Recovery of the Greek Economy

GREECE 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

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