Anlage

Anlage 1

RAT DER EUROPISCHEN UNION

Brssel, den 21. Juli 2011 (OR. en)

ERKLRUNG DER STAATS- UND REGIERUNGSCHEFS DES EUROWHRUNGSGEBIETS UND DER EU-ORGANE

Wir bekrftigen erneut unser Bekenntnis zum Euro und unsere Entschlossenheit, alles Notwendige zu tun, um die Finanzstabilitt im gesamten Euro-Whrungsgebiet und in dessen Mitgliedstaaten sicherzustellen. Ferner sind wir nach wie vor entschlossen, Konvergenz, Wettbewerbsfhigkeit und Steuerung im Euro-Whrungsgebiet zu strken. Seit Beginn der Staatsschuldenkrise sind wichtige Manahmen zur Stabilisierung des Euro-Whrungsgebiets, zur Reform der Vorschriften und zur Entwicklung neuer Stabilisierungsinstrumente ergriffen worden. Der Aufschwung ist im EuroWhrungsgebiet bereits deutlich zu spren und der Euro steht auf einem soliden wirtschaftlichen Fundament. Jedoch zeigen die bestehenden Herausforderungen, dass weitergehende Manahmen getroffen werden mssen. Heute haben wir uns auf die folgenden Manahmen geeinigt: Griechenland: 1. Wir begren die Manahmen, die die griechische Regierung getroffen hat, um die ffentlichen Finanzen zu stabilisieren und die Wirtschaft zu reformieren, sowie das neue Manahmenpaket, einschlielich der Privatisierungen, das unlngst vom griechischen Parlament verabschiedet wurde. Es sind dies beispiellose, aber notwendige Anstrengungen, um der griechischen Wirtschaft wieder zu einem nachhaltigen Wachstum zu verhelfen. Uns ist bewusst, welche Anstrengungen diese Anpassungsmanahmen fr die griechischen Brgerinnen und Brger bedeuten, und wir sind berzeugt, dass diese Opfer unumgnglich sind, um die Wirtschaft wieder anzukurbeln, und zur knftigen Stabilitt und zum Wohl des Landes beitragen werden.

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2.

Wir sind uns einig, ein neues Programm fr Griechenland zu untersttzen und zusammen mit dem IWF und dem freiwilligen Beitrag des Privatsektors die Finanzierungslcke vollstndig zu schlieen. Der offizielle Gesamtbetrag der Finanzierung wird etwa 109 Mrd. Euro betragen. Mit diesem Programm sollen, insbesondere ber niedrigere Zinsstze und lngere Laufzeiten, die Schuldentragfhigkeit und das Refinanzierungsprofil Griechenlands entscheidend verbessert werden. Wir rufen den IWF auf, weiterhin zur Finanzierung des neuen Programms fr Griechenland beizutragen. Wir beabsichtigen, fr die nchste Auszahlung die EFSF als Finanzierungsinstrument zu verwenden. Wir werden die strikte Einhaltung des Programms auf der Grundlage der regelmigen Beurteilungen der Kommission in Verbindung mit der EZB und dem IWF sehr eng berwachen. Wir haben beschlossen, die Laufzeit knftiger EFSF-Darlehen an Griechenland so weit wie nur mglich von derzeit 7,5 Jahren auf mindestens 15 und bis auf 30 Jahre mit einer tilgungsfreien Zeit von 10 Jahren zu verlngern. In diesem Zusammenhang werden wir eine angemessene berwachung nach der Durchfhrung des Programms sicherstellen. Wir werden EFSF-Darlehen zu Zinsen zur Verfgung stellen, die denen der Zahlungsbilanzfazilitt (derzeit ca. 3,5 %) entsprechen und die nahe bei, jedoch nicht unter den EFSFFinanzierungskosten liegen. Wir haben ferner beschlossen, die Laufzeiten der derzeitigen Griechenland-Fazilitt erheblich zu verlngern. Dies wird durch einen Mechanismus ergnzt, der geeignete Anreize zur Umsetzung des Programms bietet. Wir fordern eine umfassende Strategie fr Wachstum und Investitionen in Griechenland. Wir begren die Entscheidung der Kommission, eine Arbeitsgruppe einzusetzen, die mit den griechischen Behrden zusammenarbeiten wird, um die Strukturfonds auf die Aspekte Wettbewerbsfhigkeit und Wachstum, Schaffung von Arbeitspltzen und Ausbildung auszurichten. Wir werden die EU-Fonds und Institutionen wie die EIB fr diese Zwecke einsetzen und die griechische Wirtschaft wieder in Schwung bringen. Die Mitgliedstaaten und die Kommission werden unverzglich alle erforderlichen Ressourcen mobilisieren, um eine auerordentliche technische Untersttzung bereitzustellen, damit Griechenland die Reformen durchfhren kann. Die Kommission wird ber die Fortschritte auf diesem Weg im Oktober Bericht erstatten. Der Finanzsektor hat seine Bereitschaft erklrt, Griechenland auf freiwilliger Basis durch eine Reihe von Optionen zu untersttzen, mit denen die langfristige Tragfhigkeit insgesamt weiter gestrkt wird. Der Beitrag des privaten Sektors wird sich netto auf etwa 37 Mrd. Euro1 belaufen. Die Bonittssteigerung wird zur Absttzung der Qualitt der Sicherheiten dienen, damit diese weiterhin fr den Zugang der griechischen Banken zu Liquidittsoperationen des Eurosystems genutzt werden knnen. Sofern erforderlich werden wir angemessene Ressourcen zur Rekapitalisierung griechischer Banken bereitstellen.

3.

4.

5.

Unter Bercksichtigung der Kosten der Bonittssteigerung fr die Zeit 2011 - 2014. Weitere 12,6 Mrd. Euro werden ber ein Schuldenrckkaufprogramm aufgebracht werden, so dass insgesamt 50 Mrd. Euro zur Verfgung stehen werden. Fr den Zeitraum 2011 - 2019 wird die Beteiligung des privaten Sektors einem Beitrag von netto etwa 106 Mrd. Euro entsprechen. 2

DE

Beteiligung des Privatsektors: 6. Was unser allgemeines Konzept fr die Beteiligung des Privatsektors im Euro-Whrungsgebiet betrifft, so mchten wir deutlich machen, dass fr Griechenland eine auergewhnliche und einmalige Lsung erforderlich ist. Die brigen Eurolnder bekrftigen feierlich ihre unumstliche Entschlossenheit, die von ihnen selbst begebenen Anleihen vollstndig zu bedienen und all ihre Verpflichtungen zu einer nachhaltigen Haushaltspolitik und zu Strukturreformen voll einzuhalten. Die Staats- und Regierungschefs des Euro-Whrungsgebiets untersttzen vorbehaltlos diese Entschlossenheit, da die Glaubwrdigkeit smtlicher staatlicher Kreditnehmer ein entscheidendes Element fr die Gewhrleistung der Finanzstabilitt im Euro-Whrungsgebiet insgesamt ist.

7.

Stabilisierungsinstrumente: 8. Zur Verbesserung der Wirksamkeit der EFSF und des ESM und zur Bekmpfung der Ansteckungsgefahr kommen wir berein, die Flexibilitt dieser Instrumente unter Bindung an entsprechende Auflagen zu erhhen, so dass sie auf der Grundlage eines vorsorglichen Programms ttig werden knnen; die Rekapitalisierung von Finanzinstituten durch Darlehen an Regierungen, auch in Nicht-Programmlndern, finanzieren knnen; an den Sekundrmrkten auf der Grundlage einer Analyse der EZB, in der das Vorliegen auergewhnlicher Umstnde auf dem Finanzmarkt und Gefahren fr die Finanzstabilitt festgestellt werden, und auf der Grundlage eines einvernehmlich gefassten Beschlusses der Mitgliedstaaten der EFSF/des ESM intervenieren knnen, um eine Ansteckung zu verhindern.

