National Bank of Greece S.A.

Annual Report • Oct 1, 2015

National Bank of Greece S.A.

FINANCIAL DATA AND INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2007 ( 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 thousand EUR )

Headquarters:
Register Numbers of S.A.
Supervising Prefecture:
Date of approval of Financial Statements by BoD:
Certified Public Accountant - Auditor:
Audit Firm:
Auditors's report:
Issue Date of auditors's report:
100-1-10-1-

Company Information						Consolidated Companies
						Subsidiaries (fully consolidated)	Headquarters	% participation	Unaudited Tax Years
Headquarters:	86, Aiolou Str., 102 32 Athens					National P&K Securities S.A.	Greece	100,00%	2003‐2007
Register Numbers of S.A.	6062/06/Β/86/01					Ethniki Kefalaiou S.A.	Greece	100,00%	2006‐2007
Supervising Prefecture:	Athens Prefecture					N.B.G. Asset Management M.F.M.C. S.A.	Greece	100,00%	2005‐2007
Date of approval of Financial Statements by BoD:	March 18, 2008					Ethniki Leasing S.A.	Greece	100,00%	2001‐2007
Certified Public Accountant ‐ Auditor: Audit Firm:	Nicolaos C. Sofianos (RN SOEL 12231) Deloitte, Hadjipavlou Sofianos & Cambanis S.A. Assurance & Advisory Services					National Mutual Fund Management S.A. NBG Venture Capital S.A.	Greece Greece	100,00% 100,00%	2003‐2007 2003‐2007
Auditors΄s report:	Unqualified opinion					NBG Greek Fund Ltd	Cyprus	100,00%	1999‐2007
Issue Date of auditors΄s report:	March 18, 2008					ETEBA Emerging Markets Fund Ltd	Cyprus	100,00%	1999‐2007
Website:	www.nbg.gr					ETEBA Estate Fund Ltd	Cyprus	100,00%	1999‐2007
						ETEBA Venture Capital Management Co Ltd	Cyprus	100,00%	1999‐2007
The Board of Directors						NBG Bancassurance S.A.	Greece	100,00%	2003‐2007
						The South African Bank of Athens Ltd	South Africa	99,50%	2006‐2007
Executive Members						National Bank of Greece (Cyprus) Ltd	Cyprus	100,00%	2006‐2007
Efstratios (Takis) ‐ Georgios A. Arapoglou	Chairman of the Board of Directors ‐ Chief Executive Officer					National Securities Co (Cyprus) Ltd	Cyprus	100,00%	‐
Ioannis G. Pechlivanidis	Vice Chairman of the Board of Directors ‐ Deputy Chief Executive Officer					NBG Management Services Ltd	Cyprus	100,00%	2003‐2007
Non executive Members						Stopanska Banka A.D., Skopje	F.Y.R.O.M.	94,64%	2005‐2007
Achilleas D. Mylonopoulos John P. Panagopoulos	Employees' representative Employees' representative					United Bulgarian Bank A.D., Sofia (UBB) UBB Asset Management	Bulgaria Bulgaria	99,91% 99,92%	2005‐2007 2004‐2007
Ioannis C. Yiannidis	Professor, University of Athens Law School & Legal Counsellor					UBB Insurance Broker	Bulgaria	99,93%	‐
George Z. Lanaras	Shipowner					NBG International Ltd	United Kingdom	100,00%	2006‐2007
Stefanos G. Pantzopoulos	Business Consultant, former Certified Auditor					NBG International Inc (NY)	U.S.A.	100,00%	2000‐2007
Independent Non Executive Members						NBGI Private Equity Ltd	United Kingdom	100,00%	2007
