National Bank of Greece S.A.

Quarterly Report • Nov 1, 2015

Company Information The Board of Directors Headquarters: 86, Eolou Str., 102 32 Athens Loukia‐Tarsitsa P. Katseli Non‐Executive Member ‐ Chairman of the BoD Register Numbers of S.A.: 6062/06/Β/86/01 Leonidas E. Fragkiadakis Executive Member ‐ Chief Executive Officer Supervising Prefecture: Athens Prefecture Dimitrios G. Dimopoulos Executive Member ‐ Deputy Chief Executive Officer Date of approval of Financial Statements by BoD: 31 October 2015 Paul K. Mylonas Executive Member ‐ Deputy Chief Executive Officer Certified Public Accountant ‐ Auditor: Alexandra Kostara (RN SOEL 19981) Stavros A. Koukos Non‐Executive Member Audit Firm: Deloitte, Hadjipavlou Sofianos & Cambanis S.A. Efthymios C. Katsikas Non‐Executive Member

Assurance & Advisory Services Alexandra T. Papalexopoulou ‐ Benopoulou Independent Non‐Executive Member Independent Auditor's Report: Unqualified opinion ‐ Emphasis of maƩer Petros K. Sabatacakis Independent Non‐Executive Member Issue date of Auditor's report: 31 October 2015 Dimitrios N. Afendoulis Independent Non‐Executive Member Website: www.nbg.gr Spyridon J. Theodoropoulos Independent Non‐Executive Member

Andreas C. Boumis	Independent Non‐Executive Member
Aggeliki J. Skandaliari	Greek State representative

Aggeliki J. Skandaliari Greek State representative Charalampos A. Makkas Hellenic Financial Stability Fund representative

Statement of Financial Position (Consolidated and Standalone)

	Group		Bank
	30.6.2015	31.12.2014	30.6.2015	31.12.2014
ASSETS
Cash and balances with central banks	4,648	5,837	1,112	1,870
Due from banks (net)	3,761	3,324	3,369	3,790
Financial assets at fair value through profit or loss	2,977	2,408	2,568	2,049	Statement of Comprehensive Income (Consolidated and Standalone)
Derivative financial instruments	5,689	5,943	3,863	4,796
Loans and advances to customers (net)	66,403	68,109	41,850	43,531
Available for sale investment securities	4,207	4,775	285	778
Loans and receivables investment securities	10,777	10,387	10,440	10,117
Goodwill, software & other intangible assets	1,674	1,756	114	119
Current income tax advance	581	522	534	481
Due to customers	55,681	64,929	35,960	44,130
Other liabilities	3,032	2,599	1,003	963
SHAREHOLDERS' EQUITY					Attributable to:
Less: treasury shares	‐	‐	‐	‐
Non‐controlling interests	714	772	‐	‐	Attributable to:
Total equity and liabilities	113,526	115,464	78,961	81,946
Statement of Changes in Equity (Consolidated and Standalone)					Statement of Cash Flows (Consolidated and Standalone)