Wir werden die erforderlichen Verfahren zur Umsetzung dieser Beschlsse so rasch wie mglich einleiten. 9. Erforderlichenfalls wird eine Besicherungsvereinbarung getroffen, damit das den Mitgliedstaaten des Euro-Whrungsgebiets aus ihren Garantien fr die EFSF erwachsende Risiko abgedeckt wird.

Haushaltskonsolidierung und Wachstum im Euro-Whrungsgebiet: 10. Wir sind entschlossen, den Programmlndern sofern sie diese Programme erfolgreich durchfhren weiterhin Untersttzung zu leisten, bis sie den Marktzugang wiedererlangt haben. Wir begren die feste Entschlossenheit Irlands und Portugals, ihre Programme strikt einzuhalten, und wir bekrftigen, dass wir uns nachdrcklich fr den Erfolg dieser Programme einsetzen. Die Zinsstze und Laufzeiten der Darlehen der EFSF, die wir fr Griechenland vereinbart haben, werden auch fr Portugal und Irland gelten. In diesem Zusammenhang nehmen wir die Bereitschaft Irlands zur Kenntnis, sich konstruktiv an den Beratungen ber den Entwurf der Richtlinie ber eine Gemeinsame konsolidierte Krperschaftssteuer-Bemessungsgrundlage (GKKB) und an den strukturierten Beratungen ber Fragen der Steuerpolitik im Rahmen des Euro-Plus-Pakts zu beteiligen.

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11.

Alle Mitgliedstaaten des Euro-Whrungsgebiets werden die vereinbarten haushaltspolitischen Ziele strikt einhalten, ihre Wettbewerbsfhigkeit verbessern und gegen die makrokonomischen Ungleichgewichte vorgehen. Die ffentlichen Defizite werden in allen Lndern, mit Ausnahme der Programmlnder, bis sptestens 2013 auf unter 3 % reduziert werden. In diesem Zusammenhang begren wir das jngst von der italienischen Regierung vorgestellte Haushaltspaket, das es Italien ermglichen wird, sein Defizit im Jahr 2012 auf unter 3 % zu senken und 2014 einen ausgeglichenen Haushalt zu erreichen. Ferner begren wir die ehrgeizigen Haushalts-, Finanz- und Strukturreformen, die Spanien in Angriff genommen hat. Auf der Grundlage der Ergebnisse der Belastungstests fr Banken werden die Mitgliedstaaten fr ihre Banken angemessene Auffang-Mechanismen vorsehen. Wir werden die im Juni angenommenen Empfehlungen fr wachstumsfrdernde Reformen umsetzen. Wir ersuchen die Kommission und die EIB, die Synergien zwischen den Darlehensprogrammen und den EU-Fonds in allen Lndern, die eine Hilfe der EU bzw. des IWF erhalten, zu verstrken. Wir untersttzen alle Bemhungen um eine Verbesserung ihrer Fhigkeit, Mittel aus den EU-Fonds zur Frderung von Wachstum und Beschftigung zu absorbieren, einschlielich ber eine zeitweilige Anhebung des Kofinanzierungsanteils.

12.

Wirtschaftspolitische Steuerung: 13. Wir rufen zu einer raschen Fertigstellung des Gesetzgebungspakets zur Strkung des Stabilitts- und Wachstumspakts und der neuen makrokonomischen berwachung auf. Die Mitgliedstaaten des Euro-Whrungsgebiets werden den polnischen Vorsitz uneingeschrnkt dabei untersttzen, mit dem Europischen Parlament Einigung ber die Abstimmungsmodalitten bezglich der prventiven Komponente des Pakts zu erzielen. Wir verpflichten uns, bis Ende 2012 nationale haushaltspolitische Rahmen einzufhren, wie dies in der Richtlinie ber die haushaltspolitischen Rahmen vorgesehen ist. Wir sind uns unter Bercksichtigung der jngsten diesbezglichen Vorschlge der Kommission darin einig, dass die Abhngigkeit von externen Ratings im EU-Regelungsrahmen verringert werden sollte, und wir sehen den Vorschlgen der Kommission zu Ratingagenturen erwartungsvoll entgegen. Wir ersuchen den Prsidenten des Europischen Rates, in enger Abstimmung mit dem Prsidenten der Kommission und dem Prsidenten der Euro-Gruppe bis Oktober konkrete Vorschlge fr bessere Arbeitsmethoden und fr ein verbessertes Krisenmanagement im Euro-Whrungsgebiet vorzulegen.

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Anlage 2

HELLENICREPUBLIC MINISTRYOFFINANCE THEMINISTER

STRICTLY CONFIDENTIAL To: From: All Regulated Holders of Greek Government Bonds (as defined below) Ministry of Finance The Hellenic Republic 25 August 2011 Re: Confidential Inquiry Regarding Holdings of Greek Government Bonds (as defined below)

Date:

The Hellenic Republic (Greece), acting in consultation with governments in Euro Area countries and elsewhere, is requesting that each regulated holder of certain Greek government bonds and bonds issued by Hellenic Railways Organization SA as set out in Annex III (Greek Government Bonds or GGBs) report to its national regulator that institutions holdings of GGBs as of 30 June 2011. Each institutions response to this inquiry will be kept strictly confidential and only aggregated data will be made available to Greece and other involved parties in the context of the voluntary liability management transaction referred to below. This letter is strictly confidential and should not be passed on to any other person. Background On 21 July 2011, the Heads of State or Government of the Euro Area and EU Institutions released a Statement (the 21 July 2011 Statement, a copy of which is attached as Annex I) regarding the need for private sector involvement to strengthen further the overall sustainability of Greek public debt. 1

The sustainability of Greece's public debt profile and the reduction of the risks associated with investing in Greek public debt are of paramount concern for the European Union and the global financial community. Only a coordinated approach to the Greek public debt situation involving contributions from both public and private stakeholders will materially improve the debt dynamics for Greece and thus be in the best interests of all creditors of the country. The official sector can be expected to provide new financing to Greece as outlined in the 21 July 2011 Statement, but only when there are commitments provided by Greeces private creditors that will support the sustainability of the Greek fiscal situation. This Inquiry This inquiry is being sent at our request to your institution by your national ministry of finance or your national regulator (for the purposes of this inquiry, your Regulator). You should respond to this inquiry only to that Regulator and not to Greece or to any other party. We understand that (i) your response to this inquiry will be held in strict confidence by your Regulator, (ii) institution-by-institution information will only be available to your Regulator and (iii) only aggregated data (not institution-by-institution information) will be made available to Greece and the other parties charged with implementing the 21 July 2011 Statement. The Financing Proposal The financing proposal submitted on 21 July 2011 by representatives of Greeces private sector creditors laid out four options (each an Option) through which private sector holders of eligible GGBs could participate in a voluntary transaction to support the sustainability of Greek public debt. The main commercial terms of these Options are set out in Annex II to this inquiry. In order to prepare for the implementation of a voluntary liability management transaction consistent with these Options, and in particular to arrange for the financial support that will be required from official sector institutions in connection with that transaction, it is necessary to obtain as soon as possible an indication of the expectations of institutional holders of eligible GGBs regarding their eventual participation in such a transaction. That is the purpose of this inquiry. In particular, any decision you make to participate in such a voluntary transaction should be based on the final terms of the offer memorandum and not on the terms of this inquiry.

