National Bank of Greece S.A.

Annual Report • Apr 1, 2017

Company Information		The Board of Directors
Headquarters:	86, Eolou Str., 102 32 Athens	Panayotis‐Aristidis (Takis) A. Thomopoulos	Non‐Executive Member ‐ Chairman of the BoD
Register Numbers of S.A.:	6062/06/Β/86/01	Petros K. Sabatacakis	Non‐Executive Member ‐ Vice Chairman of the BoD
Supervising Prefecture:	Athens Prefecture	Leonidas E. Fragkiadakis	Executive Member ‐ Chief Executive Officer
Date of approval of Financial Statements by BoD:	30 March 2017	Dimitrios G. Dimopoulos	Executive Member ‐ Deputy Chief Executive Officer
Certified Public Accountant ‐ Auditor:	Alexandra B. Kostara (RN SOEL 19981)	Paul K. Mylonas	Executive Member ‐ Deputy Chief Executive Officer
Audit Firm:	Deloitte Certified Public Accountants S.A.	Stavros A. Koukos	Non‐Executive Member
		Eva Cederbalk	Non‐Executive Member
Independent Auditor's Report:	Unqualified opinion ‐ Emphasis of maƩer	Spyridon L. Lorentziadis	Non‐Executive Member
Issue date of Auditor's report:	30 March 2017	Charalampos A. Makkas	Independent Non‐Executive Member
Website:	www.nbg.gr	Marianne T. Økland	Independent Non‐Executive Member

Company Information		The Board of Directors
Headquarters:	86, Eolou Str., 102 32 Athens	Panayotis‐Aristidis (Takis) A. Thomopoulos	Non‐Executive Member ‐ Chairman of the BoD
Register Numbers of S.A.:	6062/06/Β/86/01	Petros K. Sabatacakis	Non‐Executive Member ‐ Vice Chairman of the BoD
Supervising Prefecture:	Athens Prefecture	Leonidas E. Fragkiadakis	Executive Member ‐ Chief Executive Officer
Date of approval of Financial Statements by BoD:	30 March 2017	Dimitrios G. Dimopoulos	Executive Member ‐ Deputy Chief Executive Officer
Certified Public Accountant ‐ Auditor:	Alexandra B. Kostara (RN SOEL 19981)	Paul K. Mylonas	Executive Member ‐ Deputy Chief Executive Officer
Audit Firm:	Deloitte Certified Public Accountants S.A.	Stavros A. Koukos	Non‐Executive Member
		Eva Cederbalk	Non‐Executive Member
Independent Auditor's Report:	Unqualified opinion ‐ Emphasis of maƩer	Spyridon L. Lorentziadis	Non‐Executive Member
Issue date of Auditor's report:	30 March 2017	Charalampos A. Makkas	Independent Non‐Executive Member
Website:	www.nbg.gr	Marianne T. Økland	Independent Non‐Executive Member
		Arthur Michael Royal Ross Innes Aynsley	Independent Non‐Executive Member
		Claude Edgar L.G.Piret	Independent Non‐Executive Member
		Panagiota Iplixian	Hellenic Financial Stability Fund representative
Statement of Financial Position (Consolidated and Standalone)		Statement of Comprehensive Income (Consolidated and Standalone)

