Recovery of the Greek Economy

2 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

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