Separately, a cash buyback for Greek public debt (including for certain GGBs not eligible to participate in the voluntary transaction described above), referred to in the 21 July Statement, may take place in parallel with the transaction described in this letter. However, this potential buyback is not one of the Options the subject of the current inquiry, and for the purposes of your response to this inquiry you are therefore requested to indicate one or more of the Options as set out in Annex II in respect of your eligible GGBs. List of GGBs To facilitate each institutions response to this inquiry, we attach as Annex III a list of all GGBs that Greece may elect to include in the eventual liability management transaction. We would ask that you respond to your Regulator in the form provided as Annex IV to this inquiry separately for each eligible GGB held by you on 30 June 2011, in each case making reference to the bond identification number assigned to the relevant GGB in Annex III. Responses If your parent company is located within the European Union, only the parent company of the regulated institution(s) is requested to respond to its Regulator on behalf of all consolidated and unconsolidated, regulated and unregulated entities forming part of your corporate group. If your parent company is NOT located within the European Union, then your institution is requested to respond to your Regulator on behalf of your institution and all unregulated subsidiaries unless another institution in your group is responding to another Regulator in relation to such unregulated subsidiaries. If according to the two above paragraphs, you are requested to respond to your Regulator, then please submit a response to your Regulator in the form of Annex IV as soon as practicable but in any event not later than 5.00 p.m. Central European Time on 9 September 2011.

Your response should cover: the legal names of your institution and all other relevant entities (as requested above); and all GGBs identified in Annex III owned or held by you (including such subsidiaries or affiliates) -- other than GGBs for which you act as custodian or nominee on behalf of a third party -- as of 30 June 2011. If you have sold or transferred or acquired any GGBs subsequent to that date, you may indicate this in your response to your Regulator, but for these purposes kindly report your total holdings as of 30 June 2011; and for each such GGB, an indication (non-binding) of the Option(s) you would expect to choose for that GGB if a liability management transaction consistent with the attached description of the Options is presented to you and other holders of eligible GGBs by Greece around early October 2011.

Critical Mass Threshold Greece shall not be obliged to proceed with any portion of the transaction described in this letter unless holders of eligible GGBs tender, in response to Greece's eventual Invitation to Tender, eligible GGBs having a principal amount equal to not less than 90% of all eligible GGBs, including 90% of that portion of the eligible GGBs maturing during the period from June 30, 2011 through August 31, 2014. If these thresholds (or either of them) are not met, Greece shall not proceed with any portion of the transaction described in this letter if it determines, in consultation with the official sector, that the total contribution of private sector creditors towards the financing needs of Greece and Greece's debt sustainability resulting from this transaction is insufficient to permit the official sector to support the new multi-year adjustment program for Greece announced on July 21, 2011. Further Information Further information relating to this Letter of Inquiry will be available from our website: www.pdma.gr. All questions should be submitted via this website, and all responses to questions received will be published openly on this website. * * * *

Thank you for your cooperation.

Yours faithfully, The Hellenic Republic, acting through its Ministry of Finance

By:

Name: Title:

Evangelos Venizelos Minister of Finance

Attachments:

Annex I Annex II Annex III Annex IV

21 July 2011 Statement Description of Options List of Eligible GGBs Form of Response to Inquiry

THIS LETTER DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ELSEWHERE BY GREECE OR ANY OTHER SOVEREIGN OR ANY OTHER ENTITY. ANY SECURITIES THAT ARE ULTIMATELY OFFERED PURSUANT TO THE LIABILITY MANAGEMENT TRANSACTION REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE. ANY OFFER OF SECURITIES PURSUANT TO THE LIABILITY MANAGEMENT TRANSACTION WILL BE MADE BY MEANS OF AN OFFER DOCUMENT THAT WILL BE PREPARED BY GREECE FOR DISTRIBUTION TO PERSONS ELIGIBLE TO PARTICIPATE IN SUCH OFFER.

Annex I 21 July 2011 Statement

COUNCIL OF THE EUROPEAN UNION

Brussels, 21 July 2011

STATEMENT BY THE HEADS OF STATE OR GOVERNMENT OF THE EURO AREA AND EU INSTITUTIONS

We reaffirm our commitment to the euro and to do whatever is needed to ensure the financial stability of the euro area as a whole and its Member States. We also reaffirm our determination to reinforce convergence, competitiveness and governance in the euro area. Since the beginning of the sovereign debt crisis, important measures have been taken to stabilize the euro area, reform the rules and develop new stabilization tools. The recovery in the euro area is well on track and the euro is based on sound economic fundamentals. But the challenges at hand have shown the need for more far reaching measures. Today, we agreed on the following measures: Greece: 1. We welcome the measures undertaken by the Greek government to stabilize public finances and reform the economy as well as the new package of measures including privatisation recently adopted by the Greek Parliament. These are unprecedented, but necessary, efforts to bring the Greek economy back on a sustainable growth path. We are conscious of the efforts that the adjustment measures entail for the Greek citizens, and are convinced that these sacrifices are indispensable for economic recovery and will contribute to the future stability and welfare of the country.

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2.

We agree to support a new programme for Greece and, together with the IMF and the voluntary contribution of the private sector, to fully cover the financing gap. The total official financing will amount to an estimated 109 billion euro. This programme will be designed, notably through lower interest rates and extended maturities, to decisively improve the debt sustainability and refinancing profile of Greece. We call on the IMF to continue to contribute to the financing of the new Greek programme. We intend to use the EFSF as the financing vehicle for the next disbursement. We will monitor very closely the strict implementation of the programme based on the regular assessment by the Commission in liaison with the ECB and the IMF. We have decided to lengthen the maturity of future EFSF loans to Greece to the maximum extent possible from the current 7.5 years to a minimum of 15 years and up to 30 years with a grace period of 10 years. In this context, we will ensure adequate post programme monitoring. We will provide EFSF loans at lending rates equivalent to those of the Balance of Payments facility (currently approx. 3.5%), close to, without going below, the EFSF funding cost. We also decided to extend substantially the maturities of the existing Greek facility. This will be accompanied by a mechanism which ensures appropriate incentives to implement the programme. We call for a comprehensive strategy for growth and investment in Greece. We welcome the Commissions decision to create a Task Force which will work with the Greek authorities to target the structural funds on competitiveness and growth, job creation and training. We will mobilise EU funds and institutions such as the EIB towards this goal and relaunch the Greek economy. Member States and the Commission will immediately mobilize all resources necessary in order to provide exceptional technical assistance to help Greece implement its reforms. The Commission will report on progress in this respect in October. The financial sector has indicated its willingness to support Greece on a voluntary basis through a menu of options further strengthening overall sustainability. The net contribution of the private sector is estimated at 37 billion euro.1 Credit enhancement will be provided to underpin the quality of collateral so as to allow its continued use for access to Eurosystem liquidity operations by Greek banks. We will provide adequate resources to recapitalise Greek banks if needed.

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5.

Taking into account the cost of credit enhancement for the period 2011-2014. In addition, a debt buy back programme will contribute to 12.6 billion euro, bringing the total to 50 billion euro. For the period 2011-2019, the total net contribution of the private sector involvement is estimated at 106 billion euro. 2

EN

Private sector involvement: 6. As far as our general approach to private sector involvement in the euro area is concerned, we would like to make it clear that Greece requires an exceptional and unique solution. All other euro countries solemnly reaffirm their inflexible determination to honour fully their own individual sovereign signature and all their commitments to sustainable fiscal conditions and structural reforms. The euro area Heads of State or Government fully support this determination as the credibility of all their sovereign signatures is a decisive element for ensuring financial stability in the euro area as a whole.

7.

Stabilization tools: 8. To improve the effectiveness of the EFSF and of the ESM and address contagion, we agree to increase their flexibility linked to appropriate conditionality, allowing them to: act on the basis of a precautionary programme; finance recapitalisation of financial institutions through loans to governments including in non programme countries ; intervene in the secondary markets on the basis of an ECB analysis recognizing the existence of exceptional financial market circumstances and risks to financial stability and on the basis of a decision by mutual agreement of the EFSF/ESM Member States, to avoid contagion.

