Date of Release: May 3, 2019

DBRS Upgrades the Hellenic Republic to BB (low), Trend Changed to Stable

Industry: Public Finance--Sovereigns

DBRS Ratings Limited (DBRS) upgraded the Hellenic Republic’s Long-Term Foreign and Local
Currency – Issuer Ratings to BB (low) from B (high) and changed the trend from Positive to Stable.
At the same time, DBRS confirmed the Short-Term Foreign and Local Currency – Issuer Ratings at
R-4 with a Stable trend.

KEY RATING CONSIDERATIONS

Since the last rating review Greece and the European institutions have successfully concluded the first
and second Enhanced Surveillance monitoring reviews. The release of the first tranche of
policy-contingent debt measures has been approved and a close to €1bn disbursement, including
returning SMP/ANFA income, is pending. GDP growth is projected to strengthen to 2.3% this year
from an estimated 1.9% in 2018. We expect the fiscal target for 2018 to have been exceeded.
Moreover, Greece has returned to debt capital markets. The upgrade reflects these developments and
relates to the following DBRS sovereign methodology building blocks: “Fiscal Management and
Policy”; “Debt and Liquidity” and “Economic Structure and Performance”.

DBRS’s decision to change the trend from Positive to Stable reflects the likelihood that Greece will
continue on its reform path including reducing banks’ non-performing exposures. DBRS anticipates
continued positive assessments from the European institutions under the Enhanced Surveillance
process, that should again activate the policy-contingent debt measures and continue to shore up
confidence in capital markets. In addition, Greece is expected to pre-pay expensive IMF loans
amounting to €3.6-3.7bn from €9.5bn in total, highlighting Greece’s pro-active debt management
strategy. At the same time, the debt ratio remains at a very high level and achieving an appropriate
fiscal mix, while at the same time delivering primary fiscal surpluses, remains a challenge in the
medium term. In addition, non-performing exposures are currently at a very high level, restricting
banks’ capacity to support the real economy.

RATING DRIVERS

Triggers for upward rating action include: (1) continued implementation of fiscal and structural
reforms to support future economic growth; (2) compliance with post-programme monitoring; (3)

The DBRS group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings GmbH (Frankfurt,
Germany)(CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings Limited (England and Wales)(CRA, NRSRO affiliate, DRO affiliate). For more information on regulatory registrations,
recognitions and approvals, please see: http://www.dbrs.com/research/highlights.pdf.© 2019, DBRS. All rights reserved. The information upon which DBRS ratings and other types of credit
opinions and reports are based is obtained by DBRS from sources DBRS believes to be reliable. DBRS does not audit the information it receives in connection with the analytical process, and
it does not and cannot independently verify that information in every instance. The extent of any factual investigation or independent verification depends on facts and circumstances. DBRS
ratings, other types of credit opinions, reports and any other information provided by DBRS are provided ¿as is¿ and without representation or warranty of any kind. DBRS hereby disclaims
any representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, fitness for any particular purpose or non-infringement of any of such
information. In no event shall DBRS or its directors, officers, employees, independent contractors, agents and representatives (collectively, DBRS Representatives) be liable (1) for any
inaccuracy, delay, loss of data, interruption in service, error or omission or for any damages resulting therefrom, or (2) for any direct, indirect, incidental, special, compensatory or consequential
damages arising from any use of ratings and rating reports or arising from any error (negligent or otherwise) or other circumstance or contingency within or outside the control of DBRS or any
DBRS Representative, in connection with or related to obtaining, collecting, compiling, analyzing, interpreting, communicating, publishing or delivering any such information. Ratings, other
types of credit opinions, other analysis and research issued or published by DBRS are, and must be construed solely as, statements of opinion and not statements of fact as to credit
worthiness, investment advice or recommendations to purchase, sell or hold any securities. A report with respect to a DBRS rating or other credit opinion is neither a prospectus nor a
substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. DBRS may receive compensation for its
ratings and other credit opinions from, among others, issuers, insurers, guarantors and/or underwriters of debt securities. DBRS is not responsible for the content or operation of third party
websites accessed through hypertext or other computer links and DBRS shall have no liability to any person or entity for the use of such third party websites. This publication may not be
reproduced, retransmitted or distributed in any form without the prior written consent of DBRS. ALL DBRS RATINGS AND OTHER TYPES OF CREDIT OPINIONS ARE SUBJECT TO
DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AT http://www.dbrs.com/about/disclaimer. ADDITIONAL INFORMATION
REGARDING DBRS RATINGS AND OTHER TYPES OF CREDIT OPINIONS, INCLUDING DEFINITIONS, POLICIES AND METHODOLOGIES, ARE AVAILABLE ON http://www.dbrs.com.
consolidation of bond market access (4) continued improvement in the financial health of banks.

