National Bank of Greece S.A.

Quarterly Report • Sep 24, 2015

Table of Contents

	Certifications of the Board of Directors3
	Management's interim report4
	Auditor's Review Report6
	Income Statement – 6 months7
	Income Statement – 3 months8
	Balance Sheet9
	Statement of Changes in Equity-Group 10
	Statement of Changes in Equity-Bank 11
	Cash Flow Statement12
NOTE 1:	General Information13
NOTE 2:	Summary of significant accounting policies 14
2.1	Basis of Preparation 14
2.2	Principal accounting policies14
2.3	Estimates14
NOTE 3:	Segment reporting 14
NOTE 4:	Earnings per share16

NOTE 5:	Loans & advances to customers (net) 16
NOTE 6:	Goodwill, software & other intangibles assets16
NOTE 7:	Property & equipment16
NOTE 8:	Due to customers 17
NOTE 9:	Contingent liabilities and commitments17
NOTE 10:	Share capital and treasury shares18
NOTE 11:	Dividend per share18
NOTE 12:	Related party transactions19
NOTE 13:	Acquisitions & other capital transactions20
NOTE 14:	Capital adequacy 20
NOTE 15:	Group Companies21
NOTE 16:	Events after the balance sheet date 22
NOTE 17:	Foreign exchange rates22
NOTE 18:	Reclassifications and restatements 22
	Summary financial data 23

CERTIFICATIONS

Certification of Chairman and Chief Executive Officer, Vice Chairman and Deputy Chief Executive Officer, and a member of the Board of Directors pursuant to Article 5(c) of Law 3556/07.

We, the members of the Board of Directors of National Bank of Greece S.A. certify that to the best of our knowledge:

• (1) Τhe financial statements for the six month period ended 30.06.2008 have been prepared in accordance with International Financial Reporting Standards in force and present a true and fair view of the assets, liabilities equity and results of operation of National Bank of Greece and of the companies included in the consolidation.
• (2) Τhe management's interim report truly and fairly presents all information required by Article 5, Para 6 of Law 3556/07.

Athens, 28 August 2008

THE CHAIRMAN THE VICE CHAIRMAN

AND CHIEF EXECUTIVE OFFICER EXECUTIVE OFFICER

EFSTRATIOS-GEORGIOS A. ARAPOGLOU

IOANNIS G. PECHLIVANIDIS

AND DEPUTY CHIEF

STEFANOS G. PANTZOPOULOS

THE BOD MEMBER.

Management's interim report on the consolidated financial statements of National Bank of Greece for the six month period ended 30 June 2008

Economic environment during the first half of 2008

The global economy during the first half of 2008 is characterized by the slow-down of US economic activity, mainly due to the substantial decline in the US housing market and the surging oil and food prices. The interbank and credit markets continued to suffer from lack of liquidity and confidence. In this environment, the ECB proceeded with a 25 bps rate hike to 4,25 per cent in June 2008, in an effort to tame inflationary pressures, whereas the Fed emphasized the bolstering of economic growth prospects, cutting its policy rate by a cumulative 225 bps to 2 per cent in the first half of 2008.

In Greece, monetary conditions have tightened slightly in recent months, reflecting continuing uncertainty in money markets, the interest rate hike by the ECB and the strong euro.

An important development is the resilience of Turkey and the countries of Southeast Europe to the adverse global economic environment, the economic growth of which reached 6,6% and7,7% respectively in the first quarter of 2008.

Analysis of financial figures of the NBG Group

In light of the above, NBG Group net profit reached €814 million, down 7% from 2007. Excluding the profit from the sale of AGET, the tax rebate to Finansbank in 2007 and the one-off expense of €21 million relating to Finansbank's tax audit settlement in the first half of 2008, Group net profit rose tο €835 million, up +15% yoy. Return on equity reached 26%, up 2 percentage points compared with the first half of 2007.

These results reflect solid growth in core banking business in both the domestic market and the markets or Turkey and Southeast Europe and in particular due to: (1) the increase by 7% yoy to €510 million of net profit from operations in Greece, (2) Finansbank contributing 29% of total Group profit with net attributable profit for H1 up 22% yoy, amounting to €238 million, (3) to the impressive growth by 74% yoy to €107 million of net profit of Group units operating in Southeast Europe (SEE), representing 13% of Group profit.

Group net interest income topped 1.729 million, up 20% yoy from €1.443 million in 1H 2007.

Total Group lending reached €61,4 billion in June 2008, an increase of 25% over the €49,3 billion portfolio in June 2007.

Customer deposits grew by 15.5% yoy to €63,9 billion. As a result, our loan-to-deposit ratio stands at 94% compared with 86% in H1 2007.

Operating expenses increased by a mere 4% yoy to €1,078 million in H1 2008 from €1.036 million in H1 2007, despite the aggressive expansion of our network in SEE and Turkey (+193 branches over the past 12 months and+2.300 employees) and higher investment costs resulting from integration of our operations.

Following the issue of \$625 million worth of preference shares in June 2008, the Tier I capital adequacy ratio stands at 9,9% while the Total Capital ratio stands at 10,7%, ranking NBG amongst the Groups with the most robust capital base in Europe and thereby enabling unbroken growth for the Group both in Greece and abroad.

Uncertainties and prospects for the future

The main sources of uncertainty to the outlook of the Greek economy reflect: (i) the continuation of the slowdown of the eurozone economy, (ii) the persistence of inflationary pressures despite the recent fall in oil prices, and (iii) a potentially broader than currently expected impact of adverse international financial market developments on domestic financing conditions. For 2008 as a whole, GDP is expected to grow, despite its slow-down compared to 2007, at a healthy 3,3%.

In Southeastern Europe and Turkey, the macroeconomic fundamentals are expected to remain strong, led by declining inflation. Tighter fiscal and monetary policies as well as the slow-down of the eurozone economy could have a potential negative effect on the GDP growth rate, which is expected to reach 6,2% for Southestern Europe and 4,3% for Turkey.

The Group's solid H1 performance, particularly in the area of interest income, reflects NBG's solid fundamentals which worked to counterbalance the impact from the international credit crunch, consisting of a strong base to absorb any problems from future uncertainties. The Group, with prudent and profitable growth, combined with ample liquidity and strong capital position, will have the ability to realize its strategic objectives.

Issue of Preference Shares

Following the resolution of Bank's Annual General Meeting of the Shareholders held on 15 May 2008, the following were approved:

• a) The share capital increase by €95,3 million through the issue of 19.067.838 new shares with a nominal value of €5 per share to existing shareholders without payment, instead of additional €1 dividend for the year 2007, at a ratio of four new shares for every one hundred shares owned.
• b) The issue of redeemable preference shares of up to €1,5 billion. Following the above resolution, on 6 June 2008, the Board of Directors of the Bank issued 25.000.000 Non-cumulative Non-voting Redeemable Preference Shares, which were offered in the form of American Depositary Shares in the United States, at a price of USD25 per preference share (equivalent to €16,11). The total proceeds of the offering amounted to USD625 million or €402,7 million. The annual dividend rate is set to USD2,25 per Preference Share. The American Depositary Shares are evidenced by American Depositary Receipts and are listed on the New York Stock Exchange.

Furthermore, on 26 June 2008, the Board of Directors of the Bank approved the share capital increase by €1,94 million through the issue of 387.970 ordinary shares derived from the exercise of stock options under Program B.

Following the said increases, the total paid-up share capital of the Bank amounted to €2.490.771 thousand divided into a) 496.654.269 ordinary shares of a par value of €5 each, and b) 25.000.000 Non-cumulative Non-voting Redeemable Preference Shares, of a par value of €0,30 each.

Other information

On 19 August 2008, the Bank accepted the proposal of FIBA Holdings AS (the sellers) to acquire the remaining shares of Finansbank held by the sellers, as provided for in the shareholders agreement between the Bank and the sellers. The exercise price will be determined based on formulas in accordance with the agreement.

Own share purchase program

The Bank's Annual General Meeting of the Shareholders held on 17 April 2008, approved an own shares buy-back program pursuant to Article 16 par. 5 et seq. of Companies Act 2190/1920, providing for the purchase, by the Bank, of up to 10% of its total shares from 25 May 2008 through 24 May 2009, at a minimum price of €5 and a maximum of €60 per share.

Transactions with related parties

The Group and the Bank, during the first half of 2008, entered into banking transactions with members of the Board of Directors, the General Managers and the Assistant General Managers of the Bank and the members of the Board of Directors and key management of the other Group companies, as well as with the close members of family and entities controlled or jointly controlled by those individuals, in the normal course of business. Transactions with related parties entered into during the first half of 2008 were not significant and are disclosed in note 12 of the financial statements.

Athens, 28 August 2008 THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER

EFSTRATIOS-GEORGIOS A. ARAPOGLOU

Report on Review of Interim Financial Information

To the Shareholders of the NATIONAL BANK OF GREECE S.A.