		Group Bank				Group		Bank
	31.12.2016	31.12.2015	31.12.2016	31.12.2015		From 1.1 to		From 1.1 to
ASSETS						31.12.2016	31.12.2015	31.12.2016	31.12.2015
Cash and balances with central banks	1,501	2,208	844	1,130
Due from banks (net)	2,227	2,799	2,579	2,927	Interest and similar income	2,124	2,381	1,861	2,118
Financial assets at fair value through profit or loss	1,879	2,486	1,851	2,126	Interest expense and similar charges	(342)	(616)	(307)	(601)
Derivative financial instruments	4,482	4,077	4,466	4,074	Net interest income	1,782	1,765	1,554	1,517
Loans and advances to customers (net)	41,643	45,375	38,166	39,750
Available for sale investment securities	2,634	2,634	251	245	Fee and commission income	296	296	231	223
Held to maturity investment securities	149	233	84	136	Fee and commission expense	(104)	(252)	(95)	(242)
Loans and receivables investment securities	10,099	13,250	9,872	13,076	Net fee and commission income / (expense)	192	44	136	(19)
Investment property	869	869	6	6
Investments in subsidiaries	‐	‐	2,543	2,861	Earned premia net of reinsurance	499	469	‐	‐
Equity method investments	7	16	7	7	Net claims incurred	(423)	(381)	‐	‐
Goodwill, software & other intangible assets	137	147	108	113	Earned premia net of claims and commissions	76	88	‐	‐
Property & equipment	1,286	1,325	256	249
Deferred tax assets	5,078	5,096	4,906	4,906	Net trading income / (loss) and results from investment securities	(115)	(74)	(174)	(3)
Insurance related assets and receivables	515	601	‐	‐	Net other income / (expense)	129	(43)	253	(65)
Current income tax advance	596	579	558	545	Total income	2,064	1,780	1,769	1,430
Other assets	1,704	1,713	1,456	1,367
Non‐current assets held for sale	3,725	27,767	315	3,556		(736)	(762)	(577)	(590)
					Personnel expenses	(324)	(342)	(276)	(279)
Total assets	78,531	111,175	68,268	77,074	General, administrative and other operating expenses
					Deprec. & amortis. on properties, equipment, software & other intang. assets	(109)	(111)	(70)	(70)
LIABILITIES					Amortis. & write offs of intang. assets recognised on business combinations	‐	‐	‐	‐
Due to banks	18,188	25,166	18,389	25,240	Finance charge on put options of non‐controlling interests	‐	‐	‐	‐
Derivative financial instruments	5,169	4,806	5,166	4,803	Credit provisions and other impairment charges	(809)	(4,175)	(819)	(4,344)
Due to customers	40,459	42,959	37,326	36,868	Share of profit of equity method investments	1	2	‐	‐
Debt securities in issue	536	1,106	‐	826	Profit/(loss) before tax	87	(3,608)	27	(3,853)
Other borrowed funds	137 2,207	146 2,226	258 ‐	‐ ‐	Tax benefit / (expense)	(34)	1,000	(3)	1,007
Insurance related reserves and liabilities					Profit / (loss) for the period, net of tax (A)	53	(2,608)	24	(2,846)
Deferred tax liabilities	6	9	‐	‐	Discontinued Operations
Retirement benefit obligations	269	273	255	258	Profit / (loss) for the period from discontinued operations	(2,913)	(1,590)	(15)	(1,694)
Current income tax liabilities	11	10	‐	‐	Profit / (loss) for the period	(2,860)	(4,198)	9	(4,540)
Other liabilities	963	1,007	777	764
Liabilities associated with non‐current assets held for sale	2,999	23,643	‐	‐	Attributable to:
Total liabilities	70,944	101,351	62,171	68,759	Non‐controlling interests	27	29	‐	‐
					NBG equity shareholders	(2,887)	(4,227)	9	(4,540)
SHAREHOLDERS' EQUITY					Other comprehensive income/(expense), net of tax (B)	2,890	(506)	(30)	43
Share capital	2,744	2,744	2,744	2,744	Total comprehensive income/(expense), net of tax (A+B)	30	(4,704)	(21)	(4,497)
Share premium account	13,866	13,866	13,863	13,863
Less: treasury shares	(1)	(1)	‐	‐	Attributable to:
Reserves and retained earnings	(9,707)	(6,577)	(10,510)	(10,321)	Non‐controlling interests	25	30	‐	‐
Amounts recognised directly in equity relating to non‐current assets held for sale	5	(2,962)	‐	‐	NBG equity shareholders	5	(4,734)	(21)	(4,497)
Contingently convertible bonds	‐	2,029	‐	2,029
Equity attributable to NBG shareholders	6,907	9,099	6,097	8,315
					Earnings/(losses) per share (Euro) ‐ Basic and diluted from continuing operations:	€(0.0155)	€(1.9215)	€(0.0157)	€(2.2618)
Non‐controlling interests	680	725	‐	‐	Earnings/(losses) per share (Euro) ‐ Basic and diluted from continuing and discontinued operations:	€(0.3340)	€(3.9434)	€(0.0174)	€(4.4156)
Preferred securities	‐	‐	‐	‐
Total equity	7,587	9,824	6,097	8,315
Total equity and liabilities	78,531	111,175	68,268	77,074

