ATHENS (MNI) – Participation of private sector creditors in
Greece’s debt exchange offer will be 95.7%, which includes E197 billion
out of a total of E205.85 billion worth of privately-held Greek bonds,
the country’s Finance Minister Evangelos Venizelos announced Friday
morning.

This figure includes E152 billion, or 85.8%, of bonds governed by
Greek law and E20 billion, or 69%, of bonds under non-Greek law.
Participation of bondholders with the remaining E25 billion will be
achieved through activation of collective action clauses that forces
thos investors to accept the terms of the debt swap offer.

The verbatim text of the PSI statement from the Greek Finance
Ministry is below:

“Evangelos Venizelos, Deputy Prime Minister and Minister of Finance
of the Hellenic Republic, today announced that holders of approximately
E172 billion principal amount of bonds issued or guaranteed by the
Republic have tendered their bonds for exchange or consented to proposed
amendments in response to the invitations and consent solicitations
announced by the Republic on 24 February 2012.

Of the approximately E177 billion of bonds issued by the Republic
and governed by Greek law and subject to the invitations, the Republic
has received tenders for exchange and consents from holders of
approximately E152 billion face amount of bonds, representing 85.8% of
the outstanding face amount of these bonds. Holders of 5.3% of the
outstanding face amount of these bonds participated in the consent
solicitation and opposed the proposed amendments. The Republic has
advised its official sector creditors that upon confirmation and
certification by the Bank of Greece as process manager under the Greek
Bondholder Act (Law 4050/2012), it intends to accept the consents
received and amend the terms of all of its Greek law governed bonds,
including those not tendered for exchange pursuant to the invitations,
in accordance with the terms of the Greek Bondholder Act. Accordingly,
the Republic will not extend the invitation period for its bonds
governed by Greek law.

The Republic has also received tenders for exchange and consents to
the proposed amendments from holders of approximately E20 billion
aggregate face amount, or 69%, of its bonds issued under laws other than
Greek law and of bonds issued by state enterprises and guaranteed by the
Republic selected to participate in the invitations. If the consents to
the proposed amendments to the Republic’s Greek law bonds are accepted,
the sum of the face amount of those bonds that will be exchanged and of
the other bonds subject to the invitations for which the Republic has
received tenders for exchange and consents to the proposed amendments
will total approximately E197 billion, or 95.7% of the total face amount
of the bonds subject to the invitations.

The Republic has decided to extend the invitation period in respect
of each series of its bonds issued under laws other than Greek law and
of bonds issued by state enterprises and guaranteed by the Republic
until 9:00 p.m. (C.E.T.) on 23 March 2012, to allow holders of those
bonds who have not yet tendered them for exchange or submitted consents
to do so, and has deferred the settlement date for the exchange only
securities listed in its exchange offer only invitation of 24 February
2012 until11 April 2012. Accordingly, the period for submission of
participation instructions pursuant to the invitations with respect to
the bonds identified as Foreign Law Republic Titles, Foreign Law
Guaranteed Titles, Republic Titles, Guaranteed Titles, Guaranteed Titles
in Physical Form and Swiss Bonds in the relevant invitation memorandum
has been extended until 23 March 2012 at 9:00 p.m. (C.E.T) (which will
become the “Expiration Deadline” for purposes of such invitations).
However, holders of such bonds will not have the right to revoke any
participation instructions previously submitted, unless otherwise
permitted pursuant to the relevant invitation.

In addition, Minister Venizelos confirmed that the Republic intends
to issue an invitation to the holders of Greek law governed bonds issued
by state enterprises and guaranteed by the Republic, including bonds
that have been tendered in the exchange offer but have not been accepted
by the Republic, soliciting consents to amend these bonds as
contemplated by the Greek Bondholder Act in a manner similar to the
amendments proposed for the Republic’s bonds governed by Greek law.

Minister Venizelos stated “On behalf of the Republic, I wish to
express my appreciation to all of our creditors who have supported our
ambitious program of reform and adjustment and who have shared the
sacrifices of the Greek people in this historic endeavour. With the
support of our official sector and private creditors, Greece will
continue implementing the measures needed to achieve the fiscal
adjustments and structural reforms to which it has committed, and that
will return Greece to a path of sustainable growth. Our invitations to
offer to exchange, and submit consents with respect to, foreign law
governed and guaranteed bonds will remain open until 23 March 2012,
after which there will be no further opportunity for creditors holding
those instruments to benefit from the package of EFSF notes,
co-financing and GDP linked securities which form an important and
integral part of our invitations.”

Deutsche Bank AG, London Branch, and HSBC Bank plc act as closing
agents for the invitations made outside the United States, and
Bondholder Communications Group LLC and Hellenic Exchanges, S.A. act as
the joint Information, Exchange and Tabulation Agent.

The full terms of each invitation have been made available in
electronic form only through www.greekbonds.gr. In order to participate
in an invitation, holders will need to comply with the procedures and
offer and distribution restrictions described in the Republic’s related
invitation memorandum available online at www.greekbonds.gr. The
Republic reserves the right at its option and its sole discretion at any
time before acceptance by it of any securities subject to the
invitations to extend the deadline for, re-open or amend any invitation
for any series of securities subject to the invitations, delay the
acceptance of any participation instructions or withdraw any
invitation.”

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