 2021 We discussed further good news for Greece. The Greek authorities have maintained a strong pace of reform in spite of the difficult situation of the pandemic crisis." COMMISSIONER PAOLO GENTILONI, 17 JUNE 2021 There is good progress in the implementation of economic reforms ESM MANAGING DIRECTOR KLAUS REGLING, 17 JUNE 2021 || RECOVERY OF THE GREEK ECONOMY 7#12THE AUTHORITIES REMAIN COMMITTED TO A BROADER AGENDA OF STRUCTURAL REFORMS The authorities will pursue their efforts on structural reforms - most notably on the banking sector and on the privatization program - so as to increase private investment and enhance Greece growth potential. These reforms would also ensure the timely and successful completion of the EU post-program monitoring by 2022 Strengthening of the banking sector ✓ The Hercules scheme is efficiently supporting Greek banks in reducing their stock of NPLs NPL securitizations are supported by a State guarantee on the senior tranche issued as part of the transaction This scheme supported the reduction in NPL ratio from 48.5% in 2016 to 30.3% in March 2021 In April 2021, the scheme was extended for 18 months with a total budget EUR 24bn The Insolvency Code will improve the efficiency of procedures for: Businesses: streamlining administrative procedures for resolution Consumers: removing undue protections for non-compliant debtors, addressing the issue of recurring non-payments The successful capital increases of Piraeus Bank (EUR 1.4bn - April 2021) and Alpha Bank (EUR 0.8bn July 2021) further confirm the increased attractiveness of Greek banks - Continuing structural reforms and privatizations The Greek State will proceed with major privatization transactions in the coming months on strategic sectors The authorities also intend to keep up the pace structural reforms, related to labor market, public administration and social welfare. These will be articulated with the Greece 2.0 program RECENT NPL TRANSACTIONS Bank Project GBV (€bn) Type Date Eurobank Cairo c. 7.4 PIRAEUS BANK Diversified Q2-20 ALPHA BANK Galaxy c. 10.8 Retail secured / Wholesale Q1-21 Phoenix c. 1.9 Residential mortgage Q1-21 Vega c. 4.9 Commercial and residential Q1-21 Frontier c. 6.0 c. 31.0 NATIONAL BANK OPGREECE Total Source: Banks Key privatizations contemplated Diversified Energy: Public Gas Corporation (DEPA) Infrastructure; Underground natural gas storage South Kavala Regional ports: Alexandroupolis; Kavala; Igoumenitsa Motorway concessions: Egnatia Odos; Attiki Odos Q1-21 Real estate: development of properties in Gournes; "PYRKAL" Other: Skaramanga shipyards, LARCO mining company, Hellenic Aerospace Industry (EAV) || RECOVERY OF THE GREEK ECONOMY 8#13FISCAL GOVERNANCE WILL FURTHER SUPPORT ECONOMIC GROWTH The authorities will maintain a prudent fiscal stance, aimed at (i) supporting economic recovery - with a focus on tax reduction - while (ii) preserving the sustainability of public finances The authorities are revamping Greece tax structure ... • The ongoing tax reforms will be pursued, so as to: ✓ Accelerate economic growth and create new, well-paying jobs ✓ Reduce tax evasion ✓ Support external balance ... and preserving fiscal sustainability • The authorities aim at reducing fiscal deficits in 2022 and reaching realistic primary surpluses from 2023 onwards • This will be supported by the roll-out of support measures and