Investor interest in the placement of the National Bank of Greece was strong, as in a few minutes the demand for 10% of the shares of the HFSF was covered. According to reports, the overcapacity reached six times, while this is an increase in interest compared to the first round of disinvestment from ETE and Piraeus Bank. 

 All indications were that demand would be strong. These were the messages that bank executives conveyed to foreign investors during meetings, and JP Morgan, the HFSF's advisor, also expressed a similar sentiment. It should be recalled that JP Morgan had been organising meetings with institutional investors throughout the previous period in order to inform them about the placement.

THE PURCHASE PRICE 

The placement price was set between €7.30 and €7.95, with the HFSF having full discretion to decide, define and announce a narrower price range and to set a specific price. This is in fact a small discount of 5% from last Friday's close (€7.84) and a 1% premium. Those who tried to sell shares to buy at lower levels were in fact proved wrong.  

SHARE ALLOCATION

As regards the allocation of the shares offered between the Greek Public Offer and the international offer, the allocation will be as follows: -

• 15%, corresponding to 13,720,727 of the Offered Shares, will be allocated to investors participating in the Greek Public Offer with the possibility, at the sole and absolute discretion of the Selling Shareholder, to increase this percentage up to 20%, corresponding to 4,573,576 additional Offered Shares, to investors participating in the Greek Public Offer; -
• 85%, corresponding to 77. 750,788 of the Offered Shares, will be allocated to investors who have subscribed to the International Offer.

The final allocation of the Offered Shares between the Greek Public Offer and the International Offer will be determined after the closing of the offer book period for the International Offer and the Greek Public Offer on or about October 2, 2024, by the Selling Shareholder. 

Of the total number of Offer Shares ultimately allocated in the Greek Public Offer (after taking into account the reallocation of Offer Shares from the international Public Offer to the Greek Public Offer), the number of Offer Shares to be allocated to each class of Private Investors and Special Investors will be determined at the conclusion of the Greek Public Offer as follows: - at least 50% of the Offered Shares in the Greek Public Offer will be allocated to satisfy the applications of the Private Investors; and - the remaining up to 50% of the Offered Shares in the Greek Public Offer will be allocated between the Special Investors and the Private Investors based on the total demand expressed in each category of investors (i.e. Special Investors and Private Investors)