Agreement Between The Government Of The United States Of America And The Government Of The Hellenic Republic To Improve International Tax Compliance And To Implement FATCA

AGREEMENT BETWEEN THE GOVERNMENT OF THE UNITED STATES OF

AMERICA AND THE GOVERNMENT OF THE HELLENIC REPUBLIC TO

IMPROVE INTERNATIONAL TAX COMPLIANCE AND TO IMPLEMENT FATCA

Whereas, the Government of the United States of America and the Government of the

Hellenic Republic (each, a “Party,” and together, the “Parties”) desire to conclude an

agreement to improve international tax compliance through mutual assistance in tax matters

based on an effective infrastructure for the automatic exchange of information;

Whereas, Article 18 of Convention Between the United States of America and the Kingdom

of Greece for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with

Respect to Taxes on Income, done at Athens on February 20, 1950 (the “Convention”)

authorizes the exchange of information for tax purposes, including on an automatic basis;

Whereas, the United States of America enacted provisions commonly known as the Foreign

Account Tax Compliance Act (“FATCA”), which introduce a reporting regime for financial

institutions with respect to certain accounts;

Whereas, the Government of the Hellenic Republic is supportive of the underlying policy

goal of FATCA to improve tax compliance;

Whereas, FATCA has raised a number of issues, including that Hellenic Republic financial

institutions may not be able to comply with certain aspects of FATCA due to domestic legal

impediments;

Whereas, the Government of the United States of America collects information regarding

certain accounts maintained by U.S. financial institutions held by residents of the Hellenic

Republic and is committed to exchanging such information with the Government of the

Hellenic Republic and pursuing equivalent levels of exchange, provided that the appropriate

safeguards and infrastructure for an effective exchange relationship are in place;

Whereas, an intergovernmental approach to FATCA implementation would address legal

impediments and reduce burdens for Hellenic Republic financial institutions;

Whereas, the Parties desire to conclude an agreement to improve international tax compliance

and provide for the implementation of FATCA based on domestic reporting and reciprocal

automatic exchange pursuant to the Convention, and subject to the confidentiality and other

protections provided for therein, including the provisions limiting the use of the information

exchanged under the Convention;

Now, therefore, the Parties have agreed as follows:

Article 1

Definitions

1. For purposes of this agreement and any annexes thereto (the “Agreement”), the

following terms shall have the meanings set forth below:

a) The term “United States” means the United States of America, including the

States thereof, but does not include the U.S. Territories. Any reference to a

“State” of the United States includes the District of Columbia.

b) The term “U.S. Territory” means American Samoa, the Commonwealth of

the Northern Mariana Islands, Guam, the Commonwealth of Puerto Rico, or

the U.S. Virgin Islands.

c) The term “IRS” means the U.S. Internal Revenue Service.

d) The term “Hellenic Republic” means the Hellenic Republic.

e) The term “Partner Jurisdiction” means a jurisdiction that has in effect an

agreement with the United States to facilitate the implementation of FATCA.

The IRS shall publish a list identifying all Partner Jurisdictions.

f) The term “Competent Authority” means:

(1) in the case of the United States, the Secretary of the Treasury or his

delegate; and

(2) in the case of the Hellenic Republic, the Minister of Finance or his

authorized representative.

g) The term “Financial Institution” means a Custodial Institution, a Depository

Institution, an Investment Entity, or a Specified Insurance Company.

h) The term “Custodial Institution” means any Entity that holds, as a

substantial portion of its business, financial assets for the account of others.

An entity holds financial assets for the account of others as a substantial

portion of its business if the entity’s gross income attributable to the holding of

financial assets and related financial services equals or exceeds 20 percent of

the entity’s gross income during the shorter of:

(i) the three-year period that ends on December 31 (or the final day of a non-

calendar year accounting period) prior to the year in which the determination

is being made; or

(ii) the period during which the entity has been in existence.

i) The term “Depository Institution” means any Entity that accepts deposits in

the ordinary course of a banking or similar business.

j) The term “Investment Entity” means any Entity that conducts as a business

(or is managed by an entity that conducts as a business) one or more of the

following activities or operations for or on behalf of a customer:

(1) trading in money market instruments (cheques, bills, certificates of

deposit, derivatives, etc.); foreign exchange; exchange, interest rate

and index instruments; transferable securities; or commodity futures

trading;

(2) individual and collective portfolio management; or

(3) otherwise investing, administering, or managing funds or money on

behalf of other persons.

This subparagraph 1(j) shall be interpreted in a manner consistent with similar

language set forth in the definition of “financial institution” in the Financial

Action Task Force Recommendations.

k) The term “Specified Insurance Company” means any Entity that is an

insurance company (or the holding company of an insurance company) that

issues, or is obligated to make payments with respect to, a Cash Value

Insurance Contract or an Annuity Contract.

l) The term “Hellenic Republic Financial Institution” means

(i) any Financial Institution resident in the Hellenic Republic, but excluding

any branch of such Financial Institution that is located outside the Hellenic

Republic, and

(ii) any branch of a Financial Institution not resident in the Hellenic Republic,

if such branch is located in the Hellenic Republic.

m) The term “Partner Jurisdiction Financial Institution” means

(i) any Financial Institution established in a Partner Jurisdiction, but excluding

any branch of such Financial Institution that is located outside the Partner

Jurisdiction, and

(ii) any branch of a Financial Institution not established in the Partner

Jurisdiction, if such branch is located in the Partner Jurisdiction.

n) The term “Reporting Financial Institution” means a Reporting Hellenic

Republic Financial Institution or a Reporting U.S. Financial Institution, as the

context requires.

o) The term “Reporting Hellenic Republic Financial Institution” means any

Hellenic Republic Financial Institution that is not a Non-Reporting Hellenic

Republic Financial Institution.

p) The term “Reporting U.S. Financial Institution” means

(i) any Financial Institution that is resident in the United States, but excluding

any branch of such Financial Institution that is located outside the United

States, and

(ii) any branch of a Financial Institution not resident in the United States, if

such branch is located in the United States, provided that the Financial

Institution or branch has control, receipt, or custody of income with respect to

which information is required to be exchanged under subparagraph (2)(b) of

Article 2 of this Agreement.

q) The term “Non-Reporting Hellenic Republic Financial Institution” means

any Hellenic Republic Financial Institution, or other Entity resident in the

Hellenic Republic, that is described in Annex II as a Non-Reporting Hellenic

Republic Financial Institution or that otherwise qualifies as a deemed-

compliant FFI or an exempt beneficial owner under relevant U.S. Treasury

Regulations.

r) The term “Nonparticipating Financial Institution” means a nonparticipating

FFI, as that term is defined in relevant U.S. Treasury Regulations, but does not

include a Hellenic Republic Financial Institution or other Partner Jurisdiction

Financial Institution other than a Financial Institution treated as a

Nonparticipating Financial Institution pursuant to subparagraph 2(b) of Article

5 of this Agreement or the corresponding provision in an agreement between

the United States and a Partner Jurisdiction.

s) The term “Financial Account” means an account maintained by a Financial

Institution, and includes:

(1) in the case of an Entity that is a Financial Institution solely because it

is an Investment Entity, any equity or debt interest (other than interests

that are regularly traded on an established securities market) in the

Financial Institution;

(2) in the case of a Financial Institution not described in subparagraph

1(s)(1) of this Article, any equity or debt interest in the Financial

Institution (other than interests that are regularly traded on an

established securities market), if

(i) the value of the debt or equity interest is determined, directly or

indirectly, primarily by reference to assets that give rise to U.S. Source

Withholdable Payments, and

(ii) the class of interests was established with a purpose of avoiding

reporting in accordance with this Agreement; and

(3) any Cash Value Insurance Contract and any Annuity Contract issued or

maintained by a Financial Institution, other than a noninvestment-

linked, nontransferable immediate life annuity that is issued to an

individual and monetizes a pension or disability benefit provided under

an account that is excluded from the definition of Financial Account in

Annex II.

Notwithstanding the foregoing, the term “Financial Account” does not include

any account that is excluded from the definition of Financial Account in

Annex II. For purposes of this Agreement, interests are “regularly traded” if

there is a meaningful volume of trading with respect to the interests on an

ongoing basis, and an “established securities market” means an exchange that

is officially recognized and supervised by a governmental authority in which

the market is located and that has a meaningful annual value of shares traded

on the exchange. For purposes of this subparagraph 1(s), an interest in a

Financial Institution is not “regularly traded” and shall be treated as a

Financial Account if the holder of the interest (other than a Financial

Institution acting as an intermediary) is registered on the books of such

Financial Institution. The preceding sentence will not apply to interests first

registered on the books of such Financial Institution prior to July 1, 2014, and

with respect to interests first registered on the books of such Financial

Institution on or after July 1, 2014, a Financial Institution is not required to

apply the preceding sentence prior to January 1, 2016.

t) The term “Depository Account” includes any commercial, checking, savings,

time, or thrift account, or an account that is evidenced by a certificate of

deposit, thrift certificate, investment certificate, certificate of indebtedness, or

other similar instrument maintained by a Financial Institution in the ordinary

course of a banking or similar business. A Depository Account also includes

an amount held by an insurance company pursuant to a guaranteed investment

contract or similar agreement to pay or credit interest thereon.

u) The term “Custodial Account” means an account (other than an Insurance

Contract or Annuity Contract) for the benefit of another person that holds any

financial instrument or contract held for investment (including, but not limited

to, a share or stock in a corporation, a note, bond, debenture, or other evidence

of indebtedness, a currency or commodity transaction, a credit default swap, a

swap based upon a nonfinancial index, a notional principal contract, an

Insurance Contract or Annuity Contract, and any option or other derivative

instrument).

v) The term “Equity Interest” means, in the case of a partnership that is a

Financial Institution, either a capital or profits interest in the partnership. In

the case of a trust that is a Financial Institution, an Equity Interest is

considered to be held by any person treated as a settlor or beneficiary of all or

a portion of the trust, or any other natural person exercising ultimate effective

control over the trust. A Specified U.S. Person shall be treated as being a

beneficiary of a foreign trust if such Specified U.S. Person has the right to

receive directly or indirectly (for example, through a nominee) a mandatory

distribution or may receive, directly or indirectly, a discretionary distribution

from the trust.

w) The term “Insurance Contract” means a contract (other than an Annuity

Contract) under which the issuer agrees to pay an amount upon the occurrence

of a specified contingency involving mortality, morbidity, accident, liability, or

property risk.

x) The term “Annuity Contract” means a contract under which the issuer agrees

to make payments for a period of time determined in whole or in part by

reference to the life expectancy of one or more individuals. The term also

includes a contract that is considered to be an Annuity Contract in accordance

with the law, regulation, or practice of the jurisdiction in which the contract

was issued, and under which the issuer agrees to make payments for a term of

years.

y) The term “Cash Value Insurance Contract” means an Insurance Contract

(other than an indemnity reinsurance contract between two insurance

companies) that has a Cash Value greater than $50,000.

z) The term “Cash Value” means the greater of

(i) the amount that the policyholder is entitled to receive upon surrender or

termination of the contract (determined without reduction for any surrender

charge or policy loan), and

(ii) the amount the policyholder can borrow under or with regard to the

contract.

Notwithstanding the foregoing, the term “Cash Value” does not include an

amount payable under an Insurance Contract as:

(1) a personal injury or sickness benefit or other benefit providing

indemnification of an economic loss incurred upon the occurrence of

the event insured against;

(2) a refund to the policyholder of a previously paid premium under an

Insurance Contract (other than under a life insurance contract) due to

policy cancellation or termination, decrease in risk exposure during the

effective period of the Insurance Contract, or arising from a

redetermination of the premium due to correction of posting or other

similar error; or

(3) a policyholder dividend based upon the underwriting experience of the

contract or group involved.

aa) The term “Reportable Account” means a U.S. Reportable Account or a

Hellenic Republic Reportable Account, as the context requires.

bb) The term “Hellenic Republic Reportable Account” means a Financial

Account maintained by a Reporting U.S. Financial Institution if:

(i) in the case of a Depository Account, the account is held by an individual

resident in the Hellenic Republic and more than $10 of interest is paid to such

account in any given calendar year; or

(ii) in the case of a Financial Account other than a Depository Account, the

Account Holder is a resident of the Hellenic Republic, including an Entity that

certifies that it is resident in Hellenic Republic for tax purposes, with respect

to which U.S. source income that is subject to reporting under chapter 3 of

subtitle A or chapter 61 of subtitle F of the U.S. Internal Revenue Code is paid

or credited.

cc) The term “U.S. Reportable Account” means a Financial Account maintained

by a Reporting Hellenic Republic Financial Institution and held by one or

more Specified U.S. Persons or by a Non-U.S. Entity with one or more

Controlling Persons that is a Specified U.S. Person. Notwithstanding the

foregoing, an account shall not be treated as a U.S. Reportable Account if such

account is not identified as a U.S. Reportable Account after application of the

due diligence procedures in Annex I.

dd) The term “Account Holder” means the person listed or identified as the

holder of a Financial Account by the Financial Institution that maintains the

account. A person, other than a Financial Institution, holding a Financial

Account for the benefit or account of another person as agent, custodian,

nominee, signatory, investment advisor, or intermediary, is not treated as

holding the account for purposes of this Agreement, and such other person is

treated as holding the account. For purposes of the immediately preceding

sentence, the term “Financial Institution” does not include a Financial

Institution organized or incorporated in a U.S. Territory. In the case of a Cash

Value Insurance Contract or an Annuity Contract, the Account Holder is any

person entitled to access the Cash Value or change the beneficiary of the

contract. If no person can access the Cash Value or change the beneficiary, the

Account Holder is any person named as the owner in the contract and any

person with a vested entitlement to payment under the terms of the contract.

