National Bank of Greece S.A.

Interim / Quarterly Report • Sep 28, 2015

National Bank of Greece S.A.

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM JANUARY 1, 2007 TO JUNE 30, 2007

( In accordance with Decision 2/396/31.08.2006 of the Capital Market Committee ) ( amounts in thousand EUR )

Company Information									Consolidated Companies
Headquarters:	86, Aiolou Str., 102 32 Athens								Subsidiaries (fully consolidated)	Headquarters	% participation	Unaudited Tax Years
Register Numbers of S.A. Supervising Prefecture:	6062/06/Β/86/01 Athens Prefecture								National Securities S.A.	Greece	100,00%	2003-2006
Date of approval of Financial Statements by BoD:	August 30, 2007								Ethniki Kefalaiou S.A.	Greece	100,00%	2006
Certified Public Accountant - Auditor:	Nicolaos C. Sofianos (RN SOEL 12231)								Diethniki Mutual Fund Management S.A.	Greece	100,00%	2005-2006
Audit Firm: Auditors΄s report:	Deloitte, Hadjipavlou Sofianos & Cambanis S.A. Assurance & Advisory Services Unqualified opinion								Ethniki Leasing S.A. National Mutual Fund Management	Greece Greece	100,00% 100,00%	2001-2006 2003-2006
Issue Date of auditors΄s report:	August 30, 2007								NBG Venture Capital S.A	Greece	100,00%	2003-2006
Website:	www.nbg.gr								NBG Greek Fund Ltd	Cyprus	100,00%	1999-2006
The Board of Directors									ETEBA Emerging Markets Fund Ltd ETEBA Estate Fund Ltd	Cyprus Cyprus	100,00% 100,00%	1999-2006 1999-2006
Executive Members									ETEBA Venture Capital Management Co Ltd	Cyprus	100,00%	1999-2006
Efstratios (Takis) - Georgios A. Arapoglou	Chairman of the Board of Directors - Chief Executive Officer								NBG Bancassurance S.A.	Greece	100,00%	2003-2006
Ioannis G. Pechlivanidis	Vice Chairman of the Board of Directors - Deputy Chief Executive Officer								The South African Bank of Athens Ltd	South Africa	99,50%	2006
Non executive Members Achilleas D. Mylonopoulos	Employees' representative								National Bank of Greece (Cyprus) Ltd National Securities Co (Cyprus) Ltd	Cyprus Cyprus	100,00% 100,00%	2006 -
John P. Panagopoulos	Employees' representative								NBG Management Services Ltd	Cyprus	100,00%	2000-2006
Ioannis C. Yiannidis	Professor, University of Athens Law School & Legal Counsellor								Stopanska Banka A.D., Skopje	FYROM	94,64%	2005-2006
George Z. Lanaras Stefanos G. Pantzopoulos	Shipowner Business Consultant, former Certified Auditor								United Bulgarian Bank A.D., Sofia (UBB) UBB Asset Management	Bulgaria Bulgaria	99,91% 99,92%	2005-2006 2004-2006
Independent Non Executive Members									UBB Insurance Broker	Bulgaria	95,30%	-
H.E. the Metropolitan of Ioannina Theoklitos									NBG International Ltd	United Kingdom	100,00%	2006
Stefanos C. Vavalidis Dimitrios A. Daskalopoulos	Member of the Board of Directors, European Bank for Reconstruction & Development Chairman & Managing Director, Vivartia S.A., Chairman of Hellenic Federation of Enterprises								NBG International Inc (NY) NBGI Private Equity Ltd	U.S.A. United Kingdom	100,00% 100,00%	2000-2006 -
Nikolaos D. Efthymiou	Chairman, Association of Greek Shipowners								NBG Finance Plc	United Kingdom	100,00%	2006
Constantinos D. Pilarimos	Economist, General Manager of Finances and Technical Services, Church of Greece								Interlease Ε.A.D.	Bulgaria	100,00%	2005-2006
Drakoulis K. Fountoukakos - Kyriakakos Ploutarchos K. Sakellaris	Entrepreneur Professor, University of Athens and Chairman, Council of Economic Advisors								ETEBA Bulgaria A.D. ETEBA Romania S.A.	Bulgaria Romania	100,00% 100,00%	- 2000-2006
George I. Mergos	Professor, University of Athens and Governor of IKA (Social Security Fund)								NBG Luxembourg Holding S.A.	Luxembourg	100,00%	-
									NBG Luxfinance Holding S.A.	Luxembourg	100,00%	-
Balance Sheet									Innovative Ventures S.A (I-Ven) NBG Funding Ltd	Greece United Kingdom	100,00% 100,00%	2003-2006 -
			Group				Bank		Banca Romaneasca S.A.	Romania	98,88%	2006
Assets			30/06/2007	31/12/2006			30/06/2007		31/12/2006 Ethniki Hellenic General Insurance	Greece	76,85%	2006