Introduction

We have reviewed the accompanying condensed balance sheet of National Bank of Greece S.A. (the "Bank") and the condensed consolidated balance sheet of the Bank and its subsidiaries (the "Group") as of 30 June 2008 and the related condensed statements of income, changes in equity and cash flows of the Bank and the Group for the six-month period then ended, as well as the selected explanatory notes, which comprise the interim financial information, which is an integral part of the six-month financial report provided by article 5 of Law 3556/2007. Management is responsible for the preparation and presentation of this interim financial information in accordance with International Financial Reporting Standards as adopted by the European Union and apply to interim financial reporting ("IAS 34"). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" to which the Greek Auditing Standards refer to. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Greek Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with IAS 34.

Reference to Other Legal and Regulatory Requirements

In addition to the interim financial information above we have reviewed the additional information of the six month financial report provided by article 5 of Law 3556/2007 and the relevant Resolutions of the Capital Markets Commission issued pursuant to the abovementioned Law. Based on our review we concluded that the financial report includes the data and information that is required by the abovementioned Law and Resolutions and is consistent with the accompanying financial information.

Athens, 29 August 2008 The Certified Public Accountant

Nicolaos C. Sofianos Reg. No (ICPA (GR)): 12231 250 – 254 Kifissias Ave., 152 31 Halandri

Deloitte. Hadjipavlou, Sofianos & Cambanis S.A. Assurance & Advisory Services Reg. No (ICPA (GR)): Ε 120

Income Statement for the period ended 30 June 2008

Income Statement – 6 months		Group		Bank
		6 month period ended		6 month period ended
€ 000's	Note	30.06.2008	30.06.2007	30.06.2008	30.06.2007
Interest & similar income		3.341.211	2.743.217	2.019.315	1.705.734
Interest expense & similar charges		(1.611.806)	(1.299.864)	(1.042.335)	(835.126)
Net interest income		1.729.405	1.443.353	976.980	870.608
Fee and commission income		416.473	404.554	149.698	166.559
Fee and commission expense		(40.059)	(40.221)	(17.222)	(20.574)
Net fee and commission income		376.414	364.333	132.476	145.985
Earned premia net of reinsurance		330.786	379.319	-	-
Net claims incurred		(235.315)	(329.387)	-	-
Earned premia net of claims and commissions		95.471	49.932	-	-
Net trading income and results from investment securities		38.308	280.659	(21.345)	221.812
Dividend and net other operating income		38.326	95.768	79.862	33.754
Total operating income		2.277.924	2.234.045	1.167.973	1.272.159
Personnel expenses		(658.469)	(651.865)	(398.995)	(423.582)
General, administrative & other operating expenses		(354.668)	(318.945)	(141.296)	(125.380)
Depreciation, amortisation & impairment charges of fixed assets		(76.073)	(65.068)	(36.434)	(30.706)
Amortisation of intangible assets recognised on business combinations		(13.801)	(12.505)	-	-
Finance charge on put options of minority interests		(7.136)	(7.248)	(7.136)	(7.248)
Impairment losses on loans & advances		(180.490)	(167.013)	(126.513)	(124.969)
Share of profit of associates		208	16.675	-	-
Profit before tax		987.495	1.028.076	457.599	560.274
Tax expense		(162.680)	(136.911)	(74.866)	(55.720)
Profit for the period		824.815	891.165	382.733	504.554
Attributable to:
Minority interests		11.259	13.460	-	-
NBG equity shareholders		813.556	877.705	382.733	504.554
Earnings per share- Basic	4	1,46	1,60	0,77	1,02
Earnings per share- Diluted	4	1,46	1,59	0,77	1,02

7

	Athens, 28 August 2008
THE CHAIRMAN	THE VICE CHAIRMAN AND DEPUTY CHIEF	THE CHIEF FINANCIAL	THE CHIEF ACCOUNTANT
AND CHIEF EXECUTIVE OFFICER	EXECUTIVE OFFICER	AND CHIEF OPERATING OFFICER
EFSTRATIOS-GEORGIOS A. ARAPOGLOU	IOANNIS G. PECHLIVANIDIS	ANTHIMOS C. THOMOPOULOS	IOANNIS P. KYRIAKOPOULOS

The notes on pages 13 to 22 form an integral part of these financial statements

Income Statement for the period ended 30 June 2008

Income Statement – 3 months		Group	Bank
		3 month period ended	3 month period ended
€ 000's Note	30.06.2008	30.06.2007	30.06.2008	30.06.2007
Interest & similar income	1.685.436	1.410.087	1.029.176	881.807
Interest expense & similar charges	(810.626)	(674.956)	(531.249)	(440.690)
Net interest income	874.810	735.131	497.927	441.117
Fee and commission income	212.662	205.343	80.012	84.670
Fee and commission expense	(24.184)	(21.793)	(12.270)	(3.754)
Net fee and commission income	188.478	183.550	67.742	80.916
Earned premia net of reinsurance	175.455	196.139	-	-
Net claims incurred	(108.150)	(172.803)	-	-
Earned premia net of claims and commissions	67.305	23.336	-	-
Net trading income and results from investment securities	14.440	220.473	(51.521)	175.125
Dividend and net other operating income	16.216	39.413	29.341	27.911
Total operating income	1.161.249	1.201.903	543.489	725.069
Personnel expenses	(337.485)	(342.902)	(204.799)	(226.992)
General, administrative & other operating expenses	(182.810)	(168.544)	(76.268)	(64.293)
Depreciation, amortisation & impairment charges of fixed assets	(39.185)	(32.641)	(18.906)	(15.805)
Amortisation of intangible assets recognised on business combinations	(6.628)	(6.326)	-	-
Finance charge on put options of minority interests	(3.020)	(3.624)	(3.020)	(3.624)
Impairment losses on loans & advances	(92.502)	(85.010)	(63.458)	(64.330)
Share of profit of associates	103	11.629	-	-
Profit before tax	499.722	574.485	177.038	350.025
Tax expense	(79.945)	(70.383)	(20.035)	(36.409)
Profit for the period	419.777	504.102	157.003	313.616
Attributable to:
Minority interests	7.286	6.907	-	-
NBG equity shareholders	412.491	497.195	157.003	313.616
Earnings per share- Basic 4	0,70	0,87	0,32	0,63
Earnings per share- Diluted 4	0,70	0,87	0,32	0,63
Athens, 28 August 2008

THE CHAIRMAN	THE VICE CHAIRMAN AND DEPUTY CHIEF	THE CHIEF FINANCIAL	THE CHIEF ACCOUNTANT
AND CHIEF EXECUTIVE OFFICER	EXECUTIVE OFFICER	AND CHIEF OPERATING OFFICER
EFSTRATIOS-GEORGIOS A. ARAPOGLOU	IOANNIS G. PECHLIVANIDIS	ANTHIMOS C. THOMOPOULOS	IOANNIS P. KYRIAKOPOULOS

Balance Sheet as at 30 June 2008

Balance Sheet			Group		Bank
€ 000's		Note	30.06.2008	31.12.2007	30.06.2008	31.12.2007
ASSETS
Cash and balances with central banks			3.970.424	6.109.648	1.886.620	4.135.632
Treasury bills and other eligible bills			327.935	228.001	200.884	67.142
Due from banks (net)			2.764.725	3.689.849	4.485.276	4.318.696
Financial assets at fair value through P&L			11.378.558	12.139.287	10.327.714	10.981.488
Derivative financial instruments			918.830	394.904	782.596	331.206
Loans and advances to customers (net)		5	59.859.367	54.693.204	43.584.030	39.568.570
Investment securities			6.211.842	4.626.548	4.207.529	2.537.345
Investment property			151.417	153.628	-	160
Investments in subsidiaries			-	-	6.495.028	6.434.777
Investments in associates			90.842	73.586	21.586	21.492
Goodwill, software & other intangible assets		6	2.669.743	2.933.103	87.910	80.200
Property & equipment		7	1.941.108	1.936.815	946.820	955.572
Deferred tax assets			391.073	288.330	258.379	156.486
Insurance related assets and receivables			763.124	789.932	-	-
Current income tax advance			185.854	115.986	185.854	115.986
Other assets			2.799.717	2.097.474	1.899.228	1.354.198
Non current assets held for sale			116.702	115.279	-	-
Total assets			94.541.261	90.385.574	75.369.454	71.058.950
LIABILITIES
Due to banks			10.667.895	10.373.844	8.879.579	8.935.585
Derivative financial instruments			975.550	1.071.806	692.780	580.062
Due to customers		8	63.914.977	60.530.411	52.456.615	49.259.670
Debt securities in issue			2.102.958	2.289.735	-	-
Other borrowed funds			1.630.571	1.723.046	3.403.956	3.482.135
Insurance related reserves and liabilities			2.181.159	2.167.621	-	-
Deferred tax liabilities			422.779	247.473	278.939	133.731
Retirement benefit obligations			221.321	239.382	107.662	110.540
Current income tax liabilities			17.112	37.029	-	-
Other liabilities			3.672.631	3.156.757	2.471.978	2.021.306
Liabilities held for sale			8.273	6.535	-	-
Total liabilities			85.815.226	81.843.639	68.291.509	64.523.029
SHAREHOLDERS' EQUITY
Share capital		10	2.490.771	2.385.992	2.490.771	2.385.992
Share premium account			2.682.084	2.292.753	2.682.084	2.292.753
Less: treasury shares		10	(25.826)	(21.601)	(21.601)	(21.601)
Reserves and retained earnings			1.553.935	1.813.276	1.926.691	1.878.777
Equity attributable to NBG shareholders			6.700.964	6.470.420	7.077.945	6.535.921
Minority Interest			507.550	507.889	-	-
Preferred securities			1.517.521	1.563.626	-	-
Total equity			8.726.035	8.541.935	7.077.945	6.535.921
Total equity and liabilities			94.541.261	90.385.574	75.369.454	71.058.950
THE CHAIRMAN	THE VICE CHAIRMAN AND DEPUTY CHIEF	Athens, 28 August 2008	THE CHIEF FINANCIAL		THE CHIEF ACCOUNTANT
AND CHIEF EXECUTIVE OFFICER	EXECUTIVE OFFICER		AND CHIEF OPERATING OFFICER
EFSTRATIOS-GEORGIOS
A. ARAPOGLOU	IOANNIS G. PECHLIVANIDIS		ANTHIMOS C. THOMOPOULOS		IOANNIS P. KYRIAKOPOULOS