Upon the maturity of a Cash Value Insurance Contract or an Annuity Contract,

each person entitled to receive a payment under the contract is treated as an

Account Holder.

ee) The term “U.S. Person” means a U.S. citizen or resident individual, a

partnership or corporation organized in the United States or under the laws of

the United States or any State thereof, a trust if

(i) a court within the United States would have authority under applicable law

to render orders or judgments concerning substantially all issues regarding

administration of the trust, and

(ii) one or more U.S. persons have the authority to control all substantial

decisions of the trust, or an estate of a decedent that is a citizen or resident of

the United States. This subparagraph 1(ee) shall be interpreted in accordance

with the U.S. Internal Revenue Code.

ff) The term “Specified U.S. Person” means a U.S. Person, other than:

(i) a corporation the stock of which is regularly traded on one or more

established securities markets;

(ii) any corporation that is a member of the same expanded affiliated group, as

defined in section 1471(e)(2) of the U.S. Internal Revenue Code, as a

corporation described in clause (i);

(iii) the United States or any wholly owned agency or instrumentality thereof;

(iv) any State of the United States, any U.S. Territory, any political subdivision

of any of the foregoing, or any wholly owned agency or instrumentality of any

one or more of the foregoing;

(v) any organization exempt from taxation under section 501(a) of the U.S.

Internal Revenue Code or an individual retirement plan as defined in section

7701(a)(37) of the U.S. Internal Revenue Code;

(vi) any bank as defined in section 581 of the U.S. Internal Revenue Code;

(vii) any real estate investment trust as defined in section 856 of the U.S.

Internal Revenue Code;

(viii) any regulated investment company as defined in section 851 of the U.S.

Internal Revenue Code or any entity registered with the U.S. Securities and

Exchange Commission under the Investment Company Act of 1940 (15 U.S.C.

80a-64);

(ix) any common trust fund as defined in section 584(a) of the U.S. Internal

Revenue Code;

(x) any trust that is exempt from tax under section 664(c) of the U.S. Internal

Revenue Code or that is described in section 4947(a)(1) of the U.S. Internal

Revenue Code;

(xi) a dealer in securities, commodities, or derivative financial instruments

(including notional principal contracts, futures, forwards, and options) that is

registered as such under the laws of the United States or any State;

(xii) a broker as defined in section 6045(c) of the U.S. Internal Revenue Code;

(xiii) any tax-exempt trust under a plan that is described in section 403(b) or

section 457(g) of the U.S. Internal Revenue Code.

gg) The term “Entity” means a legal person or a legal arrangement such as a trust.

hh) The term “Non-U.S. Entity” means an Entity that is not a U.S. Person.

ii) The term “U.S. Source Withholdable Payment” means any payment of

interest (including any original issue discount), dividends, rents, salaries,

wages, premiums, annuities, compensations, remunerations, emoluments, and

other fixed or determinable annual or periodical gains, profits, and income, if

such payment is from sources within the United States. Notwithstanding the

foregoing, a U.S. Source Withholdable Payment does not include any payment

that is not treated as a withholdable payment in relevant U.S. Treasury

Regulations.

jj) An Entity is a “Related Entity” of another Entity if either Entity controls the

other Entity, or the two Entities are under common control. For this purpose

control includes direct or indirect ownership of more than 50 percent of the

vote or value in an Entity. Notwithstanding the foregoing, the Hellenic

Republic may treat an Entity as not a Related Entity of another Entity if the

two Entities are not members of the same expanded affiliated group as defined

in section 1471(e)(2) of the U.S. Internal Revenue Code.

kk) The term “U.S. TIN” means a U.S. federal taxpayer identifying number.

ll) The term “Hellenic Republic TIN” means a Hellenic Republic taxpayer

identifying number.

mm) The term “Controlling Persons” means the natural persons who exercise

control over an Entity. In the case of a trust, such term means the settlor, the

trustees, the protector (if any), the beneficiaries or class of beneficiaries, and

any other natural person exercising ultimate effective control over the trust,

and in the case of a legal arrangement other than a trust, such term means

persons in equivalent or similar positions. The term “Controlling Persons”

shall be interpreted in a manner consistent with the Financial Action Task

Force Recommendations.

2. Any term not otherwise defined in this Agreement shall, unless the context otherwise

requires or the Competent Authorities agree to a common meaning (as permitted by domestic

law), have the meaning that it has at that time under the law of the Party applying this

Agreement, any meaning under the applicable tax laws of that Party prevailing over a

meaning given to the term under other laws of that Party.

Article 2

Obligations to Obtain and Exchange Information with Respect to Reportable Accounts

1. Subject to the provisions of Article 3 of this Agreement, each Party shall obtain the

information specified in paragraph 2 of this Article with respect to all Reportable Accounts

and shall annually exchange this information with the other Party on an automatic basis

pursuant to the provisions of Article 18 of the Convention.

2. The information to be obtained and exchanged is:

a) In the case of the Hellenic Republic with respect to each U.S. Reportable

Account of each Reporting Hellenic Republic Financial Institution:

(1) the name, address, and U.S. TIN of each Specified U.S. Person that is

an Account Holder of such account and, in the case of a Non-U.S.

Entity that, after application of the due diligence procedures set forth in

Annex I, is identified as having one or more Controlling Persons that is

a Specified U.S. Person, the name, address, and U.S. TIN (if any) of

such entity and each such Specified U.S. Person;

(2) the account number (or functional equivalent in the absence of an

account number);

(3) the name and identifying number of the Reporting Hellenic Republic

Financial Institution;

(4) the account balance or value (including, in the case of a Cash Value

Insurance Contract or Annuity Contract, the Cash Value or surrender

value) as of the end of the relevant calendar year or other appropriate

reporting period or, if the account was closed during such year,

immediately before closure;

(5) in the case of any Custodial Account:

(A) the total gross amount of interest, the total gross amount of

dividends, and the total gross amount of other income

generated with respect to the assets held in the account, in each

case paid or credited to the account (or with respect to the

account) during the calendar year or other appropriate reporting

period; and

(B) the total gross proceeds from the sale or redemption of property

paid or credited to the account during the calendar year or other

appropriate reporting period with respect to which the

Reporting Hellenic Republic Financial Institution acted as a

custodian, broker, nominee, or otherwise as an agent for the

Account Holder;

(6) in the case of any Depository Account, the total gross amount of

interest paid or credited to the account during the calendar year or

other appropriate reporting period; and

(7) in the case of any account not described in subparagraph 2(a)(5) or

2(a)(6) of this Article, the total gross amount paid or credited to the

Account Holder with respect to the account during the calendar year or

other appropriate reporting period with respect to which the Reporting

Hellenic Republic Financial Institution is the obligor or debtor,

including the aggregate amount of any redemption payments made to

the Account Holder during the calendar year or other appropriate

reporting period.

b) In the case of the United States, with respect to each Hellenic Republic

Reportable Account of each Reporting U.S. Financial Institution:

(1) the name, address, and Hellenic Republic TIN of any person that is a

resident of the Hellenic Republic and is an Account Holder of the

account;

(2) the account number (or the functional equivalent in the absence of an

account number);

(3) the name and identifying number of the Reporting U.S. Financial

Institution;

(4) the gross amount of interest paid on a Depository Account;

(5) the gross amount of U.S. source dividends paid or credited to the

account; and

(6) the gross amount of other U.S. source income paid or credited to the

account, to the extent subject to reporting under chapter 3 of subtitle A

or chapter 61 of subtitle F of the U.S. Internal Revenue Code.

Article 3

Time and Manner of Exchange of Information

1. For purposes of the exchange obligation in Article 2 of this Agreement, the amount

and characterization of payments made with respect to a U.S. Reportable Account may be

determined in accordance with the principles of the tax laws of the Hellenic Republic, and the

amount and characterization of payments made with respect to a Hellenic Republic

Reportable Account may be determined in accordance with principles of U.S. federal income

tax law.

2. For purposes of the exchange obligation in Article 2 of this Agreement, the

information exchanged shall identify the currency in which each relevant amount is

denominated.

3. With respect to paragraph 2 of Article 2 of this Agreement, information is to be

obtained and exchanged with respect to 2014 and all subsequent years, except that:

a) In the case of the Hellenic Republic:

(1) the information to be obtained and exchanged with respect to 2014 is

only the information described in subparagraphs 2(a)(1) through

2(a)(4) of Article 2 of this Agreement;

(2) the information to be obtained and exchanged with respect to 2015 is

the information described in subparagraphs 2(a)(1) through 2(a)(7) of

Article 2 of this Agreement, except for gross proceeds described in

subparagraph 2(a)(5)(B) of Article 2 of this Agreement; and

(3) the information to be obtained and exchanged with respect to 2016 and

subsequent years is the information described in subparagraphs 2(a)(1)

through 2(a)(7) of Article 2 of this Agreement;

b) In the case of the United States, the information to be obtained and exchanged

with respect to 2014 and subsequent years is all of the information identified

in subparagraph 2(b) of Article 2 of this Agreement.

4. Notwithstanding paragraph 3 of this Article, with respect to each Reportable Account

that is maintained by a Reporting Financial Institution as of the Determination Date, and

subject to paragraph 3 of Article 6 of this Agreement, the Parties are not required to obtain

and include in the exchanged information the Hellenic Republic TIN or the U.S. TIN, as

applicable, of any relevant person if such taxpayer identifying number is not in the records of

the Reporting Financial Institution. In such a case, the Parties shall obtain and include in the

exchanged information the date of birth of the relevant person, if the Reporting Financial

Institution has such date of birth in its records.

5. Subject to paragraphs 3 and 4 of this Article, the information described in Article 2 of

this Agreement shall be exchanged by the later of nine months after the end of the calendar

year to which the information relates or the next September 30th after the obligation of the

Party to exchange information under Article 2 takes effect.

6. The Competent Authorities of the Hellenic Republic and the United States shall enter

into an agreement or arrangement under the mutual agreement procedure provided for in

Article 16(2) of the Convention, which shall:

a) establish the procedures for the automatic exchange obligations described in

Article 2 of this Agreement;

b) prescribe rules and procedures as may be necessary to implement Article 5 of

this Agreement; and

c) establish as necessary procedures for the exchange of the information reported

under subparagraph 1(b) of Article 4 of this Agreement.

7. All information exchanged shall be subject to the confidentiality and other protections

provided for in the Convention, including the provisions limiting the use of the information

exchanged.

8. Following entry into force of this Agreement, each Competent Authority shall provide

written notification to the other Competent Authority when it is satisfied that the jurisdiction

of the other Competent Authority has in place (i) appropriate safeguards to ensure that the

information received pursuant to this Agreement shall remain confidential and be used solely

for tax purposes, and (ii) the infrastructure for an effective exchange relationship (including

established processes for ensuring timely, accurate, and confidential information exchanges,

effective and reliable communications, and demonstrated capabilities to promptly resolve

questions and concerns about exchanges or requests for exchanges and to administer the

provisions of Article 5 of this Agreement). The Competent Authorities shall endeavor in

good faith to meet to establish that each jurisdiction has such safeguards and infrastructure in

place.

9. The obligations of the Parties to obtain and exchange information under Article 2 of

this Agreement shall take effect on the date of the later of the written notifications described

in paragraph 8 of this Article. Notwithstanding the foregoing, if the Hellenic Republic

Competent Authority is satisfied that the United States has the safeguards and infrastructure

described in paragraph 8 of this Article in place, but additional time is necessary for the U.S.

Competent Authority to establish that the Hellenic Republic has such safeguards and

infrastructure in place, the obligation of the Hellenic Republic to obtain and exchange

information under Article 2 of this Agreement shall take effect on the date of the written

notification provided by the Hellenic Republic Competent Authority to the U.S. Competent

Authority pursuant to paragraph 8 of this Article.

10. This Agreement shall terminate 12 months following entry into force if Article 2 of

this Agreement is not in effect for either Party pursuant to paragraph 9 of this Article by that

date.

Article 4

Application of FATCA to Hellenic Republic Financial Institutions

1. Treatment of Reporting Hellenic Republic Financial Institutions. Each Reporting

Hellenic Republic Financial Institution shall be treated as complying with, and not subject to

withholding under, section 1471 of the U.S. Internal Revenue Code if the Hellenic Republic

complies with its obligations under Articles 2 and 3 of this Agreement with respect to such

Reporting Hellenic Republic Financial Institution, and the Reporting Hellenic Republic

Financial Institution:

a) identifies U.S. Reportable Accounts and reports annually to the Hellenic

Republic Competent Authority the information required to be reported in

subparagraph 2(a) of Article 2 of this Agreement in the time and manner

described in Article 3 of this Agreement;

b) for each of 2015 and 2016, reports annually to the Hellenic Republic

Competent Authority the name of each Nonparticipating Financial Institution

to which it has made payments and the aggregate amount of such payments;

c) complies with the applicable registration requirements on the IRS FATCA

registration website;

d) to the extent that a Reporting Hellenic Republic Financial Institution is (i)

acting as a qualified intermediary (for purposes of section 1441 of the U.S.

Internal Revenue Code) that has elected to assume primary withholding

responsibility under chapter 3 of subtitle A of the U.S. Internal Revenue Code,

(ii) a foreign partnership that has elected to act as a withholding foreign

partnership (for purposes of both sections 1441 and 1471 of the U.S. Internal

Revenue Code), or (iii) a foreign trust that has elected to act as a withholding

foreign trust (for purposes of both sections 1441 and 1471 of the U.S. Internal

Revenue Code), withholds 30 percent of any U.S. Source Withholdable

Payment to any Nonparticipating Financial Institution; and

e) in the case of a Reporting Hellenic Republic Financial Institution that is not

described in subparagraph 1(d) of this Article and that makes a payment of, or

acts as an intermediary with respect to, a U.S. Source Withholdable Payment

to any Nonparticipating Financial Institution, the Reporting Hellenic Republic

Financial Institution provides to any immediate payor of such U.S. Source

Withholdable Payment the information required for withholding and reporting

to occur with respect to such payment.

Notwithstanding the foregoing, a Reporting Hellenic Republic Financial Institution with

respect to which the conditions of this paragraph 1 are not satisfied shall not be subject to

withholding under section 1471 of the U.S. Internal Revenue Code unless such Reporting

Hellenic Republic Financial Institution is treated by the IRS as a Nonparticipating Financial

Institution pursuant to subparagraph 2(b) of Article 5 of this Agreement.