Cash and balances with central banks Treasury bills and other eligible bills			3 368 853 282 227	3 874 210 367 758			1 766 084 140 897		2 034 464 Ethniki Insurance (Cyprus) Ltd 185 332 Ethniki General Insurance (Cyprus) Ltd	Cyprus Cyprus	79,37% 79,37%	2006 2006
Due from banks (net)			4 285 650	4 781 215			4 617 313		4 539 923 S.C. Garanta Asigurari S.A.	Romania	72,98%	2003-2006
Financial assets at fair value through P&L			12 825 052	12 684 410			12 311 238		12 283 625 Audatex Hellas S.A.	Greece	53,79%	2005-2006
Derivative financial instruments Loans and advances to customers (net)			520 789 47 739 286	371 074 42 624 536			425 962 35 470 930		204 690 National Insurance Brokerage S.A. 32 755 298 ASTIR Palace Vouliagmenis S.A.	Greece Greece	73,01% 78,06%	2003-2006 2006
Investment securities			4 897 619	4 191 192			2 931 411		2 542 345 Grand Hotel Summer Palace S.A.	Greece	100,00%	2006
Investment property			150 449	123 373			176		186 NBG Training Center S.A.	Greece	100,00%	2006
Investment in subsidiaries			-	-			5 554 049		4 016 713 Εthnodata S.A.	Greece	100,00%	2005-2006
Investments in associates Goodwill & other intangible assets			74 795 2 627 969	272 780 2 515 257			21 492 53 164		237 836 ΚΑDΜΟΣ S.A. 49 262 DIONYSOS S.A.	Greece Greece	100,00% 99,91%	2003-2006 2003-2006
Property & equipment			2 027 075	2 041 938			1 083 172		1 091 931 EKTENEPOL Construction Company S.A.	Greece	100,00%	2001-2006
Deferred tax assets			294 224	262 209			160 802		129 159 Mortgage, Touristic PROTYPOS S.A.	Greece	100,00%	2003-2006
Insurance related assets and receivables Other assets			783 145 2 455 038	741 448 1 557 159			- 1 391 590		- Hellenic Touristic Constructions S.A. 1 074 305 Ethnoplan S.A.	Greece Greece	77,76% 100,00%	2003-2006 2006
Total assets			82 332 171	76 408 559			65 928 280		61 145 069 Ethniki Ktimatikis Ekmetalefsis S.A.	Greece	100,00%	1991-2006
									NBGI Private Equity FUNDS	United Kingdom	100,00%	2006
Liabilities Due to banks			9 322 171	6 232 438			8 276 575		NBG International Holdings B.V. 5 871 463 EURIAL Leasing S.A.	Netherlands Romania	100,00% 70,00%	- 2003-2006
Derivative financial instruments			723 728	404 572			525 243		344 687 Finansbank A.S.	Turkey	99,34%	2001-2006
Due to customers			55 357 406	53 233 724			45 795 158		44 564 664 Finansbank Malta Holdings Ltd	Malta	99,34%	2006
Debt securities in issue Other borrowed funds			2 339 235 1 397 439	822 696 2 197 387			- 3 221 497		- Finansbank Malta Ltd 2 512 074 Finans Finansal Kiralama A.S. (Finans Leasing)	Malta Turkey	99,34% 61,41%	2005-2006 2002-2006
Insurance related reserves and liabilities			2 061 953	1 953 618			-		- Finans Yatirim Menkul Degerler A.S. (Finans Invest)	Turkey	99,25%	2002-2006
Deferred tax liabilities			179 277	100 918			140 606		79 108 Finans Portfoy Yonetimi A.S. (Finans Portfolio Asset Management)	Turkey	99,24%	2002-2006
Retirement benefit obligations			218 119	212 568			109 966		59 544 Finans Yatirim Ortakligi A.S. (Finans Investment Trust)	Turkey	80,79%	-
Other liabilities Total liabilities			3 140 498 74 739 826	2 417 734 67 575 655			1 739 284 59 808 329		1 594 981 IBTech Uluslararasi Bilisim Ve Iletisim Teknolojileri A.S. (IB Tech) 55 026 521 Vojvodjanska Banka a.d. Novi Sad	Turkey Serbia	98,35% 99,43%	2005-2006 2005-2006
									P&K S.A.	Greece	100,00%	2006
Shareholders´ Equity									P&K Securities S.A.	Greece	100,00%	2006
Share capital Share premium account			2 376 436 2 263 725	2 376 436 2 263 725			2 376 436 2 263 725		2 376 436 National Bank of Greece a.d. Beograd 2 263 725 NBG Leasing d.o.o. - Belgrade	Serbia Serbia	100,00% 100,00%	2001-2006 2005-2006
Treasury shares			(19 975)	(26 826)			-	(4 490)
Reserves and retained earnings			1 199 585	1 983 890			1 479 790	1 482 877	Associated (equity method of consolidation)	Headquarters	% participation	Unaudited Tax Years
Equity attributable to NBG shareholders			5 819 771	6 597 225			6 119 951	6 118 548	Social Securities Funds Management S.A.	Greece	40,00%	2000-2006
Minority interest			152 910	610 554			-		- Phosphate Fertilizers Industry S.A.	Greece	24,23%	2001-2006