H.E. the Metropolitan of Ioannina Theoklitos						NBG Finance Plc	United Kingdom	100,00%	2006‐2007
Stefanos C. Vavalidis	Member of the Board of Directors, European Bank for Reconstruction & Development					Interlease Ε.A.D.	Bulgaria	100,00%	2005‐2007
Dimitrios A. Daskalopoulos	Chairman of Hellenic Federation of Enterprises					Interlease Auto Ε.A.D.	Bulgaria	100,00%	2006‐2007
Nikolaos D. Efthymiou	Chairman, Association of Greek Shipowners					ETEBA Bulgaria A.D.	Bulgaria	100,00%	‐
Constantinos D. Pilarinos	Economist					ETEBA Romania S.A.	Romania	100,00%	2000‐2007
Drakoulis K. Fountoukakos ‐ Kyriakakos	Entrepreneur, Chairman of Κ.Ε.Μ.Ε. ΕΒΕΑ					NBG Luxembourg Holding S.A.	Luxembourg	100,00%	‐
Ploutarhos K. Sakellaris	Professor, University of Athens and Chairman, Council of Economic Advisors					NBG Luxfinance Holding S.A.	Luxembourg	100,00%	‐
George I. Mergos	Professor, University of Athens and Governor of IKA (Social Security Fund)					Innovative Ventures S.A. (I‐Ven) NBG Funding Ltd	Greece United Kingdom	100,00% 100,00%	2003‐2007 ‐
						Banca Romaneasca S.A.	Romania	98,88%	2006‐2007
Balance Sheet						Ethniki Hellenic General Insurance	Greece	100,00%	2006‐2007
						Ethniki Insurance (Cyprus) Ltd	Cyprus	100,00%	2007
		Group		Bank		Ethniki General Insurance (Cyprus) Ltd	Cyprus	100,00%	2007
		31.12.2007	31.12.2006	31.12.2007	31.12.2006	S.C. Garanta Asigurari S.A.	Romania	94,96%	2003‐2007
Assets						Audatex Hellas S.A.	Greece	70,00%	2005‐2007
Cash and balances with central banks		6 109 648	3 874 210	4 135 632		2 034 464 National Insurance Brokerage S.A.	Greece	95,00%	2003‐2007
Treasury bills and other eligible bills		228 001	367 758	67 142		185 332 ASTIR Palace Vouliagmenis S.A.	Greece	78,06%	2006‐2007
Due from banks (net)		3 689 849	4 781 215	4 318 696		4 539 923 Grand Hotel Summer Palace S.A.	Greece	100,00%	2006‐2007
Financial assets at fair value through P&L		12 139 287	12 684 410	10 981 488		12 283 625 NBG Training Center S.A.	Greece	100,00%	2006‐2007
Derivative financial instruments Loans and advances to customers (net)		394 904 54 693 204	371 074 42 624 536	331 206 39 568 570		204 690 Εthnodata S.A. 32 755 298 ΚΑDΜΟΣ S.A.	Greece Greece	100,00% 100,00%	2005‐2007 2003‐2007
Investment securities		4 626 548	4 191 192	2 537 345		2 542 345 DIONYSOS S.A.	Greece	99,91%	2003‐2007
Investment property		153 628	123 373	160		186 EKTENEPOL Construction Company S.A.	Greece	100,00%	2001‐2007
Investments in subsidiaries		‐	‐	6 434 777		4 016 713 Mortgage, Touristic PROTYPOS S.A.	Greece	100,00%	2003‐2007
Investments in associates		73 586	272 780	21 492		237 836 Hellenic Touristic Constructions S.A.	Greece	77,76%	2003‐2007
Goodwill, software & other intangible assets		2 933 103	2 515 257	80 200		49 262 Ethnoplan S.A.	Greece	100,00%	2005‐2007
Property & equipment		1 936 815	2 041 938	955 572		1 091 931 Ethniki Ktimatikis Ekmetalefsis S.A.	Greece	100,00%	1991‐2007