The notes on pages 13 to 22 form an integral part of these financial statements

Minority Reserves & Interest & Treasury Retained Preferred € 000's Share capital Share premium shares earnings Total Total securities Ordinary Preference Ordinary Preference shares shares shares shares At 1 January 2007 2.376.436 - 2.263.725 - (26.826) 1.983.890 6.597.225 2.235.679 8.832.904 Movement in the available for sale securities reserve, net of tax - - - - - 3.319 3.319 (5.418) (2.099) Currency translation differences - - - - - 181.462 181.462 (2.226) 179.236 Profit/(loss) recognised directly in equity - - - - - 184.781 184.781 (7.644) 177.137 Net profit/(loss) for the period - - - - - 877.705 877.705 13.460 891.165 Total - - - - - 1.062.486 1.062.486 5.816 1.068.302 Dividends to preferred securities - - - - - (90.501) (90.501) - (90.501) Dividends to equity shareholders - - - - - (474.608) (474.608) - (474.608) Share based payments - - - - - 8.560 8.560 - 8.560 Acquisitions, disposals & share capital increase of subsidiaries/associates - - - - - (1.297.948) (1.297.948) (468.921) (1.766.869) Purchases/ disposals of treasury shares & preferred securities - - - - 6.851 7.706 14.557 - 14.557 Balance at 30 June 2007 2.376.436 - 2.263.725 - (19.975) 1.199.585 5.819.771 1.772.574 Movements from 1.07.2007 to 31.12.2007 9.556 - 29.028 - (1.626) 613.691 650.649 298.941 949.590 Balance at 31 December 2007 and At 1 January 2008 2.385.992 - 2.292.753 - (21.601) 1.813.276 6.470.420 2.071.515 Movement in the available for sale securities reserve, net of tax - - - - - (194.812) (194.812) (155) (194.967) Currency translation differences - - - - - (437.507) (437.507) (54.648) (492.155) Cash flow hedge - - - - - 1.520 1.520 - Net investment hedge - - - - - (63.107) (63.107) - (63.107) Profit/(loss) recognised directly in equity - - - - - (693.906) (693.906) (54.803) (748.709) Net profit/(loss) for the period - - - - - 813.556 813.556 11.259 Total - - - - - 119.650 119.650 (43.544) Share capital increase 95.339 7.500 - 395.138 - (95.339) 402.638 - Share capital issue costs - - (161) (12.288) - - (12.449) - (12.449) Stock options exercised 1.940 - 6.642 - - - 8.582 - Dividends to preferred securities - - - - - (89.000) (89.000) - (89.000) Dividends to ordinary shareholders - - - - - (190.651) (190.651) - (190.651) Share based payments - - - - - 11.199 11.199 - Acquisitions, disposals & share capital increase of subsidiaries/associates - - - - - (10.652) (10.652) (2.900) (13.552) Purchases/ disposals of treasury shares & preferred securities - - - - (4.225) (4.548) (8.773) - (8.773) Balance at 30 June 2008 2.483.271 7.500 2.299.234 382.850 (25.826) 1.553.935 6.700.964 2.025.071	Group		Attributable to equity holders of the parent company
						7.592.345
						8.541.935
						1.520
						824.815
						76.106
						402.638
						8.582
						11.199
						8.726.035

Statement of Changes in Equity- Bank for the period ended 30 June 2008

					Treasury	Reserves &
€ 000's		Share capital	Share premium		shares	Retained earnings	Total
	Ordinary shares	Preference shares	Ordinary shares	Preference shares
At 1 January 2007	2.376.436	-	2.263.725	-	(4.490)	1.482.877	6.118.548
Movement in the available for sale securities reserve, net of tax	-	-	-	-	-	1.559	1.559
Currency translation differences	-	-	-	-	-	266	266
Profit/(loss) recognised directly in equity	-	-	-	-	-	1.825	1.825
Net profit/(loss) for the period	-	-	-	-	-	504.554	504.554
Total	-	-	-	-	-	506.379	506.379
Dividends to equity shareholders	-	-	-	-	-	(475.287)	(475.287)
Cash flow hedge accounting	-	-	-	-	-	(3.383)	(3.383)
Share based payments	-	-	-	-	-	8.560	8.560
Merger of subsidiary		-		-		(42.940)	(42.940)
Purchases/ disposals of treasury shares	-	-	-	-	4.490	3.584	8.074
Balance at 30 June 2007	2.376.436	-	2.263.725	-	-	1.479.790	6.119.951
Movements from 01.07.2007 to 31.12.2007	9.556	-	29.028	-	(21.601)	398.987	415.970
Balance at 31 December 2007/ At 1 January 2008	2.385.992	-	2.292.753	-	(21.601)	1.878.777	6.535.921
Movement in the available for sale securities reserve, net of tax	-	-	-	-	-	(61.052)	(61.052)
Currency translation differences	-	-	-	-	-	(469)	(469)
Cash flow hedge	-	-	-	-	-	1.520	1.520
Profit/(loss) recognised directly in equity	-	-	-	-	-	(60.001)	(60.001)
Net profit/(loss) for the period	-	-	-	-	-	382.733	382.733
Total	-	-	-	-	-	322.732	322.732
Share capital increase	95.339	7.500	-	395.138	-	(95.339)	402.638
Share capital issue costs	-	-	(161)	(12.288)	-	-	(12.449)
Stock options exercised	1.940	-	6.642	-	-	-	8.582
Dividends to ordinary shareholders	-	-	-	-	-	(190.678)	(190.678)
Share based payments	-	-	-	-	-	11.199	11.199
Balance at 30 June 2008	2.483.271		7.500 2.299.234	382.850	(21.601)	1.926.691	7.077.945

Cash Flow Statement for the period ended 30 June 2008

Cash Flow Statement	Group		Bank
	6 month period ended		6 month period ended
€ 000's Note	30.06.2008	30.06.2007	30.06.2008	30.06.2007
Cash flows from operating activities
Profit for the period	824.815	891.165	382.733	504.554
Non-cash items included in profit and other adjustments	324.260	119.605	137.184	46.854
Net (increase) / decrease in operating assets	(2.594.355)	(669.042)	(1.549.979)	442.458
Net increase / (decrease) in operating liabilities	482.472	532.252	407.960	(84.090)
Net cash flow from/(used in) operating activities	(962.808)	873.980	(622.102)	909.776
Cash flows from investing activities
Net cash from / (used in) investing activities	(2.249.873)	(2.205.331)	(1.872.171)	(1.537.967)
Cash flows from financing activities
Net cash from / (used in) financing activities	(115.121)	193.056	187.926	242.274
Effect of foreign exchange rate changes on cash and cash equivalents	(126.334)	176.813	(14.535)	46.193
Net increase/(decrease) in cash and cash equivalents	(3.454.136)	(961.482)	(2.320.882)	(339.724)
Cash and cash equivalents at beginning of period	6.164.920	4.943.481	5.456.449	3.597.115
Cash and cash equivalents at end of period	2.710.784	3.981.999	3.135.567	3.257.391

NOTE 1: General Information

ational Bank of Greece S.A. (hereinafter the "Bank") was founded in 1841 and has been listed on the Athens Exchange ("Athex") since 1880. The Bank has further listings in the New York Stock Exchange (since 1999), and in other major European stock exchanges. The Bank's headquarters are located at 86 Eolou Street, Athens Greece, (Reg. 6062/06/B/86/01), tel.: (+30) 210 334 1000, www.nbg.gr. By resolution of the Board of Directors the Bank can establish branches, agencies and correspondence offices in Greece and N

abroad. In its 167 years of operation the Bank has expanded on its commercial banking business by entering into related business areas. National Bank of Greece and its subsidiaries (hereinafter the "Group") provide a wide range of financial services including retail and commercial banking, asset management, brokerage, investment banking, insurance and real estate on a global level. The Group operates primarily in Greece, but also has operations in UK, SE Europe, Cyprus, Egypt, South Africa and Turkey.