By contrast, triggers for downward rating action include: (1) a reversal or stalling in structural
reforms; (2) material fiscal slippage (3) renewed financial-sector instability.

RATING RATIONALE

Economy Continues to Recover with a Strong External Sector and Private Consumption

The Greek economy continues to strengthen. Following 2.1% growth in 2017, real GDP growth
reached 1.9% in 2018, underpinned by strong growth in exports of goods and services and higher
private consumption. Real GDP growth is expected to reach 2.3% both in 2019 and in 2020 according
to the Ministry of Finance. Private consumption is expected to remain a major growth driver in 2019
on the back of declining unemployment and rising disposable income. Export growth will continue to
support growth, though at a more moderate pace, as the competitor tourism markets continue to
recover. Supported by labour market reforms, employment has been growing and the unemployment
rate has been falling, amounting to 18.5% in January 2019 from 20.9% in January 2018. However, it
remains the highest in the EU. The recent increase in the minimum wage by 10.9%, despite the
positive impact that it could have on domestic demand and growth in the short term, could have
negative implications for employment in the medium term. DBRS considers that the continuation of
the reform effort and the safeguarding of the reforms that have already been adopted, will support
Greece’s ability to remain on a sustained growth path.

The Public Debt Ratio Has Peaked at a High Level, but Projections Point to a Steep Decline in Future
Years

The debt ratio peaked at 181.1% in 2018. The IMF projects the debt ratio to fall steeply to 143.2% in
2024. To achieve this Greece will need an appropriate fiscal policy mix that includes primary
surpluses. Mitigants to the high debt stock include the fact that EU institutions hold over 70% of
government debt that contributes to the very long weighted-average maturity and most of the debt is
financed at low fixed interest rates. In addition, at end-2018 Greece held a €26.8bn cash buffer
equivalent to around two years of gross financing needs. Greece returned to debt capital markets this
year and the liquidity buffer allows time for the restoration of full market confidence, while Greece
implements growth supporting policies and fiscal consolidation.

In the longer term, the challenge of sustaining primary surplus over many years to meet debt service
payments raises questions in the context of the high debt stock. A Eurogroup review of debt dynamics