Deferred tax assets		288 330	262 209	156 486		129 159 NBGI Private Equity Funds	United Kingdom	100,00%	2007
Insurance related assets and receivables		789 932	741 448	‐		‐ NBG International Holdings B.V.	Netherlands	100,00%	‐
Current income tax advance		115 986	32 311	115 986		32 311 EURIAL Leasing S.A.	Romania	70,00%	2007
Other assets		2 097 474	1 524 848	1 354 198		1 041 994 Finansbank A.S.	Turkey	99,57%	2001‐2007
Non current assets held for sale		115 279	‐	‐		‐ Finansbank Malta Holdings Ltd	Malta	99,57%	2006‐2007
Total assets		90 385 574	76 408 559	71 058 950		61 145 069 Finansbank Malta Ltd Finans Finansal Kiralama A.S. (Finans Leasing)	Malta Turkey	99,57% 61,55%	2005‐2007 2002‐2007
Liabilities						Finans Yatirim Menkul Degerler A.S. (Finans Invest)	Turkey	99,48%	2002‐2007
Due to banks		10 373 844	6 232 438	9 033 985		5 871 463 Finans Portfoy Yonetimi A.S. (Finans Portfolio Asset Management)	Turkey	99,48%	2002‐2007
Derivative financial instruments		1 071 806	404 572	580 062		344 687 Finans Yatirim Ortakligi A.S. (Finans Investment Trust)	Turkey	80,97%	2003‐2007
Due to customers		60 530 411	53 233 724	49 259 670		44 564 664 IBTech Uluslararasi Bilisim Ve Iletisim Teknolojileri A.S. (IB Tech)	Turkey	98,58%	2005‐2007
Debt securities in issue		2 289 735	822 696	‐		‐ Finans Emeklilik ve Hayat A.S. (Finans Pension)	Turkey	99,57%	‐
Other borrowed funds		1 723 046	2 197 387	3 383 735		2 512 074 Vojvodjanska Banka a.d. Novi Sad	Serbia	100,00%	2006‐2007
Insurance related reserves and liabilities		2 167 621	1 953 618	‐		‐ P&K S.A.	Greece	100,00%	2006‐2007
Deferred tax liabilities		247 473	100 918	133 731		79 108 National Bank of Greece a.d. Beograd	Serbia	100,00%	2001‐2007
Retirement benefit obligations		239 382	212 568	110 540		59 544 NBG Leasing d.o.o. ‐ Belgrade	Serbia	100,00%	2005‐2007
Current income tax liabilities		37 029	59 324	‐		‐ NBG Services d.o.o. ‐ Belgrade	Serbia	100,00%	2007
Other liabilities		3 156 757	2 358 410	2 021 306		1 594 981 CPT Investments Ltd	Cayman Islands	50,10%	‐
Liabilities held for sale Total liabilities		6 535 81 843 639	‐ 67 575 655	‐ 64 523 029	‐ 55 026 521
Shareholders´ Equity						Associated (equity method of consolidation)	Headquarters	% participation naudited Tax Years
Share capital		2 385 992	2 376 436	2 385 992		2 376 436 Social Securities Funds Management S.A.	Greece	40,00%	2000‐2007
Share premium account		2 292 753	2 263 725	2 292 753		2 263 725 Phosphate Fertilizers Industry S.A.	Greece	24,23%	2001‐2007
Less: Treasury shares		(21 601)	(26 826)	(21 601)		(4 490) Larko S.A.	Greece	36,43%	2002‐2007
Reserves and retained earnings Equity attributable to NBG shareholders		1 813 276 6 470 420	1 983 890 6 597 225	1 878 777 6 535 921		1 482 877 Siemens Enterprise Communications A.E. 6 118 548 Eviop Tempo S.A.	Greece Greece	30,00% 21,21%	2006‐2007 2004‐2007