	Group		Bank				Group		Bank
	31.12.2016	31.12.2015	31.12.2016	31.12.2015		From 1.1 to		From 1.1 to
ASSETS						31.12.2016	31.12.2015	31.12.2016	31.12.2015
Cash and balances with central banks	1,501	2,208	844	1,130
Due from banks (net)	2,227	2,799	2,579	2,927	Interest and similar income	2,124	2,381	1,861	2,118
Financial assets at fair value through profit or loss	1,879	2,486	1,851	2,126	Interest expense and similar charges	(342)	(616)	(307)	(601)
Derivative financial instruments	4,482	4,077	4,466	4,074	Net interest income	1,782	1,765	1,554	1,517
Loans and advances to customers (net)	41,643	45,375	38,166	39,750
Available for sale investment securities	2,634	2,634	251	245	Fee and commission income	296	296	231	223
Held to maturity investment securities	149	233	84	136	Fee and commission expense	(104)	(252)	(95)	(242)
Loans and receivables investment securities	10,099	13,250	9,872	13,076	Net fee and commission income / (expense)	192	44	136	(19)
Investment property	869	869	6	6
Investments in subsidiaries	‐	‐	2,543	2,861	Earned premia net of reinsurance	499	469	‐	‐
Equity method investments	7	16	7	7	Net claims incurred	(423)	(381)	‐	‐
Goodwill, software & other intangible assets	137	147	108	113	Earned premia net of claims and commissions	76	88	‐	‐
Property & equipment	1,286	1,325	256	249
Deferred tax assets	5,078	5,096	4,906	4,906	Net trading income / (loss) and results from investment securities	(115)	(74)	(174)	(3)
Insurance related assets and receivables	515	601	‐	‐	Net other income / (expense)	129	(43)	253	(65)
Current income tax advance	596	579	558	545	Total income	2,064	1,780	1,769	1,430
Other assets	1,704	1,713	1,456	1,367
Non‐current assets held for sale	3,725	27,767	315	3,556	Personnel expenses	(736)	(762)	(577)	(590)
Total assets	78,531	111,175	68,268	77,074	General, administrative and other operating expenses	(324)	(342)	(276)	(279)
					Deprec. & amortis. on properties, equipment, software & other intang. assets	(109)	(111)	(70)	(70)
LIABILITIES					Amortis. & write offs of intang. assets recognised on business combinations	‐	‐	‐	‐
Due to banks	18,188	25,166	18,389	25,240	Finance charge on put options of non‐controlling interests	‐	‐	‐	‐
Derivative financial instruments	5,169	4,806	5,166	4,803	Credit provisions and other impairment charges	(809)	(4,175)	(819)	(4,344)
Due to customers	40,459	42,959	37,326	36,868	Share of profit of equity method investments	1	2	‐	‐
Debt securities in issue	536	1,106	‐	826	Profit/(loss) before tax	87	(3,608)	27	(3,853)
Other borrowed funds	137	146	258	‐	Tax benefit / (expense)	(34)	1,000	(3)	1,007
Insurance related reserves and liabilities	2,207	2,226	‐	‐	Profit / (loss) for the period, net of tax (A)	53	(2,608)	24	(2,846)
Deferred tax liabilities	6	9	‐	‐	Discontinued Operations
Retirement benefit obligations	269	273	255	258	Profit / (loss) for the period from discontinued operations	(2,913)	(1,590)	(15)	(1,694)
Current income tax liabilities	11	10	‐	‐	Profit / (loss) for the period	(2,860)	(4,198)	9	(4,540)
Other liabilities	963	1,007	777	764
Liabilities associated with non‐current assets held for sale	2,999	23,643	‐	‐	Attributable to:
Total liabilities	70,944	101,351	62,171	68,759	Non‐controlling interests	27	29	‐	‐
					NBG equity shareholders	(2,887)	(4,227)	9	(4,540)
SHAREHOLDERS' EQUITY					Other comprehensive income/(expense), net of tax (B)	2,890	(506)	(30)	43
Share capital	2,744	2,744	2,744	2,744	Total comprehensive income/(expense), net of tax (A+B)	30	(4,704)	(21)	(4,497)
Share premium account	13,866	13,866	13,863	13,863
Less: treasury shares	(1)	(1)	‐	‐	Attributable to:
Reserves and retained earnings	(9,707)	(6,577)	(10,510)	(10,321)	Non‐controlling interests	25	30	‐	‐
Amounts recognised directly in equity relating to non‐current assets held for sale	5	(2,962)	‐	‐	NBG equity shareholders	5	(4,734)	(21)	(4,497)
Contingently convertible bonds	‐	2,029	‐	2,029
Equity attributable to NBG shareholders	6,907	9,099	6,097	8,315
					Earnings/(losses) per share (Euro) ‐ Basic and diluted from continuing operations:	€(0.0155)	€(1.9215)	€(0.0157)	€(2.2618)