The DBRS group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings GmbH (Frankfurt,
Germany)(CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings Limited (England and Wales)(CRA, NRSRO affiliate, DRO affiliate). For more information on regulatory registrations,
recognitions and approvals, please see: http://www.dbrs.com/research/highlights.pdf.© 2019, DBRS. All rights reserved. The information upon which DBRS ratings and other types of credit
opinions and reports are based is obtained by DBRS from sources DBRS believes to be reliable. DBRS does not audit the information it receives in connection with the analytical process, and
it does not and cannot independently verify that information in every instance. The extent of any factual investigation or independent verification depends on facts and circumstances. DBRS
ratings, other types of credit opinions, reports and any other information provided by DBRS are provided ¿as is¿ and without representation or warranty of any kind. DBRS hereby disclaims
any representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, fitness for any particular purpose or non-infringement of any of such
information. In no event shall DBRS or its directors, officers, employees, independent contractors, agents and representatives (collectively, DBRS Representatives) be liable (1) for any
inaccuracy, delay, loss of data, interruption in service, error or omission or for any damages resulting therefrom, or (2) for any direct, indirect, incidental, special, compensatory or consequential
damages arising from any use of ratings and rating reports or arising from any error (negligent or otherwise) or other circumstance or contingency within or outside the control of DBRS or any
DBRS Representative, in connection with or related to obtaining, collecting, compiling, analyzing, interpreting, communicating, publishing or delivering any such information. Ratings, other
types of credit opinions, other analysis and research issued or published by DBRS are, and must be construed solely as, statements of opinion and not statements of fact as to credit
worthiness, investment advice or recommendations to purchase, sell or hold any securities. A report with respect to a DBRS rating or other credit opinion is neither a prospectus nor a
substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. DBRS may receive compensation for its
ratings and other credit opinions from, among others, issuers, insurers, guarantors and/or underwriters of debt securities. DBRS is not responsible for the content or operation of third party
websites accessed through hypertext or other computer links and DBRS shall have no liability to any person or entity for the use of such third party websites. This publication may not be
reproduced, retransmitted or distributed in any form without the prior written consent of DBRS. ALL DBRS RATINGS AND OTHER TYPES OF CREDIT OPINIONS ARE SUBJECT TO
DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AT http://www.dbrs.com/about/disclaimer. ADDITIONAL INFORMATION
REGARDING DBRS RATINGS AND OTHER TYPES OF CREDIT OPINIONS, INCLUDING DEFINITIONS, POLICIES AND METHODOLOGIES, ARE AVAILABLE ON http://www.dbrs.com.
at the end of the EFSF grace period in 2032 to establish whether additional debt re-profiling is
necessary, provides some comfort.

Greece Continues to Overperform on its Fiscal Targets

Since 2010, the country went through an unprecedented fiscal adjustment, with the cumulative
improvement in the primary balance exceeding 11 percentage points by 2018. In 2018 Greece
delivered a primary surplus of 4.4% of GDP well above the 3.5% target set by the programme. The
primary surplus target until 2022 is set at 3.5% as agreed with the European institutions. Various
reforms implemented during the economic adjustment programmes improved Greece’s fiscal
management by modernizing the tax system and enhancing tax compliance. Notwithstanding the
progress, the challenges for Greece’s fiscal sustainability remain. A pending court ruling on past
wage and pension reforms could have negative fiscal implications if granted. DBRS considers that
commitment to the structural reform agenda mitigates the risks to the fiscal outlook and safeguards
Greece from potential fiscal shocks.

Continued Improvement in Greek Banks, but Still High NPEs

Greece’s banks’ underlying profitability continues to improve, helped by a more positive economic
backdrop. However, high levels of impaired assets prevail, with a non-performing loan ratio of 45.4%
at end-December 2018, according to data from the Bank of Greece. The new Household Insolvency
Law should help banks reduce non-performing exposures (NPEs) as it sets tighter applicant eligibility
criteria to obtain protection from foreclosure. In March this year, the four systemic banks submitted
new operational targets to the Single Supervisory Mechanism (SSM), aiming to reduce more
ambitiously their non-performing exposures by end-2021.

Two schemes are being considered to accelerate the reduction in banks’ non-performing exposures.
The one proposed by the Bank of Greece entails the transfer of the banks’ NPEs along with part of
their deferred tax credits to a special purpose vehicle (SPV), which will be financed through
securitisation issues, with the objective of reducing the ratio to single digits within two to three years.
The second plan, proposed by the Ministry of Finance and the Hellenic Financial Stability Fund
(HFSF), involves NPE portfolio securitisations with government guarantees for senior tranches,
similar to the GACS model in Italy.