2. Suspension of Rules Relating to Recalcitrant Accounts. The United States shall

not require a Reporting Hellenic Republic Financial Institution to withhold tax under section

1471 or 1472 of the U.S. Internal Revenue Code with respect to an account held by a

recalcitrant account holder (as defined in section 1471(d)(6) of the U.S. Internal Revenue

Code), or to close such account, if the U.S. Competent Authority receives the information set

forth in subparagraph 2(a) of Article 2 of this Agreement, subject to the provisions of Article

3 of this Agreement, with respect to such account.

3. Specific Treatment of Hellenic Republic Retirement Plans. The United States shall

treat as deemed-compliant FFIs or exempt beneficial owners, as appropriate, for purposes of

sections 1471 and 1472 of the U.S. Internal Revenue Code, Hellenic Republic retirement

plans described in Annex II. For this purpose, a Hellenic Republic retirement plan includes

an Entity established or located in, and regulated by, the Hellenic Republic, or a

predetermined contractual or legal arrangement, operated to provide pension or retirement

benefits or earn income for providing such benefits under the laws of the Hellenic Republic

and regulated with respect to contributions, distributions, reporting, sponsorship, and

taxation.

4. Identification and Treatment of Other Deemed-Compliant FFIs and Exempt

Beneficial Owners. The United States shall treat each Non-Reporting Hellenic Republic

Financial Institution as a deemed-compliant FFI or as an exempt beneficial owner, as

appropriate, for purposes of section 1471 of the U.S. Internal Revenue Code.

5. Special Rules Regarding Related Entities and Branches That Are

Nonparticipating Financial Institutions. If a Hellenic Republic Financial Institution, that

otherwise meets the requirements described in paragraph 1 of this Article or is described in

paragraph 3 or 4 of this Article, has a Related Entity or branch that operates in a jurisdiction

that prevents such Related Entity or branch from fulfilling the requirements of a participating

FFI or deemed-compliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code

or has a Related Entity or branch that is treated as a Nonparticipating Financial Institution

solely due to the expiration of the transitional rule for limited FFIs and limited branches

under relevant U.S. Treasury Regulations, such Hellenic Republic Financial Institution shall

continue to be in compliance with the terms of this Agreement and shall continue to be

treated as a deemed-compliant FFI or exempt beneficial owner, as appropriate, for purposes

of section 1471 of the U.S. Internal Revenue Code, provided that:

a) the Hellenic Republic Financial Institution treats each such Related Entity or

branch as a separate Nonparticipating Financial Institution for purposes of all

the reporting and withholding requirements of this Agreement and each such

Related Entity or branch identifies itself to withholding agents as a

Nonparticipating Financial Institution;

b) each such Related Entity or branch identifies its U.S. accounts and reports the

information with respect to those accounts as required under section 1471 of

the U.S. Internal Revenue Code to the extent permitted under the relevant laws

pertaining to the Related Entity or branch; and

c) such Related Entity or branch does not specifically solicit U.S. accounts held

by persons that are not resident in the jurisdiction where such Related Entity

or branch is located or accounts held by Nonparticipating Financial

Institutions that are not established in the jurisdiction where such Related

Entity or branch is located, and such Related Entity or branch is not used by

the Hellenic Republic Financial Institution or any other Related Entity to

circumvent the obligations under this Agreement or under section 1471 of the

U.S. Internal Revenue Code, as appropriate.

6. Coordination of Timing. Notwithstanding paragraphs 3 and 5 of Article 3 of this

Agreement:

a) the Hellenic Republic shall not be obligated to obtain and exchange

information with respect to a calendar year that is prior to the calendar year

with respect to which similar information is required to be reported to the IRS

by participating FFIs pursuant to relevant U.S. Treasury Regulations;

b) the Hellenic Republic shall not be obligated to begin exchanging information

prior to the date by which participating FFIs are required to report similar

information to the IRS under relevant U.S. Treasury Regulations;

c) the United States shall not be obligated to obtain and exchange information

with respect to a calendar year that is prior to the first calendar year with

respect to which the Hellenic Republic is required to obtain and exchange

information; and

d) the United States shall not be obligated to begin exchanging information prior

to the date by which the Hellenic Republic is required to begin exchanging

information.

7. Coordination of Definitions with U.S. Treasury Regulations. Notwithstanding

Article 1 of this Agreement and the definitions provided in the Annexes to this Agreement, in

implementing this Agreement, the Hellenic Republic may use, and may permit Hellenic

Republic Financial Institutions to use, a definition in relevant U.S. Treasury Regulations in

lieu of a corresponding definition in this Agreement, provided that such application would

not frustrate the purposes of this Agreement.

Article 5

Collaboration on Compliance and Enforcement

1. Minor and Administrative Errors. A Competent Authority shall notify the

Competent Authority of the other Party when the first-mentioned Competent Authority has

reason to believe that administrative errors or other minor errors may have led to incorrect or

incomplete information reporting or resulted in other infringements of this Agreement. The

Competent Authority of such other Party shall apply its domestic law (including applicable

penalties) to obtain corrected and/or complete information or to resolve other infringements

of this Agreement.

2. Significant Non-Compliance.

a) A Competent Authority shall notify the Competent Authority of the other Party

when the first-mentioned Competent Authority has determined that there is

significant non-compliance with the obligations under this Agreement with

respect to a Reporting Financial Institution in the other jurisdiction. The

Competent Authority of such other Party shall apply its domestic law

(including applicable penalties) to address the significant non-compliance

described in the notice.

b) If, in the case of a Reporting Hellenic Republic Financial Institution, such

enforcement actions do not resolve the non-compliance within a period of 18

months after notification of significant non-compliance is first provided, the

United States shall treat the Reporting Hellenic Republic Financial Institution

as a Nonparticipating Financial Institution pursuant to this subparagraph 2(b).

3. Reliance on Third Party Service Providers. Each Party may allow Reporting

Financial Institutions to use third party service providers to fulfill the obligations imposed on

such Reporting Financial Institutions by a Party, as contemplated in this Agreement, but these

obligations shall remain the responsibility of the Reporting Financial Institutions.

4. Prevention of Avoidance. The Parties shall implement as necessary requirements to

prevent Financial Institutions from adopting practices intended to circumvent the reporting

required under this Agreement.

Article 6

Mutual Commitment to Continue to Enhance the Effectiveness of Information

Exchange and Transparency

1. Reciprocity. The Government of the United States acknowledges the need to achieve

equivalent levels of reciprocal automatic information exchange with the Hellenic Republic.

The Government of the United States is committed to further improve transparency and

enhance the exchange relationship with the Hellenic Republic by pursuing the adoption of

regulations and advocating and supporting relevant legislation to achieve such equivalent

levels of reciprocal automatic information exchange.

2. Treatment of Passthru Payments and Gross Proceeds. The Parties are committed

to work together, along with Partner Jurisdictions, to develop a practical and effective

alternative approach to achieve the policy objectives of foreign passthru payment and gross

proceeds withholding that minimizes burden.

3. Documentation of Accounts Maintained as of the Determination Date. With

respect to Reportable Accounts maintained by a Reporting Financial Institution as of the

Determination Date:

a) The United States commits to establish by January 1, 2017, for reporting with

respect to 2017 and subsequent years, rules requiring Reporting U.S. Financial

Institutions to obtain and report the Hellenic Republic TIN of each Account

Holder of a Hellenic Republic Reportable Account as required pursuant to

subparagraph 2(b)(1) of Article 2 of this Agreement; and

b) the Hellenic Republic commits to establish, by January 1, 2017, for reporting

with respect to 2017 and subsequent years, rules requiring Reporting Hellenic

Republic Financial Institutions to obtain the U.S. TIN of each Specified U.S.

Person as required pursuant to subparagraph 2(a)(1) of Article 2 of this

Agreement.

Article 7

Consistency in the Application of FATCA to Partner Jurisdictions

1. The Hellenic Republic shall be granted the benefit of any more favorable terms under

Article 4 or Annex I of this Agreement relating to the application of FATCA to Hellenic

Republic Financial Institutions afforded to another Partner Jurisdiction under a signed

bilateral agreement pursuant to which the other Partner Jurisdiction commits to undertake the

same obligations as the Hellenic Republic described in Articles 2 and 3 of this Agreement,

and subject to the same terms and conditions as described therein and in Articles 5 through 9

of this Agreement.

2. The United States shall notify the Hellenic Republic of any such more favorable

terms, and such more favorable terms shall apply automatically under this Agreement as if

such terms were specified in this Agreement and effective as of the date of signing of the

agreement incorporating the more favorable terms, unless the Hellenic Republic declines in

writing the application thereof.

Article 8

Consultations and Amendments

1. In case any difficulties in the implementation of this Agreement arise, either Party may

request consultations to develop appropriate measures to ensure the fulfillment of this

Agreement.

2. This Agreement may be amended by written mutual agreement of the Parties. Unless

otherwise agreed upon, such an amendment shall enter into force through the same

procedures as set forth in paragraph 1 of Article 10 of this Agreement.

Article 9

Annexes

The Annexes form an integral part of this Agreement.

Article 10

Term of Agreement

1. This Agreement shall enter into force on the date of the Hellenic Republic’s written

notification to the United States that the Hellenic Republic has completed its necessary

internal procedures for entry into force of this Agreement.

2. Either Party may terminate this Agreement by giving notice of termination in writing

to the other Party. Such termination shall become effective on the first day of the month

following the expiration of a period of 12 months after the date of the notice of termination.

3. The Parties shall, prior to December 31, 2018, consult in good faith to amend this

Agreement as necessary to reflect progress on the commitments set forth in Article 6 of this

Agreement.

In witness whereof, the undersigned, being duly authorized thereto by their respective

Governments, have signed this Agreement.

Done at __________, in duplicate, in the English and Greek languages, both texts being

equally authentic, this __ day of __________, 20__.

FOR THE GOVERNMENT OF THE

UNITED STATES OF AMERICA:

FOR THE GOVERNMENT OF THE

HELLENIC REPUBLIC:

Annex I –1

ANNEX I

DUE DILIGENCE OBLIGATIONS FOR IDENTIFYING AND REPORTING ON U.S.

REPORTABLE ACCOUNTS AND ON PAYMENTS TO CERTAIN

NONPARTICIPATING FINANCIAL INSTITUTIONS

I. General.

A. The Hellenic Republic shall require that Reporting Hellenic Republic

Financial Institutions apply the due diligence procedures contained in this Annex I to

identify U.S. Reportable Accounts and accounts held by Nonparticipating Financial

Institutions.

B. For purposes of the Agreement,

1. All dollar amounts are in U.S. dollars and shall be read to include the

equivalent in other currencies.

2. Except as otherwise provided herein, the balance or value of an

account shall be determined as of the last day of the calendar year or other

appropriate reporting period.

3. Where a balance or value threshold is to be determined as of the

Determination Date under this Annex I, the relevant balance or value shall be

determined as of that day or the last day of the reporting period ending

immediately before the Determination Date, and where a balance or value

threshold is to be determined as of the last day of a calendar year under this

Annex I, the relevant balance or value shall be determined as of the last day of

the calendar year or other appropriate reporting period.

4. Subject to subparagraph E(1) of section II of this Annex I, an account

shall be treated as a U.S. Reportable Account beginning as of the date it is

identified as such pursuant to the due diligence procedures in this Annex I.

5. Unless otherwise provided, information with respect to a U.S.

Reportable Account shall be reported annually in the calendar year following

the year to which the information relates.

C. As an alternative to the procedures described in each section of this Annex I,

the Hellenic Republic may permit Reporting Hellenic Republic Financial Institutions

to rely on the procedures described in relevant U.S. Treasury Regulations to establish

whether an account is a U.S. Reportable Account or an account held by a

Nonparticipating Financial Institution. The Hellenic Republic may permit Reporting

Hellenic Republic Financial Institutions to make such election separately for each

section of this Annex I either with respect to all relevant Financial Accounts or,

separately, with respect to any clearly identified group of such accounts (such as by

line of business or the location of where the account is maintained).

II. Preexisting Individual Accounts. The following rules and procedures apply for

purposes of identifying U.S. Reportable Accounts among Preexisting Accounts held by

Annex I –2

individuals (“Preexisting Individual Accounts”).

A. Accounts Not Required to Be Reviewed, Identified, or Reported. Unless

the Reporting Hellenic Republic Financial Institution elects otherwise, either with

respect to all Preexisting Individual Accounts or, separately, with respect to any

clearly identified group of such accounts, where the implementing rules in the

Hellenic Republic provide for such an election, the following Preexisting Individual

Accounts are not required to be reviewed, identified, or reported as U.S. Reportable

Accounts:

1. Subject to subparagraph E(2) of this section, a Preexisting Individual

Account with a balance or value that does not exceed $50,000 as of the

Determination Date.

2. Subject to subparagraph E(2) of this section, a Preexisting Individual

Account that is a Cash Value Insurance Contract or an Annuity Contract with a

balance or value of $250,000 or less as of the Determination Date.

3. A Preexisting Individual Account that is a Cash Value Insurance

Contract or an Annuity Contract, provided the law or regulations of the

Hellenic Republic or the United States effectively prevent the sale of such a

Cash Value Insurance Contract or an Annuity Contract to U.S. residents (e.g.,

if the relevant Financial Institution does not have the required registration

under U.S. law, and the law of the Hellenic Republic requires reporting or

withholding with respect to insurance products held by residents of the

Hellenic Republic).

4. A Depository Account with a balance of $50,000 or less.

B. Review Procedures for Preexisting Individual Accounts With a Balance or

Value as of the Determination Date, that Exceeds $50,000 ($250,000 for a Cash

Value Insurance Contract or Annuity Contract), But Does Not Exceed $1,000,000

(“Lower Value Accounts”).