	Group		Bank		Ethniki General Insurance (Cyprus) Ltd	Cyprus	100,00%	2007
	31.12.2007	31.12.2006	31.12.2007	31.12.2006	S.C. Garanta Asigurari S.A.	Romania	94,96%	2003‐2007
Assets					Audatex Hellas S.A.	Greece	70,00%	2005‐2007
Cash and balances with central banks	6 109 648	3 874 210	4 135 632		2 034 464 National Insurance Brokerage S.A.	Greece	95,00%	2003‐2007
Treasury bills and other eligible bills	228 001	367 758	67 142		185 332 ASTIR Palace Vouliagmenis S.A.	Greece	78,06%	2006‐2007
Due from banks (net)	3 689 849	4 781 215	4 318 696		4 539 923 Grand Hotel Summer Palace S.A.	Greece	100,00%	2006‐2007
Financial assets at fair value through P&L	12 139 287	12 684 410	10 981 488		12 283 625 NBG Training Center S.A.	Greece	100,00%	2006‐2007
Derivative financial instruments	394 904	371 074	331 206		204 690 Εthnodata S.A.	Greece	100,00%	2005‐2007
Loans and advances to customers (net)	54 693 204	42 624 536	39 568 570		32 755 298 ΚΑDΜΟΣ S.A.	Greece	100,00%	2003‐2007
Investment securities	4 626 548	4 191 192	2 537 345		2 542 345 DIONYSOS S.A.	Greece	99,91%	2003‐2007
Investment property	153 628	123 373	160		186 EKTENEPOL Construction Company S.A.	Greece	100,00%	2001‐2007
Investments in subsidiaries	‐	‐	6 434 777		4 016 713 Mortgage, Touristic PROTYPOS S.A.	Greece	100,00%	2003‐2007
Investments in associates	73 586	272 780	21 492		237 836 Hellenic Touristic Constructions S.A.	Greece	77,76%	2003‐2007
Goodwill, software & other intangible assets	2 933 103	2 515 257	80 200		49 262 Ethnoplan S.A.	Greece	100,00%	2005‐2007
Property & equipment	1 936 815	2 041 938	955 572		1 091 931 Ethniki Ktimatikis Ekmetalefsis S.A.	Greece	100,00%	1991‐2007
Deferred tax assets	288 330	262 209	156 486		129 159 NBGI Private Equity Funds	United Kingdom	100,00%	2007
Insurance related assets and receivables	789 932	741 448	‐		‐ NBG International Holdings B.V.	Netherlands	100,00%	‐
Current income tax advance	115 986	32 311	115 986		32 311 EURIAL Leasing S.A.	Romania	70,00%	2007
Other assets	2 097 474	1 524 848	1 354 198		1 041 994 Finansbank A.S.	Turkey	99,57%	2001‐2007
Non current assets held for sale	115 279	‐	‐		‐ Finansbank Malta Holdings Ltd	Malta	99,57%	2006‐2007
Total assets	90 385 574	76 408 559	71 058 950		61 145 069 Finansbank Malta Ltd	Malta	99,57%	2005‐2007
					Finans Finansal Kiralama A.S. (Finans Leasing)	Turkey	61,55%	2002‐2007
Liabilities					Finans Yatirim Menkul Degerler A.S. (Finans Invest)	Turkey	99,48%	2002‐2007
Due to banks	10 373 844	6 232 438	9 033 985		5 871 463 Finans Portfoy Yonetimi A.S. (Finans Portfolio Asset Management)	Turkey	99,48%	2002‐2007
Derivative financial instruments	1 071 806	404 572	580 062		344 687 Finans Yatirim Ortakligi A.S. (Finans Investment Trust)	Turkey	80,97%	2003‐2007
Due to customers	60 530 411	53 233 724	49 259 670		44 564 664 IBTech Uluslararasi Bilisim Ve Iletisim Teknolojileri A.S. (IB Tech)	Turkey	98,58%	2005‐2007
Debt securities in issue	2 289 735	822 696	‐		‐ Finans Emeklilik ve Hayat A.S. (Finans Pension)	Turkey	99,57%	‐
Other borrowed funds	1 723 046	2 197 387	3 383 735		2 512 074 Vojvodjanska Banka a.d. Novi Sad	Serbia	100,00%	2006‐2007
Insurance related reserves and liabilities	2 167 621	1 953 618	‐		‐ P&K S.A.	Greece	100,00%	2006‐2007
Deferred tax liabilities	247 473	100 918	133 731		79 108 National Bank of Greece a.d. Beograd	Serbia	100,00%	2001‐2007
Retirement benefit obligations	239 382	212 568	110 540		59 544 NBG Leasing d.o.o. ‐ Belgrade	Serbia	100,00%	2005‐2007
Current income tax liabilities	37 029	59 324	‐		‐ NBG Services d.o.o. ‐ Belgrade	Serbia	100,00%	2007
Other liabilities	3 156 757	2 358 410	2 021 306		1 594 981 CPT Investments Ltd	Cayman Islands	50,10%	‐
Liabilities held for sale	6 535	‐	‐	‐
Total liabilities	81 843 639	67 575 655	64 523 029	55 026 521
Shareholders´ Equity					Associated (equity method of consolidation)	Headquarters	% participation naudited Tax Years
Share capital	2 385 992	2 376 436	2 385 992		2 376 436 Social Securities Funds Management S.A.	Greece	40,00%	2000‐2007
Share premium account	2 292 753	2 263 725	2 292 753		2 263 725 Phosphate Fertilizers Industry S.A.	Greece	24,23%	2001‐2007
Less: Treasury shares	(21 601)	(26 826)	(21 601)		(4 490) Larko S.A.	Greece	36,43%	2002‐2007
Reserves and retained earnings	1 813 276	1 983 890	1 878 777		1 482 877 Siemens Enterprise Communications A.E.	Greece	30,00%	2006‐2007
Equity attributable to NBG shareholders	6 470 420	6 597 225	6 535 921		6 118 548 Eviop Tempo S.A.	Greece	21,21%	2004‐2007
					Teiresias S.A.	Greece	39,34%	2003‐2007
Minority interest	507 889	610 554	‐		‐ Hellenic Countryside S.A.	Greece	20,23%	2003‐2007
Preferred securities	1 563 626	1 625 125	‐		‐ Pella S.A.	Greece	20,89%	2002‐2007
Total shareholders΄ equity	8 541 935	8 832 904	6 535 921		6 118 548 Planet S.A.	Greece	31,18%	2003‐2007
					Europa Insurance Co. S.A.	Greece	28,00%	2005‐2007
Total equity and liabilities	90 385 574	76 408 559	71 058 950		61 145 069 UBB AIG Insurance & Reinsurance Company	Bulgaria	59,97%	2006‐2007
					UBB AIG Life Insurance Company	Bulgaria	59,97%	2006‐2007