The net flow of credit to the private sector has stabilized and the Bank Lending Survey (BLS)
conducted by the Bank of Greece highlights increased demand in the first quarter of the year for
corporate and household loans. The planned reduction in NPEs is expected to lead to an improvement

The DBRS group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings GmbH (Frankfurt,
Germany)(CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings Limited (England and Wales)(CRA, NRSRO affiliate, DRO affiliate). For more information on regulatory registrations,
recognitions and approvals, please see: http://www.dbrs.com/research/highlights.pdf.© 2019, DBRS. All rights reserved. The information upon which DBRS ratings and other types of credit
opinions and reports are based is obtained by DBRS from sources DBRS believes to be reliable. DBRS does not audit the information it receives in connection with the analytical process, and
it does not and cannot independently verify that information in every instance. The extent of any factual investigation or independent verification depends on facts and circumstances. DBRS
ratings, other types of credit opinions, reports and any other information provided by DBRS are provided ¿as is¿ and without representation or warranty of any kind. DBRS hereby disclaims
any representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, fitness for any particular purpose or non-infringement of any of such
information. In no event shall DBRS or its directors, officers, employees, independent contractors, agents and representatives (collectively, DBRS Representatives) be liable (1) for any
inaccuracy, delay, loss of data, interruption in service, error or omission or for any damages resulting therefrom, or (2) for any direct, indirect, incidental, special, compensatory or consequential
damages arising from any use of ratings and rating reports or arising from any error (negligent or otherwise) or other circumstance or contingency within or outside the control of DBRS or any
DBRS Representative, in connection with or related to obtaining, collecting, compiling, analyzing, interpreting, communicating, publishing or delivering any such information. Ratings, other
types of credit opinions, other analysis and research issued or published by DBRS are, and must be construed solely as, statements of opinion and not statements of fact as to credit
worthiness, investment advice or recommendations to purchase, sell or hold any securities. A report with respect to a DBRS rating or other credit opinion is neither a prospectus nor a
substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. DBRS may receive compensation for its
ratings and other credit opinions from, among others, issuers, insurers, guarantors and/or underwriters of debt securities. DBRS is not responsible for the content or operation of third party
websites accessed through hypertext or other computer links and DBRS shall have no liability to any person or entity for the use of such third party websites. This publication may not be
reproduced, retransmitted or distributed in any form without the prior written consent of DBRS. ALL DBRS RATINGS AND OTHER TYPES OF CREDIT OPINIONS ARE SUBJECT TO
DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AT http://www.dbrs.com/about/disclaimer. ADDITIONAL INFORMATION
REGARDING DBRS RATINGS AND OTHER TYPES OF CREDIT OPINIONS, INCLUDING DEFINITIONS, POLICIES AND METHODOLOGIES, ARE AVAILABLE ON http://www.dbrs.com.
in bank liquidity and eventually to help raise the supply of credit to the real economy.

Since the Crisis the External Imbalances Have Receded Substantially

Greece has improved its external position significantly since the beginning of the crisis, as its current
account deficit narrowed by more over ten percentage points of GDP. In 2018, the current account
deficit stood at 3.4% of GDP from 2.4% in 2017. The deterioration is partly due to weakening
balance of goods, which was only partially offset by the improvement in the services balance.
Greece’s exports of goods have increased by over 80% since 2009 in nominal terms. The services
balance has also performed strongly. This is mainly attributed to the improvement in the travel
balance with foreign arrivals increased by 11% in 2018 compared to the previous year.

Greece’s net external liabilities remain high at 138.3% of GDP in 2018, up from 88.8% in 2011,
mostly reflecting public sector external debt. It is expected to remain at high levels because of the
long-term horizon of foreign official-sector loans to the public sector.

DBRS Expects a Broad Continuation of Existing Policies

Greece holds parliamentary elections every four years, with the next elections due by October 2019.
The latest opinion polls show that the center-right, New Democracy is leading by almost 10
percentage points. Rebalancing the fiscal mix to support growth enhancing policies is expected to
dominate the political debate. DBRS believes, that the increased political stability observed over the
last few years is likely to be maintained and we do not expect any policy reversals under a potential
New Democracy-led government. The Greek Parliament recently decided on a series of articles of the
Constitution that will be revised by the next Parliamentary session. The most important amendment is
the one that delinks the failure of the Parliament to appoint the President of the Republic from the
premature dissolution of the Parliament. This decision will likely reduce the likelihood of early
elections and increase the stability of the next government.

