Greece Government Bond Dutch Auction Clarification

Frankfurt (ots) -

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY
PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES OR
POSSESSIONS, TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR TO ANY PERSON
LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO
DISTRIBUTE THIS DOCUMENT. THE INVITATION IS SUBJECT TO RESTRICTIONS
IN CERTAIN JURISDICTIONS (IN PARTICULAR, THE UNITED STATES, THE
UNITED KINGDOM, THE REPUBLIC OF ITALY, BELGIUM, FRANCE, GERMANY, AND
THE HELLENIC REPUBLIC) AS MORE FULLY DESCRIBED IN THE TENDER OFFER
MEMORANDUM.

Further to its Tender Offer Memorandum as amended (the "Tender
Offer Memorandum"), Japonica Partners & Co. ("Japonica") today
confirmed, by way of clarification, that its indirect wholly-owned
subsidiary, Yerusalem Hesed, Ltd. (the "Acquirer"), is not required
to provide data to information services regarding amounts or prices
of Designated Securities purchased whether pursuant to the Invitation
or in secondary market transactions and, therefore, such data may not
be available through such services.

Disclaimer: This announcement must be read in conjunction with
the Tender Offer Memorandum, as amended in accordance with subsequent
announcements. Capitalized terms used and not otherwise defined in
this announcement have the meanings given to them in the Tender Offer
Memorandum. This announcement and the Tender Offer Memorandum
contain important information which should be read carefully before
any decision is made with respect to the Invitation. If any holder is
in any doubt as to the action it should take, it is recommended to
seek its own financial advice, including in respect of any tax
consequences, from its stockbroker, bank manager, solicitor,
accountant or other independent financial, tax or legal adviser. Any
individual or company whose Designated Securities are held on its
behalf by a broker, dealer, bank, custodian, trust company or other
nominee must contact such entity if it wishes to tender such
Designated Securities pursuant to the Invitation.

The distribution of this announcement and/or the Tender Offer
Memorandum in certain jurisdictions may be restricted by law. Persons
into whose possession this announcement and/or the Tender Offer
Memorandum come are required by each of the Acquirer and the
Information and Tabulation Agent to inform themselves about, and to
observe, any such restrictions.

Neither this announcement nor the Tender Offer Memorandum
constitute an offer to buy or the solicitation of an offer to sell
Designated Securities (and tenders of Designated Securities for
purchase pursuant to the Invitation will not be accepted from
holders) in any circumstances in which such offer or solicitation is
unlawful.

Holders should carefully review the restrictions and limitations
applicable in certain jurisdictions and the manner in which the
Tender Offer Memorandum and any other offering material or
advertisement in connection with the Invitation will be made
available in such jurisdictions, as summarized below. The Invitation
is not being made, and will not be made, directly or indirectly in or
into, or by use of the mails of, or by any means or instrumentality
of interstate or foreign commerce of or of any facilities of a
national securities exchange of the United States; and, the
Designated Securities may not be tendered in the Invitation by any
such use, means, instrumentality or facility from or within the
United States or by persons located or resident in the United States
or to U.S. persons as defined in Regulation S under the U.S.
Securities Act of 1933, as amended (each a "U.S. Person").
Accordingly, copies of this announcement and the Tender Offer
Memorandum and any other documents or materials relating to the
Invitation are not being, and must not be, directly or indirectly,
mailed or otherwise transmitted, distributed or forwarded (including,
without limitation, by custodians, nominees or trustees) in or into
the United States or to any U.S. Person or any persons located or
resident in the United States. Any purported tender of Designated
Securities in the Invitation resulting directly or indirectly from a
violation of these restrictions will be invalid and any purported
tender of Designated Securities made by a person located in the
United States or any agent, fiduciary or other intermediary acting on
a non-discretionary basis for a principal giving instructions from
within the United States will be invalid and will not be accepted.
The Invitation is not available to investors located in Italy that do
not qualify as qualified investors (investitori qualificati), as
defined pursuant to Article 100 of the Financial Services Act and
Article 34-ter, paragraph 1, letter b) of the Issuer's Regulation (
"Not Eligible Investors"); Not Eligible Investors may not tender the
Designated Securities in the Invitation and neither this
announcement, the Tender Offer Memorandum nor any other documents or
materials relating to the Invitation may be distributed or made
available to Not Eligible Investors as part of the Invitation. The
Invitation may not be advertised and the Invitation will not be
extended, and none of this announcement, the Tender Offer Memorandum
or any other documents or materials relating to the Invitation
(including any memorandum, information circular, brochure or any
similar documents) has been or shall be distributed or made
available, directly or indirectly, to any person in Belgium other
than "qualified investors" in the sense of Article 10 of the Belgian
Law of 16 June 2006 on the public offer of placement instruments and
the admission to trading of placement instruments on regulated
markets (as amended from time to time), acting on their own account.
The Invitation is not being made, directly or indirectly, to the
public in the Republic of France. The Invitation is not directed to
investors located in Germany that do not qualify as professional
investors (professionelle Anleger). This announcement, the Tender
Offer Memorandum and any other documents or materials relating to the
Invitation (together, the "Relevant Materials") must not be
distributed or communicated to the general public in the United
Kingdom. The Relevant Materials may only be distributed or
communicated to persons in the United Kingdom in circumstances where
section 21(1) of the Financial Services and Markets Act 2000 does not
apply. Accordingly, the Relevant Materials are only for circulation
to persons inside the United Kingdom who fall within Article 49(2)(a)
to (d) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Order") or falling within the definition
of investment professionals (as defined in Article 19(5)) of the
Order. The Invitation is not being made, directly or indirectly, to
the public in the Hellenic Republic ("Greece") and no person who is a
Greek national of or resident or otherwise located in Greece may
participate in the Invitation, unless such person is a "qualified
investor" (eidikos ependytis), as defined in article 2 of Greek Law
3401/2005 (which implemented the E.U. Directive 2003/71/EC, each as
amended) acting on his/her/its own account or on the account of
his/her/its clients who are themselves qualified investors.

The Invitation has not been authorized by, and the Acquirer is not
otherwise connected to, the Hellenic Republic.

The International Media Contact is:
CNC, Xander Heijnen, +49 89 59 94 58 127,
xander.heijnen[@]cnc-communications.com.

The Information and Tabulation Agent is:
Bondholder Communications Group LLC, Jenna Perry, + 44 207 382 4580,
jperry[@]bondcom.com.