Preferred securities			1 619 664	1 625 125			-		- Larko S.A.	Greece	36,43%	2002-2006
Total shareholders΄ equity			7 592 345	8 832 904			6 119 951		6 118 548 Siemens Enterprise Communications A.E. Eviop Tempo S.A.	Greece Greece	30,00% 21,21%	2003-2006 2004-2006
Total equity and liabilities			82 332 171	76 408 559			65 928 280		61 145 069 Teiresias S.A.	Greece	39,34%	2003-2006
			0	0			0		0 Ellenikes Exoches S.A.	Greece	20,23%	2003-2006
Income Statement									Pella S.A.	Greece	20,89%	2002-2006
		Group				Bank			Planet S.A. Kariera S.A.	Greece Greece	31,18% 35,00%	2003-2006 2006
Continuing operations			1/1-30/06/2007 1/1-30/06/2006 1/4-30/06/2007 1/4-30/06/2006				1/1-30/06/2007 1/1-30/06/2006 1/4-30/06/2007 1/4-30/06/2006 Zymi S.A.			Greece	32,00%	2003-2006
Interest & similar income Interest expense & similar charges	2 743 217 (1 299 864)	1 372 643 (485 744)	1 410 087 (674 956)	705 486 (246 315)	1 705 734 (835 126)	1 213 878 (479 572)	881 807 (440 690)		625 758 Europa Insurance Co. S.A. (246 513) UBB AIG Insurance & Reinsurance Company	Greece Bulgaria	23,05% 53,02%	2005-2006 2006
Net interest income	1 443 353	886 899	735 131	459 171	870 608	734 306	441 117		379 245 UBB AIG Life Insurance Company	Bulgaria	53,02%	2006
Fee and commission income	404 554	249 881	205 343	125 019	166 559	159 400	84 670		81 155 Drujestvo za Kasova Deinost AD (Cash Servise Company)	Bulgaria	24,98%	-
Fee and commission expense Net fee and commission income	(40 221) 364 333	(17 428) 232 453	(21 793) 183 550	(7 384) 117 635	(20 574) 145 985	(28 412) 130 988	(3 754) 80 916	(13 994) 67 161
Earned premia net of reinsurance	379 319	323 795	196 139	164 002	-	-	-	-
Net claims incurred	(329 387)	(266 682)	(172 803)	(134 151)	-	-	-	-	Notes
Earned premia from insurance contracts	49 932	57 113	23 336	29 851	-	-	-	-	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 those applied in the 2006 financial statements.
Dividend income Net trading income	10 259 137 210	8 315 13 114	7 516 99 259	6 904 (16 648)	28 475 112 421	44 318 81 421	23 699 75 415	33 828 (7 055)	2) The parent company has been audited by the tax authorities up to and including 2004. 3) As at 30.06.2007, the fixed assets of the Group are free of liens and encumbrances.
Net result from investment securities	143 449	44 520	121 214	16 652	109 391	26 323	99 710	5 279	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 operations of
Net other operating income	85 509	99 135	31 897	45 293	5 279	36 740	4 212	22 496	the Group. 5) The average number of employees of the Group and the Bank during the 6-month period ended 30 June 2007 was 32.683 and 13.520 respectively (30 June 2006: 21.121 and 13.874
Total operating income Personnel expenses	2 234 045 (651 865)	1 341 549 (448 265)	1 201 903 (342 902)	658 858 (236 433)	1 272 159 (423 582)	1 054 096 (327 870)	725 069 (226 992)	500 954 (162 653)	respectively). The number of Group and Bank employees as at 30 June 2007 was 33.721 and 13.559 respectively. 6) Related party transactions and balances as definedin IAS 24 are analyzed as follows:Amounts due from and owed to as well as income from and expensesto and off-balancesheet items with
General, administrative & other operating expenses	(318 945)	(182 592)	(168 544)	(97 859)	(125 380)	(108 402)	(64 293)	(59 016)	associated companiesof the Group, as at 30.06.2007, amounted to €52 million, €25 million, €1,5 million, €3 million and €41 million respectively.The correspondingbalances and transactions with subsidiary and associated companies of the Bank as at 30.06.2007 were €2.655 million, €4.446 million, €73 million, €129 million and €96 million respectively. Loans, deposits, other
Depreciation, amortisation & impairment charges of fixed assets	(65 068)	(55 543)	(32 641)	(27 459)	(30 706)	(34 382)	(15 805)	(16 919)	payables, letters of guarantee and total compensationof members of the Board of Directors and membersof management of Group companies amounted as at 30.06.2007 to €31 million, €148 million, €4 million, €14 million and €11,5 million respectively,and for the Bank alone the correspondingamounts (excluding other payables and letters of guarantee which are nil) amounted to