RATING COMMITTEE SUMMARY

The DBRS Sovereign Scorecard generates a result in the BB to B (high) range. The main points
discussed during the Rating Committee include economic and fiscal performance, the political
situation, the debt profile and debt management.

KEY INDICATORS

The DBRS group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings GmbH (Frankfurt,
Germany)(CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings Limited (England and Wales)(CRA, NRSRO affiliate, DRO affiliate). For more information on regulatory registrations,
recognitions and approvals, please see: http://www.dbrs.com/research/highlights.pdf.© 2019, DBRS. All rights reserved. The information upon which DBRS ratings and other types of credit
opinions and reports are based is obtained by DBRS from sources DBRS believes to be reliable. DBRS does not audit the information it receives in connection with the analytical process, and
it does not and cannot independently verify that information in every instance. The extent of any factual investigation or independent verification depends on facts and circumstances. DBRS
ratings, other types of credit opinions, reports and any other information provided by DBRS are provided ¿as is¿ and without representation or warranty of any kind. DBRS hereby disclaims
any representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, fitness for any particular purpose or non-infringement of any of such
information. In no event shall DBRS or its directors, officers, employees, independent contractors, agents and representatives (collectively, DBRS Representatives) be liable (1) for any
inaccuracy, delay, loss of data, interruption in service, error or omission or for any damages resulting therefrom, or (2) for any direct, indirect, incidental, special, compensatory or consequential
damages arising from any use of ratings and rating reports or arising from any error (negligent or otherwise) or other circumstance or contingency within or outside the control of DBRS or any
DBRS Representative, in connection with or related to obtaining, collecting, compiling, analyzing, interpreting, communicating, publishing or delivering any such information. Ratings, other
types of credit opinions, other analysis and research issued or published by DBRS are, and must be construed solely as, statements of opinion and not statements of fact as to credit
worthiness, investment advice or recommendations to purchase, sell or hold any securities. A report with respect to a DBRS rating or other credit opinion is neither a prospectus nor a
substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. DBRS may receive compensation for its
ratings and other credit opinions from, among others, issuers, insurers, guarantors and/or underwriters of debt securities. DBRS is not responsible for the content or operation of third party
websites accessed through hypertext or other computer links and DBRS shall have no liability to any person or entity for the use of such third party websites. This publication may not be
reproduced, retransmitted or distributed in any form without the prior written consent of DBRS. ALL DBRS RATINGS AND OTHER TYPES OF CREDIT OPINIONS ARE SUBJECT TO
DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AT http://www.dbrs.com/about/disclaimer. ADDITIONAL INFORMATION
REGARDING DBRS RATINGS AND OTHER TYPES OF CREDIT OPINIONS, INCLUDING DEFINITIONS, POLICIES AND METHODOLOGIES, ARE AVAILABLE ON http://www.dbrs.com.
Fiscal Balance (% GDP): 1.1 (2018); 0.6 (2019F); 0.6 (2020F)
Gross Debt (% GDP): 181.1 (2018); 174.2 (2019F); 167.3 (2020F)
Nominal GDP (EUR billions): 184.7 (2018); 190.8 (2019F); 197.1 (2020F)
GDP per Capita (EUR): 17,264 (2018); 17,907 (2019F); 18,601(2020F)
Real GDP growth (%): 1.9 (2018); 2.3 (2019F); 2.3 (2020F)
Consumer Price Inflation (%): 0.8 (2018); 0.7 (2019F); 1.3 (2020F)
Domestic Credit (% GDP): 132.8 (2017); 124.1 (Sep-2018)
Current Account (% GDP): -3.4 (2018); -2.7 (2019F); -2.6 (2020F)
International Investment Position (% GDP): -140.9 (2017); -138.3 (2018)
Gross External Debt (% GDP): 224.6 (2017); 219.2 (2018)
Governance Indicator (percentile rank): 66.3 (2017)
Human Development Index: 0.87 (2017)

