Eurobank, ALPHA, National Bank of Greece, and Piraeus Financial Holdings announce the signing of a binding agreement between the four systemic banks, namely Eurobank SA, ALPHA BANK SA, National Bank of Greece SA, and Piraeus Bank SA (the "Banks"), with Waterwheel Capital Management, L.P., acting as the investment manager for an affiliated company it manages (the "Waterwheel Capital"), regarding the sale to Waterwheel Capital of 95% of the mezzanine notes and 95% of the junior notes to be issued in the context of a simultaneous securitization by the Banks of a primarily non-performing exposures portfolio with a total gross accounting value of approximately €1.2 billion as of September 30, 2021 (the "Solar Transaction"). The Banks will retain 100% of the senior notes, as well as 5% of the mezzanine and junior notes.

The Solar Transaction is expected to be completed within the first quarter of 2024 and is subject to customary conditions for such transactions, including the issuance of the Ministerial Decision for the provision of the guarantee under the "Hercules" Guarantee Scheme (Law 4649/2019) for the senior notes, and the issuance of supervisory approval for the Significant Risk Transfer (SRT) of the underlying loan portfolio by the Single Supervisory Mechanism (SSM) of the European Central Bank.

Upon completion of the Solar Transaction, the management company Cepal Hellas S.A.D.A.D.P., which holds a license and is supervised by the Bank of Greece under Law 4354/2015, will take over the management of the portfolio.

The Solar Transaction aligns with the Banks' strategy to reduce their non-performing exposures.

Acting on behalf of the Banks, Alantra is the financial advisor, while the law firms Allen & Overy and Karatza & Partners serve as external legal advisors for English and Greek law, respectively.