Amortisation of intangible assets recognised on business combinations Finance charge on put options of minority interests	(12 505) (7 248)	- -	(6 326) (3 624)	- -	- (7 248)	- -	- (3 624)	- -	€3 million, €3 million and €2,6 million. 7) Acquisitions, disposals & other capital transactions:
Impairment losses on loans & advances	(167 013)	(130 400)	(85 010)	(64 418)	(124 969)	(111 276)	(64 330)	(52 065)	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 capital, for a consideration of €1.733 million.
Share of profit of associates	16 675	8 328	11 629	2 824	-	-	-	-	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 absorption of the latter by the Bank. The date of the Merger Balance Sheets has been set as 31 March 2007. Therefore, from the second quarter 2007, the balance sheet and income statement figures are reported
Profit before tax Tax expense	1 028 076 (136 911)	533 077 (95 478)	574 485 (70 383)	235 513 (44 637)	560 274 (55 720)	472 166 (91 385)	350 025 (36 409)	210 301 (39 094)	by the Bank. c) 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 Bank and the
Profit for the period from continuing operations	891 165	437 599	504 102	190 876	504 554	380 781	313 616	171 207	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 completionof the divestmentthe above shares will be transferredto the Bank. The divestmentwas approved by the Annual Ordinary General Meeting of the Bank on 25 May 2007.
Discontinued operations Profit for the period from discontinued operations	-	118 074	-	111 070	-	-	-	-	d) On 21 March 2007, NBG acquired 100% of shares of P&K Investment Services SA. The consideration agreed upon amounted to €48,7 million. e) On 5 April 2007, the Bank sold to the International Finance Corporation (IFC) 5% of Finansbank's shares.
Profit for the period	891 165	555 673	504 102	301 946	504 554	380 781	313 616	171 207	f) 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, the Bank sold 18.480.899 shares, representing 26% of the share capital of AGET Heracles. The sale price has been agreed at €17,40 per share, or €321,6 million in total.
									g) 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. h) On 24 and 22 May 2007, the Boards of Directors of the National Securities SA and P&K Securities SA respectively,decided the merger of the two companiesthrough absorption of the latter
Attributable to: Minority interests	13 460	9 470	6 907	5 940	-	-	-	-	by the first. The date of the Merger Balance Sheets has been set the 31 May 2007. i) On 30 May 2007, the Bank acquired from TBIF Financial Services BV, 100% of the share capital of the TBI Lizing d.o.o., a leasing company in Serbia, for the amount of EUR 2.5 million.
NBG equity shareholders	877 705	546 203	497 195	296 006	504 554	380 781	313 616	171 207	j) On 20 June 2007, SC Garanta Asigurari SA merged with NBG Asigurari SA, through absorption of latter by the firs 8) Of all companies consolidated as at 30.06.2007:
	0	0	0	0					a) Fully consolidated:NBG Leasing d.o.o. – Belgrade and UBB Insurance Broker are first time consolidated 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 first time consolidated on 31.03.2007. P&K Mutual Funds Management Company S.A was subsequently sold on 10.05.2007 and is
Earnings per share Basic from continuing & discontinued operations	€ 1,66	€ 1,36	€ 0,90	€ 0,72					therefore not consolidated on 30.06.2007. Finansbank A.S. and its subsidiary companies (Finansbank Malta, Finans Leasing, Finans Invest, Finans Portfolio Management, Finans Investment Trust and IB Tech), and Vojvodjanska Banka a.d. Novi Sad were first time consolidated on 30.09.2006 and 31.12.2006 respectively.Of companiesconsolidated on 30.06.2006, NBG Balkan
Diluted from continuing & discontinued operations	€ 1,66	€ 1,36	€ 0,90	€ 0,72					Ltd and NBG Asigurari S.A. are no longer consolidated due to dissolution and due to merger through absorption by S.C. Garanta Asigurari S.A respectively, while National Management &