We will initiate the necessary procedures for the implementation of these decisions as soon as possible. 9. Where appropriate, a collateral arrangement will be put in place so as to cover the risk arising to euro area Member States from their guarantees to the EFSF.

Fiscal consolidation and growth in the euro area: 10. We are determined to continue to provide support to countries under programmes until they have regained market access, provided they successfully implement those programmes. We welcome Ireland and Portugal's resolve to strictly implement their programmes and reiterate our strong commitment to the success of these programmes. The EFSF lending rates and maturities we agreed upon for Greece will be applied also for Portugal and Ireland. In this context, we note Ireland's willingness to participate constructively in the discussions on the Common Consolidated Corporate Tax Base draft directive (CCCTB) and in the structured discussions on tax policy issues in the framework of the Euro+ Pact framework.

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11.

All euro area Member States will adhere strictly to the agreed fiscal targets, improve competitiveness and address macro-economic imbalances. Public deficits in all countries except those under a programme will be brought below 3% by 2013 at the latest. In this context, we welcome the budgetary package recently presented by the Italian government which will enable it to bring the deficit below 3% in 2012 and to achieve balance budget in 2014. We also welcome the ambitious reforms undertaken by Spain in the fiscal, financial and structural area. As a follow up to the results of bank stress tests, Member States will provide backstops to banks as appropriate. We will implement the recommendations adopted in June for reforms that will enhance our growth. We invite the Commission and the EIB to enhance the synergies between loan programmes and EU funds in all countries under EU/IMF assistance. We support all efforts to improve their capacity to absorb EU funds in order to stimulate growth and employment, including through a temporary increase in co-financing rates.

12.

Economic governance: 13. We call for the rapid finalization of the legislative package on the strengthening of the Stability and Growth Pact and the new macro economic surveillance. Euro area members will fully support the Polish Presidency in order to reach agreement with the European Parliament on voting rules in the preventive arm of the Pact. We commit to introduce by the end of 2012 national fiscal frameworks as foreseen in the fiscal frameworks directive. We agree that reliance on external credit ratings in the EU regulatory framework should be reduced, taking into account the Commission's recent proposals in that direction, and we look forward to the Commission proposals on credit ratings agencies. We invite the President of the European Council, in close consultation with the President of the Commission and the President of the Eurogroup, to make concrete proposals by October on how to improve working methods and enhance crisis management in the euro area..

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ANNEX II Description of Options 1. Exchange into 30 Year Instrument at Par: New Par Bonds Issuer: Principal amount: Hellenic Republic. 100% of the principal amount, or (where applicable) the Euro equivalent of the principal amount (determined at the spot exchange rate on the Rate Fixing Date), of eligible GGBs offered for exchange. Bullet, 30 years. The interest rate (which will comprise of an initial rate applicable to years 15 increasing by 0.50% p.a. for years 6-10 and a further 0.50% p.a. for years 11-30) will be determined at or about the time of launch of the liability management transaction (the Rate Fixing Date) to result in a net present value of 79% of the face value of eligible GGBs tendered. Such net present value would be calculated as a sum of: (i) the net present value of interest payments of the New Par Bonds discounted at the rate of 9% per annum; and (ii) the purchase price1 of the New Par Bond Defeasance Assets (defined below), which will represent the purchase price determined by reference to the market cost of funding for such issuer of New Par Bond Defeasance Assets (defined below). Based on Euro mid-swap rates prevailing on 21 July 2011 the initial interest rate for New Par Bonds issued on that date would have been 4.0%. Such interest rate will accrue on the principal amount of the New Par Bonds (the Notional Principal Amount), notwithstanding the principal defeasance (as described below).
1

Maturity: Interest rate:

For purposes of evaluating the Options in the context of the Letter of Inquiry, please assume the spread included in the interest rate of the defeasance assets for each Option is the same.

Annex II-1

Interest payment: Denomination: Trading restrictions:

Annually, in arrear, actual/actual. Euro1.00, and multiples thereof. Tendering holders will be entitled to select between New Par Bonds that are freely tradable and New Par Bonds that are subject to trading restrictions for 10 years following the issue date. On the issue date, the aggregate principal amount of the New Par Bonds shall be defeased by the delivery on or before the issue date of New Par Bond Defeasance Assets to or to the order of a trustee. The trustee shall hold such assets on trust for the benefit of all bondholders (the Trust). As a result of such principal defeasance, the Hellenic Republic will be released from its obligation to pay the principal of the New Par Bonds. New Par Bond Defeasance Assets means 30-year bonds issued by one or more sovereigns, supranational entities, sovereign agencies and/or sovereign-backed entities which are AAA-rated at the time of issuance and which in aggregate have an initial face value and accrue interest at a single fixed rate, compounded annually, such that, on the 30th anniversary of the issue date of the New Par Bonds, the redemption amount of the New Par Bond Defeasance Assets will equal the Notional Principal Amount of the New Par Bonds. At maturity of the New Par Bonds, the redemption amount of the New Par Bond Defeasance Assets will be released from the Trust and delivered to bondholders.

Principal defeasance:

Claim upon acceleration of New Par Bonds:

Upon a default and acceleration of the New Par Bonds, holders would have a claim against the Hellenic Republic (the "Default Payment Amount"). The Default Payment Amount will be equal to: (i) the Notional Principal Amount, together with all accrued but unpaid interest thereon through the date of acceleration, less (ii) an amount equal to the Defeasance Accreted Amount (provided that the Default Payment Amount will never be less than zero).

Annex II-2

The "Defeasance Accreted Amount" will be calculated by the trustee holding the New Par Bond Defeasance Assets as the accreted amount of the New Par Bond Defeasance Assets on the date of the acceleration of the New Par Bonds. For the avoidance of doubt, the New Par Bond Defeasance Assets will continue to be held, for the benefit of the bondholders, under the Trust until the original maturity date of the New Par Bonds regardless of acceleration. Status: Negative Pledge: Cross Default: Collective Action Clause: Purchase and cancellation: Unsecured and unsubordinated obligations of the Hellenic Republic. Yes. Yes. Yes. To include aggregation across all bonds (including bonds to be issued pursuant to the Committed Financing Facility) issued pursuant to this transaction. The Hellenic Republic may at any time purchase New Par Bonds in any manner, in full or in part. Such New Par Bonds shall be surrendered for cancellation, and (following any such cancellation) the Notional Principal Amount shall be reduced by the principal amount of the New Par Bonds so cancelled and the corresponding New Par Bond Defeasance Assets will be released to the Hellenic Republic. Governing law: Listing: ECB eligibility: English law. EU regulated market. The New Par Bonds are expected to be ECB eligible.

Annex II-3

2. Committed Financing Facility Holders of eligible GGBs will, in lieu of offering their eligible GGBs for exchange, be entitled irrevocably and unconditionally to commit, at the time of settlement of the exchange offers under Options 1, 3 and 4, to provide financing to Greece (the Committed Financing Facility) at the beginning of the calendar quarter in which the eligible GGBs in respect of which this Option is selected mature (the Funding Date), by either: (a) purchasing new bonds, having an initial principal amount equal to the principal amount, or (where applicable) the Euro equivalent of the principal amount (determined at the spot exchange rate on the Rate Fixing Date), of the relevant GGBs, and a maturity of 30 years from their issue date (the Rollover Par Bonds).