the rebound in activity. The fiscal path will be calibrated to support growth recovery, in coordination with the European partners PERMANENT TAX CUTS ✓ Reduction of the ENFIA - on average - by 22% - Reduction of the introductory tax rate on individuals (from 22% to 9%) – increase of the tax-free rate for each child ✓ Reduction of the profit tax rate for all companies (from 28% to 22%) ✓ Reduction of the tax rate for dividends (from 10% to 5%) ✓ Reduction of the advance tax rate for independent workers (from 100% to 55%) ✓ Reduction of the advance tax for legal entities (from 100% to 80%) ✓ Reduction of social security contributions (by 1%) ✓ Low tax rate (10%) for all agricultural schemes ✓ Continuation of the reduced VAT (by 30%) in 5 Greek islands NON-PERMANENT TAX CUTS (to become permanent depending on fiscal space) Suspension of the payment of a special solidarity contribution to the private sector (for 2021 and 2022) Further reduction - by 3ppts - of social security contributions for private sector employees (for 2021 and 2022) Reduction of VAT on transport, coffee and non-alcoholic beverages, cinemas (end-September 2021) Reduction of VAT on the tourist package (end-December 2021) Source: Ministry of Finance || RECOVERY OF THE GREEK ECONOMY 6#14III FUNDING THROUGHOUT THE RECOVERY INVESTOR PRESENTATION#15||| DEBT SUSTAINABILITY IS PRESERVED Greece public debt-to-GDP ratio will be on a clear downward trend from 2021 onwards Public Debt to GDP Forecast (% of GDP) (1) 220% 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% 2017 2018 2019 2020 2021 2022 Real GDP growth rate GDP deflator Average effective interest rate (General Government medium- & long-term debt) Primary surplus(5) Sources: PDMA, Ministry of Finance Forecasts 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 FUNDING THROUGHOUT THE RECOVERY 2021 2022 2023 2024 2025 2026 onwards 3.6% 6.2% 4.1% 4.4% 3.3% 1.4% to 1.5% (2) 0.2% 1.0% 1.2% 1.6% 1.8% 1.8% to 2.1% (3) 1.4% 1.4% 1.4% 1.3% 1.3% (7.1%) (0.5%) 2.0% 2.8% 3.7% 3.0%(4) 2.2% Notes: (1) Excluding RRF loans, which will be fully passed on to the private sector; (2) Reasonable real GDP growth assumptions, steadily decreasing from 1.4% in 2026 to 0.7% in 2030, then increasing up to 1.7% in 2040, and finally gradually decreasing down to 1.5% in 2060; (3) GDP deflator increasing steadily from 1.8% in 2026 up to 2.1% in 2030, and then remaining constant at 2.1% from 2030 onwards; (4) Average effective interest rate for the period 2026-2060; (5) In line with Enhanced Surveillance Report 10#16DEBT SUSTAINABILITY IS PRESERVED (CONT'D) Greece public debt structure remains one of the most favourable in the Eurozone • Over 75% of the debt stock is held by official sector creditors (1), allowing for long term maturity profile and low interest rates Debt Breakdown by Type of Instruments, as of June 2021 Private Other Private Sector 1% sector New GGBS 25% 21% ● ● Debt maturity is significantly longer than that of peers. It stands at c. 21 years against an average of 8 years for peers Average interest rate on public debt is significantly lower than peers at c.1.4% against an average cost of 2.0% for peers T Bills 4% ANFAS and SMP 1% Source: PDMA EIB & SURE 4% IMF 1% GLF 15% ESM 17% EFSF 37% Official sector (1) 75% Greece and EZ Peers' Cost of debt (2021E) Note: (1) Excludes Eurosystem holding of GGBS, purchased