Financial assets at fair value through profit or loss	2,977	2,408	2,568	2,049	Statement of Comprehensive Income (Consolidated and Standalone)
Derivative financial instruments	5,689	5,943	3,863	4,796
Loans and advances to customers (net)	66,403	68,109	41,850	43,531		Group		Group
Available for sale investment securities	4,207	4,775	285	778		From 1.1 to		From 1.4 to
Held to maturity investment securities	1,484	1,553	1,022	961		30.6.2015	30.6.2014	30.6.2015	30.6.2014
Loans and receivables investment securities	10,777	10,387	10,440	10,117
Investment property	955	912	6	6	Interest and similar income	2,614	2,627	1,307	1,336
Investments in subsidiaries	‐	‐	7,248	7,300	Interest expense and similar charges	(1,085)	(1,116)	(557)	(576)
Equity method investments	130	141	6	10	Net interest income	1,529	1,511	750	760
Goodwill, software & other intangible assets	1,674	1,756	114	119
Property & equipment	2,038	2,109	251	260	Fee and commission income	383	390	192	203
Deferred tax assets	4,599	4,024	4,399	3,855	Fee and commission expense	(126)	(124)	(66)	(66)
Insurance related assets and receivables	941	848	‐	‐	Net fee and commission income / (expense)	257	266	126	137
Current income tax advance	581	522	534	481
Other assets	2,459	2,591	1,639	1,768	Earned premia net of reinsurance	244	284	113	140
Non‐current assets held for sale	203	225	255	255	Net claims incurred	(182)	(247)	(83)	(123)
Total assets	113,526	115,464	78,961	81,946	Earned premia net of claims and commissions	62	37	30	17
LIABILITIES					Net trading income / (loss) and results from investment securities	(22)	(62)	75	(128)
Due to banks	32,011	22,226	28,779	20,481	Net other income / (expense)	57	(14)	22	8
Derivative financial instruments	5,435	6,258	4,693	5,706	Total income	1,883	1,738	1,003	794
Due to customers	55,681	64,929	35,960	44,130
Debt securities in issue	3,625	3,940	753	872	Personnel expenses	(598)	(554)	(306)	(278)
Other borrowed funds	2,435	2,051	857	871	General, administrative and other operating expenses	(379)	(358)	(196)	(175)
Insurance related reserves and liabilities	2,588	2,532	‐	‐	Deprec. & amortis. on properties, equipment, software & other intang. assets	(99)	(98)	(49)	(51)
Deferred tax liabilities	35	44	‐	‐	Amortis. & write offs of intang. assets recognised on business combinations	‐	(3)	‐	‐
Retirement benefit obligations	337	337	272	270	Finance charge on put options of non‐controlling interests	‐	(3)	‐	(3)
Current income tax liabilities	39	75	‐	‐	Credit provisions and other impairment charges	(3,078)	(718)	(2,595)	(351)
Other liabilities	3,032	2,599	1,003	963
Liabilities associated with non‐current assets held for sale	10	7	‐	‐	Share of profit of equity method investments	2	‐	2	‐
Total liabilities	105,228	104,998	72,317	73,293	Profit/(loss) before tax	(2,269)	4	(2,141)	(64)
					Tax benefit / (expense)	511	1,163	532	1,040
					Profit / (loss) for the period, net of tax (A)	(1,758)	1,167	(1,609)	976
SHAREHOLDERS' EQUITY					Attributable to:
Share capital	2,414	2,414	2,414	2,414	Non‐controlling interests	15	21	5	11
Share premium account	14,060	14,060	14,057	14,057	NBG equity shareholders	(1,773)	1,146	(1,614)	965
Less: treasury shares	‐	‐	‐	‐
Reserves and retained earnings	(8,973)	(6,862)	(9,827)	(7,818)	Other comprehensive income/(expense), net of tax (B)	(336)	129	(360)	100
Equity attributable to NBG shareholders	7,501	9,612	6,644	8,653	Total comprehensive income/(expense), net of tax (A+B)	(2,094)	1,296	(1,969)	1,076
Non‐controlling interests	714	772	‐	‐	Attributable to:
Preferred securities	83	82	‐	‐	Non‐controlling interests	17	24	7	14
Total equity	8,298	10,466	6,644	8,653	NBG equity shareholders	(2,111)	1,272	(1,976)	1,062
Total equity and liabilities	113,526	115,464	78,961	81,946
					Earnings/(losses) per share (Euro) ‐ Basic and Diluted:	€(0.5019)	€0.4224	€(0.4569)	€0.3181

Notes

	Group		Bank			Group
	From 1.1 to		From 1.1 to			From 1.1 to
	30.6.2015	30.6.2014	30.6.2015	30.6.2014		30.6.2015	30.6.2014
					Net cash flows from / (used in):
Balance at beginning of period	10,466	7,874	8,653	6,383	Operating activities	(465)	(5,377)
Changes during the period:					Investing activities	182	1,049
Total comprehensive income / (expense), net of tax	(2,094)	1,296	(2,009)	945	Financing activities	(69)	3,846
Share capital increase	‐	2,426	‐	2,426	Net increase / (decrease) in cash and cash equivalents in the period	(352)	(482)
Dividends declared	‐	‐	‐	‐	Effect of foreign exchange rate changes on cash and cash equivalents	(38)	20
(Purchases) / disposals of treasury shares	‐	1	‐	‐	Total cash inflows / (outflows) for the period	(390)	(462)
Other changes	(74)	(3)	‐	387	Cash and cash equivalents at beginning of period	4,449	4,255
Balance at end of period	8,298	11,594	6,644	10,141	Cash and cash equivalents at end of period	4,059	3,793

THE CHAIR OF THE BOARD OF DIRECTORS THE DEPUTY CHIEF EXECUTIVE OFFICER LOUKIA ‐ TARSITSA P. KATSELI LEONIDAS E. FRAGKIADAKIS PAUL K. MYLONAS Athens, 31 October 2015 THE CHIEF EXECUTIVE OFFICER THE CHIEF FINANCIAL OFFICER IOANNIS P. KYRIAKOPOULOS

Group		Bank From 1.1 to
From 1.1 to

National Bank of Greece S.A.