The interest rate (which will comprise of an initial rate applicable to years 15 increasing by 0.50% p.a. for years 6-10 and a further 0.50% p.a. for years 11-30) will be determined at or about the time of the launch of the liability management transaction (the Rate Fixing Date) in respect of Rollover Par Bonds issued prior to the end of September 2014 to result in a net present value of 79% of the face value of the relevant eligible GGBs on the respective Funding Date. Such net present value would be calculated as a sum of: (i) the net present value of interest payments of the Rollover Par Bonds discounted at the rate of 9% per annum; and (ii) the principal amount of the Rollover Par Bonds discounted at the 30-Year Forward Rate (defined below) plus a margin equal to the credit spread for the issuer of the Rollover Par Bonds defeasance assets for the issuance of bonds of similar maturity on the Rate Fixing Date. "30-Year Forward Rate" will be the 30-year zero coupon discount rate derived from the forward EUR swaps curve as of the Rate Fixing Date which is the forward EUR 30-year mid-swaps rate on the corresponding future Funding Date as determined on the Rate Fixing Date. For Rollover Par Bonds issued after the end of September 2014, the interest rate and net present value will be determined at the date of issuance of those bonds as described above to result in a net present value of 79% of the face value of the relevant eligible GGBs on the respective Funding Date except that the purchase price of the Rollover Par Bonds defeasance assets will be determined using the 30-year mid swaps rate at or about the date of issue and the credit spread for the issuer of the Rollover Par Bonds defeasance assets applicable at the time for the issuance of bonds of similar maturity. Annex II-4

Based on Euro mid-swap rates prevailing on 21 July 2011 the initial interest rate for Rollover Par Bonds issued on that date would have been slightly above 4.0%. Other than the issue date, fixed interest rate, maturity date and payment dates, the Rollover Par Bonds will have terms substantially similar to the New Par Bonds, including the principal defeasance feature, and will also be available on a freely transferable basis or subject to restrictions on trading for 10 years from each relevant Rollover Par Bonds issue date (at the option of the holder); or (b) making a cash advance to Greece in an amount equal to the principal amount, or (where applicable) the Euro equivalent of the principal amount (determined at the spot exchange rate on the Rate Fixing Date), of the relevant GGBs. Such advance will accrue interest at a rate equal to the rate applicable to the Rollover Par Bonds that would have been issued under paragraph (a) of this option, and having terms and conditions substantially similar to the terms and conditions of such bonds, including the principal defeasance feature.

Entities selecting this Option 2 will be asked to choose either (a) or (b) in respect of the relevant GGBs. 3. Exchange into 30 Year Instrument at Discount: New Discount Bonds Issuer: Principal amount: Hellenic Republic. 80% of the principal amount, or (where applicable) the Euro equivalent of the principal amount (determined at the spot exchange rate on the Rate Fixing Date), of eligible GGBs offered for exchange. Bullet, 30 years. The interest rate (which will comprise of an initial rate applicable to years 15 increasing by 0.50% p.a. for years 6-10 and a further 0.30% p.a. for years 11-30) will be determined at or about the time of launch of the liability management transaction (the Rate Fixing Date) to result in a net present value of 79% of the face value of eligible GGBs tendered. Such net present value would be calculated as a sum of:

Maturity: Interest rate:

Annex II-5

(i) the net present value of interest payments of the New Discount Bonds discounted at the rate of 9% per annum; and (ii) the purchase price2 of the New Discount Bond Defeasance Assets (defined below), which will represent the purchase price determined by reference to the market cost of funding for such issuer of New Discount Bond Defeasance Assets (defined below). Based on Euro mid-swap rates prevailing on 21 July 2011 the initial interest rate for New Discount Bonds issued on that date would have been 6.0%. Such interest rate will accrue on the principal amount of the New Discount Bonds (the "Notional Principal Amount"), notwithstanding the principal defeasance (as described below). Interest payment: Denomination: Trading restrictions: Annually, in arrear, actual/actual. Euro1.00, and multiples thereof. Tendering holders will be entitled to select between New Discount Bonds that are freely tradable and New Discount Bonds that are subject to trading restrictions for 10 years following the issue date. On the issue date, the aggregate principal amount of the New Discount Bonds shall be defeased by the delivery on or before the issue date of New Discount Bond Defeasance Assets to or to the order of a trustee. The trustee shall hold such assets on trust for the benefit of all bondholders (the Trust). As a result of such principal defeasance, the Hellenic Republic will be released from its obligation to pay the principal of the New Discount Bonds. New Discount Bond Defeasance Assets means 30year bonds issued by one or more sovereigns, supranational entities, sovereign agencies and/or sovereign-backed entities which are AAA-rated at the time of issuance and which in aggregate have an initial face value and accrue interest at a single fixed rate, compounded annually, such that, on the 30th
2

Principal defeasance:

For purposes of evaluating the Options in the context of the Letter of Inquiry, please assume the spread included in the interest rate of the defeasance assets for each Option is the same.

Annex II-6

anniversary of the issue date of the New Discount Bonds, the redemption amount of the New Discount Bonds Defeasance Assets will equal the Notional Principal Amount of the New Discount Bonds. At maturity of the New Discount Bonds, the redemption amount of the New Discount Bond Defeasance Assets will be released from the Trust and delivered to bondholders. Claim upon acceleration of New Discount Bonds: Upon a default and acceleration of the New Discount Bonds, holders would have a claim against the Hellenic Republic (the "Default Payment Amount"). The Default Payment Amount will be equal to: (i) the Notional Principal Amount, together with all accrued but unpaid interest thereon through the date of acceleration, less (ii) an amount equal to the Defeasance Accreted Amount (provided that the Default Payment Amount will never be less than zero). The "Defeasance Accreted Amount" will be calculated by the trustee holding the New Discount Bond Defeasance Assets as the accreted amount of the New Discount Bond Defeasance Assets on the date of the acceleration of the New Discount Bonds. For the avoidance of doubt, the New Discount Bond Defeasance Assets will continue to be held, for the benefit of the bondholders, under the Trust until the original maturity date of the New Discount Bonds regardless of acceleration. Status: Negative Pledge: Cross Default: Collective Action Clause: Purchase and cancellation: Unsecured and unsubordinated obligations of the Hellenic Republic. Yes. Yes. Yes. To include aggregation across all bonds (including bonds to be issued pursuant to the Committed Financing Facility) issued pursuant to this transaction. The Hellenic Republic may at any time purchase New Discount Bonds in any manner, in full or in part.

Annex II-7

Such New Discount Bonds shall be surrendered for cancellation, and (following any such cancellation) the Notional Principal Amount shall be reduced by the principal amount of the New Discount Bonds so cancelled and the corresponding New Discount Bond Defeasance Assets will be released to the Hellenic Republic. Governing law: Listing: ECB eligibility: English law. EU regulated market. The New Discount Bonds are expected to be ECB eligible.