1. Electronic Record Search. The Reporting Hellenic Republic

Financial Institution must review electronically searchable data maintained by

the Reporting Hellenic Republic Financial Institution for any of the following

U.S. indicia:

a) Identification of the Account Holder as a U.S. citizen or

resident;

b) Unambiguous indication of a U.S. place of birth;

c) Current U.S. mailing or residence address (including a U.S.

post office box);

d) Current U.S. telephone number;

e) Standing instructions to transfer funds to an account maintained

Annex I –3

in the United States;

f) Currently effective power of attorney or signatory authority

granted to a person with a U.S. address; or

g) An “in-care-of” or “hold mail” address that is the sole address

the Reporting Hellenic Republic Financial Institution has on file for the

Account Holder. In the case of a Preexisting Individual Account that is

a Lower Value Account, an “in-care-of” address outside the United

States or “hold mail” address shall not be treated as U.S. indicia.

2. If none of the U.S. indicia listed in subparagraph B(1) of this section

are discovered in the electronic search, then no further action is required until

there is a change in circumstances that results in one or more U.S. indicia

being associated with the account, or the account becomes a High Value

Account described in paragraph D of this section.

3. If any of the U.S. indicia listed in subparagraph B(1) of this section are

discovered in the electronic search, or if there is a change in circumstances

that results in one or more U.S. indicia being associated with the account, then

the Reporting Hellenic Republic Financial Institution must treat the account as

a U.S. Reportable Account unless it elects to apply subparagraph B(4) of this

section and one of the exceptions in such subparagraph applies with respect to

that account.

4. Notwithstanding a finding of U.S. indicia under subparagraph B(1) of

this section, a Reporting Hellenic Republic Financial Institution is not required

to treat an account as a U.S. Reportable Account if:

a) Where the Account Holder information unambiguously

indicates a U.S. place of birth, the Reporting Hellenic Republic

Financial Institution obtains, or has previously reviewed and maintains

a record of:

(1) A self-certification that the Account Holder is neither a

U.S. citizen nor a U.S. resident for tax purposes (which may be

on an IRS Form W-8 or other similar agreed form);

(2) A non-U.S. passport or other government-issued

identification evidencing the Account Holder’s citizenship or

nationality in a country other than the United States; and

(3) A copy of the Account Holder’s Certificate of Loss of

Nationality of the United States or a reasonable explanation of:

(a) The reason the Account Holder does not have

such a certificate despite relinquishing U.S. citizenship;

(b) The reason the Account Holder did not obtain

Annex I –4

U.S. citizenship at birth.

b) Where the Account Holder information contains a current U.S.

mailing or residence address, or one or more U.S. telephone numbers

that are the only telephone numbers associated with the account, the

Reporting Hellenic Republic Financial Institution obtains, or has

previously reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a

U.S. citizen nor a U.S. resident for tax purposes (which may be

on an IRS Form W-8 or other similar agreed form); and

(2) Documentary evidence, as defined in paragraph D of

section VI of this Annex I, establishing the Account Holder’s

non-U.S. status.

c) Where the Account Holder information contains standing

instructions to transfer funds to an account maintained in the United

States, the Reporting Hellenic Republic Financial Institution obtains,

or has previously reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a

U.S. citizen nor a U.S. resident for tax purposes (which may be

on an IRS Form W-8 or other similar agreed form); and

(2) Documentary evidence, as defined in paragraph D of

section VI of this Annex I, establishing the Account Holder’s

non-U.S. status.

d) Where the Account Holder information contains a currently

effective power of attorney or signatory authority granted to a person

with a U.S. address, has an “in-care-of” address or “hold mail”

address that is the sole address identified for the Account Holder, or

has one or more U.S. telephone numbers (if a non-U.S. telephone

number is also associated with the account), the Reporting Hellenic

Republic Financial Institution obtains, or has previously reviewed and

maintains a record of:

(1) A self-certification that the Account Holder is neither a

U.S. citizen nor a U.S. resident for tax purposes (which may be

on an IRS Form W-8 or other similar agreed form); or

(2) Documentary evidence, as defined in paragraph D of

section VI of this Annex I, establishing the Account Holder’s

non-U.S. status.

C. Additional Procedures Applicable to Preexisting Individual Accounts

That Are Lower Value Accounts.

1. Review of Preexisting Individual Accounts that are Lower Value

Annex I –5

Accounts for U.S. indicia must be completed within two years from the

Determination Date.

2. If there is a change of circumstances with respect to a Preexisting

Individual Account that is a Lower Value Account that results in one or more

U.S. indicia described in subparagraph B(1) of this section being associated

with the account, then the Reporting Hellenic Republic Financial Institution

must treat the account as a U.S. Reportable Account unless subparagraph B(4)

of this section applies.

3. Except for Depository Accounts described in subparagraph A(4) of this

section, any Preexisting Individual Account that has been identified as a U.S.

Reportable Account under this section shall be treated as a U.S. Reportable

Account in all subsequent years, unless the Account Holder ceases to be a

Specified U.S. Person.

D. Enhanced Review Procedures for Preexisting Individual Accounts With a

Balance or Value That Exceeds $1,000,000 as of the Determination Date, or

December 31 of 2015 or Any Subsequent Year (“High Value Accounts”).

1. Electronic Record Search. The Reporting Hellenic Republic

Financial Institution must review electronically searchable data maintained by

the Reporting Hellenic Republic Financial Institution for any of the U.S.

indicia described in subparagraph B(1) of this section.

2. Paper Record Search. If the Reporting Hellenic Republic Financial

Institution’s electronically searchable databases include fields for, and capture

all of the information described in, subparagraph D(3) of this section, then no

further paper record search is required. If the electronic databases do not

capture all of this information, then with respect to a High Value Account, the

Reporting Hellenic Republic Financial Institution must also review the current

customer master file and, to the extent not contained in the current customer

master file, the following documents associated with the account and obtained

by the Reporting Hellenic Republic Financial Institution within the last five

years for any of the U.S. indicia described in subparagraph B(1) of this

section:

a) The most recent documentary evidence collected with respect

to the account;

b) The most recent account opening contract or documentation;

c) The most recent documentation obtained by the Reporting

Hellenic Republic Financial Institution pursuant to AML/KYC

Procedures or for other regulatory purposes;

d) Any power of attorney or signature authority forms currently in

effect; and

e) Any standing instructions to transfer funds currently in effect.

Annex I –6

3. Exception Where Databases Contain Sufficient Information. A

Reporting Hellenic Republic Financial Institution is not required to perform

the paper record search described in subparagraph D(2) of this section if the

Reporting Hellenic Republic Financial Institution’s electronically searchable

information includes the following:

a) The Account Holder’s nationality or residence status;

b) The Account Holder’s residence address and mailing address

currently on file with the Reporting Hellenic Republic Financial

Institution;

c) The Account Holder’s telephone number(s) currently on file, if

any, with the Reporting Hellenic Republic Financial Institution;

d) Whether there are standing instructions to transfer funds in the

account to another account (including an account at another branch of

the Reporting Hellenic Republic Financial Institution or another

Financial Institution);

e) Whether there is a current “in-care-of” address or “hold mail”

address for the Account Holder; and

f) Whether there is any power of attorney or signatory authority

for the account.

4. Relationship Manager Inquiry for Actual Knowledge. In addition

to the electronic and paper record searches described above, the Reporting

Hellenic Republic Financial Institution must treat as a U.S. Reportable

Account any High Value Account assigned to a relationship manager

(including any Financial Accounts aggregated with such High Value Account)

if the relationship manager has actual knowledge that the Account Holder is a

Specified U.S. Person.

5. Effect of Finding U.S. Indicia.

a) If none of the U.S. indicia listed in subparagraph B(1) of this

section are discovered in the enhanced review of High Value Accounts

described above, and the account is not identified as held by a

Specified U.S. Person in subparagraph D(4) of this section, then no

further action is required until there is a change in circumstances that

results in one or more U.S. indicia being associated with the account.

b) If any of the U.S. indicia listed in subparagraph B(1) of this

section are discovered in the enhanced review of High Value Accounts

described above, or if there is a subsequent change in circumstances

that results in one or more U.S. indicia being associated with the

account, then the Reporting Hellenic Republic Financial Institution

must treat the account as a U.S. Reportable Account unless it elects to

Annex I –7

apply subparagraph B(4) of this section and one of the exceptions in

such subparagraph applies with respect to that account.

c) Except for Depository Accounts described in subparagraph

A(4) of this section, any Preexisting Individual Account that has been

identified as a U.S. Reportable Account under this section shall be

treated as a U.S. Reportable Account in all subsequent years, unless the

Account Holder ceases to be a Specified U.S. Person.

E. Additional Procedures Applicable to High Value Accounts.

1. If a Preexisting Individual Account is a High Value Account as of the

Determination Date, the Reporting Hellenic Republic Financial Institution

must complete the enhanced review procedures described in paragraph D of

this section with respect to such account within one year from the

Determination Date. If based on this review such account is identified as a

U.S. Reportable Account on or before December 31, 2014, the Reporting

Hellenic Republic Financial Institution must report the required information

about such account with respect to 2014 in the first report on the account and

on an annual basis thereafter. In the case of an account identified as a U.S.

Reportable Account after December 31, 2014, the Reporting Hellenic

Republic Financial Institution is not required to report information about such

account with respect to 2014, but must report information about the account

on an annual basis thereafter.

2. If a Preexisting Individual Account is not a High Value Account as of

the Determination Date, but becomes a High Value Account as of the last day

of 2015 or any subsequent calendar year, the Reporting Hellenic Republic

Financial Institution must complete the enhanced review procedures described

in paragraph D of this section with respect to such account within six months

after the last day of the calendar year in which the account becomes a High

Value Account. If based on this review such account is identified as a U.S.

Reportable Account, the Reporting Hellenic Republic Financial Institution

must report the required information about such account with respect to the

year in which it is identified as a U.S. Reportable Account and subsequent

years on an annual basis, unless the Account Holder ceases to be a Specified

U.S. Person.

3. Once a Reporting Hellenic Republic Financial Institution applies the

enhanced review procedures described in paragraph D of this section to a High

Value Account, the Reporting Hellenic Republic Financial Institution is not

required to re-apply such procedures, other than the relationship manager

inquiry described in subparagraph D(4) of this section, to the same High Value

Account in any subsequent year.

4. If there is a change of circumstances with respect to a High Value

Account that results in one or more U.S. indicia described in subparagraph

B(1) of this section being associated with the account, then the Reporting

Hellenic Republic Financial Institution must treat the account as a U.S.

Reportable Account unless it elects to apply subparagraph B(4) of this section

Annex I –8

and one of the exceptions in such subparagraph applies with respect to that

account.

5. A Reporting Hellenic Republic Financial Institution must implement

procedures to ensure that a relationship manager identifies any change in

circumstances of an account. For example, if a relationship manager is

notified that the Account Holder has a new mailing address in the United

States, the Reporting Hellenic Republic Financial Institution is required to

treat the new address as a change in circumstances and, if it elects to apply

subparagraph B(4) of this section, is required to obtain the appropriate

documentation from the Account Holder.

F. Preexisting Individual Accounts That Have Been Documented for Certain

Other Purposes. A Reporting Hellenic Republic Financial Institution that has

previously obtained documentation from an Account Holder to establish the Account

Holder’s status as neither a U.S. citizen nor a U.S. resident in order to meet its

obligations under a qualified intermediary, withholding foreign partnership, or

withholding foreign trust agreement with the IRS, or to fulfill its obligations under

chapter 61 of Title 26 of the United States Code, is not required to perform the

procedures described in subparagraph B(1) of this section with respect to Lower Value

Accounts or subparagraphs D(1) through D(3) of this section with respect to High

Value Accounts.

III. New Individual Accounts. The following rules and procedures apply for purposes

of identifying U.S. Reportable Accounts among Financial Accounts held by individuals and

opened after the Determination Date (“New Individual Accounts”).

A. Accounts Not Required to Be Reviewed, Identified, or Reported. Unless

the Reporting Hellenic Republic Financial Institution elects otherwise, either with

respect to all New Individual Accounts or, separately, with respect to any clearly

identified group of such accounts, where the implementing rules in the Hellenic

Republic provide for such an election, the following New Individual Accounts are not

required to be reviewed, identified, or reported as U.S. Reportable Accounts:

1. A Depository Account unless the account balance exceeds $50,000 at

the end of any calendar year or other appropriate reporting period.

2. A Cash Value Insurance Contract unless the Cash Value exceeds

$50,000 at the end of any calendar year or other appropriate reporting period.

B. Other New Individual Accounts. With respect to New Individual Accounts

not described in paragraph A of this section, upon account opening (or within 90 days

after the end of the calendar year in which the account ceases to be described in

paragraph A of this section), the Reporting Hellenic Republic Financial Institution

must obtain a self-certification, which may be part of the account opening

documentation, that allows the Reporting Hellenic Republic Financial Institution to

determine whether the Account Holder is resident in the United States for tax

purposes (for this purpose, a U.S. citizen is considered to be resident in the United

States for tax purposes, even if the Account Holder is also a tax resident of another

jurisdiction) and confirm the reasonableness of such self-certification based on the

Annex I –9

information obtained by the Reporting Hellenic Republic Financial Institution in

connection with the opening of the account, including any documentation collected

pursuant to AML/KYC Procedures.

1. If the self-certification establishes that the Account Holder is resident

in the United States for tax purposes, the Reporting Hellenic Republic

Financial Institution must treat the account as a U.S. Reportable Account and

obtain a self-certification that includes the Account Holder’s U.S. TIN (which

may be an IRS Form W-9 or other similar agreed form).

2. If there is a change of circumstances with respect to a New Individual

Account that causes the Reporting Hellenic Republic Financial Institution to

know, or have reason to know, that the original self-certification is incorrect or

unreliable, the Reporting Hellenic Republic Financial Institution cannot rely

on the original self-certification and must obtain a valid self-certification that

establishes whether the Account Holder is a U.S. citizen or resident for U.S.

tax purposes. If the Reporting Hellenic Republic Financial Institution is

unable to obtain a valid self-certification, the Reporting Hellenic Republic

Financial Institution must treat the account as a U.S. Reportable Account.