on the secondary markets through PEPP Greece and EZ Peers' Debt Weighted Average Maturity (2021E) 2,5% 25Y Average for peers (excl. Greece): 2.0% 2,0% 20Y 1,5% 15Y 1,0% 2,1% 2,1% 2,1% 1,8% 1,9% 10Y 21Y Average for peers (excl. Greece): 7.7 years 1,4% 0,5% 5Y 11Y 8Y 7Y 7Y 6Y 0,0% OY Greece Ireland Spain Cyprus Italy Portugal Greece Ireland Spain Cyprus Italy Portugal Sources: PDMA (General Government debt, as of end-June 2021), IMF WEO April 2021 ||| FUNDING THROUGHOUT THE RECOVERY Sources: PDMA (General Government debt, as of end-June 2021), Fiscal Monitor, April 2021 11#17GREECE FUNDING STRATEGY ENTAILS PROACTIVE DEBT MANAGEMENT PDMA current debt and funding strategy is focused on reaching the following main objectives: 1 2 3 Enhance market access Improve a tradable and liquid yield curve Enhance the investor base (towards more real money players) Maintain regular market operations Lower funding costs Bring the credit spread of the GGB curve in line with peers Contain debt-associated risks Limit interest rate and FX risks Limit refinancing risks Manage liquidity (cash reserves of both the Greek State and the General Government Entities) ||| FUNDING THROUGHOUT THE RECOVERY 12#18GREECE FUNDING STRATEGY ENTAILS PROACTIVE DEBT MANAGEMENT (CONT'D) Over the past two years, PDMA has tapped the bond market on a regular basis so as to enhance the GGB yield curve and proactively manage refinancing risks Overview of PDMA recent GGB issuances (¹) and liability management operations Feb. 2019, Jul. 2019, EUR 2.5bn 5-Y EUR 2.5bn 7-Y Jan. 2020, EUR 2.5bn 15-Y Jun. 2020, EUR 3.0bn 10-Y Oct. 2020, EUR 2.0bn 15-Y Mar 2021, EUR 2.5bn 30-Y Jun 2021, EUR 2.5bn 10-Y Mar. 2019, Oct. 2019, Apr 2020, EUR 2.5bn 10-Y EUR 1.5bn 10-Y EUR 2.0bn 7-Y Sep. 2020, EUR 2.5bn 10-Y Jan 2021, EUR 3.5bn 10-Y May 2021, EUR 3.0bn 5-Y 2019 2020 2021 Nov. 2019 Early pre-payment of EUR 2.7bn of IMF loan Jan. 2021 EUR 2.0bn private placement Mar. 2021 Early pre-payment of EUR 3.3bn of IMF loan Active management of T-bills so to contain refinancing risks - reduced by EUR 2.6bn between end-2018 and June 2021 Source: PDMA Note: (1) Re-openings are indicated in light color The regular market funding operations has been positively perceived by the financial community "Greece has spent quite a few years rebuilding its bond curve and this is the final piece of the puzzle. It is quite emblematic, but equally there's a very cold-blooded financial rationale beneath it. For Greece, this transaction is something which allows them to be seen as a fully- fledged rates issuer that should be traded by the major accounts. Overall, this does allow Greece to rejoin the club" SERGEY SUDAKOV, HEAD OF DCM FOR CENTRAL AND EASTERN EUROPE, BNP PARIBAS / 19 MARCH 2021 "The issue continued Greece's return to the markets after three bailouts during the euro zone debt crisis and underlined the sharp change in sentiment since the turmoil of those years. [...] Despite the problems posed by the coronavirus, the success of the [latest] issue, which allowed Greece to build out its yield curve, was "a vote of confidence to Greek economy from investors' REUTERS NEWS/17 MARCH 2021 ||| FUNDING THROUGHOUT THE RECOVERY 13#191 ◆ ENHANCED MARKET ACCESS - EXTENDED YIELD CURVE Since 2019, the Hellenic Republic has strengthened its yield curve through 12 bond market operations, which have attracted increasing