Recovery of the Greek Economy

A- 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

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