Statement of Changes in Equity (Consolidated and Standalone) Statement of Cash Flows (Consolidated and Standalone)

	Group From 1.1 to		Bank From 1.1 to			Group From 1.1 to		Bank
								From 1.1 to
	31.12.2016	31.12.2015	31.12.2016	31.12.2015		31.12.2016	31.12.2015	31.12.2016	31.12.2015
					Net cash flows from / (used in):
Balance at beginning of period	9,824	10,466	8,315	8,653	Operating activities	(4,792)	(845)	(4,992)	(2,699)
Changes during the period:					Investing activities	5,619	428	7,242	265
Total comprehensive income / (expense), net of tax	30	(4,704)	(21)	(4,497)	Financing activities	(2,739)	214	(2,813)	731
Share capital increase	‐	2,130	‐	2,130	Net increase / (decrease) in cash and cash equivalents in the period	(1,912)	(203)	(563)	(1,703)
Dividends declared	(38)	‐	‐	‐	Effect of foreign exchange rate changes on cash and cash equivalents	(62)	(54)	(45)	32
(Purchases) / disposals of treasury shares	‐	(1)	‐	‐	Total cash inflows / (outflows) for the period	(1,974)	(257)	(608)	(1,671)
Other changes	(2,229)	1,933	(2,197)	2,029	Cash and cash equivalents at beginning of period	4,192	4,449	2,097	3,768
Balance at end of period	7,587	9,824	6,097	8,315	Cash and cash equivalents at end of period	2,218	4,192	1,489	2,097

From 1.1 to From 1.1 to					From 1.1 to		From 1.1 to
31.12.2016	31.12.2015	31.12.2016	31.12.2015		31.12.2016	31.12.2015	31.12.2016	31.12.2015
				Net cash flows from / (used in):

Notes

THE CHAIR OF THE BOARD OF DIRECTORS THE DEPUTY CHIEF EXECUTIVE OFFICER PANAYOTIS‐ARISTIDIS (TAKIS) A. THOMOPOULOS LEONIDAS E. FRAGKIADAKIS PAUL K. MYLONAS IOANNIS P. KYRIAKOPOULOS 30 March 2017 THE CHIEF EXECUTIVE OFFICER THE CHIEF FINANCIAL OFFICER

Group Bank Group Bank

National Bank of Greece S.A.