Drujestvo za Kasova Deinost A.D. (Cash Service Company) Bulgaria 24,98% ‐

					1/1‐31/12/2007	1/1‐31/12/2006
Group Bank			Revenue	‐	20 827
31.12.2007	31.12.2006	31.12.2007	31.12.2006	Net trading gains (losses)	‐	(393)
				Net gains from investment securities	‐	249

	Group		Bank
	31.12.2007	31.12.2006	31.12.2007	31.12.2006
Net Cash flow from:
Operating activities	2 500 529	1 812 516	3 061 883	356 387
Investing activities	(2 123 511)	(2 105 610)	(1 697 817)	(2 433 262)
Financing activities	848 276	2 141 817	419 745	3 070 227
Effect of FX rate changes on cash & cash equivalents and discontinued operations	(3 855)	(32 503)	75 523	(27 240)
Net increase / (decrease) in cash and cash equivalents	1 221 439	1 816 220	1 859 334	966 112
Cash and cash equivalents at beginning of the year	4 943 481	3 127 261	3 597 115	2 646 494
Cash and cash equivalents at end of the year	6 164 920	4 943 481	5 456 449	3 612 606

	Group		Bank		Revenue	‐	20 827
	31.12.2007	31.12.2006	31.12.2007	31.12.2006	Net trading gains (losses)	‐	(393)
					Net gains from investment securities	‐	249
Balance at the beginning of the year	8 832 904	4 316 408	6 118 548	2 972 489	Depreciation and impairment losses	‐	(1 351)
Changes during the year:					Other operating expense	‐	(10 953)
Net profit for the year	1 625 315	990 052	914 592	583 658	Gain on sale of discontinued operations	‐	120 834
Share capital increase ‐ Share capital premium account	38 584	2 943 814	38 584	2 943 814	Profit before tax	‐	129 213
Net change in treasury shares	5 225	(4 146)	(17 111)	(3 405)	Less: Tax	‐	(11 139)
Acquisitions ‐ mergers and other changes	(1 382 820)	424 777	(43 405)	(38 774)	Profit after tax	‐	118 074
Prior year dividends	(474 608)	(338 558)	(475 287)	(339 234)
Minority interests	(102 665)	500 557	‐	‐
Balance at the end of the year	8 541 935	8 832 904	6 535 921	6 118 548	annual financial statements as at 31 December 2007.

