Recovery of the Greek Economy

GREECE 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

View entire presentation