IV. Preexisting Entity Accounts. The following rules and procedures apply for purposes

of identifying U.S. Reportable Accounts and accounts held by Nonparticipating Financial

Institutions among Preexisting Accounts held by Entities (“Preexisting Entity Accounts”).

A. Entity Accounts Not Required to Be Reviewed, Identified or Reported.

Unless the Reporting Hellenic Republic Financial Institution elects otherwise, either

with respect to all Preexisting Entity Accounts or, separately, with respect to any

clearly identified group of such accounts, where the implementing rules in the

Hellenic Republic provide for such an election, a Preexisting Entity Account with an

account balance or value that does not exceed $250,000 as of the Determination Date,

is not required to be reviewed, identified, or reported as a U.S. Reportable Account

until the account balance or value exceeds $1,000,000.

B. Entity Accounts Subject to Review. A Preexisting Entity Account that has

an account balance or value that exceeds $250,000 as of the Determination Date, and

a Preexisting Entity Account that does not exceed $250,000 as of the Determination

Date but the account balance or value of which exceeds $1,000,000 as of the last day

of 2015 or any subsequent calendar year, must be reviewed in accordance with the

procedures set forth in paragraph D of this section.

C. Entity Accounts With Respect to Which Reporting Is Required. With

respect to Preexisting Entity Accounts described in paragraph B of this section, only

accounts that are held by one or more Entities that are Specified U.S. Persons, or by

Passive NFFEs with one or more Controlling Persons who are U.S. citizens or

residents, shall be treated as U.S. Reportable Accounts. In addition, accounts held by

Nonparticipating Financial Institutions shall be treated as accounts for which

aggregate payments as described in subparagraph 1(b) of Article 4 of the Agreement

are reported to the Hellenic Republic Competent Authority.

Annex I –10

D. Review Procedures for Identifying Entity Accounts With Respect to

Which Reporting Is Required. For Preexisting Entity Accounts described in

paragraph B of this section, the Reporting Hellenic Republic Financial Institution

must apply the following review procedures to determine whether the account is held

by one or more Specified U.S. Persons, by Passive NFFEs with one or more

Controlling Persons who are U.S. citizens or residents, or by Nonparticipating

Financial Institutions:

1. Determine Whether the Entity Is a Specified U.S. Person.

a) Review information maintained for regulatory or customer

relationship purposes (including information collected pursuant to

AML/KYC Procedures) to determine whether the information

indicates that the Account Holder is a U.S. Person. For this purpose,

information indicating that the Account Holder is a U.S. Person

includes a U.S. place of incorporation or organization, or a U.S.

address.

b) If the information indicates that the Account Holder is a U.S.

Person, the Reporting Hellenic Republic Financial Institution must

treat the account as a U.S. Reportable Account unless it obtains a self-

certification from the Account Holder (which may be on an IRS Form

W-8 or W-9, or a similar agreed form), or reasonably determines based

on information in its possession or that is publicly available, that the

Account Holder is not a Specified U.S. Person.

2. Determine Whether a Non-U.S. Entity Is a Financial Institution.

a) Review information maintained for regulatory or customer

relationship purposes (including information collected pursuant to

AML/KYC Procedures) to determine whether the information

indicates that the Account Holder is a Financial Institution.

b) If the information indicates that the Account Holder is a

Financial Institution, or the Reporting Hellenic Republic Financial

Institution verifies the Account Holder’s Global Intermediary

Identification Number on the published IRS FFI list, then the account

is not a U.S. Reportable Account.

3. Determine Whether a Financial Institution Is a Nonparticipating

Financial Institution Payments to Which Are Subject to Aggregate

Reporting Under Subparagraph 1(b) of Article 4 of the Agreement.

a) Subject to subparagraph D(3)(b) of this section, a Reporting

Hellenic Republic Financial Institution may determine that the Account

Holder is a Hellenic Republic Financial Institution or other Partner

Jurisdiction Financial Institution if the Reporting Hellenic Republic

Financial Institution reasonably determines that the Account Holder

has such status on the basis of the Account Holder’s Global

Intermediary Identification Number on the published IRS FFI list or

Annex I –11

other information that is publicly available or in the possession of the

Reporting Hellenic Republic Financial Institution, as applicable. In

such case, no further review, identification, or reporting is required

with respect to the account.

b) If the Account Holder is a Hellenic Republic Financial

Institution or other Partner Jurisdiction Financial Institution treated by

the IRS as a Nonparticipating Financial Institution, then the account is

not a U.S. Reportable Account, but payments to the Account Holder

must be reported as contemplated in subparagraph 1(b) of Article 4 of

the Agreement.

c) If the Account Holder is not a Hellenic Republic Financial

Institution or other Partner Jurisdiction Financial Institution, then the

Reporting Hellenic Republic Financial Institution must treat the

Account Holder as a Nonparticipating Financial Institution payments

to which are reportable under subparagraph 1(b) of Article 4 of the

Agreement, unless the Reporting Hellenic Republic Financial

Institution:

(1) Obtains a self-certification (which may be on an IRS

Form W-8 or similar agreed form) from the Account Holder

that it is a certified deemed-compliant FFI, or an exempt

beneficial owner, as those terms are defined in relevant U.S.

Treasury Regulations; or

(2) In the case of a participating FFI or registered deemed-

compliant FFI, verifies the Account Holder’s Global

Intermediary Identification Number on the published IRS FFI

list.

4. Determine Whether an Account Held by an NFFE Is a U.S.

Reportable Account. With respect to an Account Holder of a Preexisting

Entity Account that is not identified as either a U.S. Person or a Financial

Institution, the Reporting Hellenic Republic Financial Institution must identify

(i) whether the Account Holder has Controlling Persons, (ii) whether the

Account Holder is a Passive NFFE, and (iii) whether any of the Controlling

Persons of the Account Holder is a U.S. citizen or resident. In making these

determinations the Reporting Hellenic Republic Financial Institution must

follow the guidance in subparagraphs D(4)(a) through D(4)(d) of this section

in the order most appropriate under the circumstances.

a) For purposes of determining the Controlling Persons of an

Account Holder, a Reporting Hellenic Republic Financial Institution

may rely on information collected and maintained pursuant to

AML/KYC Procedures.

b) For purposes of determining whether the Account Holder is a

Passive NFFE, the Reporting Hellenic Republic Financial Institution

must obtain a self-certification (which may be on an IRS Form W-8 or

Annex I –12

W-9, or on a similar agreed form) from the Account Holder to establish

its status, unless it has information in its possession or that is publicly

available, based on which it can reasonably determine that the Account

Holder is an Active NFFE.

c) For purposes of determining whether a Controlling Person of a

Passive NFFE is a U.S. citizen or resident for tax purposes, a

Reporting Hellenic Republic Financial Institution may rely on:

(1) Information collected and maintained pursuant to

AML/KYC Procedures in the case of a Preexisting Entity

Account held by one or more NFFEs with an account balance

or value that does not exceed $1,000,000; or

(2) A self-certification (which may be on an IRS Form W-8

or W-9, or on a similar agreed form) from the Account Holder

or such Controlling Person in the case of a Preexisting Entity

Account held by one or more NFFEs with an account balance

or value that exceeds $1,000,000.

d) If any Controlling Person of a Passive NFFE is a U.S. citizen or

resident, the account shall be treated as a U.S. Reportable Account.

E. Timing of Review and Additional Procedures Applicable to Preexisting

Entity Accounts.

1. Review of Preexisting Entity Accounts with an account balance or

value that exceeds $250,000 as of the Determination Date must be completed

within two years from the Determination Date.

2. Review of Preexisting Entity Accounts with an account balance or

value that does not exceed $250,000 as of the Determination Date, but exceeds

$1,000,000 as of December 31 of 2015 or any subsequent year, must be

completed within six months after the last day of the calendar year in which

the account balance or value exceeds $1,000,000.

3. If there is a change of circumstances with respect to a Preexisting

Entity Account that causes the Reporting Hellenic Republic Financial

Institution to know, or have reason to know, that the self-certification or other

documentation associated with an account is incorrect or unreliable, the

Reporting Hellenic Republic Financial Institution must redetermine the status

of the account in accordance with the procedures set forth in paragraph D of

this section.

V. New Entity Accounts. The following rules and procedures apply for purposes of

identifying U.S. Reportable Accounts and accounts held by Nonparticipating Financial

Institutions among Financial Accounts held by Entities and opened after the Determination

Date (“New Entity Accounts”).

Annex I –13

A. Entity Accounts Not Required to Be Reviewed, Identified or Reported.

Unless the Reporting Hellenic Republic Financial Institution elects otherwise, either

with respect to all New Entity Accounts or, separately, with respect to any clearly

identified group of such accounts, where the implementing rules in the Hellenic

Republic provide for such election, a credit card account or a revolving credit facility

treated as a New Entity Account is not required to be reviewed, identified, or reported,

provided that the Reporting Hellenic Republic Financial Institution maintaining such

account implements policies and procedures to prevent an account balance owed to

the Account Holder that exceeds $50,000.

B. Other New Entity Accounts. With respect to New Entity Accounts not

described in paragraph A of this section, the Reporting Hellenic Republic Financial

Institution must determine whether the Account Holder is: (i) a Specified U.S.

Person; (ii) a Hellenic Republic Financial Institution or other Partner Jurisdiction

Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt

beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or

(iv) an Active NFFE or Passive NFFE.

1. Subject to subparagraph B(2) of this section, a Reporting Hellenic

Republic Financial Institution may determine that the Account Holder is an

Active NFFE, a Hellenic Republic Financial Institution, or other Partner

Jurisdiction Financial Institution if the Reporting Hellenic Republic Financial

Institution reasonably determines that the Account Holder has such status on

the basis of the Account Holder’s Global Intermediary Identification Number

or other information that is publicly available or in the possession of the

Reporting Hellenic Republic Financial Institution, as applicable.

2. If the Account Holder is a Hellenic Republic Financial Institution or

other Partner Jurisdiction Financial Institution treated by the IRS as a

Nonparticipating Financial Institution, then the account is not a U.S.

Reportable Account, but payments to the Account Holder must be reported as

contemplated in subparagraph 1(b) of Article 4 of the Agreement.

3. In all other cases, a Reporting Hellenic Republic Financial Institution

must obtain a self-certification from the Account Holder to establish the

Account Holder’s status. Based on the self-certification, the following rules

apply:

a) If the Account Holder is a Specified U.S. Person, the Reporting

Hellenic Republic Financial Institution must treat the account as a U.S.

Reportable Account.

b) If the Account Holder is a Passive NFFE, the Reporting

Hellenic Republic Financial Institution must identify the Controlling

Persons as determined under AML/KYC Procedures, and must

determine whether any such person is a U.S. citizen or resident on the

basis of a self-certification from the Account Holder or such person. If

any such person is a U.S. citizen or resident, the Reporting Hellenic

Republic Financial Institution must treat the account as a U.S.

Reportable Account.

Annex I –14

c) If the Account Holder is: (i) a U.S. Person that is not a

Specified U.S. Person; (ii) subject to subparagraph B(3)(d) of this

section, a Hellenic Republic Financial Institution or other Partner

Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-

compliant FFI, or an exempt beneficial owner, as those terms are

defined in relevant U.S. Treasury Regulations; (iv) an Active NFFE; or

(v) a Passive NFFE none of the Controlling Persons of which is a U.S.

citizen or resident, then the account is not a U.S. Reportable Account,

and no reporting is required with respect to the account.

d) If the Account Holder is a Nonparticipating Financial

Institution (including a Hellenic Republic Financial Institution or other

Partner Jurisdiction Financial Institution treated by the IRS as a

Nonparticipating Financial Institution), then the account is not a U.S.

Reportable Account, but payments to the Account Holder must be

reported as contemplated in subparagraph 1(b) of Article 4 of the

Agreement.

VI. Special Rules and Definitions. The following additional rules and definitions apply

in implementing the due diligence procedures described above:

A. Reliance on Self-Certifications and Documentary Evidence. A Reporting

Hellenic Republic Financial Institution may not rely on a self-certification or

documentary evidence if the Reporting Hellenic Republic Financial Institution knows

or has reason to know that the self-certification or documentary evidence is incorrect

or unreliable.

B. Definitions. The following definitions apply for purposes of this Annex I.

1. AML/KYC Procedures. “AML/KYC Procedures” means the customer

due diligence procedures of a Reporting Hellenic Republic Financial

Institution pursuant to the anti-money laundering or similar requirements

of the Hellenic Republic to which such Reporting Hellenic Republic

Financial Institution is subject.

2. NFFE. An “NFFE” means any Non-U.S. Entity that is not an FFI as

defined in relevant U.S. Treasury Regulations or is an Entity described in

subparagraph B(4)(j) of this section, and also includes any Non-U.S.

Entity that is established in the Hellenic Republic or another Partner

Jurisdiction and that is not a Financial Institution.

3. Passive NFFE. A “Passive NFFE” means any NFFE that is not (i) an

Active NFFE, or (ii) a withholding foreign partnership or withholding

foreign trust pursuant to relevant U.S. Treasury Regulations.