EURO AREA RISK CATEGORY: MEDIUM

Notes:

All figures are in Euros unless otherwise noted. Public finance statistics reported on a general
government basis unless specified. Fiscal Balance (ELSTAT/EC), Gross Debt (ELSTAT/EC/IMF),
Nominal GDP (ELSTAT/EC), GDP per Capita (ELSTAT/EC), Real GDP growth (ELSTAT/MoF),
Consumer Price Inflation (EC), Domestic Credit (BoG), Current Account (BoG/IMF), International
Investment Position (BoG), Gross External Debt (BoG). Governance indicator represents an average
percentile rank (0-100) from Rule of Law, Voice and Accountability and Government Effectiveness
indicators (all World Bank). Human Development Index (UNDP) ranges from 0-1, with 1
representing a very high level of human development.

The principal applicable methodology is Rating Sovereign Governments, which can be found on the
DBRS website www.dbrs.com at http://www.dbrs.com/about/methodologies. The principal applicable
rating policies are Commercial Paper and Short-Term Debt, and Short-Term and Long-Term Rating
Relationships, which can be found on our website at
http://www.dbrs.com/ratingPolicies/list/name/rating+scales.

The sources of information used for this rating include IMF, World Bank, UNDP, Haver Analytics,
Bank of Greece, PDMA, Greek Ministry of Finance, Eurostat, ECB, European Council: Consilium
Europa, European Commission. DBRS considers the information available to it for the purposes of
providing this rating to be of satisfactory quality.

The DBRS group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings GmbH (Frankfurt,
Germany)(CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings Limited (England and Wales)(CRA, NRSRO affiliate, DRO affiliate). For more information on regulatory registrations,
recognitions and approvals, please see: http://www.dbrs.com/research/highlights.pdf.© 2019, DBRS. All rights reserved. The information upon which DBRS ratings and other types of credit
opinions and reports are based is obtained by DBRS from sources DBRS believes to be reliable. DBRS does not audit the information it receives in connection with the analytical process, and
it does not and cannot independently verify that information in every instance. The extent of any factual investigation or independent verification depends on facts and circumstances. DBRS
ratings, other types of credit opinions, reports and any other information provided by DBRS are provided ¿as is¿ and without representation or warranty of any kind. DBRS hereby disclaims
any representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, fitness for any particular purpose or non-infringement of any of such
information. In no event shall DBRS or its directors, officers, employees, independent contractors, agents and representatives (collectively, DBRS Representatives) be liable (1) for any
inaccuracy, delay, loss of data, interruption in service, error or omission or for any damages resulting therefrom, or (2) for any direct, indirect, incidental, special, compensatory or consequential
damages arising from any use of ratings and rating reports or arising from any error (negligent or otherwise) or other circumstance or contingency within or outside the control of DBRS or any
DBRS Representative, in connection with or related to obtaining, collecting, compiling, analyzing, interpreting, communicating, publishing or delivering any such information. Ratings, other
types of credit opinions, other analysis and research issued or published by DBRS are, and must be construed solely as, statements of opinion and not statements of fact as to credit
worthiness, investment advice or recommendations to purchase, sell or hold any securities. A report with respect to a DBRS rating or other credit opinion is neither a prospectus nor a
substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. DBRS may receive compensation for its
ratings and other credit opinions from, among others, issuers, insurers, guarantors and/or underwriters of debt securities. DBRS is not responsible for the content or operation of third party
websites accessed through hypertext or other computer links and DBRS shall have no liability to any person or entity for the use of such third party websites. This publication may not be
reproduced, retransmitted or distributed in any form without the prior written consent of DBRS. ALL DBRS RATINGS AND OTHER TYPES OF CREDIT OPINIONS ARE SUBJECT TO
DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AT http://www.dbrs.com/about/disclaimer. ADDITIONAL INFORMATION
REGARDING DBRS RATINGS AND OTHER TYPES OF CREDIT OPINIONS, INCLUDING DEFINITIONS, POLICIES AND METHODOLOGIES, ARE AVAILABLE ON http://www.dbrs.com.
DBRS does not audit the information it receives in connection with the rating process, and it does not
and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved
within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance.