EFSTRATIOS ‐ GEORGIOS A. ARAPOGLOU ANTHIMOS C. THOMOPOULOS

The Board of Directors

Balance Sheet

		Athens, March 18, 2008
THE CHAIRMAN OF THE BOARD OF DIRECTORS	THE VICE CHAIRMAN OF THE BOARD OF DIRECTORS	THE CHIEF FINANCIAL	THE CHIEF ACCOUNTANT
AND CHIEF EXECUTIVE OFFICER	AND DEPUTY CHIEF EXECUTIVE OFFICER	AND CHIEF OPERATING OFFICER

Cash Flow Statement

Statement of Changes in Equity

IOANNIS P. KYRIAKOPOULOS

IOANNIS G. PECHLIVANIDIS

The financial data and information listed below provide a summarized view of the financial position and results of National Bank of Greece and its Group. We therefore suggest to the user, before proceeding to any investment decision or other transaction with the Bank, to visit National Bank of Greece΄s web‐site (www.nbg.gr), where the Annual

Financial Statements prepared in accordance with IFRS are published, together with the report of the Auditors.

Income Statement					Notes
					1) 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
	Group		Bank		those applied in the 2006 financial statements. 2) The parent company has been audited by the tax authorities up to and including 2004.
	31.12.2007	31.12.2006	31.12.2007	31.12.2006	3) As at 31.12.2007, the fixed assets of the Group are free of liens and encumbrances.
Continuing operations					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 impact on the financial position or
Interest & similar income	5 736 887	3 503 182	3 440 294	2 653 228	operations of the Group.
Interest expense & similar charges	(2 685 770)	(1 366 332)	(1 629 558)	(1 085 592)	5) The average number of employees of the Group and the Bank during the year ended 31 December 2007 was 33.361 and 13.378 respectively (31 December 2006: 24.187 and
Net interest income	3 051 117	2 136 850	1 810 736	1 567 636	13.763 respectively). The number of Group and Bank employees as at 31 December 2007 was 34.623 and 13.752 respectively (31 December 2006: 31.622 and 13.557
Fee and commission income	859 255	595 289	341 326	314 059	respectively).
Fee and commission expense	(86 730)	(58 029)	(23 408)	(65 207)	6) Related party transactions and balances as defined in IAS 24 are analyzed as follows: Amounts due from and owed to as well as income from and expenses to and off‐balance
Net fee and commission income	772 525	537 260	317 918	248 852	sheet items with associated companies of the Group, as at 31.12.2007, amounted to €45 million, €23 million, €4 million, €3 million and €50 million respectively. The
Earned premia net of reinsurance	721 473	671 957	‐	‐	corresponding balances and transactions with subsidiaries and associated companies of the Bank as at 31.12.2007 were €4.050 million, €4.966 million, €182 million, €260 million
Net claims incurred	(628 322)	(565 537)	‐	‐	and €155 million respectively. Loans, deposits, other payables, letters of guarantee and total compensation of members of the Board of Directors and members of management
Net premia net of claims and commissions	93 151	106 420	‐	‐	of Group companies amounted as at 31.12.2007 to €43 million, €326 million, €2 million, €33 million and €32 million respectively, and for the Bank alone the corresponding
Dividend income	11 262	9 646	66 108	44 884	amounts (excluding other payables and letters of guarantee which are nil) amounted to €13 million, €138 million and €12 million.
Net trading income & results from investment securities	479 901	141 256	309 401	160 590	7) Acquisitions, disposals & other capital transactions:
Net other operating income	151 254	204 106	42 116	94 217	a) From 8 January to 29 January 2007, the Bank acquired via the Mandatory Tender Offer 543.009.814 packs of 10 shares of Finansbank corresponding to 43,44% of its share
Total operating income	4 559 210	3 135 538	2 546 279	2 116 179	capital, for a consideration of €1.733 million. Also, from 1 February up to 31 December 2007, the Bank acquired 5.992.764 packs of 10 shares of Finansbank for a consideration
Personnel expenses	(1 423 558)	(1 048 535)	(880 008)	(729 831)	of €18,3 million.
General, administrative & other operating expenses	(718 511)	(460 060)	(299 756)	(239 511)	b) On 25 January 2007, the Boards of Directors of the Bank and National Management & Organization Co (Ethnokarta) decided the merger of the two companies through
Depreciation, amortisation & impairment charges of assets	(147 253)	(117 041)	(63 755)	(65 036)	absorption of the latter by the Bank. The date of the Merger Balance Sheets has been set as 31 March 2007. The Bank holds 100% of National Management & Organization Co
Amortisation of intangible assets recognised on business combinations	(29 027)	(9 118)	‐	‐	(Ethnokarta) shares and therefore the Bank's share capital will not increase following the completion of the merger. The merger was approved by the Ministry of Development
Finance charge on put options of minority interests	(24 945)	(5 746)	(24 945)	(5 746)	on 28 September 2007.