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2016 TO 31 DECEMBER 2016

(Published in accordance with article 135 of Law 2190/1920, for enterprises preparing annual stand‐alone and consolidated financial statements in accordance with IFRS) (amounts in milion EURO)

The financial data and information listed below, derive from the financial statements and aim to a general information about the financial position and results of National Bank of Greece and NBG Group. We therefore recommend the reader, prior to making any investment decision or other transaction concerning the Bank, to visit the Bank's web site (www.nbg.gr), where the set of financial statements is posted, as well as the auditor's report.

1) The Auditor's Report includes emphasis of matter in which they draw attention to the disclosures made in Note 2.2. "Going concern" of the separate and consolidated financial statements which refer to the current economic conditions in Greece and the ongoing developments, that affect the banking sector and in particular its liquidity. Management concluded that the Bank is going concern after considering (a) the recent developmentsregarding the Greek economy and the latest estimatesregarding macroeconomic indicators, (b) its current accessto the Eurosystem facilities, and (c) the Bank's and the Group's CET1 ratio of 31 December 2016.

2) The principal accounting policies that have been adopted are in accordance with the requirements of International Financial Reporting Standards ("IFRS") and are the same with those applied in the 2015 financial statements. Details are included in Note 2 of the annual financial statements as of 31.12.2016.

3) The Bank has been audited by the tax authorities up to and including the year 2010. Tax audit for the years 2009 and 2010 was finalized by the Greek Tax Authorities on 4 February 2015. According to the tax assessment notice received on 11 March 2015, an additional tax of €36 million was levied to the Bank of which amount of €27 million was paid while the remaining amount of €9 million was permanently waived by the tax authorities. For the subsidiaries and associatesregarding unaudited tax years refer to Notes 46 and 24 respectively.

4) Cases under litigation or in arbitration as well as pending cases before the Courts or Arbitration Courts are not expected to have a material adverse effect on the financial position or operations of the Bank and the Group. As of 31.12.2016, the provisionsrecognized by the Group and the Bank, amounted to: a) for cases under litigation €91 million and €69 million respectively, and b) for other risks €9 million and €3 million respectively.

5) The number of Group and Bank employees as of 31.12.2016 was 18,440, (of which 2,875 relates to HFS subsidiaries personnel) and 9,729 respectively (31.12.2015: 33,975 (of which 14,141 related to Finansbank personnel which disposed of in June 2016) and 10,723 respectively).

6) Related party transactions and balances as defined in IAS 24 are analyzed as follows: assets, liabilities, interest, commission and other income, interest, commission and other expense and off‐ balance sheet items with associated companies and joint ventures of the Group, as of 31.12.2016, amounted to €15 million, €13 million, €14 million, €4 million and €2 million respectively. The corresponding balances and transactions with subsidiaries, associated companies and joint ventures of the Bank as of 31.12.2016 were €2,035 million, €1,137 million, €95 million, €94 million and €2,812 million. Loans, deposits, letters of guarantee and total compensation of the members of the Board of Directors of the Bank, the General Managers and the members of the Executive Committees of the Bank, the key management of other Group companies, as well as the close members of family and entities controlled or jointly controlled by those persons amounted, as of 31.12.2016, to €6 million, €5 million, €NIL million and €19 million respectively and for the Bank alone the corresponding amounts amounted to €6 million, €4 million, €NIL million and €7 million. The total receivables of the Group and the Bank from the employee benefits related funds as of 31.12.2016, amounted to €723 million. The total payables of the Group and the Bank to the employee benefits related funds as of 31.12.2016, amounted to €146 million and €65 million respectively.

