This page contains details of the DC Resolutions, auction documentation and other items relating to the auction for The Hellenic Republic. Further documentation relating to the auction will be added as it becomes available.

Please note that ISDA has published a Uniform Settlement Agreement to facilitate the orderly settlement of transactions that are subject to the above Credit Event announcement. This is below, together with a Frequently Asked Questions document for reference.

Signature Page to USA

Frequently Asked Questions (please note that this may be updated from time to time to address questions received by ISDA)

The adherence period for the USA has now closed.

Submission of Potential Deliverable Obligations and Challenges (UPDATED March 12, 2012)

The Auction Date is March 19, 2012.

The Exercise Cut-off Date is March 16, 2012.

In light of the expedited auction process in respect of The Hellenic Republic, the time period provided in Section 3.3 of the DC Rules for the publication of the Final List of Deliverable Obligations has been foreshortened by the EMEA DC. Please refer to the document above entitled “Submission of Potential Deliverable Obligations and Challenges (UPDATED March 12, 2012)” for further details as to the revised timings.

Blackline against the 2012 Northern Rock (Asset Management) plc Credit Derivatives Auction Settlement Terms

For the purposes of the 2012 The Hellenic Republic Credit Derivatives Auction Settlement Terms (the “AST”), the Physical Settlement Period for International Law Obligations (as defined in the AST) has been shortened as set out below.

The International Law Obligations are subject to The Hellenic Republic’s Private Sector Involvement (“PSI”) exercise. The expiration date for holders of the International Law Obligations to tender them for exchange or to submit their consent to do so expires on 23 March 2012. Therefore, the Physical Settlement Period for the International Law Obligations has been shortened so that the recipients of such bonds may participate in the tender offer. The Physical Settlement Period for the International Law Obligations is:

(a) one Business Day following the Auction Date in relation to a Customer Buy RAST;

(b) two Business Days following the Auction Date in relation to an Auction RAST; and

(c) three Business Days following the Auction Date in relation to a Customer Sell RAST.

In light of the short Physical Settlement Periods for International Law Obligations,

(i) the period during which a NOPS Amendment Notice specifying one or more International Law Obligations as Deliverable Obligations can be effectively delivered has been shortened to one Business Day following the Auction Date in relation to a Customer Buy RAST, two Business Days following the Auction Date in relation to an Auction RAST and three Business Days following the Auction Date in relation to a Customer Sell RAST; and

(ii) if Buyer fails to deliver International Law Obligations during the applicable Physical Settlement Period and Seller fails to buy-in the International Law Obligations on the Business Day after the relevant Physical Settlement Date, Buyer will be required to deliver a NOPS Amendment Notice specifying Deliverable Obligations which are not International Law Obligations.