February 6, 2023

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The Financial Stability Fund is leaving the banks

the Financial Stability Fund (THS) announced the completion of the process of updating the investment withdrawal strategy that was developed within the framework of Law (3864/2010), which was agreed upon with the concerned authorities and obtained the approval of the Ministry of Finance.

As the HFSF points out, the divestment strategy complies with the principles outlined in the legal framework of operation as well as all relevant legal and regulatory provisions.

Law highlights her Divestment in central option of the HFSF, no less important than its main mission, which is related to maintaining the stability of the banking system for the public interest, and is determined as the horizon of its completion End of 2025which is the date on which the Fund operates.

The Fund is fully committed to the effort to allocate its holdings to her regular banks before expiration in a coordinated and compliant manner while maintaining financial stability while ensuring their fair value. The sale of shares in any of the Greek statutory banks is fully consistent with the mission of the HFSF Financial Stability Fund and reflects the bank’s progress in terms of addressing past weaknesses and achieving recurring operational profitability.

the Withdrawal of investment from the Fund’s propertiesIt is emphasized that it will provide broader benefits to the Greek economy and the public interest, enhancing the liquidity and efficiency of the Greek capital market and helping to provide more opportunities for direct investment in the Greek banking sector, which is being developed by ensuring further development into full-fledged private ownership. The HFSF will identify opportunities to carry out well-planned transactions in the most advantageous manner, always in compliance with the applicable legal framework. It will undertake the same initiatives, but at the same time it will consider any approach from investors and proposals that banks may make.

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Before making a decision to pursue a share sale, the HFSF will consider its own financial stability obligations as well as ensuring the fair value of its holdings. In any case, a transparent and competitive process will be followed, with appropriate confidentiality maintained.

the strategy Clearly defines the basic principles that are being introduced into the process Divestment:

1. Clarity of purpose within a clear and concise strategy that defines the general criteria for individual trades.

2. Transparency around strategy by communicating clear strategic objectives to stakeholders.

3. High operating standards observing best practices fully compliant with the applicable legal and regulatory framework.

4. A transparent and competitive process that provides for all types of transactions that will ensure that loyal investors are treated in a transparent and impartial manner. HFSF will not pursue a bilateral negotiation or transaction that does not involve a competitive process, the timing of which will be announced at the outset of the transaction.

During the divestment process, the HFSF will seek to enhance portfolio value From, although the design, structure, process and execution of individual transactions will be adapted to market conditions and the performance of banks.

TXS You will not be bound by a specific timing or sequence of transactions Within the general framework of divestment within a three-year horizon, so as not to burden the commercial value of its portfolio.

Moreover, individual transactions are not a benchmark for subsequent transactions which are designed and implemented in light of the conditions prevailing at the time.

HFSF Chairman Andreas Verikos stated:Divestment is a particularly important and complex process that will be carried out with full respect for the principles of transparency and efficiency for the benefit of the Greek economy. The fund will be required to make decisions that weigh speed against economic efficiency in an environment of uncertainty. The fact that the parties involved have agreed on a divestment strategy ensures that the project will be implemented with credibility and an unwavering commitment to the public interest. »

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HFSF Managing Director Elias E. Zerohakis commented:The publication of the HFSF’s Divestment Strategy marks a milestone in a long line of major challenges that the Fund has successfully overcome over time. We are particularly proud and optimistic that, despite the difficulties of the current situation, the Greek systemic banks have amazingly improved their performance and are ready to move dynamically in the coming years in the interest of their shareholders, the public interest, the further development of our national economy and of course financial stability.»

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