Executive Members
Efstratios (Takis) - Georgios A. Arapoglou	Chairman - Chief Executive Officer
Ioannis G. Pechlivanidis	Vice Chairman - Deputy Chief Executive Officer
Non-Executive Members
Achilleas D. Mylonopoulos	Employees' representative
Ioannis P. Panagopoulos	Employees' representative
Ioannis C. Yiannidis	Professor, University of Athens Law School & Legal Counsellor
George Z. Lanaras	Shipowner
Stefanos G. Pantzopoulos	Business Consultant, former Certified Auditor
Independent Non-Executive Members
H.E. the Metropolitan of Ioannina Theoklitos
Stefanos C. Vavalidis	Member of the Board of Directors, European Bank for Reconstruction & Development
Dimitrios A. Daskalopoulos	Chairman of Hellenic Federation of Enterprises
Nikolaos D. Efthymiou	Chairman, Association of Greek Shipowners
Constantinos D. Pilarinos	Economist
Drakoulis K. Fountoukakos - Kyriakakos	Entrepreneur, Chairman, KEME of Hellenic Chamber of Commerce
George I. Mergos	Professor, University of Athens and Governor of IKA (Social Security Fund)
Ploutarhos K. Sakellaris	Professor, University of Athens and Chairman, Council of Economic Advisors
	*On 28 August 2008, Mr Panagiotis Drosos was elected as a member of the Board following the resignation of Mr Ploutarhos K. Sakellaris
on 1 August 2008

Directors are elected by the shareholders at their general meeting for a term of three years and may be re-elected. The term of the above members expires in 2010 following their election by the shareholders' general meeting on 25 May 2007.

These financial statements have been approved for issue by the Bank's Board of Directors on 28 August 2008.

NOTE 2: Summary of significant accounting policies

2.1 Basis of Preparation

he Condensed Consolidated and Bank Interim Financial Statements as at and for the six month period ended 30 June 2008 (the "interim financial statements") have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting". When necessary, comparative figures have been adjusted to conform with changes in presentation in the current period. T

2.2 Principal accounting policies

The interim financial statements include selected explanatory notes and they do not include all the information required for full annual financial statements. Therefore, the interim financial statements should be read in conjunction with the annual Consolidated and Bank financial statements as at and for the year ended 31 December 2007. The amounts are stated in Euro, rounded to the nearest thousand (unless otherwise stated).

2.3 Estimates

In preparing these interim financial statements, the significant estimates, judgements and assumptions made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the annual consolidated and Bank financial statements as at and for the year ended 31 December 2007.

NOTE 3: Segment reporting

NBG Group manages its business through the following business segments:

Retail banking

Retail banking includes all individual customers of the Group, professionals, small-medium and small sized companies (companies with annual turnover of up to €2,5 million). The Bank, through its extended network of branches, offers to its retail customers various types of deposit and investment products as well as a wide range of traditional services and products.

Corporate & Investment banking

Corporate & Investment banking includes lending to all large and medium-sized companies, shipping finance and investment banking activities. The Group offers its corporate customers a wide range of products and services, including financial and investment advisory services, deposit accounts, loans (denominated in both euro and foreign currency), foreign exchange and trade service activities.

Global Markets and Asset management

Global Markets and Asset management includes all treasury activities, private banking, asset management (mutual funds and closed end funds), custody services, private equity and brokerage.

Insurance

The Group offers a wide range of insurance products through its subsidiary company, Ethniki Hellenic General Insurance Company and its subsidiaries in Greece, SE Europe, Cyprus and Turkey.

International

The Group's international banking activities, except Turkish operations, include a wide range of traditional commercial banking services, such as extensions of commercial and retail credit, trade financing, foreign exchange and taking of deposits. In addition, the Group offers shipping finance, investment banking and brokerage services through certain of its foreign branches and subsidiaries.

14

Turkish Operations

The Group's banking activities in Turkey, represented by Finansbank and its subsidiaries, include a wide range of traditional commercial banking services, such as extensions of commercial and retail credit, trade financing, foreign exchange and taking of deposits.

Other

Includes proprietary real estate management, hotel and warehousing business as well as unallocated income and expense of the Group (interest expense of subordinate debt, loans to NBG personnel, etc).

Breakdown by business segment

6-month period ended		Corporate &	Global markets
30 June 2008	Retail	Investment	& Asset		Inter	Turkish
	Banking	Banking	Management	Insurance	national	Operations	Other	Group
Net interest income	842.911	177.612	55.736	18.982	232.870	433.485	(32.191)	1.729.405
Net fee and commission income	85.622	35.106	65.275	154	50.983	139.533	(259)	376.414
Other	16.150	(44.535)	42.860	91.967	18.280	(1.372)	48.755	172.105
Total operating income	944.683	168.183	163.871	111.103	302.133	571.646	16.305	2.277.924
Direct costs	(295.581)	(18.968)	(39.822)	(82.152)	(145.619)	(269.564)	(77.867)	(929.573)
Allocated costs and provisions	(258.839)	(36.512)	(9.189)	(233)	(30.146)	(29.144)	2.999	(361.064)
Share of profit of associates	-	-	(30)	273	155	-	(190)	208
Profit before tax	390.263	112.703	114.830	28.991	126.523	272.938	(58.753)	987.495
Tax expense								(162.680)
Profit for the period								824.815
Minority interest								(11.259)
Profit attributable to NBG shareholders								813.556
Other Segment items Depreciation, amortisation & impairment charges	9.363	450	1.647	4.818	13.572	18.834	41.190	89.874
Provision for loans impairment & advances	118.316	16.549	-	-	24.346	29.144	(7.865)	180.490

Breakdown by business segment

6-month period ended		Corporate &	Global markets
30 June 2007	Retail	Investment	& Asset		Inter	Turkish
	Banking	Banking	Management	Insurance	national	Operations	Other	Group
Net interest income	827.860	147.922	41.837	17.339	151.644	350.349	(93.598)	1.443.353
Net fee and commission income	96.371	33.021	74.317	2.416	46.554	112.593	(939)	364.333
Other	15.114	(29.872)	118.439	75.580	17.783	82.201	147.114	426.359
Total operating income	939.345	151.071	234.593	95.335	215.981	545.143	52.577	2.234.045
Direct costs	(302.746)	(21.743)	(30.655)	(79.197)	(124.738)	(227.446)	(96.420)	(882.945)
Allocated costs and provisions	(249.704)	(33.909)	(8.815)	(235)	(28.650)	(15.708)	(2.678)	(339.699)
Share of profit of associates	-	-	(78)	194	98	-	16.461	16.675
Profit before tax	386.895	95.419	195.045	16.097	62.691	301.989	(30.060)	1.028.076
Tax expense								(136.911)
Profit for the period								891.165
Minority interest								(13.460)
Profit attributable to NBG shareholders								877.705
Other Segment items
Depreciation, amortisation & impairment
charges	9.563	252	1.059	5.104	12.845	13.606	35.144	77.573
Provision for loans impairment & advances	118.821	16.777	-	-	24.562	15.708	(8.855)	167.013

NOTE 4: Earnings per share	Group		Bank
	30.06.2008	30.06.2007	30.06.2008	30.06.2007
Net profit attributable to equity holders of the parent	813.556	877.705	382.733	504.554
Less: dividends paid to preferred securities	(89.000)	(90.501)	-	-
Net profit attributable to NBG ordinary shareholders	724.556	787.204	382.733	504.554
Weighted average number of ordinary shares outstanding	495.709.294	493.434.113	495.828.460	494.077.353
Weighted average number of ordinary shares outstanding for basic EPS	495.709.294	493.434.113	495.828.460	494.077.353
Potential dilutive ordinary shares under stock options	1.534.518	1.104.200	1.534.518	1.104.200
Weighted average number of ordinary shares for dilutive EPS	497.243.812	494.538.313	497.362.978	495.181.553
Earnings per share - Basic	€ 1,46	€1,60	€0,77	€1,02
Earnings per share - Diluted	€ 1,46	€1,59	€0,77	€1,02

The potential dilutive ordinary shares result from the Bank's stock option plans. The weighted average number of ordinary shares in calculating the basic earnings per share has been increased by the amount of 1.534.518 potential dilutive ordinary shares to arrive at the weighted average number of ordinary shares for calculating the diluted earnings per share.