Taking into consideration the HFSF Law, on 9 December 2016, the Bank paid to HFSF €165 million relating to the dividend of the contingent convertible bonds ("CoCos").

On 15 December 2016, NBG following relevant resolution of its Board of Directors and in accordance with the Commitments stemming from NBG's revised Restructuring Plan, as this was approved by the European Commission on 4 December 2015, fully repaid of the CoCos amounting to €2,029 million, issued in December 2015 and held by the HFSF, following approval by the SSM in accordance with the applicable regulatory framework. It is noted that, following the repayment of the CoCos, the Group's CET1 ratio as of 31 December 2016 stands at CET1 16.3% confirming the Group's strong capital base. Also, on the same date the Bank paid the accrued interest for the period 9‐15 December 2016 amounting to €3 million. 7) Acquisitions, disposals & other capital transactions:

(a) On 4 January 2016, the disposal of the Group's joint venture company UBB‐AIG Insurance Company AD was completed for a consideration of €2 million.

b) On 15 June 2016, the Group disposed of Finansbank A.Ş. to Qatar National Bank S.A.Q. ("QNB"). The consideration was €2,750 million. The transaction includes the transfer of NBG's 29.87%

stake in Finans Finansal Kiralama A.Ş, 0.2% stake in Finans Yatırım Menkul Degerler A.Ş. and 0.02% stake in Finans Portfoy Yonetimi A.Ş. In addition, QNB repaid the \$910 million of subordinated debt that NBG had extended to Finansbank.

(c) On 16 June 2016, the Bank established in Bulgaria a limited liability company, Bankteco EOOD, a wholly owned subsidiary. The capital contributed amounted to BGN 200 thousand. (d) On 28 July 2016, the merger by absorption of the company KARELA S.A. by its parent entity NBG PANGAEA REIC was completed .

(e) On 30 September 2016, the Group disposed of its interests in eleven Limited Partnerships held directly or indirectly by NBG and managed by NBGI PE Limited to funds managed by Deutsche Bank Private Equity and Goldman Sachs Asset Management. The consideration was €288 million.

(f) On 27 October 2016, the Bank disposed of its stake in Astir Palace Vouliagmenis S.A. and Astir Marina Vouliagmenis S.A. to Apollo Investment Hold Co SARL. The consideration was €299 million. (g) On 21 December 2016, NBG Pangaea REIC acquired the 100% of the share capital of the company KAROLOY S.A. for a total consideration of €3.6 million.

Details for the above transactions are included in Notes 45 and 46 of the annual financial statements as of 31.12.2016.

(h) On 22 December the Group entered into a definitive agreement with AFGRI Holdings Proprietary Limited of its 99.81% stake in its South African subsidiary S.A.B.A. The agreed consideration for the sale of the subsidiary amounts to ZAR 279 million. Closing of the transaction is expected by the end of 2017 and is subjectto customary regulatory and other approvals. (i) On 30 December the Bank entered into a definitive agreement with KBC Group for the divestment to KBC of its 99.91% stake in its Bulgarian subsidiary United Bulgarian Bank A.D. and its 100% stake in

Interlease E.A.D. The agreed consideration for the sale of the two subsidiaries amounts to €610 million. Closing of the transaction is expected by June 2017 and is subjectto customary, regulatory and other. The above agreement also, includesthe sale of the 30% stake in UBB‐Metlife held by Ethniki Hellenic General Insurance S.A., hence the carrying amount of UBB‐Metlife of €4 million has also been reclassified as held for sale.Finally, in the context of the same agreement Ethniki Hellenic General Insurance S.A. will sell its 20% stake in UBB Insurance Broker AD. The remaining 80% of the company is

held by UBB.

Details for the above transactions are included in Note 30 of the annual financial statements as of 31.12.2016.