demand Greece Government Bonds (GGBs) yield curve (05/07/2021) 2,0 Bid Yield (in %) 0,0 -0,5 1,5 Key characteristics of GGBs issuances since 2019 2021 issuance 2020 issuance 2019 issuance OY 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 11Y 12Y Source: Bloomberg as of 05-Jul-2021 13Y 14Y 15Y 16Y 17Y 18Y 19Y 20Y 21Y 22Y 23Y 24Y 25Y 26Y 27Y 28Y 29Y 30Y 31Y 32Y Issue Reopening ISINS Maturity Date Tenor Date Demand Amount Issued Amount Subscr. Rate Yield at Issuance Spread vs Bund at Issuance GR0124037715 09-Jun-21 18-Jun-31 10-Y €30.0bn €2.5bn 12.0x 0.89% 113 bps GR0114032577 05-May-21 12-Feb-26 5-Y €20.0bn €3.0bn 6.7x 0.18% 78 bps GR0138017836 17-Mar-21 24-Jan-52 30-Y €25.0bn €2.5bn 10.0x 1.96% 171 bps GR0124037715 27-Jan-21 18-Jun-31 10-Y €29.0bn €3.5bn 8.3x 0.81% 135 bps GR0128016731 21-Oct-20 04-Feb-35 15-Y €16.8bn €2.0bn 8.4x 1.15% 155 bps GR0124036709 02-Sep-20 18-Jun-30 10-Y €18.0bn €2.5bn 7.2x 1.19% 160 bps I GR0124036709 09-Jun-20 18-Jun-30 10-Y €17.0bn €3.0bn 5.7x 1.57% 188 bps GR0118020685 15-Apr-20 22-Apr-27 7-Y €5.9bn €2.0bn 3.0x 2.01% 263 bps GR0128016731 28-Jan-20 04-Feb-35 15-Y €18.8bn €2.5bn 7.5x 1.91% 213 bps GR0124035693 08-Oct-19 12-Mar-29 10-Y €7.6bn €1.5bn 5.1x 1.50% 210 bps GR0118019679 23-Jul-19 23-Jul-26 7-Y €13.0bn €2.5bn 5.2x 1.90% 243 bps GR0124035693 12-Mar-19 12-Mar-29 10-Y €11.8bn €2.5bn 4.7x 3.90% 373 bps GR0114031561 05-Feb-19 02-Apr-24 5-Y €10.0bn €2.5bn 4.0x 3.60% 389 bps Sources: PDMA, Bloomberg Total: €222.9bn €32.5bn ||| FUNDING THROUGHOUT THE RECOVERY 14#20O ENHANCED MARKET ACCESS - INCREASED LIQUIDITY GGB liquidity significantly increased along the Greek yield curve, supported by the eligibility to PEPP Greece GGB monthly traded volume (Єm) Eligibility to PEPP +187% average increase in traded volume over the last 15 months (Apr-20 to Jun-21) as compared to the previous 15 months (Jan-19 to Mar-20) 6.080 Greece GGB Bid-Ask price spreads on GGB Benchmark (bps) Eligibility to PEPP 175 150 1.2701.344 998 231 784 3.977 2.792 1.7091.835 lav-20 Φεβ-20 Map-20 Aπp-20 Maï-20 louv-20 louλ-20 Source: Bank of Greece 320 Auy-20 Σεπ-20 OKT-20 Νοε-20 1.918 1.646 3.017³ _3.197 3.227 2.573 125 100 75 75 50 50 1.613 25 Δεκ-20 lav-21 Φεβ-21 Map-21 Απρ-21 Maï-21 louv-21 ||| FUNDING THROUGHOUT THE RECOVERY 0 .HR 2029 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Source: Bloomberg as of 05-Jul-2021 -HR 2030 HR 2035 15#211 O ENHANCED MARKET ACCESS - DIVERSIFIED INVESTOR BASE The share of long-term investors (notably insurances and pension funds) has been preserved despite the economic impact of the pandemic Asset Managers Banks Hedge Funds Pensions Funds and Insurances O CBs and Ols and others 3% 2% 5% 3% I 5% 3% 2% 6% I 4% 6% 6% 5% 70% 6% 14% 12% 5% 8% 8% 14% 7% 9% 15% 5% 9% 11% 13% 22% 9% 12% 13% 10% 14% 15% 19% 28% 17% 24% 21% 11% 20% By investor type 35% 25% 34% 69% 68% 43% 49% 57% 61% 59% 59% 63% 68% 68% 55% 39% 2021 GGB issuances 2020 GGB issuances 2019 GGB issuances 2% 1% 7% 1% 1% 1% 1% 1% 4% 3% 2% 1% 1% I 9% 12% 8% 15% 4% 8% 4% 8% 9% 9% 20% 34% 30% 20% 20% 24% 23% 20% 25% 34% 27% 31% 21% 9% 6% 8% 14% 12% 10% 16% 13% 13% % 19% 14% 8% 12% 17% 13% 10% 9% 10% 9% 11% By geography 13% 15% 12% 12% 9% 24% 16% 16% 12% 7% 15% 8% 10% 7% 49% 24% 30% 24% 30% 24% 31% 28% 31% 32% 33% 38% 42% HR- HR- HR - HR- HR- HR- HR- HR - HR- HR- HR- HR - HR- 10Y bond 5Y bond 30Y bond 10Y bond (Jun. 2021) (May - 2021) (Mar-2021) (Jan - 2021) (Oct-2020) (Sep - 2020) (Jun - 2020) 7Y bond (Apr-2020) 15Y bond 10Y bond 10Y bond 15Y bond 10Y bond 7Y bond (Jan - 2020) (Oct-2019) (Jul-2019) 10Y bond 5Y bond (Mar-2019) (Feb-2019) UK ■Domestic ■Germany, Austria & Switzerland France Other Europe ■ US Rest of the World Source: PDMA ||| FUNDING THROUGHOUT THE RECOVERY 16#222 REDUCED FUNDING COSTS GGBs' market performance has improved, both in relative and absolute terms Greece and selected peers' 2029 benchmarks' bid spread (¹) (bps) 400 350 300 250 200 150 100 50 50 Eligibility to PEPP 0 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul HR 2029 EUR 4.00bn 3.875% (BB/Ba3/BB) Ireland 2029 EUR 9.54bn 1.1% (AA-/A2/A+) Italy 2029 EUR 20.26bn 3% (BBBu/Baa3u/BBB-) Portugal 2029 EUR 11.89bn 1.95% (BBBu/Baa3/BBB) Spain 2029 EUR 21.69bn 0.6% (Au/Baa1/A-) Source: Bloomberg as of 05-Jul-2021 Note: (1) Spread relative to Germany 2029 EUR 26.5bn, 0.25% ||| FUNDING THROUGHOUT THE RECOVERY Greece bonds bid YTM (%) 4,0% Eligibility to PEPP 3,5% 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% -0,5% Jan-20 Mar-20 May-20 Jul-20 HR 2022 EUR 3.00bn 4.375% -HR 2024 EUR 2.50bn 3.45% HR 2026 EUR 3.00bn 0% HR 2027 EUR 2.00bn 2% HR 2029 EUR 4.00bn 3.875% -HR 2031 EUR 3.50bn 0.75% -HR 2035 EUR 4.50bn 1.875% -HR 2042 EUR 4.60bn 4.2% HR 2052 EUR 2.50bn 1.875% Source: Bloomberg as of 05-Jul-2021 Jan-21 Mar-21 May-21 Jul-2 HR 2023 EUR 4.36bn 3.5% HR 2025 EUR 3.00bn 3.375% -HR 2026 EUR 2.50bn 1.875% HR 2028 EUR 5.96bn 3.75% -HR 2030 EUR 5.50bn 1.5% -HR 2033 EUR 6.09bn 3.9% -HR 2037 EUR 4.81bn 4% -HR 2050 EUR 5.36bn 3.25% Sep-20 Nov-20 17#233 CONTAINED REFINANCING RISKS Over the past three years, Greece has continuously extended the average maturity of its new GGB issuances: it stands at 13.3-Y this year (to date), against 11.2-Y in 2020 and 7.7-Y in 2019 Weighted average maturity of GGBs issuance, each year since 2019 (in years) 7.7-Y in 2019 11.2-Yi in 2020 13.3-Y in 2021 to date I Amount of GGBs issued since 2019 by maturities (in EURbn) 14,0 6,0 I 5,5 4,5 3,0 2,0 1,5 5,5 2,0 2,5 2,5 2,5 " - 1,5 (1) 2,5 2,0 2,5 " - Tenor at issuance: T 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 (in years) Year of issuance: ■2019 2020 ■2021 Note: (1) Tap of a benchmark; The initial issuance of this benchmark was conducted earlier in the same year - hence with a slightly longer tenor (displayed one year later (to the right) on the graph) ||| FUNDING THROUGHOUT THE RECOVERY Source: PDMA 29 29 2,5 2,5 30 30 31 18#243 CONTAINED REFINANCING RISKS (CONT'D) Market funding needs are expected to be contained, owing to a pro-active debt management Maturity Profile of the Greek Public Debt as of June 2021(¹) (€bn) 12,0 10,0 8,0 6,0 4,0 2,0 2021 ון 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 2064 2065 2066 2067 2068 2069 2070 Bonds held by ECB (ANFAS and SMP programmes) Bank of Greece Loans European Financial Stability Facility (EFSF) IMF Source: PDMA Note: (1) Maturity profile excludes T-bills and REPOS. ||| FUNDING THROUGHOUT THE RECOVERY Hold Out Bonds European Investment Bank & SURE Loans European Stability Mechanism (ESM) Bonds Other Loans ■Greek Loan Facility (GLF) 19#254 ROBUST LIQUIDITY MANAGEMENT Greece has maintained a substantial liquidity buffer throughout the crisis, in excess of EUR 29bn Greece's Cash Reserves (€bn) 38,0 38,6 38,5 35,9 33,1 36,0 