4. Exchange into New 15-Yr Average Life Bonds at Discount: New Discount Amortising Bonds Issuer: Principal amount: Hellenic Republic. 80% of the principal amount, or (where applicable) the Euro equivalent of the principal amount (determined at the spot exchange rate on the Rate Fixing Date), of eligible GGBs offered for exchange 17 years, amortising in five equal annual instalments commencing in year 13. The interest rate will be determined at or about the time of the launch of the liability management transaction (the Rate Fixing Date) to result in a net present value of 79% of the face value of eligible GGBs tendered. Such net present value will be calculated as the sum of probability weighted cumulative amounts receivable by the investor discounted at a rate equal to the zero-coupon discount rate (deducted from the benchmark EUR swap rate) with a maturity date equal to the respective interest and principal amount payment date. Probability weighting is calculated as year-on-year default probability derived from the assumed credit spread being equal to the difference between 9% and 15-year EUR swap rate and a recovery assumption of 40%. Cumulative amounts calculated as the sum of: (i) all interest and principal payments received from the Annex II-8

Maturity: Interest rate:

Hellenic Republic to such date; (ii) 40% of the outstanding principal amount of the New Discount Amortising Bonds (being the assumed market value of the Trust Assets on such date); and (iii) in the case of an Early Release Trigger Event, the sum of 60% of the outstanding principal amount of the New Discount Amortising Bonds plus 1 year of accrued interest, in each case multiplied by the recovery rate assumption of 40%. Based on Euro mid-swap rates prevailing on 21 July 2011 the interest rate for New Discount Amortising Bonds issued on that date would have been 5.9%. Such interest rate will accrue on the principal amount of the New Discount Amortising Bonds (being the original principal amount less any amortisation amounts previously paid and less any Early Release Amounts (as defined below) released from the Trust Assets), notwithstanding the principal defeasance (as described below). Interest payment: Denomination: Trading restrictions: Annually, in arrear, actual/actual. Euro1.00, and multiples thereof. Tendering holders will be entitled to select between New Discount Amortising Bonds that are freely tradable and New Discount Amortising Bonds that are subject to trading restrictions for 5 years following the issue date. On the issue date, 40% of the aggregate principal amount of the New Discount Amortising Bonds shall be defeased by the payment on or before the issue date of an amount equal to 40% of the aggregate principal amount of the New Discount Amortising Bonds to or to the order of a trustee who shall purchase Defeasance Bonds (as described below) to be held by the trustee on trust for the benefit of all bondholders (the Trust, and the Defeasance Bonds and the proceeds of sale or redemption thereof held pursuant to such Trust, the Trust Assets). The Hellenic Republic will be entitled to receive the interest earned on the Trust Assets prior to their release to bondholders, which interest will not form part of the Trust Assets. The Hellenic Republic will have no residual interest in the Trust Assets. The Defeasance The Defeasance Bonds will:

Principal defeasance:

Annex II-9

Bonds:

(i) be issued by sovereigns, supranational entities, sovereign agencies and/or sovereign-backed entities which are AAA-rated at the time of issuance; (ii) pay a floating rate of interest on a quarterly basis at a rate of 3-month EURIBOR plus a spread determined by reference to the market cost of funding for such issuer of Defeasance Bonds; and (iii) have the same maturity and amortisation payment schedule as the New Discount Amortising Bonds.

Scheduled release of Trust Assets:

On each amortisation payment date, an amount equal to the lesser of: (i) 40% of the relevant principal amortisation amount; and (ii) each holder's pro rata share of the remaining Trust Assets, will be released from the Trust and paid to holders. The Hellenic Republic will remain obliged to repay an amount equal to 60% of such principal amortisation amount.

Early release of Trust Assets:

Following the occurrence of an Early Release Trigger Event (as defined below) and determination of a Final Price with respect to a Credit Event on the Hellenic Republic (each as determined in accordance with ISDA credit default swap market convention for Western European Sovereigns), the Trustee will liquidate an amount of the Defeasance Bonds with a face amount equal to the lesser of: (i) the face amount sufficient to realise cash in an amount equal to the Early Release Amount; and (ii) each holder's pro rata share of the remaining Trust Assets, and the liquidation proceeds thereof will be released from the Trust and paid to holders. The early release of such amounts will decrease the principal amount of the New Discount Amortising Bonds for the purpose of accrual of interest and decrease the amount of Trust Assets available to be released on future amortisation dates (as described above) and/or upon acceleration of the New Discount Amortising Bonds. If the liquidation value of any Defeasance Bonds sold on any early release is less than 100%, the Hellenic Republic shall Annex II-10

be required on the date of payment of the final instalment of principal (or acceleration) to pay bondholders an amount (a "Make-Whole Amount") equal to the aggregate principal amount of the Defeasance Bonds so liquidated less their liquidation value, subject to a minimum of zero. "Early Release Trigger Event" means the occurrence of one or both of the following events: (i) non-payment of principal on the New Discount Amortising Bonds when due on any amortisation date (but, for the avoidance of doubt, not non-payment of interest only); and (ii) a Restructuring in respect of the Hellenic Republic (as determined in accordance with ISDA credit default swap market convention for Western European Sovereigns). The Early Release Amount will be an amount calculated in respect of each New Discount Amortising Bond as: (i) the outstanding principal amount of each New Discount Amortising Bond (being the original principal amount less any amortisation amounts previously paid and less any Early Release Amounts previously released from the Trust Assets); multiplied by (ii) 100 per cent. minus the Final Price determined by an ISDA credit default swap auction in respect of the Hellenic Republic; multiplied by (iii) Release of Trust Assets on maturity or acceleration: 80 per cent.

Following redemption of the New Discount Amortising Bonds, whether on final maturity or early acceleration, all remaining Trust Assets will be distributed to holders pro rata. The Hellenic Republic will remain obliged to repay an amount equal to 60% of the principal amount outstanding of the New Discount Amortising Bonds (being, in this case, the original principal amount less any amortisation amounts previously paid), plus interest accrued to the date of repayment and any Make-Whole Amounts.

Status: Negative Pledge: Cross Default:

Unsecured and unsubordinated obligations of the Hellenic Republic. Yes. Yes.

Annex II-11

Collective Action Clause: Purchase and cancellation:

Yes. To include aggregation across all bonds (including bonds to be issued pursuant to the Committed Financing Facility) issued pursuant to this transaction. The Hellenic Republic may at any time purchase New Discount Amortising Bonds in any manner, in full or in part. Such New Discount Amortising Bonds shall be surrendered for cancellation, and (following any such cancellation) the outstanding principal amount of the New Discount Amortising Bonds shall be reduced by the principal amount of the New Discount Amortising Bonds so cancelled and the corresponding Trust Assets shall be released to the Hellenic Republic.

Governing law: Listing: ECB eligibility:

English law. EU regulated market. The New Discount Amortising Bonds are expected to be ECB eligible.

It is anticipated that this Option 4 will only be made available for GGBs maturing prior to 1 January 2014, and this Option 4 is expected to be limited to a maximum of 25% of the aggregate principal amount, or (where applicable) the Euro equivalent of the principal amount, of all GGBs participating in the liability management exercise or the committed financing facility.

Annex II-12

ANNEX III List of Eligible GGBs

Bond Identification Number 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 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Issuer Currency Coupon/ Coupon Type 3.9 3.972 4.4 0 5 2 4.3 FRN 5.25 5.25 1 4.1 4.915 3.5625 0 FRN FRN 4.506 4.495 4.6 7.5 4.625 3.9 2.125 4.4268 4 4.52 0 6.5 5.46 4.5 VAR 4.5 3.985 5.5 4.1125 FRN 7.35 5.8 3.7 6.1 3.7017 Maturity ISIN

Hellenic Republic Hellenic Railways Organization SA Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Railways Organization SA Hellenic Railways Organization SA Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Railways Organization SA Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Railways Organization SA Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Railways Organization SA Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD EUR CHF EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR JPY JPY EUR EUR EUR

20-Aug-11 08-Sep-11 19-Dec-11 22-Dec-11 30-Dec-11 11-Jan-12 20-Mar-12 15-May-12 18-May-12 20-Jun-12 30-Jun-12 20-Aug-12 13-Sep-12 21-Dec-12 22-Dec-12 31-Dec-12 20-Feb-13 31-Mar-13 02-Apr-13 20-May-13 20-May-13 25-Jun-13 03-Jul-13 05-Jul-13 31-Jul-13 20-Aug-13 30-Sep-13 22-Dec-13 11-Jan-14 30-Jan-14 20-May-14 21-May-14 01-Jul-14 25-Jul-14 20-Aug-14 30-Sep-14 04-Feb-15 03-Mar-15 14-Jul-15 20-Jul-15 20-Aug-15 30-Sep-15