For further information on DBRS historical default rates published by the European Securities and
Markets Authority (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings GmbH are subject to EU and US regulations only.

Lead Analyst: Nichola James, Co-Head of Sovereign Ratings, Global Sovereign Ratings.
Rating Committee Chair: Roger Lister, Managing Director, Chief Credit Officer, Global FIG and
Sovereign Ratings
Initial Rating Date: 16 August 2013
Last Rating Date: 2 November 2018

DBRS Ratings GmbH

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Issuer Debt Rated Rating Action Rating Trend Latest Event

Hellenic Republic Short-Term Foreign Confirmed R-4 Stb May 3, 2019
Currency - Issuer
Rating
Hellenic Republic Short-Term Local Confirmed R-4 Stb May 3, 2019
Currency - Issuer
Rating
Hellenic Republic Long Term Foreign Upgraded BB (low) Stb May 3, 2019
Currency - Issuer
Rating
Hellenic Republic Long Term Local Upgraded BB (low) Stb May 3, 2019
Currency - Issuer
Rating

The DBRS group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings GmbH (Frankfurt,
Germany)(CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings Limited (England and Wales)(CRA, NRSRO affiliate, DRO affiliate). For more information on regulatory registrations,
recognitions and approvals, please see: http://www.dbrs.com/research/highlights.pdf.© 2019, DBRS. All rights reserved. The information upon which DBRS ratings and other types of credit
opinions and reports are based is obtained by DBRS from sources DBRS believes to be reliable. DBRS does not audit the information it receives in connection with the analytical process, and
it does not and cannot independently verify that information in every instance. The extent of any factual investigation or independent verification depends on facts and circumstances. DBRS
ratings, other types of credit opinions, reports and any other information provided by DBRS are provided ¿as is¿ and without representation or warranty of any kind. DBRS hereby disclaims
any representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, fitness for any particular purpose or non-infringement of any of such
information. In no event shall DBRS or its directors, officers, employees, independent contractors, agents and representatives (collectively, DBRS Representatives) be liable (1) for any
inaccuracy, delay, loss of data, interruption in service, error or omission or for any damages resulting therefrom, or (2) for any direct, indirect, incidental, special, compensatory or consequential
damages arising from any use of ratings and rating reports or arising from any error (negligent or otherwise) or other circumstance or contingency within or outside the control of DBRS or any
DBRS Representative, in connection with or related to obtaining, collecting, compiling, analyzing, interpreting, communicating, publishing or delivering any such information. Ratings, other
types of credit opinions, other analysis and research issued or published by DBRS are, and must be construed solely as, statements of opinion and not statements of fact as to credit
worthiness, investment advice or recommendations to purchase, sell or hold any securities. A report with respect to a DBRS rating or other credit opinion is neither a prospectus nor a
substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. DBRS may receive compensation for its
ratings and other credit opinions from, among others, issuers, insurers, guarantors and/or underwriters of debt securities. DBRS is not responsible for the content or operation of third party
websites accessed through hypertext or other computer links and DBRS shall have no liability to any person or entity for the use of such third party websites. This publication may not be
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DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AT http://www.dbrs.com/about/disclaimer. ADDITIONAL INFORMATION
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Nichola James
Co-Head of Sovereign Ratings - Global Sovereign Ratings
+49 69 8088 3689
njames@dbrs.com

Spyridoula Tzima
Senior Financial Analyst - Global Sovereign Ratings
+44 20 7855 6608
stzima@dbrs.com

Roger Lister
Managing Director, Chief Credit Officer - Global FIG and Sovereign Ratings
+1 212 806 3231
rlister@dbrs.com

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