The weighted average number of ordinary shares outstanding for both basic and diluted EPS has been adjusted to incorporate the shares issued as described in Note 10 from the beginning of the earliest period presented.

NOTE 5: Loans & advances to customers (net)	Group	Bank
------------------------------------------------	-------	------

	30.06.2008	31.12.2007	30.06.2008	31.12.2007
Mortgages	20.639.906	19.290.148	17.668.272	16.500.230
Consumer loans	7.273.071	6.422.789	4.543.723	4.072.811
Credit cards	3.526.167	3.250.743	1.685.054	1.563.028
Small business lending	4.786.105	3.797.699	3.741.923	3.586.232
Retail lending	36.225.249	32.761.379	27.638.972	25.722.301
Corporate lending	25.158.127	23.490.317	16.852.770	14.744.472
Total	61.383.376	56.251.696	44.491.742	40.466.773
Less: Allowance for impairment on loans & advances to customers	(1.524.009)	(1.558.492)	(907.712)	(898.203)
Total	59.859.367	54.693.204	43.584.030	39.568.570

NOTE 6: Goodwill, software & other intangibles assets

The reduction in the net book value of goodwill, software and other intangibles assets account is mainly due to the foreign exchange differences arisen from the translation of Finansbank goodwill and other intangible assets recognised upon acquisition from TRY to Euro and amounted to €(272) million.

The Group's additions to goodwill, software and other intangible assets during the period amounted to €45.029 whereas the net disposals and write offs amounted to €(5.447), while the corresponding figures for the Bank, are €17.086 and NIL respectively.

NOTE 7: Property & equipment

The Group's additions to the property and equipment during the period amounted to €111.907 whereas the net disposals and write offs amounted to €(25.719).

The Bank's additions to the property and equipment during the period amounted to €36.343 whereas the net disposals and write offs amounted to €(17.627).

NOTE 8: Due to customers	Group		Bank
	30.06.2008	31.12.2007	30.06.2008	31.12.2007
Deposits:
Individuals	49.673.123	46.534.844	42.209.757	39.370.563
Corporates	10.702.404	11.190.529	7.039.862	7.201.764
Government and agencies	2.648.310	2.150.001	2.464.420	2.047.732
Total deposits	63.023.837	59.875.374	51.714.039	48.620.059
Securities sold to customers under agreements to repurchase	109.672	72.856	115.271	131.789
Other	781.468	582.181	627.305	507.822
Total	63.914.977	60.530.411	52.456.615	49.259.670

NOTE 9: Contingent liabilities and commitments

a. Legal proceedings

The Group is a defendant in certain claims and legal actions arising in the ordinary course of business. In the opinion of management, after consultation with legal counsel, the ultimate disposition of these matters is not expected to have a material adverse effect on the consolidated financial position of the Group.

b. Pending Tax audits

The tax authorities have not yet audited all subsidiaries for certain financial years and accordingly their tax obligations for those years may not be considered final. Τaxes may be imposed as a result of such tax audits; although the amount cannot be determined at present, it is not expected to have a material effect on Group's net assets. The Bank has been audited by the tax authorities up to 2004 inclusive.

c. Capital Commitments

In the normal course of business, the Group enters into a number of contractual commitments on behalf of its customers and is a party to financial instruments with off-balance sheet risk to meet the financing needs of its customers. These contractual commitments consist of commitments to extend credit, commercial letters of credit and standby letters of credit and guarantees. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of the conditions established in the contract. Commercial letters of credit ensure payment by a bank to a third party for a customer's foreign or domestic trade transactions, generally to finance a commercial contract for the shipment of goods. Standby letters of credit and financial guarantees are conditional commitments issued by the Group to guarantee the performance of a customer to a third party. All of these arrangements are related to the normal lending activities of the Group. The Group's exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and commercial and standby letters of credit is represented by the contractual notional amount of those instruments. The Group uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

Capital Commitments		Group	Bank
	30.06.2008	31.12.2007	30.06.2008	31.12.2007
Commitments to extend credits	20.610.686	19.230.956	16.599.439	14.884.889
Standby letters of credit and financial guarantees written	6.790.105	6.550.513	3.952.677	3.779.326
Commercial letters of credit	928.407	857.967	144.481	130.219
Total	28.329.198	26.639.436	20.696.597	18.794.434
d. Assets pledged
Assets pledged as collaterals	3.426.247	3.443.360	3.086.460	2.755.558
e. Operating lease commitments

62.172
63.185
20.449

NOTE 10: Share capital and treasury shares

Share Capital – Ordinary Shares

The total number of ordinary shares as at 30 June 2008 and 31 December 2007 was 496.654.269 and 477.198.461 respectively with a nominal value of €5 per share.

Following the resolution of the Bank's Annual General Meeting of the Shareholders held on 15 May 2008, the Bank issued 19.067.838 new shares with a nominal value of €5 per share to existing shareholders without payment, instead of additional €1 dividend for the year 2007, at a ratio of four new shares for every one hundred shares owned.

On 26 June 2008, the Board of Directors of the Bank approved the share capital increase by €1.940 through the issue of 387.970 ordinary shares derived from the exercise of stock options under Program B.

After the share capital increases the ordinary share capital amounts to €2.483.271 and divided to 496.654.269 shares.

Share Capital – Preference Shares

On 6 June 2008, following the resolution of the Bank's Annual General Meeting of the Shareholders held on 15 May 2008 which approved the issue of redeemable preference shares of up to €1,5 billion, the Board o f Directors of the Bank issued 25.000.000 Noncumulative Non-voting Redeemable Preference Shares, which were offered in the form of American Depositary Shares in the United States, at a price of USD25 per preference share (equivalent to €16,11). The total proceeds of the offering amounted to USD625 million or €402,7 million. The annual dividend rate is set to USD2,25 per Preference Share.

The American Depositary Shares are evidenced by American Depositary Receipts and are listed on the New York Stock Exchange.

Following the said increase, the total paid-up share capital of the Bank amounted to €2.490.771 divided into a) 496.654.269 ordinary shares of a par value of €5 each, and b) 25.000.000 Noncumulative Non-voting Redeemable Preference Shares, of a par value of €0,30 each.

NOTE 11: Dividend per share

The Bank's annual ordinary general meeting of its shareholders held on 17 April 2008 approved the distribution of a €1,4 dividend per share for the financial year 2007. Entitled to the dividend were the holders of Bank's shares as at the closing of the Athex session of 15 May 2008. As of 16 May 2008, the Bank's shares are traded ex-2007 dividend.

Treasury shares

At 30 June 2008, the Bank and certain subsidiaries held 645.291 NBG shares as part of their investment activity representing 0,13% of the issued share capital (31 December 2007: 0,11% of the issued share capital).

Furthermore, the Bank's Annual General Meeting of the Shareholders held on 17 April 2008, approved an own shares buyback program pursuant to Article 16 par. 5 et seq. of Companies Act 2190/1920, providing for the purchase, by the Bank, of up to 10% of its total shares from 25 May 2008 through 24 May 2009, at a minimum price of €5 and a maximum of €60 per share.

	Group		Bank
	No of shares	€'000s	No of shares	€'000s
At 1 January 2007 Acquisition of	882.560	26.826	135.000	4.490
subsidiary	5.110	202	-	-
Purchases	1.758.970	71.117	448.110	16.992
Sales	(1.975.491)	(78.170)	(583.110)	(21.482)
At 30 June 2007	671.149	19.975	-	-
Movement from
01.07.2007 to
31.12.2007	(168.649)	1.626	502.500	21.601
At 31 December 2007	502.500	21.601	502.500	21.601
Purchases	2.133.689	75.964	-	-
Sales	(1.990.898)	(71.739)	-	-
At 30 June 2008	645.291	25.826	502.500	21.601

In accordance with the resolution of the Bank's general meeting of its shareholders held on 15 May 2008 the amount of €0,40 was paid in cash while for the remaining €1, the shareholders received new shares without payment at a ratio of four new shares for every one hundred shares owned.

NOTE 12: Related party transactions

The nature of the related party relationships for those related parties with whom the Group entered into significant transactions or had significant balances outstanding at 30 June 2008 and 31 December 2007 are presented below. Transactions were entered into with related parties during the course of business at market rates.

a. Transactions with members of the Board of Directors and management

The Group and the Bank entered into banking transactions with members of the Board of Directors, the General Managers and the Assistant General Managers of the Bank and the members of the Board of Directors and key management of the other Group companies, as well as with the close members of family and entities controlled or jointly controlled by those individuals, in the normal course of business. The list of the members of the Board of Directors of the Bank is shown under Note 1 General Information.