4. Active NFFE. An “Active NFFE” means any NFFE that meets any of the

following criteria:

Annex I –15

a) Less than 50 percent of the NFFE’s gross income for the preceding

calendar year or other appropriate reporting period is passive

income and less than 50 percent of the assets held by the NFFE

during the preceding calendar year or other appropriate reporting

period are assets that produce or are held for the production of

passive income;

b) The stock of the NFFE is regularly traded on an established

securities market or the NFFE is a Related Entity of an Entity the

stock of which is regularly traded on an established securities

market;

c) The NFFE is organized in a U.S. Territory and all of the owners of

the payee are bona fide residents of that U.S. Territory;

d) The NFFE is a government (other than the U.S. government), a

political subdivision of such government (which, for the avoidance

of doubt, includes a state, province, county, or municipality), or a

public body performing a function of such government or a

political subdivision thereof, a government of a U.S. Territory, an

international organization, a non-U.S. central bank of issue, or an

Entity wholly owned by one or more of the foregoing;

e) Substantially all of the activities of the NFFE consist of holding (in

whole or in part) the outstanding stock of, or providing financing

and services to, one or more subsidiaries that engage in trades or

businesses other than the business of a Financial Institution, except

that an entity shall not qualify for NFFE status if the entity

functions (or holds itself out) as an investment fund, such as a

private equity fund, venture capital fund, leveraged buyout fund, or

any investment vehicle whose purpose is to acquire or fund

companies and then hold interests in those companies as capital

assets for investment purposes;

f) The NFFE is not yet operating a business and has no prior

operating history, but is investing capital into assets with the intent

to operate a business other than that of a Financial Institution,

provided that the NFFE shall not qualify for this exception after the

date that is 24 months after the date of the initial organization of

the NFFE;

g) The NFFE was not a Financial Institution in the past five years, and

is in the process of liquidating its assets or is reorganizing with the

intent to continue or recommence operations in a business other

than that of a Financial Institution;

h) The NFFE primarily engages in financing and hedging transactions

with, or for, Related Entities that are not Financial Institutions, and

does not provide financing or hedging services to any Entity that is

not a Related Entity, provided that the group of any such Related

Annex I –16

Entities is primarily engaged in a business other than that of a

Financial Institution;

i) The NFFE is an “excepted NFFE” as described in relevant U.S.

Treasury Regulations; or

j) The NFFE meets all of the following requirements:

i. It is established and operated in its jurisdiction of residence

exclusively for religious, charitable, scientific, artistic,

cultural, athletic, or educational purposes; or it is established

and operated in its jurisdiction of residence and it is a

professional organization, business league, chamber of

commerce, labor organization, agricultural or horticultural

organization, civic league or an organization operated

exclusively for the promotion of social welfare;

ii. It is exempt from income tax in its jurisdiction of residence;

iii. It has no shareholders or members who have a proprietary or

beneficial interest in its income or assets;

iv. The applicable laws of the NFFE’s jurisdiction of residence

or the NFFE’s formation documents do not permit any

income or assets of the NFFE to be distributed to, or applied

for the benefit of, a private person or non-charitable Entity

other than pursuant to the conduct of the NFFE’s charitable

activities, or as payment of reasonable compensation for

services rendered, or as payment representing the fair market

value of property which the NFFE has purchased; and

v. The applicable laws of the NFFE’s jurisdiction of residence

or the NFFE’s formation documents require that, upon the

NFFE’s liquidation or dissolution, all of its assets be

distributed to a governmental entity or other non-profit

organization, or escheat to the government of the NFFE’s

jurisdiction of residence or any political subdivision thereof.

5. Preexisting Account. A “Preexisting Account” means a Financial

Account maintained by a Reporting Financial Institution as of the

Determination Date.

6. Determination Date. The “Determination Date” means the date, which

may be prior to entry into force of this Agreement, on which the Treasury

Department determines not to apply withholding under section 1471 of the

U.S. Internal Revenue Code to Hellenic Republic Financial Institutions.

That date is: (a) June 30, 2014, in the case of (i) a jurisdiction that signed

an agreement with the United States to implement FATCA or facilitate

FATCA implementation on or before June 30, 2014, or (ii) a jurisdiction

that the Treasury Department determined reached such an agreement in

substance on or before June 30, 2014, and is included on the Treasury

Annex I –17

Department list of such jurisdictions, (b) November 30, 2014, in the case

of a jurisdiction that the Treasury Department determined reached such an

agreement in substance on or after July 1, 2014, and on or before

November 30, 2014, and is included on the Treasury Department list of

such jurisdictions, or (c) the date of signature of such an agreement, in the

case of any other jurisdiction. The Determination Date for the Hellenic

Republic is November 30, 2014.

C. Account Balance Aggregation and Currency Translation Rules.

1. Aggregation of Individual Accounts. For purposes of determining

the aggregate balance or value of Financial Accounts held by an individual, a

Reporting Hellenic Republic Financial Institution is required to aggregate all

Financial Accounts maintained by the Reporting Hellenic Republic Financial

Institution, or by a Related Entity, but only to the extent that the Reporting

Hellenic Republic Financial Institution’s computerized systems link the

Financial Accounts by reference to a data element such as client number or

taxpayer identification number, and allow account balances or values to be

aggregated. Each holder of a jointly held Financial Account shall be attributed

the entire balance or value of the jointly held Financial Account for purposes

of applying the aggregation requirements described in this paragraph 1.

2. Aggregation of Entity Accounts. For purposes of determining the

aggregate balance or value of Financial Accounts held by an Entity, a

Reporting Hellenic Republic Financial Institution is required to take into

account all Financial Accounts that are maintained by the Reporting Hellenic

Republic Financial Institution, or by a Related Entity, but only to the extent

that the Reporting Hellenic Republic Financial Institution’s computerized

systems link the Financial Accounts by reference to a data element such as

client number or taxpayer identification number, and allow account balances

or values to be aggregated.

3. Special Aggregation Rule Applicable to Relationship Managers.

For purposes of determining the aggregate balance or value of Financial

Accounts held by a person to determine whether a Financial Account is a High

Value Account, a Reporting Hellenic Republic Financial Institution is also

required, in the case of any Financial Accounts that a relationship manager

knows, or has reason to know, are directly or indirectly owned, controlled, or

established (other than in a fiduciary capacity) by the same person, to

aggregate all such accounts.

4. Currency Translation Rule. For purposes of determining the balance

or value of Financial Accounts denominated in a currency other than the U.S.

dollar, a Reporting Hellenic Republic Financial Institution must convert the

U.S. dollar threshold amounts described in this Annex I into such currency

using a published spot rate determined as of the last day of the calendar year

preceding the year in which the Reporting Hellenic Republic Financial

Institution is determining the balance or value.

Annex I –18

D. Documentary Evidence. For purposes of this Annex I, acceptable

documentary evidence includes any of the following:

1. A certificate of residence issued by an authorized government body

(for example, a government or agency thereof, or a municipality) of the

jurisdiction in which the payee claims to be a resident.

2. With respect to an individual, any valid identification issued by an

authorized government body (for example, a government or agency thereof, or

a municipality), that includes the individual’s name and is typically used for

identification purposes.

3. With respect to an Entity, any official documentation issued by an

authorized government body (for example, a government or agency thereof, or

a municipality) that includes the name of the Entity and either the address of

its principal office in the jurisdiction (or U.S. Territory) in which it claims to

be a resident or the jurisdiction (or U.S. Territory) in which the Entity was

incorporated or organized.

4. With respect to a Financial Account maintained in a jurisdiction with

anti-money laundering rules that have been approved by the IRS in connection

with a QI agreement (as described in relevant U.S. Treasury Regulations), any

of the documents, other than a Form W-8 or W-9, referenced in the

jurisdiction’s attachment to the QI agreement for identifying individuals or

Entities.

5. Any financial statement, third-party credit report, bankruptcy filing, or

U.S. Securities and Exchange Commission report.

E. Alternative Procedures for Financial Accounts Held by Individual

Beneficiaries of a Cash Value Insurance Contract. A Reporting Hellenic Republic

Financial Institution may presume that an individual beneficiary (other than the

owner) of a Cash Value Insurance Contract receiving a death benefit is not a Specified

U.S. Person and may treat such Financial Account as other than a U.S. Reportable

Account unless the Reporting Hellenic Republic Financial Institution has actual

knowledge, or reason to know, that the beneficiary is a Specified U.S. Person. A

Reporting Hellenic Republic Financial Institution has reason to know that a

beneficiary of a Cash Value Insurance Contract is a Specified U.S. Person if the

information collected by the Reporting Hellenic Republic Financial Institution and

associated with the beneficiary contains U.S. indicia as described in subparagraph

(B)(1) of section II of this Annex I. If a Reporting Hellenic Republic Financial

Institution has actual knowledge, or reason to know, that the beneficiary is a Specified

U.S. Person, the Reporting Hellenic Republic Financial Institution must follow the

procedures in subparagraph B(3) of section II of this Annex I.

F. Reliance on Third Parties. Regardless of whether an election is made under

paragraph C of section I of this Annex I, the Hellenic Republic may permit Reporting

Hellenic Republic Financial Institutions to rely on due diligence procedures

performed by third parties, to the extent provided in relevant U.S. Treasury

Regulations.

Annex I –19

G. Alternative Procedures for New Accounts Opened Prior to Entry Into

Force of this Agreement.

1. Applicability. If the Hellenic Republic has provided a written notice

to the United States prior to entry into force of this Agreement that, as of the

Determination Date, the Hellenic Republic lacked the legal authority to

require Reporting Hellenic Republic Financial Institutions either: (i) to require

Account Holders of New Individual Accounts to provide the self-certification

specified in section III of this Annex I, or (ii) to perform all the due diligence

procedures related to New Entity Accounts specified in section V of this

Annex I, then Reporting Hellenic Republic Financial Institutions may apply

the alternative procedures described in subparagraph G(2) of this section, as

applicable, to such New Accounts, in lieu of the procedures otherwise required

under this Annex I. The alternative procedures described in subparagraph

G(2) of this section shall be available only for those New Individual Accounts

or New Entity Accounts, as applicable, opened prior to the earlier of: (i) the

date the Hellenic Republic has the ability to compel Reporting Hellenic

Republic Financial Institutions to comply with the due diligence procedures

described in section III or section V of this Annex I, as applicable, which date

the Hellenic Republic shall inform the United States of in writing by the date

of entry into force of this Agreement, or (ii) the date of entry into force of this

Agreement. If the alternative procedures for New Entity Accounts opened

after the Determination Date, and before January 1, 2015, described in

paragraph H of this section are applied with respect to all New Entity

Accounts or a clearly identified group of such accounts, the alternative

procedures described in this paragraph G may not be applied with respect to

such New Entity Accounts. For all other New Accounts, Reporting Hellenic

Republic Financial Institutions must apply the due diligence procedures

described in section III or section V of this Annex I, as applicable, to

determine if the account is a U.S. Reportable Account or an account held by a

Nonparticipating Financial Institution.

2. Alternative Procedures.

a) Within one year after the date of entry into force of this

Agreement, Reporting Hellenic Republic Financial Institutions must:

(i) with respect to a New Individual Account described in

subparagraph G(1) of this section, request the self-certification

specified in section III of this Annex I and confirm the reasonableness

of such self-certification consistent with the procedures described in

section III of this Annex I, and (ii) with respect to a New Entity

Account described in subparagraph G(1) of this section, perform the

due diligence procedures specified in section V of this Annex I and

request information as necessary to document the account, including

any self-certification, required by section V of this Annex I.

b) The Hellenic Republic must report on any New Account that is

identified pursuant to subparagraph G(2)(a) of this section as a U.S.

Reportable Account or as an account held by a Nonparticipating

Annex I –20

Financial Institution, as applicable, by the date that is the later of: (i)

September 30 next following the date that the account is identified as a

U.S. Reportable Account or as an account held by a Nonparticipating

Financial Institution, as applicable, or (ii) 90 days after the account is

identified as a U.S. Reportable Account or as an account held by a

Nonparticipating Financial Institution, as applicable. The information

required to be reported with respect to such a New Account is any

information that would have been reportable under this Agreement if

the New Account had been identified as a U.S. Reportable Account or

as an account held by a Nonparticipating Financial Institution, as

applicable, as of the date the account was opened.

c) By the date that is one year after the date of entry into force of

this Agreement, Reporting Hellenic Republic Financial Institutions

must close any New Account described in subparagraph G(1) of this

section for which it was unable to collect the required self-certification

or other documentation pursuant to the procedures described in

subparagraph G(2)(a) of this section. In addition, by the date that is

one year after the date of entry into force of this Agreement, Reporting

Hellenic Republic Financial Institutions must: (i) with respect to such

closed accounts that prior to such closure were New Individual

Accounts (without regard to whether such accounts were High Value

Accounts), perform the due diligence procedures specified in

paragraph D of section II of this Annex I, or (ii) with respect to such

closed accounts that prior to such closure were New Entity Accounts,

perform the due diligence procedures specified in section IV of this

Annex I.

d) The Hellenic Republic must report on any closed account that

is identified pursuant to subparagraph G(2)(c) of this section as a U.S.

Reportable Account or as an account held by a Nonparticipating

Financial Institution, as applicable, by the date that is the later of: (i)

September 30 next following the date that the account is identified as a

U.S. Reportable Account or as an account held by a Nonparticipating

Financial Institution, as applicable, or (ii) 90 days after the account is

identified as a U.S. Reportable Account or as an account held by a

Nonparticipating Financial Institution, as applicable. The information

required to be reported for such a closed account is any information

that would have been reportable under this Agreement if the account

had been identified as a U.S. Reportable Account or as an account held

by a Nonparticipating Financial Institution, as applicable, as of the date

the account was opened.

H. Alternative Procedures for New Entity Accounts Opened after the

Determination Date, and before January 1, 2015. For New Entity Accounts

opened after the Determination Date, and before January 1, 2015, either with respect

to all New Entity Accounts or, separately, with respect to any clearly identified group

of such accounts, the Hellenic Republic may permit Reporting Hellenic Republic

Financial Institutions to treat such accounts as Preexisting Entity Accounts and apply

the due diligence procedures related to Preexisting Entity Accounts specified in

Annex I –21

section IV of this Annex I in lieu of the due diligence procedures specified in section

V of this Annex I. In this case, the due diligence procedures of section IV of this

Annex I must be applied without regard to the account balance or value threshold

specified in paragraph A of section IV of this Annex I.

Annex II – 1

ANNEX II

The following Entities shall be treated as exempt beneficial owners or deemed-compliant FFIs, as

the case may be, and the following accounts are excluded from the definition of Financial Accounts.

