IIF: 4 ΝΕΑ ΠΡΟΪΟΝΤΑ Η ΕΛΛΑΔΑ …

 All of the debt servicing risk on these new instruments, however, remains full Greek risk.

As explained in the Financing Offer, investors will be

offered four new instruments in addition to the opportunity to participate in a debt buyback program to be established by the Greek government in consultation with the official sector. The instruments are structured to attract voluntarily a wide range of investors. The four instruments involve:

A Par Bond Exchange into a 30 year instrument

A Par Bond offer involving rolling-over maturing Greek government bonds into 30 year instruments

A Discount Bond Exchange into a 30 year instrument

A Discount Bond Exchange into a 15 year instrument

For instruments, 1, 2 and 3 the principal is fully collateralized by 30 year zero coupon AAA Bonds. For instrument 4, the principal is partially collateralized through funds held in an escrow account. All of the debt servicing risk on these new instruments, however, remains full Greek risk.