As at 30 June 2008, loans, deposits, other payables and letters of guarantee, at Group level, amounted to €33 million, €199 million, €1 million and €20 million respectively (31 December 2007: €43 million, €326 million, €2 million and €33 million respectively), whereas the corresponding figures at the Bank level amounted to €14 million, €137 million, €NIL and €NIL respectively (31 December 2007: €13 million, €138 million, €NIL and €NIL respectively).

Total compensation to related parties amounted to €13,1 million (30 June 2007: €11,5 million) for the Group and to €4,1 million (30 June 2007: €2,6 million) for the Bank. Compensation includes salaries and other short-term benefits of €11,4 million, post employment benefits of €1,6 million, as well as termination benefits of €0,1 million for the Group, and salaries and other short-term benefits of €3,4 million and post employment and other long-term benefits of €0,7 million for the Bank.

b. Other related party transactions

Transactions and balances between the Bank, its subsidiaries and associated companies are set out in the table below. At a Group level, only transactions with associated companies are included, as transactions and balances with subsidiaries are eliminated on consolidation.

Transactions with subsidiaries and associate companies Group Bank

	30.06.2008	31.12.2007	30.06.2008	31.12.2007
Assets Loans and advances to customers	30.256	44.768	5.095.958	4.049.838	19
Liabilities
Due to customers	12.447	22.950	4.568.553	4.966.156
Letters of guarantee, contingent liabilities and other off balance sheet accounts	45.908	49.804	195.663	154.537
		6 month period ended	6 month period ended
	30.06.2008	30.06.2007	30.06.2008	30.06.2007
Income Statement
Interest and commission income	1.136	1.518	99.155	73.287
Interest and commission expense	1.932	3.448	147.536	128.654

NOTE 13: Acquisitions & other capital transactions

On 3 January 2008, the General Meetings of the Shareholders of Vojvodjanska Bank and NBG A.D. Beograd approved the merger of the two banks through the absorption of the second by the first. The merger was approved by the Central Bank of Serbia on 5 February 2008 and was completed on 14 February 2008.

In February 2008 the Bank established two wholly owned subsidiary companies, NBG Finance (Dollar) and NBG Finance (Sterling).

On 21 April 2008, the Bank acquired 7.340.000 shares in the Greek Postal Savings Bank (PSB) via the Athex at a price of €13,25 per share. The shares acquired correspond to a 5,16% shareholding in PSB. Together with the 816.000 PSB shares (0,57% of PSB share capital) already owned by NBG, NBG's total shareholding in PSB has increased to 5,73%.

On 26 June 2008 the Board of Directors of the Bank and P&K Investment Services S.A. 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 30 June 2008. The Bank holds 100% of P&K Investment Services S.A. shares and therefore the Bank's share capital will not increase following the completion of the merger.

NOTE 14: Capital adequacy

From 1 January 2008 onwards the capital adequacy ratios are calculated in accordance with the Basel II provisions. The Group and the Bank ratios for capital adequacy purposes are well above the minimum required by the Bank of Greece as stipulated in the Governor's Act.

20

Capital adequacy (amounts in € million)

	Group		Bank
	30.06.2008	31.12.2007	30.06.2008	31.12.2007
Capital:	Basel II	Basel I	Basel II	Basel I
Upper Tier I capital	6.896	6.749	7.102	6.351
Lower Tier I capital	1.632	1.190	-	-
Deductions	(2.694)	(3.058)	(103)	(201)
Tier I capital	5.834	4.881	6.999	6.150
Upper Tier II capital	225	335	1.418	1.470
Lower Tier II capital	316	340	174	178
Deductions	(56)	(129)	(539)	(529)
Total capital	6.319	5.427	8.052	7.269
Total risk weighted assets	58.912	52.961	41.437	42.535
	-		-
Ratios:	-		-
Tier I	9,9%	9,2%	16,9%	14,5%
Total	10,7%	10,2%	19,4%	17,1%

NOTE 15: Group Companies		Group %		Bank %
		30.06.2008	31.12.2007	30.06.2008	31.12.2007
National P&K Securities S.A.	Greece	100,00%	100,00%	59,32%	59,32%
Ethniki Kefalaiou S.A.	Greece	100,00%	100,00%	100,00%	100,00%
NBG Asset Management Mutual Funds S.A.	Greece	100,00%	100,00%	81,00%	81,00%
Ethniki Leasing S.A.	Greece	100,00%	100,00%	93,33%	93,33%
National Mutual Fund Management S.A.	Greece	100,00%	100,00%	100,00%	100,00%
Pronomiouhos S.A. Genikon Apothikon Hellados	Greece	100,00%	100,00%	100,00%	100,00%
NBG Bancassurance S.A.	Greece	100,00%	100,00%	99,70%	99,70%
Innovative Ventures S.A. (I-Ven)	Greece	100,00%	100,00%	-	-
Ethniki Hellenic General Insurance S.A.	Greece	100,00%	100,00%	100,00%	100,00%
ASTIR Palace Vouliagmenis S.A.	Greece	78,06%	78,06%	78,06%	78,06%
Grand Hotel Summer Palace S.A.	Greece	100,00%	100,00%	100,00%	100,00%
NBG Training Center S.A.	Greece	100,00%	100,00%	100,00%	100,00%
Εthnodata S.A.	Greece	100,00%	100,00%	100,00%	100,00%
ΚΑDΜΟS S.A.	Greece	100,00%	100,00%	100,00%	100,00%
DIONYSOS S.A.	Greece	99,91%	99,91%	99,91%	99,91%
EKTENEPOL Construction Company S.A.	Greece	100,00%	100,00%	100,00%	100,00%
Mortgage, Touristic PROTYPOS S.A.	Greece	100,00%	100,00%	100,00%	100,00%
Hellenic Touristic Constructions S.A.	Greece	77,76%	77,76%	77,76%	77,76%
Ethnoplan S.A.	Greece	100,00%	100,00%	-	-
Ethniki Ktimatikis Ekmetalefsis S.A.	Greece	100,00%	100,00%	100,00%	100,00%
Audatex Hellas S.A.	Greece	70,00%	70,00%	-	-
National Insurance Brokerage S.A.	Greece	95,00%	95,00%	-	-
P&K S.A.	Greece	100,00%	100,00%	100,00%	100,00%
Finansbank A.S.(*)	Turkey	99,73%	99,57%	91,83%	91,67%
Finans Finansal Kiralama A.S. (Finans Leasing) (*)	Turkey	61,64%	61,55%	2,55%	2,55%
Finans Yatirim Menkul Degerler A.S. (Finans Invest) (*)	Turkey	99,63%	99,48%	0,20%	0,20%
Finans Portfoy Yonetimi A.S. (Finans Portfolio Management) (*)	Turkey	99,63%	99,48%	0,01%	0,01%
Finans Yatirim Ortakligi A.S. (Finans Investment Trust) (*)	Turkey	86,21%	80,97%	5,30%	5,30%
IBTech Uluslararasi Bilisim Ve Iletisim Teknolojileri A.S. (IB Tech) (*)	Turkey	99,30%	98,58%	-	-
Finans Emeklilik ve Hayat A.S. (Finans Pension)	Turkey	99,73%	99,57%	-	-
Finans Malta Holdings Ltd (*)	Malta	99,73%	99,57%	-	-
Finansbank Malta Ltd (*)	Malta	99,73%	99,57%	-	-
United Bulgarian Bank A.D. - Sofia (UBB)	Bulgaria	99,91%	99,91%	99,91%	99,91%
UBB Asset Management	Bulgaria	99,92%	99,92%	-	-
UBB Insurance Broker	Bulgaria	99,93%	99,93%	-	-
Interlease E.A.D., Sofia	Bulgaria	100,00%	100,00%	100,00%	100,00%
Interlease Auto E.A.D.	Bulgaria	100,00%	100,00%	-	-
ETEBA Bulgaria A.D., Sofia	Bulgaria	100,00%	100,00%	92,00%	92,00%
ETEBA Romania S.A.	Romania	100,00%	100,00%	100,00%	100,00%
Banca Romaneasca S.A. (*)	Romania	99,05%	98,88%	99,05%	98,88%
Eurial Leasing S.A.	Romania	70,00%	70,00%	70,00%	70,00%
S.C. Garanta Asigurari S.A.	Romania	94,96%	94,96%	-	-
Vojvodjanska Banka a.d. Novi Sad National Bank of Greece a.d. Beograd	Serbia Serbia	100,00% -	100,00% 100,00%	100,00% -	100,00% 100,00%
NBG Leasing d.o.o. Belgrade	Serbia	100,00%	100,00%	100,00%	100,00%
NBG Services d.o.o. Belgrade	Serbia	100,00%	100,00%	-	-
Stopanska Banka A.D.-Skopje (*)	F.Y.R.O.M.	94,64%	94,64%	94,64%	94,64%
NBG Greek Fund Ltd	Cyprus	100,00%	100,00%	100,00%	100,00%
ETEBA Emerging Markets Fund Ltd	Cyprus	100,00%	100,00%	100,00%	100,00%
ETEBA Estate Fund Ltd	Cyprus	100,00%	100,00%	100,00%	100,00%
ETEBA Venture Capital Management Co Ltd	Cyprus	100,00%	100,00%	100,00%	100,00%
National Bank of Greece (Cyprus) Ltd	Cyprus	100,00%	100,00%	100,00%	100,00%
National Securities Co (Cyprus) Ltd	Cyprus	100,00%	100,00%	-	-
NBG Management Services Ltd	Cyprus	100,00%	100,00%	100,00%	100,00%
Ethniki Insurance (Cyprus) Ltd	Cyprus	100,00%	100,00%	-	-
Ethniki General Insurance (Cyprus) Ltd	Cyprus	100,00%	100,00%	-	-
The South African Bank of Athens Ltd (S.A.B.A.)	S. Africa	99,67%	99,50%	94,32%	91,45%
NBG Luxembourg Holding S.A.	Luxembοurg	100,00%	100,00%	94,67%	94,67%
NBG Luxfinance Holding S.A.	Luxembοurg	100,00%	100,00%	94,67%	94,67%
NBG International Ltd	United Kingdom	100,00%	100,00%	100,00%	100,00%
NBGI Private Equity Ltd	United Kingdom	100,00%	100,00%	-	-
NBG Finance Plc	United Kingdom	100,00%	100,00%	100,00%	100,00%
NBG Finance (Dollar) Plc	United Kingdom	100,00%	-	100,00%	-
NBG Finance (Sterling) Plc	United Kingdom	100,00%	-	100,00%	-
NBG Funding Ltd	United Kingdom	100,00%	100,00%	100,00%	100,00%
NBGΙ Private Equity Funds	United Kingdom	100,00%	100,00%	-	-
NBG International Inc. (NY)	U.S.A.	100,00%	100,00%	-	-
NBG International Holdings B.V.	The Netherlands	100,00%	100,00%	100,00%	100,00%
CPT Investments Ltd	Cayman Islands	50,10%	50,10%	50,10%	50,10%