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2015 TO 30 JUNE 2015 (Published in accordance with rule 4/507/28.04.2009 of the Capital Market Commission)

(amounts in million 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 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 Group and Bank interim financial report which refer to the material uncertainties associated with the 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) its current access to the Eurosystem facilities and (b) the agreement reached between the Institution and the Hellenic Republic in July/August 2015, which includes an amount of €25.0 billion available by the ESM for the recapitalization of the Greek banks (if needed). 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 2014 financial statements. Details are included in Notes 2.1 and 2.3 of the condensed Interim financial statements as of 30.06.2015. 3) The Bank has been audited by the tax authorities up to and including the year 2014. Tax audit for the years 2009 and 2010, by the Greek Tax Authorities, was finalized 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 (see note 12(b) of the condensed Interim financial statements as of 30.06.2015). The unaudited tax years of the Group companies associated are reflected in Note 19 of the condensed Interim financial statements as of 30.06.2015.

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 30.06.2015, the provisions recognized by the Group and the Bank, amounted to: a) for cases under litigation €57 million and €42 million respectively, and b) for other risks €13 million and €3 million respectively.

5) The number of Group and Bank employees as of 30.06.2015 was 34.524 and 10.720 respectively (30.06.2014: 35.227 and 10.031 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 30.06.2015, amounted to €18 million, €34 million, €18 million, €4 million and €2 million respectively. The corresponding balances and transactions with subsidiaries, associated companies and joint ventures of the Bank as of 30.06.2015 were €3.588 million, €1.541 million, €62 million, €84 million and €3.185 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 30.06.2015, to €105 million, €18 million, €14 million and €14 million respectively and for the Bank alone the corresponding amounts amounted to €104 million, €8 million, €14 million and €3 million. The total receivables of the Group and the Bank from the employee benefits related funds as of 30.06.2015, amounted to €725 million. The total payables of the Group and the Bank to the employee benefits related funds as of 30.06.2015, amounted to €140 million and €66 million respectively.

7) Acquisitions, disposals & other capital transactions:

(a) Following the preliminary agreement dated 30.9.2014 with "Sterling Properties Bulgaria EOOD", member of Marinopoulos S.A. Group, the NBG Pangaea REIC, on 27.2.2015, acquired the 10 A.D." in Bulgaria. The acquisition price amounted to €11 million paid in cash, as determined by an independent appraiser. As certain terms of the Agreement were not met by the Seller by 30.0 (b) On 11 December 2014, the Board of Directors of the Bank and Ethnodata S.A., a wholly owned subsidiary of the Bank, agreed the merger of the two companies through absorption of the la and accounted for at carrying values. On 30 March 2015 the merger between the Bank and Ethnodata S.A. was approved by the Ministry of Development. (c) On 1 October 2015, the merger by absorption of the company NBG Pangaea REIC by the company MIG Real Estate REIC. The company has been renamed to "NBG Pangaea Real Estate Inves Details for the above transactions are included in Note 16 of the condensed Interim financial statements as of 30.06.2015.

8) Included in Note 19 of the condensed Interim financial statements as of 30.06.2015, are the group companies consolidated, their country of residence, the direct or indirect participation of each such company. For the period 1.1.‐ 30.06.2015 the following changes occurred in the Groups' structure in relation to the corresponding period of the previous year: (a) Fully consolidated: On 23.9.2014 the Bank disposed off its 100% subsidiary "ANTHOS PROPERTIES" S.A. Also, from 30.09.2014 our indirect 31,68% subsidiaries MIG Real Estate REIC and 31, first time. Additionally from 30.06.2015, our indirect 32,69% subsidiary Plaza West A.D. is included in the financial statements for the first time.

(b) Equity method investments: It is not included the 35% equity method investment "AKTOR FACILITY MANAGEMENT S.A." and the 59,97% equity method investment UBB‐AIG Insurance Com (c) There are no entities of the Group exempted from the condensed Interim financial statements as of 30.06.2015. (d) There have been no changes in 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 €(124) million relating to the movement of available for sale investments reser million relating to net cash flow hedge. The corresponding amounts for the Bank are comprised of €(45) million relating to the movement of available for sale investments reserve, and nil for t

10) As of 30.06.2015, the Group held 457.466 treasury shares with acquisition cost of € 0,5 million approximately, while the Bank did not hold any treasury shares.