Impairment losses on loans & advances	(330 197)	(267 197)	(245 960)	(235 987)	c) Within February 2007, Serbian network of branches of the Bank became a subsidiary under the name NBG A.D. Beograd. d) On 15 March 2007, the Boards of Directors of the Bank and NBG Venture Capital SA, announced the draft agreement for the divestment of the warehousing section of the
Share of profit of associates	17 210	40 462	‐	‐	Bank and the transfer of the section, through absorption, to the latter. NBG Venture Capital SA will increase its share capital by €109.492.401 with the issuance of 37.369.420
					new shares with a nominal value of €2,93 each. Upon completion of the divestment the above shares will be transferred to the Bank. The divestment was approved by the
Profit before tax period from continuing operations	1 902 929	1 268 303	1 031 855	840 068	Annual Ordinary General Meeting of the Bank on 25 May 2007.
Tax expense	(258 808)	(321 708)	(117 263)	(256 410)	e) On 21 March 2007, NBG acquired 100% of shares of P&K Investment Services SA. The consideration agreed upon amounted to €48,7 million.
Profit for the period from continuing operations	1 644 121	946 595	914 592	583 658	f) On 5 April 2007, the Bank sold to the International Finance Corporation (IFC) 5% of Finansbank's shares. The agreement is subject to put/call options for a period of 7 years.
					g) On 19 April 2007 the Bank signed an agreement for the sale of its minority shareholding in AGET Heracles to majority shareholders Lafarge Group. Pursuant to this agreement,
Discontinued operations					the Bank sold 18.480.899 shares, representing 26% of the share capital of AGET Heracles. The sale price was at €17,40 per share, or €321,6 million in total.
Net profit for the period from discontinued operations	‐	118 074	‐	‐	h) On 10 May 2007, P&K Investment Services SA, sold its subsidiary P&K Mutual Fund Management SA to Millennium Bank ΑΕ for €1,68 million.
Profit for the period	1 644 121	1 064 669	914 592	583 658	i) On 16 May 2007, Finansbank, following an application to the General Directorate of Insurance, received permission to establish Finans Pension (Finans Emeklilik ve Hayat A.S.)
					as the main shareholder. The company completed its organisational preparations and obtained a licence to conduct life, personal accident and pension business, and has already
Attributable to:					commenced operations. The authorised share capital of the company amounts to TRY 20 million.
Minority interests	18 806	74 617	‐	‐	j) On 24 and 22 May 2007, the Boards of Directors of National Securities S.A. and P&K Securities S.A. respectively, decided the merger of the two companies through absorption
NBG equity shareholders	1 625 315	990 052	914 592	583 658	of the latter by the former. The date of the Merger Balance Sheets has been set as 31 May 2007. The merger was approved by the Ministry of Development on 14 December
					2007.
Earnings per share					k) On 30 May 2007, the Bank acquired from TBIF Financial Services BV, 100% of the share capital of the NBG Leasing d.o.o. – Belgrade (TBI Lizing d.o.o), a leasing company in
Basic from continuing & discontinued operations	€3,23	€2,20	‐	‐	Serbia, for the amount of €2,5 million.
Diluted from continuing & discontinued operations	€3,22	€2,20	‐	‐	l) On 20 June 2007, S.C. Garanta Asigurari S.A. merged with NBG Asigurari S.A., through absorption of the latter by the former.
Basic from continuing operations	€3,23	€1,92	€1,92	€1,39	m) On 3 September 2007, NBG Leasing d.o.o. – Belgrade established NBG Services d.o.o. ‐ Belgrade, a 100% subsidiary, with authorized share capital of RSD 756 thousand.
Diluted from continuing operations	€3,22	€1,92	€1,92	€1,39	n) On 24 September 2007, the Bank announced a voluntary takeover bid in cash of €5,50 per share for the 23,08% of the share capital of Ethniki Hellenic General Insurance SA.
					Up to 31 December 2007, the Bank's interest in the share capital of the company amounted to 100%. On 7 February 2008 the Capital Markets Commission approved the de‐
					registration of the company΄s shares from the Athens Stock Exchange.
Proposed dividend per share for the year ended 31.12.2007			€1,40		o) On 4 October 2007, the Board of Directors of NBG A.D. Belgrade proposed a share capital increase of €32 million. The proposal was approved by the General Meeting of the
Adjusted dividend per share for the year ended 31.12.2006				€1,00	Shareholders of NBG A.D. Belgrade held on 12 October 2007. The share capital increase was completed on 18 December 2007.
					p) In October 2007, the Bank exercised its minority buy‐out option for Vojvodjanska Bank and through a Public Tender Offer acquired 1.727 common shares at a price of
					RSD70.000 per share. After this share purchase, the Bank is the only shareholder of Vojvodjanska Bank and the Bank applied to the Serbian Securities and Exchange Commission