31,1 29,3 32,2 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 louv-21 Source: PDMA ||| FUNDING THROUGHOUT THE RECOVERY 20 20#26A- BBB BB+ BB- B CCC+ CCC- C Dec-12 Jun-13 DBRS Sources: Moody's, S&P, Fitch, DBRS, Scope, R&I Dec-13 ||| FUNDING THROUGHOUT THE RECOVERY Jun-14- Fitch Dec-14- AA+ Investment Grade Speculative Grade Jun-15- Dec-15- -Moody's Jun-16 GREECE CREDIT RATING IS ON A SUSTAINED UPWARD TREND Greece upward rating trend towards Investment Grade has continued throughout the pandemic: 2 rating upgrades were secured since March 2020, by Moody's in November 2020 and by S&P in April 2021 Evolution of Greece Credit Rating since 2012 Dec-16 Jun-17- S&P Dec-17 Jun-18- Dec-18- -Scope Jun-19 Dec-19 Jun-20- 181 21 Dec-20 Jun-21 Rating movements since March 2020 BB BB BB BB +1 BB- Ваз 1+1#27GREECE CREDIT RATING IS ON A SUSTAINED UPWARD TREND (CONT'D) Overview of Rating Agencies Decisions on Greece Rating Agency Last Publication Rating, Outlook Date Fitch Ratings 22-Jan-2021 BB, Stable 19-Mar-2021 DBRS BB-, Stable ✓ ✓ Factors that could lead to an upgrade Debt-to-GDP ratio on firm downward path, due to fiscal consolidation, return to GDP growth or sustained low costs of borrowing Improvement in medium-term GDP growth outlook, supported by structural reforms and EU recovery plan Improvement in asset quality in the banking sector, leading to improved credit provision ✓ Improvement of the economic outlook due to effective management of the Covid crisis Compliance with post-programme monitoring and continuation with structural reforms and cooperation on fiscal efforts ✓ Continuation of structural reforms S&P Global Ratings ✓ 23-Apr-2021 BB, Positive Economic rebound stronger than expected and stronger than peers' ✓ Strong budgetary performance ✓ Marked reduction in Non-Performing Exposure ✓ Further progress on structural reforms yielding tangible results MOODY'S 25-May-2021 ✓ Ba3, Stable ✓ ✓ Stronger investment and solidified medium-term growth prospects More rapid reduction in debt-to-GDP ratio than expected Improvement in asset quality in the banking sector Factors that could lead to a downgrade Next publication date × Failure to reduce Debt-to-GDP ratio, due to an extended period of fiscal easing and economic contraction × Adverse developments in the banking sector × Long-lasting impact of the crisis on the growth outlook × Persistent negative economic performance 16-Jul-2021 × Reversal or stalling in structural reforms and lack of fiscal effort 17-Sep-2021 × Renewed financial sector instability None Only the outlook may be revised to stable in case of: × Weaker economic activity than expected × Large and negative deviations from current budgetary projections × Interruption of structural reforms, putting at risk the agreement with Euro Area creditors × Extended period of GDP contraction × Significant rise in public debt 22-Oct-2021 19-Nov-2021 Sources: Moody's, S&P, Fitch, DBRS ||| FUNDING THROUGHOUT THE RECOVERY 22 22#28CONCLUSION Over the coming months, PDMA will pursue the execution of its funding strategy and focus on: ||| Maintaining regular GGB issuances Further diversifying investor base Pro-actively managing debt-associated risks Supporting Greece re-rating towards Investment Grade FUNDING THROUGHOUT THE RECOVERY 23 23#29APPENDIX INVESTOR PRESENTATION#30MAPPING OF THE STRATEGIC INITIATIVES AND ASSOCIATED