Credit Event

The Hellenic Republic

Event Publicly Available Information:

Does (i) the agreement that has been reached between the Hellenic Republic and a number of private sector holders of Greek debt (the “PSI Agreement”) to vote in favour of the invitation described in the Invitation Memorandum dated 24 February 2012 by the Hellenic Republic to the holders of each series of securities listed in the Invitation Memorandum (the “Designated Securities”) to offer to exchange the Designated Securities for new securities (the “Invitation”); (ii) the enactment of Article First of Law No. 4050/2012 (Government Gazette A 36/2012), “Rules on the modification of titles issued or guaranteed by the Greek State with the Bondholders’ agreement” (the “CAC Law”) and (iii) the statement by the Ministry of Finance of the Hellenic Republic on 21 February 2012 that the CAC Law can be used together with the PSI Agreement to achieve participation in the offer described in the Invitation at the levels anticipated by the 26 October 2011 Euro Summit Statement, constitute a Restructuring Credit Event in accordance with Section 4.7 of the 2003 ISDA Credit Derivatives Definitions (as amended by the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions, published on July 14, 2009) because (i) a reduction in the amount of principal or premium payable at maturity or at scheduled redemption dates of the Designated Securities has been agreed between the Hellenic Republic and a sufficient number of holders of the Designated Securities to bind all holders of the Designated Securities and (ii) this agreement results directly or indirectly from a deterioration in the creditworthiness or financial condition of the Hellenic Republic? Links to publicly available information: http://www.bloomberg.com/news/2012-02-21/euro-area-finance-ministers-statement-on-greek-bailout-text.html http://mobile.reuters.com/article/article/idUSL5E8DK4UF20120221 http://www.consilium.europa.eu/homepage/showfocus?lang=en&focusID=80910 http://www.athensnews.gr/portal/11/53558 http://www.minfin.gr/portal/en/resource/contentObject/id/7ad6442f-1777-4d02-80fb-91191c606664 http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/125644.pdf http://www.greekbonds.gr/