for delisting of Vojvodjanska Bank.

the Shareholders of Vojvodjanska Bank held on 29 November 2007. The share capital increase was completed on 19 December 2007.

q) On 14 November 2007, the Board of Directors of Vojvodjanska Bank proposed a share capital increase of €53 million. The proposal was approved by the General Meeting of r) On 19 November 2007, the Board of Directors of Vojvodjanska Bank proposed the merger of the Vojvodjanska Bank with NBG A.D. Belgrade through absorption of the latter by the former. The General Meetings of the Shareholders of Vojvodjanska Bank and NBG A.D. Belgrade approved the merger of the two banks through the absorption of the second by the first on 3 January 2008. The merger was approved by the Central Bank of Serbia on 5 February 2008 and was completed on 14 February 2008.

s) On 17 December 2007 the Bank established a new subsidiary, CPT Investments Ltd.

8) Of all companies consolidated as at 31.12.2007:

a) Fully consolidated: CPT Investments Ltd is consolidated for the first time on 31.12.2007. NBG Services d.o.o. – Belgrade was consolidated for the first time on 30.09.2007. NBG Leasing d.o.o. – Belgrade and UBB Insurance Broker were consolidated for the first time on 30.06.2007. P&K S.A. and its subsidiary companies, P&K Securities S.A. and P&K Mutual Funds Management Company S.A were consolidated for the first time on 31.03.2007. P&K Mutual Funds Management Company S.A was subsequently sold on 10.05.2007 and P&K Securities S.A. merged with National Securities S.A. on 31.05.2007. From the companies consolidated on 31.12.2006, NBG Asigurari S.A. are no longer consolidated due to dissolution and due to merger through absorption by S.C. Garanta Asigurari S.A. and National Management & Organization Co SA‐ ETHNOKARTA is no longer included due to merger through absorption by the Bank. Furthermore, during February 2007, the branch network of National Bank of Greece in Serbia was incorporated as a subsidiary bank under the name National Bank of Greece a.d. Beograd.

b) Equity method: Drujestvo za Kasova Deinost AD was consolidated for the first time on 30.06.2007. From the companies included in the 31.12.2006 consolidation AGET Heracles S.A., ZYMH A.E. and KARIERA A.E. are no longer included due to their disposal.

9) Profit for the reporting period (1.1 – 31.12.2006) from discontinued operations (Atlantic Bank of New York and National Bank of Greece (Canada)) include results of their operations as well as the gain on Atlantic Bank of New York and NBG Canada's disposal:

10) Certain amounts as at 31.12.2006 were reclassified in order to render them comparable to the respective amounts of 31.12.2007. Details are included in Note 50 of the annual financial statements as at 31 December 2007.