This Annex II may be modified by a mutual written decision entered into between the Competent

Authorities of the Hellenic Republic and the United States: (1) to include additional Entities and

accounts that present a low risk of being used by U.S. Persons to evade U.S. tax and that have

similar characteristics to the Entities and accounts described in this Annex II as of the date of

signature of the Agreement; or (2) to remove Entities and accounts that, due to changes in

circumstances, no longer present a low risk of being used by U.S. Persons to evade U.S. tax. Any

such addition or removal shall be effective on the date of signature of the mutual decision, unless

otherwise provided therein. Procedures for reaching such a mutual decision may be included in the

mutual agreement or arrangement described in paragraph 6 of Article 3 of the Agreement.

I. Exempt Beneficial Owners other than Funds. The following Entities shall be treated as

Non-Reporting Hellenic Republic Financial Institutions and as exempt beneficial owners for

purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, other than with

respect to a payment that is derived from an obligation held in connection with a commercial

financial activity of a type engaged in by a Specified Insurance Company, Custodial

Institution, or Depository Institution.

A. Governmental Entity. The government of the Hellenic Republic, any political

subdivision of the Hellenic Republic (which, for the avoidance of doubt, includes a state,

province, county, or municipality), or any wholly owned agency or instrumentality of the

Hellenic Republic or any one or more of the foregoing (each, a “Hellenic Republic

Governmental Entity”). This category is comprised of the integral parts, controlled

entities, and political subdivisions of the Hellenic Republic.

1. An integral part of the Hellenic Republic means any person, organization, agency,

bureau, fund, instrumentality, or other body, however designated, that constitutes a

governing authority of the Hellenic Republic. The net earnings of the governing

authority must be credited to its own account or to other accounts of the Hellenic

Republic, with no portion inuring to the benefit of any private person. An integral

part does not include any individual who is a sovereign, official, or administrator

acting in a private or personal capacity.

2. A controlled entity means an Entity that is separate in form from the Hellenic

Republic or that otherwise constitutes a separate juridical entity, provided that:

a) The Entity is wholly owned and controlled by one or more Hellenic Republic

Governmental Entities directly or through one or more controlled entities;

b) The Entity’s net earnings are credited to its own account or to the accounts of one

or more Hellenic Republic Governmental Entities, with no portion of its income

inuring to the benefit of any private person; and

c) The Entity’s assets vest in one or more Hellenic Republic Governmental Entities

Annex II – 2

upon dissolution.

3. Income does not inure to the benefit of private persons if such persons are the

intended beneficiaries of a governmental program, and the program activities are

performed for the general public with respect to the common welfare or relate to the

administration of some phase of government. Notwithstanding the foregoing,

however, income is considered to inure to the benefit of private persons if the income

is derived from the use of a governmental entity to conduct a commercial business,

such as a commercial banking business, that provides financial services to private

persons.

B. International Organization. Any international organization or wholly owned agency or

instrumentality thereof. This category includes any intergovernmental organization

(including a supranational organization) (1) that is comprised primarily of non-U.S.

governments; (2) that has in effect a headquarters agreement with the Hellenic Republic;

and (3) the income of which does not inure to the benefit of private persons.

C. Central Bank. An institution that is by law or government sanction the principal

authority, other than the government of the Hellenic Republic itself, issuing instruments

intended to circulate as currency. Such an institution may include an instrumentality that

is separate from the government of the Hellenic Republic, whether or not owned in

whole or in part by the Hellenic Republic.

II. Funds that Qualify as Exempt Beneficial Owners. The following Entities shall be treated

as Non-Reporting Hellenic Republic Financial Institutions and as exempt beneficial owners

for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code.

A. Broad Participation Retirement Fund. A fund established in the Hellenic Republic to

provide retirement, disability, or death benefits, or any combination thereof, to

beneficiaries that are current or former employees (or persons designated by such

employees) of one or more employers in consideration for services rendered, provided

that the fund:

1. Does not have a single beneficiary with a right to more than five percent of the fund’s

assets;

2. Is subject to government regulation and provides information reporting to the tax

authorities in the Hellenic Republic; and

3. Satisfies at least one of the following requirements:

a) The fund is generally exempt from tax in the Hellenic Republic on investment

income under the laws of the Hellenic Republic due to its status as a retirement or

pension plan;

b) The fund receives at least 50 percent of its total contributions (other than transfers

of assets from other plans described in paragraphs A through C of this section or

from retirement and pension accounts described in subparagraph A(1) of section

V of this Annex II) from the sponsoring employers;

c) Distributions or withdrawals from the fund are allowed only upon the occurrence

Annex II – 3

of specified events related to retirement, disability, or death (except rollover

distributions to other retirement funds described in paragraphs A through C of

this section or retirement and pension accounts described in subparagraph A(1) of

section V of this Annex II), or penalties apply to distributions or withdrawals

made before such specified events; or

d) Contributions (other than certain permitted make-up contributions) by employees

to the fund are limited by reference to earned income of the employee or may not

exceed $50,000 annually, applying the rules set forth in Annex I for account

aggregation and currency translation.

Β. Narrow Participation Retirement Fund. A fund established in the Hellenic Republic to

provide retirement, disability, or death benefits to beneficiaries that are current or former

employees (or persons designated by such employees) of one or more employers in

consideration for services rendered, provided that:

1. The fund has fewer than 50 participants;

2. The fund is sponsored by one or more employers that are not Investment Entities or

Passive NFFEs;

3. The employee and employer contributions to the fund (other than retirement and

pension accounts described in subparagraph A(1) of section V of this Annex II) are

limited by reference to earned income and compensation of the employee,

respectively;

4. Participants that are not residents of the Hellenic Republic are not entitled to more

than 20 percent of the fund’s assets; and

5. The fund is subject to government regulation and provides information reporting to

the tax authorities in the Hellenic Republic.

C. Pension Fund of an Exempt Beneficial Owner. A fund established in the Hellenic

Republic by an exempt beneficial owner to provide retirement, disability, or death

benefits to beneficiaries or participants that are current or former employees of the

exempt beneficial owner (or persons designated by such employees), or that are not

current or former employees, if the benefits provided to such beneficiaries or participants

are in consideration of personal services performed for the exempt beneficial owner.

D. Investment Entity Wholly Owned by Exempt Beneficial Owners.

An Entity that is a

Hellenic Republic Financial Institution solely because it is an Investment Entity,

provided that each direct holder of an Equity Interest in the Entity is an exempt

beneficial owner, and each direct holder of a debt interest in such Entity is either a

Depository Institution (with respect to a loan made to such Entity) or an exempt

beneficial owner.

Annex II – 4

III. Small or Limited Scope Financial Institutions that Qualify as Deemed-Compliant FFIs.

The following Financial Institutions are Non-Reporting Hellenic Republic Financial

Institutions that shall be treated as deemed-compliant FFIs for purposes of section 1471 of

the U.S. Internal Revenue Code.

A. Financial Institution with a Local Client Base. A Financial Institution satisfying the

following requirements:

1. The Financial Institution must be licensed and regulated as a financial institution

under the laws of the Hellenic Republic;

2. The Financial Institution must have no fixed place of business outside of the Hellenic

Republic. For this purpose, a fixed place of business does not include a location that

is not advertised to the public and from which the Financial Institution performs

solely administrative support functions;

3. The Financial Institution must not solicit customers or Account Holders outside the

Hellenic Republic. For this purpose, a Financial Institution shall not be considered to

have solicited customers or Account Holders outside the Hellenic Republic merely

because the Financial Institution (a) operates a website, provided that the website

does not specifically indicate that the Financial Institution provides Financial

Accounts or services to nonresidents, and does not otherwise target or solicit U.S.

customers or Account Holders, or (b) advertises in print media or on a radio or

television station that is distributed or aired primarily within the Hellenic Republic

but is also incidentally distributed or aired in other countries, provided that the

advertisement does not specifically indicate that the Financial Institution provides

Financial Accounts or services to nonresidents, and does not otherwise target or

solicit U.S. customers or Account Holders;

4. The Financial Institution must be required under the laws of the Hellenic Republic to

identify resident Account Holders for purposes of either information reporting or

withholding of tax with respect to Financial Accounts held by residents or for

purposes of satisfying the Hellenic Republic’s AML due diligence requirements;

5. At least 98 percent of the Financial Accounts by value maintained by the Financial

Institution must be held by residents (including residents that are Entities) of the

Hellenic Republic or a Member State of the European Union;

6. By the later of the Determination Date, or the date that the Financial Institution

claims treatment as a deemed-compliant FFI pursuant to this paragraph A, the

Financial Institution must have policies and procedures, consistent with those set

forth in Annex I, to prevent the Financial Institution from providing a Financial

Account to any Nonparticipating Financial Institution and to monitor whether the

Financial Institution opens or maintains a Financial Account for any Specified U.S.

Person who is not a resident of the Hellenic Republic (including a U.S. Person that

was a resident of the Hellenic Republic when the Financial Account was opened but

subsequently ceases to be a resident of the Hellenic Republic) or any Passive NFFE

with Controlling Persons who are U.S. residents or U.S. citizens who are not

residents of the Hellenic Republic;

Annex II – 5

7. Such policies and procedures must provide that if any Financial Account held by a

Specified U.S. Person who is not a resident of the Hellenic Republic or by a Passive

NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not

residents of the Hellenic Republic is identified, the Financial Institution must report

such Financial Account as would be required if the Financial Institution were a

Reporting Hellenic Republic Financial Institution (including by following the

applicable registration requirements on the IRS FATCA registration website) or close

such Financial Account;

8. With respect to a Preexisting Account held by an individual who is not a resident of

the Hellenic Republic or by an Entity, the Financial Institution must review those

Preexisting Accounts in accordance with the procedures set forth in Annex I

applicable to Preexisting Accounts to identify any U.S. Reportable Account or

Financial Account held by a Nonparticipating Financial Institution, and must report

such Financial Account as would be required if the Financial Institution were a

Reporting Hellenic Republic Financial Institution (including by following the

applicable registration requirements on the IRS FATCA registration website) or close

such Financial Account;

9. Each Related Entity of the Financial Institution that is a Financial Institution must be

incorporated or organized in the Hellenic Republic and, with the exception of any

Related Entity that is a retirement fund described in paragraphs A through C of

section II of this Annex II, satisfy the requirements set forth in this paragraph A; and

10. The Financial Institution must not have policies or practices that discriminate against

opening or maintaining Financial Accounts for individuals who are Specified U.S.

Persons and residents of the Hellenic Republic.

B. Local Bank. A Financial Institution satisfying the following requirements:

1. The Financial Institution operates solely as (and is licensed and regulated under the

laws of the Hellenic Republic as) (a) a bank or (b) a credit union or similar

cooperative credit organization that is operated without profit;

2. The Financial Institution’s business consists primarily of receiving deposits from and

making loans to, with respect to a bank, unrelated retail customers and, with respect

to a credit union or similar cooperative credit organization, members, provided that

no member has a greater than five percent interest in such credit union or cooperative

credit organization;

3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2)

and A(3) of this section, provided that, in addition to the limitations on the website

described in subparagraph A(3) of this section, the website does not permit the

opening of a Financial Account;

4. The Financial Institution does not have more than $175 million in assets on its

balance sheet, and the Financial Institution and any Related Entities, taken together,

do not have more than $500 million in total assets on their consolidated or combined

balance sheets; and

5. Any Related Entity must be incorporated or organized in the Hellenic Republic, and

any Related Entity that is a Financial Institution, with the exception of any Related

Entity that is a retirement fund described in paragraphs A through C of section II of

Annex II – 6

this Annex II or a Financial Institution with only low-value accounts described in

paragraph C of this section, must satisfy the requirements set forth in this paragraph

C. Financial Institution with Only Low-Value Accounts. A Hellenic Republic Financial

Institution satisfying the following requirements:

1. The Financial Institution is not an Investment Entity;

2. No Financial Account maintained by the Financial Institution or any Related Entity

has a balance or value in excess of $50,000, applying the rules set forth in Annex I

for account aggregation and currency translation; and

3. The Financial Institution does not have more than $50 million in assets on its balance

sheet, and the Financial Institution and any Related Entities, taken together, do not

have more than $50 million in total assets on their consolidated or combined balance

sheets.

D. Qualified Credit Card Issuer. A Hellenic Republic Financial Institution satisfying the

following requirements:

1. The Financial Institution is a Financial Institution solely because it is an issuer of

credit cards that accepts deposits only when a customer makes a payment in excess of

a balance due with respect to the card and the overpayment is not immediately

returned to the customer; and

2. By the later of the Determination Date, or the date that the Financial Institution

claims treatment as a deemed-compliant FFI pursuant to this paragraph D, the

Financial Institution implements policies and procedures to either prevent a customer

deposit in excess of $50,000, or to ensure that any customer deposit in excess of

$50,000, in each case applying the rules set forth in Annex I for account aggregation

and currency translation, is refunded to the customer within 60 days. For this

purpose, a customer deposit does not refer to credit balances to the extent of disputed

charges but does include credit balances resulting from merchandise returns.

IV. Investment Entities that Qualify as Deemed-Compliant FFIs and Other Special Rules.

The Financial Institutions described in paragraphs A through E of this section are Non-

Reporting Hellenic Republic Financial Institutions that shall be treated as deemed-compliant

FFIs for purposes of section 1471 of the U.S. Internal Revenue Code. In addition, paragraph

F of this section provides special rules applicable to an Investment Entity.

A. Trustee-Documented Trust. A trust established under the laws of the Hellenic Republic

to the extent that the trustee of the trust is a Reporting U.S. Financial Institution,

Reporting Model 1 FFI, or Participating FFI and the trustee reports all information

required to be reported pursuant to the Agreement as would be required if the trust were

a Reporting Hellenic Republic Financial Institution (including by following the

applicable registration requirements on the IRS FATCA registration website).

B. Sponsored Investment Entity and Controlled Foreign Corporation. A Financial

Institution described in subparagraph B(1) or B(2) of this section having a sponsoring

Annex II – 7

entity that complies with the requirements of subparagraph B(3) of this section.