FUNDING The Greece national strategies have been developed in coherence with the EU-sponsored programs National Strategies and National Action Plans ✓ National Energy and Climate Plan (NECP) ✓ National Digital Transformation Strategy (DTS) ✓ National Transport Plan for Greece (NTPG) ✓ National Higher Education Strategy ✓ Youth Guarantee Implementation Plan ✓ National Action Plan on Gender Equality 2021-2025 ✓ National and Territorial Just Transition Plans EU MFF 2021-2027: EUR 27bn Policy objectives • PO1-A smarter Europe • PO2 - A greener, low-carbon Europe • PO3 - A more connected Europe • PO4 - A more social Europe • SO - Special Objective «Just Transition >> RRF: EUR 31bn of loans and grants Greece 2.0 NATIONAL RECOVERY AND RESILIENCE PLAN Pillar 1 - Green transition Pillar 2 - Digital transformation Pillar 3 - Employment, skills and social cohesion Pillar 4 - Private investment and transformation of the economy Other finan. instruments National Public Investment Program (PIP) Rural Development Programs CEF II HORIZON Europe Invest EU APPENDIX 24#31GREECE 2.0 - DETAILS OF KEY INVESTMENTS AND REFORMS Green Transition Digital Transformation Employment, skills and social cohesion Private investment and transformation of the economy Key investments Key reforms Upgrading energy efficiency of buildings for households, firms and the public sector Investments in energy storage, electric charge points, batteries, electric vehicles • Improving electric interconnectivity of islands • National reforestation plan, biodiversity and strengthening of civil protection Urban plans and strategic urban regeneration Reform of the licensing procedure for renewable energy sources Promotion of e-mobility through a modern institutional framework • Preparation of urban plans, establishment of new spatial planning for renewables, industry, tourism and aquaculture, and marine spatial planning • ⚫ 5G infrastructure, fast broadband connections, fiber optic infrastructure in buildings, submarine fiber cables Digitalization of the public sector (Health, Education, Justice, EFKA, Urban Planning, licensing, etc.), with emphasis on archives, interoperability of IT systems and quality service to firms and citizens • Revenue-enhancing digitalization of tax authorities and real-time interconnection with firms • Action plan for the provision of "customer-centric" digital services by the public administration • 5G technology and development of innovative digital services • Transition to fast broadband . Digital transformation of SMEs • Reforms to promote basic and applied research • Strong incentives for private investment • Training, upskilling and reskilling (green, digital transformation, of the workforce (with emphasis innovation, extroversion, economies of on digital skills) scale) • Public-Private Partnerships in new, large infrastructure projects (irrigation, railways) • Investments in culture, tourism and the agri-food sector as drivers of growth • Reforms to simplify the business environment and licensing, improve the ease of doing business, support investment and trade facilitation Improve the efficiency of the justice system, including digitalization and administration reform • • Incentivizing economies of scale through increasing the size of enterprises • Artificial intelligence and big data deployed against tax evasion • Modernizing and