21

(*) % of participation includes the effect of put and call option agreements

NOTE 16: Events after the balance sheet date

Following legislation passed in April 2008, the Bank's main pension plan, defined contribution plan (scheme), was as of 1 August 2008 incorporated into the main pension branch of the state-sponsored social security fund IKA – ETAM. Pursuant to this legislation, the Bank will pay additional social security contributions of €25,5 million per year into IKA – ETAM for 15 years starting from December 2009. The Bank has contested these payments as unfair compared to those imposed to other banks and has reserved all legal rights. The April 2008 legislation also prescribes that employer contributions made by the Bank to the existing funds merged into IKA – ETAM, will be reduced every three years in equal increments, starting in 2013 from 26,5%, until they reach 13,33% for employees who joined any social security plan prior to 1 January 1993. Employee contributions, for employees insured by any social security fund before 1 January 1993, will be reduced to 6,67% in the same period, from 11%.

The main post retirement and health plan of Ethniki Hellenic General Insurance Co ("EH") was also incorporated into the main pension branch of the state-sponsored social security fund IKA –

ETAM as of 1 August 2008. Employer contributions made by EH to the existing funds merged into IKA – ETAM, will be reduced every three years in equal increments until they are reduced to 13,33% from 20% for employees who joined any social security plan prior to 1 January 1993.

On 16 July 2008, the Bank disposed of its 30% associate, Siemens Enterprise Communications S.A. The total consideration agreed, amounted to €11,4 million.

On 19 August 2008, the Bank accepted the proposal of FIBA Holdings AS (the sellers) to acquire the remaining shares of Finansbank held by the sellers, as provided for in the shareholders agreement between the Bank and the sellers. The exercise price will be determined based on formulas in accordance with the agreement.

For the period from 1 July to 25 August 2008, the Bank acquired 1,32 million own shares at average prices ranging from €25,35 to €29,67.

NOTE 17: Foreign exchange rates

		Fixing	Average
FROM	TO	30.06.2008	1.1 - 30.06.2008
ALL	EUR	0,00819	0,00830
BGN	EUR	0,51130	0,51193
EGP	EUR	0,11752	0,12134
GBP	EUR	1,26223	1,29184
MKD	EUR	0,01635	0,01638
RON	EUR	0,27461	0,27366
TRY	EUR	0,51752	0,53249
USD	EUR	0,63436	0,65408
RSD	EUR	0,01266	0,01231
ZAR	EUR	0,08102	0,08588

NOTE 18: Reclassifications and restatements

Certain amounts in prior periods have been reclassified to conform to the current presentation.

Balance Sheet	Bank
		31.12.2007
€ 000's	As restated	As previously reported	Reclassified
Due to banks	8.935.585	9.033.985	(98.400)
Other borrowed funds	3.482.135	3.383.735	98.400
Total liabilities	64.523.029	64.523.029	-

National Bank of Greece S.A.

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM JANUARY 1, 2008 TO JUNE 30, 2008 ( In accordance with Decision 6/448/11.10.2007 of the Capital Market Commission ) ( amounts in thousand EUR )