GR0114019442 XS0200419355 GR0110020220 GR0326041242 GR0106002786 GR0124019531 GR0110021236 XS0147393861 GR0124018525 GR0124020547 GR0106003792 GR0114020457 FR0000489676 XS0208636091 GR0326042257 GR0508001121 GR0512001356 GR0110022242 XS0165688648 GR0124021552 GR0128001584 XS0372384064 GR0124022568 CH0021839524 GR0110023257 GR0114021463 GR0124023574 GR0326043263 GR0128002590 XS0142390904 GR0124024580 XS0097596463 GR0124025595 GR0112003653 GR0114022479 GR0112004669 GR0514020172 JP530005AR32 JP530000CR76 GR0124026601 GR0114023485 GR0114024491

Annex III-1

Bond Identification Number 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81

Issuer

Currency

Hellenic Railways Organization SA Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Railways Organization SA Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Railways Organization SA Hellenic Republic Hellenic Republic Hellenic Railways Organization SA Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Railways Organization SA Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Republic Hellenic Railways Organization SA Hellenic Republic Hellenic Republic

EUR EUR JPY EUR EUR EUR EUR EUR JPY EUR JPY JPY EUR EUR EUR EUR EUR EUR EUR JPY EUR JPY EUR EUR EUR EUR EUR EUR EUR EUR EUR JPY EUR EUR EUR EUR EUR EUR EUR

Coupon/ Coupon Type 4.68 3.7 5.25 4.59 FRN FRN FRN 3.6 5 4.0195 4.5 4.5 0 4.225 4.028 FRN 5.9 FRN FRN 4.5 4.3 3.8 4.675 5.014 4.59 FRN 4.6 VAR 5.014 5.959 5 3 VAR 6 5.161 6.5 4.218 6.25 VAR

Maturity

ISIN

29-Oct-15 10-Nov-15 01-Feb-16 08-Apr-16 11-Apr-16 21-May-16 24-May-16 20-Jul-16 22-Aug-16 13-Sep-16 08-Nov-16 06-Dec-16 27-Dec-16 01-Mar-17 17-Mar-17 04-Apr-17 20-Apr-17 01-Jul-17 01-Jul-17 03-Jul-17 20-Jul-17 08-Aug-17 09-Oct-17 27-Dec-17 03-Apr-18 05-Jul-18 20-Jul-18 22-Feb-19 27-Feb-19 04-Mar-19 11-Mar-19 30-Apr-19 03-Jun-19 19-Jul-19 17-Sep-19 22-Oct-19 20-Dec-19 19-Jun-20 13-Jul-20

FR0010027557 GR0124027617 JP530000BS19 XS0165956672 XS0357333029 GR0516003606 XS0193324380 GR0124028623 JP530000CS83 GR0116002875 XS0071095045 JP530005ASC0 GR0326038214 GR0118014621 XS0215169706 GR0528002315 GR0118012609 GR0518072922 GR0518071916 XS0078057725 GR0124029639 XS0079012166 GR0118013615 XS0160208772 GR0120003141 XS0260024277 GR0124030645 XS0286916027 GR0122002737 GR0122003743 IT0006527532 XS0097010440 XS0097598329 GR0124031650 GR0120002135 GR0133001140 XS0280601658 GR0124032666 XS0224227313

Annex III-2

Annex IV Form of Response to Inquiry [Response Due Not Later than 5.00 p.m. Central European Time on 9 September 2011]

Strictly Confidential To: [Name of Regulator]

Attention: Email: Fax:

From: Date:

[Name of Responding Institution] __________ 2011 Re: Inquiry Regarding GGB Holdings

We acknowledge receipt of the 25 August 2011 inquiry from the Hellenic Republic regarding institutional holdings of GGBs as of 30 June 2011 (the Inquiry). Capitalised terms used in this response have the meanings given to those terms in the Inquiry. We are submitting this response on behalf of the undersigned institution as well as the following subsidiaries or affiliates of this institution within our group3:

Include all relevant consolidated and unconsolidated, regulated and unregulated entities forming part of the corporate group of either (i) the parent regulated institution within the European Union that is submitting this response or (ii), if your parent company is not located within the European Union, the regulated institution that is submitting the response (unless another institution in your corporate group is responding to another regulator in relation to such entity).

Annex IV-1

[Name(s) and address(es) of all relevant entities]

1. We have listed in Schedule 1 to this response all GGBs owned or held by us (including the subsidiaries and other consolidated entities identified above) as of 30 June 2011 other than GGBs held in a custodian or nominee capacity for third parties. 2. For each such holding of GGBs, we have also indicated the Option that we would expect to elect for that holding were a liability management transaction consistent with the Options to be presented to us and other holders of GGBs in the near future. We understand that this indication is not binding and that our eventual participation in such a transaction may differ from this indication. 3. We understand that the information contained in this response will be held by you in strict confidence and only aggregated data (which does not identify the name of our institution or our holdings of GGBs) will be provided to Greece and the other parties charged with implementing the 21 July 2011 Statement.

Yours faithfully, [Name of Responding Institution] Contact Details: [Name of individual] Email: Telephone:

Schedule 1 List of GGB Holdings

Annex IV-2

Schedule I Respondents GGB Holdings

Principal Amount acquired subsequent to 30 June 2011 and still held as of response date

Bond Identification Number

Legal name of holder of GGBs

Principal Amount held as of 30 June 2011

Principal Amount sold/ transferred subsequent to 30 June 2011

Principal Amount in respect of which we expect to participate in:

Option 1

Option 2

Option 3

Option 4 *

Bond []

[To be provided by addressee of inquiry]

[To be provided by addressee of inquiry]

[To be provided by addressee of inquiry]

[To be provided by addressee of inquiry]

[To be provided by addressee of inquiry]

[To be provided by addressee of inquiry]

[To be provided by addressee of inquiry]

[To be provided by addressee of inquiry]

Bond [] * Note that Option 4 is only available for GGBs maturing prior to 1 January 2014.

Anlage 3

IDW zur Abbildung der Risiken aus griechischen Staatsanleihen in Zwischenabschlssen zum 30. Juni 2011 vor dem Hintergrund aktueller Entwicklungen (20.07.2011) Vor dem Hintergrund der Staatsschuldenkrise in Griechenland haben der Bankenfachausschuss und der Versicherungsfachausschuss des IDW unter Einbeziehung des Vorsitzers des Hauptfachausschusses am 19. Juli 2011 erneut Zweifelsfragen der Bewertung griechischer Staatsanleihen beraten. Im Mittelpunkt stand dabei die Behandlung in Zwischenabschlssen von Kreditinstituten, Versicherungsunternehmen oder anderen Investoren zum 30. Juni 2011, insbesondere ob zu diesem Zeitpunkt ein Erfordernis zu auerplanmigen Abschreibungen bzw. einem impairment auf griechische Staatsanleihen besteht. Hiervon ist nach Auffassung des IDW nach heutigem Kenntnisstand auszugehen. Die Entwicklung der politischen Diskussionen ber die letzten Wochen lsst es mittlerweile als unwahrscheinlich erscheinen, dass ein Sttzungspaket fr Griechenland ohne Beteiligung privater Glubiger realisiert werden kann. Dementsprechend sieht das IDW gegenwrtig keine ausreichend belastbaren Hinweise fr Lsungsanstze, die eine auerplanmige Abschreibung bzw. ein impairment abwenden knnten. In dieser Einschtzung sieht sich das IDW auch durch Ausknfte der Bundesregierung besttigt. Vorbehaltlich besserer Erkenntnisse bis zum Ende des Aufstellungszeitraums kann im Rahmen einer prferischen Durchsicht von Zwischenabschlssen zum 30. Juni 2011 der Prfer den Zwischenabschluss daher nur dann als ordnungsgem beurteilen, wenn der Zwischenabschluss das o.a. Erfordernis zu auerplanmigen Abschreibungen bzw. zu einem impairment angemessen bercksichtigt. Angesichts der erhhten Risiken, die mit Investitionen in griechische Staatsanleihen verbunden sind, und der betrchtlichen Unsicherheiten ber den weiteren politischen Umgang mit der griechischen Staatsschuldenkrise, ist es nach Auffassung des IDW weiterhin unerlsslich, dass durch die Berichterstattung in Anhang und/oder Lagebericht eine angemessene Transparenz hergestellt wird. Die fr die Bilanzierungs- und Bewertungsentscheidungen tragenden Argumente und die mit ihnen verbundenen Unsicherheiten (Risiko einer Beteiligung privater Glubiger zu noch unbekannten Bedingungen, Verschrfung der Risiken von Investments in griechische Staatsanleihen) sind von den Bilanzierenden angemessen zu erlutern. Darber hinaus sind weiterhin Angaben zur Grenordnung des (direkten und indirekten) Exposures notwendig. Dabei sollten auch das Nominalvolumen bzw. die Anschaffungskosten der Anleihen, ihre aktuellen Buchwerte und Zeitwerte sowie die auf sie vorgenommenen Abschreibungen deutlich werden. Im Falle eines Zwischenabschlusses nach IFRS sollten diese Angaben gesondert fr die Kategorien held to maturity, loans and receivables und available for sale erfolgen.