upgrading Greece's upskilling and reskilling system • Labor law reform Large investments in health, education and social inclusion of vulnerable groups • Reform of active and passive labor market policies, including to increase female labor force participation • Digitalization of education, both equipment and curricula • Primary health care reform and digital telemedicine service Training against discrimination in the public and private sector APPENDIX 25#32GREECE 2.0 - FOCUS ON LOAN DISBURSEMENTS Main Principles EUR 12.7 bn financed from RRF loan envelope • Funding only projects under five eligibility criteria, based on Pissarides Committee priorities • Loans to be provided through International Financial Institutions (IFIs) and the banking system • Exclusively for private sector, based entirely on market criteria, with no state involvement • Maximum RRF funding set at 50% of project value • Co-financing, no state guarantees Participation of banks and investors (at least 30% and 20% respectively) Eligibility criteria Green Exports Distribution channels Loan facility 1 International Financial Institutions (IFIs) Financing of medium and large private investment projects ไป Digital R & D Loan facility 2 Commercial Banks Financing of small, medium, large private investment projects Mergers, acquisitions & partnerships Equity platform instrument Hellenic Development Bank of Investments Creation of Fund-of-Funds (FoF) for the financing of Share Capital or quasi-Share Capital, targeting the most dynamic and fast-growing companies and sectors APPENDIX 26#33SELECTED MACROECONOMIC FORECASTS Index Real GDP Private consumption Public consumption Gross fixed capital formation Exports of goods and services (% change at constant prices, unless otherwise stated) 2019 2020 2021 2022 2023 2024 2025 1.9 -8.2 3.6 6.2 4.1 4.4 3.3 1.9 -5.2 2.6 2.9 2.1 2.8 2.2 1.2 2.7 1.5 -3.0 -1.0 -0.5 0.5 -4.6 -0.6 7.0 30.3 12.3 10.8 7.4 4.8 -21.7 10.4 13.8 7.5 6.2 5.2 Imports of goods and services 3.0 -6.8 6.9 8.5 4.0 3.4 3.5 GDP deflator (% change) 0.2 -1.5 0.2 1.0 1.2 1.6 1.8 Harmonised index of consumer prices (% change) 0.5 -1.3 0.0 0.7 1.3 1.6 1.7 Total employment (% change) 1.2 -1.3 0.7 2.3 1.3 1.3 0.8 Unemployment rate (in national accounts) (% total labour force) 15.2 14.4 14.6 12.7 11.6 10.3 9.6 Unemployment rate (labour force survey) (% total labour force) 17.3 16.3 16.3 14.4 13.2 11.9 11.1 Source: Ministry of Finance APPENDIX 27#34FOCUS ON TAX INCENTIVES FOR INVESTMENT Selected measures introduced to boost private investment in Greece Reduction, by 50%, of the tax rate for start-ups, for the 3 first years of operation Introduction of a 40% tax deduction for expenses related to the provision of energy services, functional and aesthetic upgrade of buildings Suspension of VAT on new buildings and suspension of real estate tax for 3 years Introduction of a special tax regime on foreign income for individuals, who transfer their tax residence to Greece and make significant investments in Greece Extension of a special tax regime on income for foreign retirees, who transfer their tax residence to Greece Additional incentives, through income tax and special solidarity contribution, for the return to the country of Greeks, who left during the years of crisis Additional incentives for the creation of family offices Source: Ministry of Finance APPENDIX 28 28