8) Included in Notes 46 and 24 of the annual financial statements as of 31.12.2016, are the group companies consolidated, their country of residence, the direct or indirect participation of the Bank in their share capital and the consolidation method applied for each such company. For the period 1.1.‐ 31.12.2016 the following changes occurred in the Groups' structure in relation to the corresponding period of the previous year:

(a) Fully consolidated: As at 31.12.2016, our subsidiary Finansbank A.Ş. as well as its subsidiaries, NBGI PE Funds, ASTIR Palace Vouliagmenis S.A. and ASTIR Marina Vouliagmenis S.A. are no longer included in the financial statement due to their disposal, while from 31.12.2016 KAROLOY S.A. and Bankteco E.O.O.D. are included in the financial statement for the first time. Furthermore, NBG Securities Romania S.A. is no longer included in the financial statement due to its liquidation. Finally from 31.12.2016 our subsidiaries United Bulgarian Bank A.D., Interlease E.A.D and South African Bank of Athens

Ltd have been reclassified to Non‐current assets held for sale. (b) Equity method investments: As at 31.12.2016, the equity method investments Bantas A.S., Cigna Finans Pension (Equity method investments of Finansbank) and UBB‐AIG Insurance Company AD are no longer included in the financial statement, due to their disposal. Furthermore from 31.12.2016 the equity method investments UBB Metlife Life Insurance Company A.D. and Drujestvo za Kasovi Uslugi

AD have been reclassified to Non‐current assets held for sale. (c) There are no entities of the Group exempted from the annual statements as of 31.12.2016.

(d) There have been no changesin the method of consolidation since the previous annual financial statements.

9) "Other comprehensive income for the period, net of tax", of the Group, in the current period, is comprised of €41 million relating to the movement of available for sale investmentsreserve, €2,549 million relating to currency translation differences, €(20) million relating to net cash flow hedge, 338 million relating to net investment hedge and €(18) million relating to the remeasurement of the net defined benefit liability. The corresponding amounts for the Bank are comprised of €35 million relating to the movement of available for sale investmentsreserve, (51) million for the currency translation differences, nil for net cash flow hedge and net investment hedge and €(14) million relating to the remeasurement of the net defined benefit liability. 10) As of 31.12.2016, the Group held 2,410,995 treasury shares with acquisition cost of € 1 million approximately, while the Bank did not hold any treasury shares.

11) Other events:

(a) On 9 December 2016, the Bank announced to its employeesthe terms of the VΕS, which applied also to certain domestic subsidiaries. The deadline for applications was on 22 December 2016 and 1,171 and 1,125 employees participated for the Group and the Bank, respectively. Τhe Bank had recognized as of 31 December 2015 relevant provision, in the context of its commitment under the 2015 Revised Restructuring Plan (see "2015 Revised Restructuring Plan" below) and as a result the cost of the VES did not have an impact on the Group's and the Bank's income statement. (b) On 29 March 2017 a new law was voted which further amended articles 27 and 27A of Law 4172/2013 as follows:

Amendmentsto article 27 introduce an amortization period of 20 years for losses due to loan write‐offs as part of a settlement or restructuring and lossesthat crystallize as a result of a disposal of loans. Amendmentsto article 27A extend the scope of article 27A to capture, in addition to PSI losses and provisionsfor loan losses, the following categories of time differences: (i) lossesfrom the final write‐off or the disposal of loans and (ii) accounting write‐offs, which will ultimately lead to final write‐offs and losses from disposals. It is further provided that DTC cannot exceed the tax corresponding on accumulated provisions accounted up to 30 June 2015, less (a) any definitive and cleared tax credit, which arose in the case of accounting loss for a year according to the provisions of par.2 of article 27A, which relate to the above accumulated provisions, (b) the amount of tax corresponding to any subsequentspecific tax provisions, which relate to the above accumulated provisions and (c) the amount of the tax corresponding to the annual amortization of the debit difference that correspondsto the above provisions and other lossesin general arising due to credit risk.