Anlage 4

IDW zu den Auswirkungen des Gipfeltreffens der Staats- und Regierungschefs der Euro-Zone am 21. Juli 2011 auf Zwischenabschlsse zum 30. Juni 2011 (29.07.2011) Der Bankenfachausschuss und der Versicherungsfachausschuss haben unter Beteiligung des Vorsitzers des Hauptfachausschusses die Auswirkungen des Gipfeltreffens der Staats- und Regierungschefs der Euro-Zone am 21. Juli 2011 auf Zwischenabschlsse von Kreditinstituten, Versicherungsunternehmen oder anderen Investoren zum 30. Juni 2011 errtert. Nach Auffassung des IDW besttigen die Beschlsse der Staats- und Regierungschefs zur weiteren Sttzung Griechenlands die bisherige Einschtzung (vgl. IDW Aktuell vom 20. Juli 2011), dass das Erfordernis besteht, in den Zwischenabschlssen auf griechische Staatsanleihen auerplanmige Abschreibungen bzw. ein impairment vorzunehmen. Die Beschlsse stellen klar, dass die Sttzung Griechenlands fortan nicht mehr allein durch die brigen Staaten der Euro-Zone und den IWF erfolgt, sondern auch die privaten Glubiger herangezogen werden. Damit liegt ein sog. impairment trigger im Sinne von IAS 39.59 nunmehr zweifelsfrei vor. Das Erfordernis zu auerplanmigen Abschreibungen bzw. einem impairment sieht das IDW nach dem aktuellen Kenntnisstand nicht nur fr diejenigen Glubiger, die in dem sog. financing offer des IIF namentlich aufgefhrt sind, sondern auch fr alle anderen Glubiger, die Zwischenabschlsse zum 30. Juni 2011 aufstellen. Dieser Sichtweise liegt die berlegung zugrunde, dass die Sttzungsbeitrge der brigen Staaten der Euro-Zone und des IWF unter dem Vorbehalt der Beteiligung privater Glubiger in dem seitens der Politik geforderten Umfang stehen. Mithin kann die weitere Zahlungsfhigkeit Griechenlands nur bei einem Zusammenwirken von ffentlicher Hand und privaten Glubigern als gewhrleistet unterstellt werden. Unmageblich ist insoweit, dass in der Abschlusserklrung der Staats- und Regierungschefs sowie in dem financing offer des IIF von einer freiwilligen Beteiligung der privaten Glubiger die Rede ist. Die Beteiligung der privaten Glubiger soll ber einen Anleihetausch bzw. eine Reinvestition flliger in neue Anleihen umgesetzt werden, bei der unter der Prmisse einer Umsetzung nach Magabe des financing offer an die Stelle der bislang umlaufenden Anleihen vier optionale Varianten langfristiger und zustzlich gesicherter Anleihen treten. Das Erfordernis zu auerplanmigen Abschreibungen bzw. einem impairment erstreckt sich grundstzlich auf smtliche heute umlaufenden Anleihen, die Gegenstand des Tauschs bzw. der Reinvestition sein knnen. Weder der Abschlusserklrung noch dem financing offer ist abschlieend zu entnehmen, dass dies nur fr Anleihen mit einer bestimmten maximalen Restlaufzeit gelten soll. Dennoch wird in den dem IDW bislang bekannten Auslegungen der Abschlusserklrung bzw. des financing offer durch1

weg davon ausgegangen, dass nur diejenigen Anleihen Gegenstand eines Tauschs bzw. einer Reinvestition seien, die sptestens bis Ende des Jahres 2020 fllig werden. Vor diesem Hintergrund sind auerplanmige Abschreibungen bzw. ein impairment auf diejenigen Anleihen nicht zwingend, die erst nach Ende des Jahres 2020 fllig werden, sofern der Bilanzierende davon ausgeht, dass diese Anleihen aufgrund der Sttzungsmanahmen vollstndig bedient werden knnen, und er auch nicht beabsichtigt, sie im Rahmen des geplanten Rckkaufprogramms zu einem unter dem aktuellen Buchwert liegenden Wert zu veruern. Fr die Bemessung des auerplanmigen Abschreibungsbedarfs bzw. des impairment loss bei Anleihen, die den Kategorien held to maturity oder loans and receivables zugeordnet sind, ist zu bercksichtigen, dass deren Wert mageblich durch die cash flows konstituiert wird, die der Bilanzierende nach Tausch bzw. Reinvestition aus den neuen Anleihen erwarten kann. Nach dem financing offer sollen alle vier Varianten der neu auszugebenden Anleihen so ausgestattet werden, dass bezogen auf einen (rechnerischen) Nominalwert von 100% die knftigen Zins- und Tilgungszahlungen zu einem Barwert von 79% fhren. Nach Auffassung des IDW ist es aus Praktikabilittsgrnden nicht zu beanstanden, wenn fr Zwecke der Bewertung in den Zwischenabschlssen zum 30. Juni 2011 dieser Barwert den bisherigen Buchwerten gegenbergestellt und eine negative Differenz als Betrag der auerplanmigen Abschreibung bzw. als impairment loss angesehen wird; der Barwert von ggf. bis zum Vollzug des Umtausches zu erwartenden Zinszahlungen aus der einzutauschenden Anleihe ist ergnzend zu bercksichtigen. Ferner weist das IDW darauf hin, dass es nach IAS39.AG84 alternativ mglich ist, den auerplanmigen Abschreibungsbedarf bzw. impairment loss auf Grundlage des Marktwerts der Anleihe zum Stichtag des Zwischenabschlusses zu ermitteln. Bei Anleihen der Kategorie available for sale verlangt IAS 39.67-68 im Falle eines impairment eine Umbuchung der negativen Differenz zwischen dem fair value zum Abschlussstichtag und den Anschaffungskosten (d.h. des kumulierten Kursverlustes) aus der Neubewertungsrcklage in die Gewinn- und Verlustrechnung, wobei fr die Ermittlung des fair value die Grundstze von IAS 39.AG69-AG82 gelten. Dies kann zur Folge haben, dass in den Zwischenabschlssen zum 30. Juni 2011 eine Ergebnisbelastung eintritt, die den angesichts des Umfangs der Beteiligung der privaten Glubiger tatschlich zu erwartenden Verlust berzeichnet. Es empfiehlt sich auf solche Folgen in geeigneter Form im Anhang oder Lagebericht hinzuweisen.