1. A Financial Institution is a sponsored investment entity if (a) it is an Investment

Entity established in the Hellenic Republic that is not a qualified intermediary,

withholding foreign partnership, or withholding foreign trust pursuant to relevant

U.S. Treasury Regulations; and (b) an Entity has agreed with the Financial Institution

to act as a sponsoring entity for the Financial Institution.

2. A Financial Institution is a sponsored controlled foreign corporation if (a) the

Financial Institution is a controlled foreign corporation

organized under the laws of

the Hellenic Republic that is not a qualified intermediary, withholding foreign

partnership, or withholding foreign trust pursuant to relevant U.S. Treasury

Regulations; (b) the Financial Institution is wholly owned, directly or indirectly, by a

Reporting U.S. Financial Institution that agrees to act, or requires an affiliate of the

Financial Institution to act, as a sponsoring entity for the Financial Institution; and (c)

the Financial Institution shares a common electronic account system with the

sponsoring entity that enables the sponsoring entity to identify all Account Holders

and payees of the Financial Institution and to access all account and customer

information maintained by the Financial Institution including, but not limited to,

customer identification information, customer documentation, account balance, and

all payments made to the Account Holder or payee.

3. The sponsoring entity complies with the following requirements:

a) The sponsoring entity is authorized to act on behalf of the Financial Institution

(such as a fund manager, trustee, corporate director, or managing partner) to

fulfill applicable registration requirements on the IRS FATCA registration

website;

b) The sponsoring entity has registered as a sponsoring entity with the IRS on the

IRS FATCA registration website;

c) If the sponsoring entity identifies any U.S. Reportable Accounts with respect to

the Financial Institution, the sponsoring entity registers the Financial Institution

pursuant to applicable registration requirements on the IRS FATCA registration

website on or before the later of December 31, 2016 and the date that is 90 days

after such a U.S. Reportable Account is first identified;

d) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all

due diligence, withholding, reporting, and other requirements that the Financial

Institution would have been required to perform if it were a Reporting Hellenic

Republic Financial Institution;

e) The sponsoring entity identifies the Financial Institution and includes the

A “controlled foreign corporation” means any foreign corporation if more than 50 percent of the total combined

voting power of all classes of stock of such corporation entitled to vote, or the total value of the stock of such

corporation, is owned, or is considered as owned, by “United States shareholders” on any day during the taxable

year of such foreign corporation. The term a “United States shareholder” means, with respect to any foreign

corporation, a United States person who owns, or is considered as owning, 10 percent or more of the total combined

voting power of all classes of stock entitled to vote of such foreign corporation.

Annex II – 8

identifying number of the Financial Institution (obtained by following applicable

registration requirements on the IRS FATCA registration website) in all reporting

completed on the Financial Institution’s behalf; and

f) The sponsoring entity has not had its status as a sponsor revoked.

C. Sponsored, Closely Held Investment Vehicle. A Hellenic Republic Financial

Institution satisfying the following requirements:

1. The Financial Institution is a Financial Institution solely because it is an Investment

Entity and is not a qualified intermediary, withholding foreign partnership, or

withholding foreign trust pursuant to relevant U.S. Treasury Regulations;

2. The sponsoring entity is a Reporting U.S. Financial Institution, Reporting Model 1

FFI, or Participating FFI, is authorized to act on behalf of the Financial Institution

(such as a professional manager, trustee, or managing partner), and agrees to

perform, on behalf of the Financial Institution, all due diligence, withholding,

reporting, and other requirements that the Financial Institution would have been

required to perform if it were a Reporting Hellenic Republic Financial Institution;

3. The Financial Institution does not hold itself out as an investment vehicle for

unrelated parties;

4. Twenty or fewer individuals own all of the debt interests and Equity Interests in the

Financial Institution (disregarding debt interests owned by Participating FFIs and

deemed-compliant FFIs and Equity Interests owned by an Entity if that Entity owns

100 percent of the Equity Interests in the Financial Institution and is itself a

sponsored Financial Institution described in this paragraph C); and

5. The sponsoring entity complies with the following requirements:

a) The sponsoring entity has registered as a sponsoring entity with the IRS on the

IRS FATCA registration website;

b) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all

due diligence, withholding, reporting, and other requirements that the Financial

Institution would have been required to perform if it were a Reporting Hellenic

Republic Financial Institution and retains documentation collected with respect to

the Financial Institution for a period of six years;

c) The sponsoring entity identifies the Financial Institution in all reporting

completed on the Financial Institution’s behalf; and

d) The sponsoring entity has not had its status as a sponsor revoked.

D. Investment Advisors and Investment Managers. An Investment Entity established in

the Hellenic Republic that is a Financial Institution solely because it (1) renders

investment advice to, and acts on behalf of, or (2) manages portfolios for, and acts on

behalf of, a customer for the purposes of investing, managing, or administering funds

deposited in the name of the customer with a Financial Institution other than a

Annex II – 9

Nonparticipating Financial Institution.

E. Collective Investment Vehicle. An Investment Entity established in the Hellenic

Republic that is regulated as a collective investment vehicle, provided that all of the

interests in the collective investment vehicle (including debt interests in excess of

$50,000) are held by or through one or more exempt beneficial owners, Active NFFEs

described in subparagraph B(4) of section VI of Annex I, U.S. Persons that are not

Specified U.S. Persons, or Financial Institutions that are not Nonparticipating Financial

Institutions.

F. Special Rules. The following rules apply to an Investment Entity:

1. With respect to interests in an Investment Entity that is a collective investment

vehicle described in paragraph E of this section, the reporting obligations of any

Investment Entity (other than a Financial Institution through which interests in the

collective investment vehicle are held) shall be deemed fulfilled.

2. With respect to interests in:

a) An Investment Entity established in a Partner Jurisdiction that is regulated as a

collective investment vehicle, all of the interests in which (including debt

interests in excess of $50,000) are held by or through one or more exempt

beneficial owners, Active NFFEs described in subparagraph B(4) of section VI of

Annex I, U.S. Persons that are not Specified U.S. Persons, or Financial

Institutions that are not Nonparticipating Financial Institutions; or

b) An Investment Entity that is a qualified collective investment vehicle under

relevant U.S. Treasury Regulations;

the reporting obligations of any Investment Entity that is a Hellenic Republic

Financial Institution (other than a Financial Institution through which interests in the

collective investment vehicle are held) shall be deemed fulfilled.

3. With respect to interests in an Investment Entity established in the Hellenic Republic

that is not described in paragraph E or subparagraph F(2) of this section, consistent

with paragraph 3 of Article 5 of the Agreement, the reporting obligations of all other

Investment Entities with respect to such interests shall be deemed fulfilled if the

information required to be reported by the first-mentioned Investment Entity pursuant

to the Agreement with respect to such interests is reported by such Investment Entity

or another person.

4. An Investment Entity established in the Hellenic Republic that is regulated as a

collective investment vehicle shall not fail to qualify under paragraph E or

subparagraph F(2) of this section, or otherwise as a deemed-compliant FFI, solely

because the collective investment vehicle has issued physical shares in bearer form,

provided that:

a) The collective investment vehicle has not issued, and does not issue, any physical

shares in bearer form after December 31, 2012;

b) The collective investment vehicle retires all such shares upon surrender;

Annex II – 10

c) The collective investment vehicle (or a Reporting Hellenic Republic Financial

Institution) performs the due diligence procedures set forth in Annex I and reports

any information required to be reported with respect to any such shares when

such shares are presented for redemption or other payment; and

d) The collective investment vehicle has in place policies and procedures to ensure

that such shares are redeemed or immobilized as soon as possible, and in any

event prior to January 1, 2017.

V. Accounts Excluded from Financial Accounts. The following accounts are excluded from

the definition of Financial Accounts and therefore shall not be treated as U.S. Reportable

Accounts.

A. Certain Savings Accounts.

1. Retirement and Pension Account. A retirement or pension account maintained in the

Hellenic Republic that satisfies the following requirements under the laws of the

Hellenic Republic.

a) The account is subject to regulation as a personal retirement account or is part of

a registered or regulated retirement or pension plan for the provision of retirement

or pension benefits (including disability or death benefits);

b) The account is tax-favored (i.e., contributions to the account that would otherwise

be subject to tax under the laws of the Hellenic Republic are deductible or

excluded from the gross income of the account holder or taxed at a reduced rate,

or taxation of investment income from the account is deferred or taxed at a

reduced rate);

c) Annual information reporting is required to the tax authorities in the Hellenic

Republic with respect to the account;

d) Withdrawals are conditioned on reaching a specified retirement age, disability, or

death, or penalties apply to withdrawals made before such specified events; and

e) Either (i) annual contributions are either limited to $50,000 or less or do not

exceed $50,000, or (ii) there is a maximum lifetime contribution limit to the

account of $1,000,000 or less, in each case applying the rules set forth in Annex I

for account aggregation and currency translation.

2. Non-Retirement Savings Accounts. An account maintained in the Hellenic Republic

(other than an insurance or Annuity Contract) that satisfies the following

requirements under the laws of the Hellenic Republic.

a) The account is subject to regulation as a savings vehicle for purposes other than

for retirement;

b) The account is tax-favored (i.e., contributions to the account that would otherwise

be subject to tax under the laws of the Hellenic Republic are deductible or

excluded from the gross income of the account holder or taxed at a reduced rate,

or taxation of investment income from the account is deferred or taxed at a

Annex II – 11

reduced rate);

c) Withdrawals are conditioned on meeting specific criteria related to the purpose of

the savings account (for example, the provision of educational or medical

benefits), or penalties apply to withdrawals made before such criteria are met;

and

d) Annual contributions are limited to $50,000 or less, applying the rules set forth in

Annex I for account aggregation and currency translation.

B. Certain Term Life Insurance Contracts. A life insurance contract maintained in the

Hellenic Republic with a coverage period that will end before the insured individual

attains age 90, provided that the contract satisfies the following requirements:

1. Periodic premiums, which do not decrease over time, are payable at least annually

during the period the contract is in existence or until the insured attains age 90,

whichever is shorter;

2. The contract has no contract value that any person can access (by withdrawal, loan,

or otherwise) without terminating the contract;

3. The amount (other than a death benefit) payable upon cancellation or termination of

the contract cannot exceed the aggregate premiums paid for the contract, less the sum

of mortality, morbidity, and expense charges (whether or not actually imposed) for

the period or periods of the contract’s existence and any amounts paid prior to the

cancellation or termination of the contract; and

4. The contract is not held by a transferee for value.

C. Account Held By an Estate. An account maintained in the Hellenic Republic that is

held solely by an estate if the documentation for such account includes a copy of the

deceased’s will or death certificate.

D. Escrow Accounts. An account maintained in the Hellenic Republic established in

connection with any of the following:

1. A court order or judgment.

2. A sale, exchange, or lease of real or personal property, provided that the account

satisfies the following requirements:

a) The account is funded solely with a down payment, earnest money, deposit in an

amount appropriate to secure an obligation directly related to the transaction, or a

similar payment, or is funded with a financial asset that is deposited in the

account in connection with the sale, exchange, or lease of the property;

b) The account is established and used solely to secure the obligation of the

purchaser to pay the purchase price for the property, the seller to pay any

contingent liability, or the lessor or lessee to pay for any damages relating to the

leased property as agreed under the lease;

c) The assets of the account, including the income earned thereon, will be paid or

Annex II – 12

otherwise distributed for the benefit of the purchaser, seller, lessor, or lessee

(including to satisfy such person’s obligation) when the property is sold,

exchanged, or surrendered, or the lease terminates;

d) The account is not a margin or similar account established in connection with a

sale or exchange of a financial asset; and

e) The account is not associated with a credit card account.

3. An obligation of a Financial Institution servicing a loan secured by real property to

set aside a portion of a payment solely to facilitate the payment of taxes or insurance

related to the real property at a later time.

4. An obligation of a Financial Institution solely to facilitate the payment of taxes at a

later time.

E. Partner Jurisdiction Accounts. An account maintained in the Hellenic Republic and

excluded from the definition of Financial Account under an agreement between the

United States and another Partner Jurisdiction to facilitate the implementation of

FATCA, provided that such account is subject to the same requirements and oversight

under the laws of such other Partner Jurisdiction as if such account were established in

that Partner Jurisdiction and maintained by a Partner Jurisdiction Financial Institution in

that Partner Jurisdiction.

VI. Definitions. The following additional definitions shall apply to the descriptions above:

A. Reporting Model 1 FFI. The term Reporting Model 1 FFI means a Financial Institution

with respect to which a non-U.S. government or agency thereof agrees to obtain and

exchange information pursuant to a Model 1 IGA, other than a Financial Institution

treated as a Nonparticipating Financial Institution under the Model 1 IGA. For purposes

of this definition, the term Model 1 IGA means an arrangement between the United

States or the Treasury Department and a non-U.S. government or one or more agencies

thereof to implement FATCA through reporting by Financial Institutions to such non-

U.S. government or agency thereof, followed by automatic exchange of such reported

information with the IRS.

B. Participating FFI. The term Participating FFI means a Financial Institution that has

agreed to comply with the requirements of an FFI Agreement, including a Financial

Institution described in a Model 2 IGA that has agreed to comply with the requirements

of an FFI Agreement. The term Participating FFI also includes a qualified intermediary

branch of a Reporting U.S. Financial Institution, unless such branch is a Reporting

Model 1 FFI. For purposes of this definition, the term FFI Agreement means an

agreement that sets forth the requirements for a Financial Institution to be treated as

complying with the requirements of section 1471(b) of the U.S. Internal Revenue Code.

In addition, for purposes of this definition, the term Model 2 IGA means an arrangement

between the United States or the Treasury Department and a non-U.S. government or one

or more agencies thereof to facilitate the implementation of FATCA through reporting by

Financial Institutions directly to the IRS in accordance with the requirements of an FFI

Agreement, supplemented by the exchange of information between such non-U.S.

government or agency thereof and the IRS.