Basic from continuing operations € 1,66 € 1,03 € 0,90 € 0,41 € 1,06 € 1,05 € 0,66 € 0,47 Diluted from continuing operations € 1,66 € 1,03 € 0,90 € 0,41 € 1,06 € 1,05 € 0,66 € 0,47

					1/1-30/06/2007	1/1-30/06/2006
				Revenue	-	20 827
				Net trading gains (losses)	-	(393)
Group		Bank		Net gains from investment securities	-	249
	1/1-30/06/2007 1/1-30/06/2006		1/1-30/06/2007 1/1-30/06/2006	Depreciation and impairment losses	-	(1 351)
				Other operating expense	-	(10 953)

	Group			Bank
		1/1-30/06/2007 1/1-30/06/2006		1/1-30/06/2007 1/1-30/06/2006
Net Cash flow from:
Operating activities	873 980	2 088 941	909 776	2 369 484
Investing activities	(2 205 331)	(210 728)	(1 537 967)	(368 957)
Financing activities	193 056	(386 832)	242 274	(405 501)
Effect of FX rate changes on cash & cash equivalents and discontinued operations	176 813	(26 008)	46 193	(20 097)
Net increase / (decrease) in cash and cash equivalents	(961 482)	1 465 373	(339 724)	1 574 929
Cash and cash equivalents at beginning of the period	4 943 481	3 127 260	3 597 115	2 646 494
Cash and cash equivalents at end of the period	3 981 999	4 592 633	3 257 391	4 221 423

	Group		Bank		Net gains from investment securities	-	249
		1/1-30/06/2007 1/1-30/06/2006		1/1-30/06/2007 1/1-30/06/2006	Depreciation and impairment losses	-	(1 351)
					Other operating expense	-	(10 953)
Balance at the beginning of the period	8 832 904	4 316 408	6 118 548	2 972 489	Gain on sale of discontinued operations	-	120 834
Changes during the period:					Profit before tax	-	129 213
Net profit for the year	877 705	546 203	504 554	380 781	Less: Tax	-	(11 139)
Net change in treasury shares	6 851	70	4 490		70 Profit after tax	-	118 074
Acquisitions - mergers and other changes	(1 192 863)	(139 841)	(32 354)	(59 963)
Prior year dividends	(474 608)	(338 558)	(475 287)	(339 234)
Minority interests	(457 644)	(15 467)	-	-	condensed interim financial statements as at 30 June 2007.
Balance at the end of the period	7 592 345	4 368 815	6 119 951	2 954 143

THE CHAIRMAN OF THE BOARD OF DIRECTORS AND CHIEF EXECUTIVE OFFICER

THE CHIEF FINANCIAL AND CHIEF OPERATING OFFICER

EFSTRATIOS - GEORGIOS A. ARAPOGLOU ANTHIMOS C. THOMOPOULOS

Cash Flow Statement

THE VICE CHAIRMAN OF THE BOARD OF DIRECTORS AND DEPUTY CHIEF EXECUTIVE OFFICER

IOANNIS G. PECHLIVANIDIS

Athens, August 30, 2007

Statement of Changes in Equity

IOANNIS P. KYRIAKOPOULOS

THE CHIEF ACCOUNTANT

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

Greece in Serbia was incorporated as a subsidiary bank under the name National Bank of Greece a.d. Beograd.

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 b) Equity method: Drujestvo za Kasova Deinost AD is first time consolidated, while UBB AIG Insurance & Reinsurance Company and UBB AIG Life Insurance Company were first time consolidatedon 31.12.2006. Of companiesincluded in the 30.06.2006 consolidationAGET Heracles S.A. is no longer included due to its disposal and Agris SA is no longer included due to its disposal on 17.10.2006.

9) Profit for the reporting period (1.1 – 30.06.2006) 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 sale:

10) Certain amounts as at 30.06.2006 and 31.12.2006 were reclassified in order to render them comparable to the respective amounts of 30.06.2007. Details are included in Note 41 of condensed interim financial statements as at 30 June 2007.