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

Company Information									The Board of Directors
Headquarters: Register Numbers of S.A.	86, Aiolou Str., 102 32 Athens 6062/06/Β/86/01								Executive Members Efstratios (Takis) - Georgios A. Arapoglou		Chairman of the Board of Directors - Chief Executive Officer
Supervising Prefecture:	Athens Prefecture								Ioannis G. Pechlivanidis		Vice Chairman of the Board of Directors - Deputy Chief Executive Officer
Date of approval of Financial Statements by BoD: Certified Public Accountant - Auditor:	August 28, 2008 Nicolaos C. Sofianos (RN SOEL 12231)								Non executive Members Achilleas D. Mylonopoulos	Employees' representative
Audit Firm:					Deloitte, Hadjipavlou Sofianos & Cambanis S.A. Assurance & Advisory Services				Ioannis P. Panagopoulos	Employees' representative
Auditors΄s review report: Issue Date of auditors΄s review report:	Unqualified opinion August 29, 2008								Ioannis C. Yiannidis George Z. Lanaras	Shipowner	Professor, University of Athens Law School & Legal Counsellor
Website:	www.nbg.gr								Stefanos G. Pantzopoulos	Business Consultant, former Certified Auditor
									Independent Non Executive Members H.E. the Metropolitan of Ioannina Theoklitos
Balance Sheet									Stefanos C. Vavalidis		Member of the BoD, European Bank for Reconstruction & Development
			Group				Bank		Dimitrios A. Daskalopoulos Nikolaos D. Efthymiou	Chairman of Hellenic Federation of Enterprises Chairman, Association of Greek Shipowners
				30.06.2008 31.12.2007					30.06.2008 31.12.2007 Constantinos D. Pilarinos	Economist
Assets Cash and balances with central banks				3.970.424 6.109.648					Drakoulis K. Fountoukakos - Kyriakakos 1.886.620 4.135.632 Ploutarhos K. Sakellaris	Entrepreneur, Chairman of Κ.Ε.Μ.Ε. ΕΒΕΑ	Professor, University of Athens and Chairman, Council of Economic Advisors
Treasury bills and other eligible bills Due from banks (net)			327.935	228.001 2.764.725 3.689.849			200.884	4.485.276 4.318.696	67.142 George I. Mergos Note: On 28 August 2008, Mr. Panagiotis Drosos - Economist, was elected as a member of the Board following the resignation		Professor, University of Athens and Governor of IKA (Social Security Fund)
Financial assets at fair value through P&L				11.378.558 12.139.287					10.327.714 10.981.488 of Mr. Ploutarhos K. Sakellaris on 1 August 2008.
Derivative financial instruments Loans and advances to customers (net)			918.830	394.904 59.859.367 54.693.204			782.596		331.206 Consolidated Companies 43.584.030 39.568.570 Subsidiaries (fully consolidated)
Investment securities				6.211.842 4.626.548				4.207.529 2.537.345		Headquarters	% participation	Unaudited Tax Years
Investment property Investments in subsidiaries			151.417 -	153.628 -			-		160 National P&K Securities S.A. 6.495.028 6.434.777 Ethniki Kefalaiou S.A.	Greece Greece	100,00% 100,00%	2003-2007 2006-2007
Investments in associates			90.842	73.586			21.586		21.492 N.B.G. Asset Management Mutual Funds S.A.	Greece	100,00%	2005-2007
Goodwill, software & other intangible assets Property & equipment				2.669.743 2.933.103 1.941.108 1.936.815			87.910 946.820		80.200 Ethniki Leasing S.A. 955.572 National Mutual Fund Management S.A.	Greece Greece	100,00% 100,00%	2001-2007 2003-2007
Deferred tax assets Insurance related assets and receivables			391.073 763.124	288.330 789.932			258.379 -		156.486 Pronomiouhos S.A. Genikon Apothikon Hellados - NBG Greek Fund Ltd	Greece Cyprus	100,00% 100,00%	2003-2007 1999-2007
Current income tax advance			185.854	115.986			185.854		115.986 ETEBA Emerging Markets Fund Ltd	Cyprus	100,00%	1999-2007
Other assets Non current assets held for sale			116.702	2.799.717 2.097.474 115.279			-		1.899.228 1.354.198 ETEBA Estate Fund Ltd - ETEBA Venture Capital Management Co Ltd	Cyprus Cyprus	100,00% 100,00%	1999-2007 1999-2007
Total assets				94.541.261 90.385.574					75.369.454 71.058.950 NBG Bancassurance S.A.	Greece	100,00%	2003-2007
Liabilities									The South African Bank of Athens Ltd National Bank of Greece (Cyprus) Ltd	South Africa Cyprus	99,67% 100,00%	2006-2007 2006-2007
Due to banks				10.667.895 10.373.844					8.879.579 8.935.585 National Securities Co (Cyprus) Ltd	Cyprus	100,00%	-
Derivative financial instruments Due to customers				975.550 1.071.806 63.914.977 60.530.411			692.780		580.062 NBG Management Services Ltd 52.456.615 49.259.670 Stopanska Banka A.D., Skopje	Cyprus F.Y.R.O.M.	100,00% 94,64%	2003-2007 2005-2007
Debt securities in issue Other borrowed funds				2.102.958 2.289.735 1.630.571 1.723.046			-		- United Bulgarian Bank A.D., Sofia (UBB) 3.403.956 3.482.135 UBB Asset Management	Bulgaria Bulgaria	99,91% 99,92%	2005-2007 2004-2007
Insurance related reserves and liabilities				2.181.159 2.167.621			-		- UBB Insurance Broker	Bulgaria	99,93%	2007
Deferred tax liabilities Retirement benefit obligations			422.779 221.321	247.473 239.382			278.939 107.662		133.731 NBG International Ltd 110.540 NBG International Inc (NY)	United Kingdom U.S.A.	100,00% 100,00%	2006-2007 2000-2007
Current income tax liabilities			17.112	37.029			-		- NBGI Private Equity Ltd	United Kingdom	100,00%	2007
Other liabilities Liabilities held for sale			8.273	3.672.631 3.156.757 6.535			-		2.471.978 2.021.306 NBG Finance Plc - Interlease Ε.A.D., Sofia	United Kingdom Bulgaria	100,00% 100,00%	2006-2007 2005-2007
Total liabilities				85.815.226 81.843.639					68.291.509 64.523.029 Interlease Auto Ε.A.D.	Bulgaria	100,00%	2006-2007
Shareholders´ Equity									ETEBA Bulgaria A.D., Sofia ETEBA Romania S.A.	Bulgaria Romania	100,00% 100,00%	- 2000-2007
Share capital				2.490.771 2.385.992					2.490.771 2.385.992 NBG Luxembourg Holding S.A.	Luxembourg	100,00%	-
Share premium account Less: Treasury shares			(25.826)	2.682.084 2.292.753 (21.601)			(21.601)		2.682.084 2.292.753 NBG Luxfinance Holding S.A. (21.601) Innovative Ventures S.A. (I-Ven)	Luxembourg Greece	100,00% 100,00%	- 2003-2007
Reserves and retained earnings Equity attributable to NBG shareholders				1.553.935 1.813.276 6.700.964 6.470.420					1.926.691 1.878.777 NBG Funding Ltd 7.077.945 6.535.921 Banca Romaneasca S.A.	United Kingdom Romania	100,00% 99,05%	- 2006-2007
									Ethniki Hellenic General Insurance S.A.	Greece	100,00%	2006-2007
Minority interest Preferred securities			507.550	507.889 1.517.521 1.563.626			- -		- Ethniki Insurance (Cyprus) Ltd - Ethniki General Insurance (Cyprus) Ltd	Cyprus Cyprus	100,00% 100,00%	2007 2007
Total equity				8.726.035 8.541.935					7.077.945 6.535.921 S.C. Garanta Asigurari S.A.	Romania	94,96%	2003-2007
									Audatex Hellas S.A. 75.369.454 71.058.950 National Insurance Brokerage S.A.	Greece Greece	70,00% 95,00%	2005-2007 2003-2007
Total equity and liabilities				94.541.261 90.385.574					ASTIR Palace Vouliagmenis S.A.	Greece	78,06%	2006-2007
									Grand Hotel Summer Palace S.A. NBG Training Center S.A.	Greece Greece	100,00% 100,00%	2006-2007 2006-2007
Income Statement									Εthnodata S.A.	Greece	100,00%	2005-2007
		Group				Bank			ΚΑDΜΟΣ S.A. DIONYSOS S.A.	Greece Greece	100,00% 99,91%	2003-2007 2003-2007
									From 01.01.2008 01.01.2007 01.04.2008 01.04.2007 01.01.2008 01.01.2007 01.04.2008 01.04.2007 EKTENEPOL Construction Company S.A.	Greece	100,00%	2001-2007
									To 30.06.2008 30.06.2007 30.06.2008 30.06.2007 30.06.2008 30.06.2007 30.06.2008 30.06.2007 Mortgage, Touristic PROTYPOS S.A. Hellenic Touristic Constructions S.A.	Greece Greece	100,00% 77,76%	2003-2007 2003-2007
Interest & similar income		3.341.211 2.743.217 1.685.436 1.410.087					2.019.315 1.705.734 1.029.176		881.807 Ethnoplan S.A.	Greece	100,00%	2005-2007
Interest expense & similar charges Net interest income		1.729.405 1.443.353	874.810	735.131	976.980	870.608	497.927		(1.611.806) (1.299.864) (810.626) (674.956) (1.042.335) (835.126) (531.249) (440.690) Ethniki Ktimatikis Ekmetalefsis S.A. 441.117 NBGI Private Equity Funds	Greece United Kingdom	100,00% 100,00%	1991-2007 2007
Fee and commission income	416.473	404.554	212.662	205.343	149.698	166.559	80.012		84.670 NBG International Holdings B.V.	Netherlands	100,00%	-
Fee and commission expense Net fee and commission income	(40.059) 376.414	(40.221) 364.333	(24.184) 188.478	(21.793) 183.550	(17.222) 132.476	(20.574) 145.985	(12.270) 67.742		(3.754) EURIAL Leasing S.A. 80.916 Finansbank A.S.	Romania Turkey	70,00% 99,73%	2007 2002-2007
Earned premia net of reinsurance Net claims incurred	330.786	379.319 (235.315) (329.387) (108.150) (172.803)	175.455	196.139	- -	- -	- -		- Finansbank Malta Ltd - Finans Malta Holdings Ltd	Malta Malta	99,73% 99,73%	2005-2007 2006-2007
Earned premia net of claims and commissions	95.471	49.932	67.305	23.336	-	-	-		- Finans Finansal Kiralama A.S. (Finans Leasing)	Turkey	61,64%	2002-2007
Dividend income Net trading income & results from investment securities	12.356 38.308	10.259 280.659	9.856 14.440	7.516 220.473	79.586 (21.345)	28.475	42.143 221.812 (51.521)		23.699 Finans Yatirim Menkul Degerler A.S. (Finans Invest) 175.125 Finans Portfoy Yonetimi A.S. (Finans Portfolio Management)	Turkey Turkey	99,63% 99,63%	2002-2007 2002-2007
Net other operating income	25.970	85.509	6.360	31.897	276		5.279 (12.802)		4.212 Finans Yatirim Ortakligi A.S. (Finans Investment Trust)	Turkey	86,21%	2003-2007
Total operating income Personnel expenses		2.277.924 2.234.045 1.161.249 1.201.903 (658.469) (651.865) (337.485) (342.902)				1.167.973 1.272.159	543.489		725.069 IBTech Uluslararasi Bilisim Ve Iletisim Teknolojileri A.S. (IB Tech) (398.995) (423.582) (204.799) (226.992) Finans Emeklilik ve Hayat A.S. (Finans Pension)	Turkey Turkey	99,30% 99,73%	2005-2007 2007
General, administrative & other operating expenses		(354.668) (318.945) (182.810) (168.544)				(141.296) (125.380)	(76.268)		(64.293) Vojvodjanska Banka a.d. Novi Sad	Serbia	100,00%	2006-2007
Depreciation, amortisation & impairment charges of fixed assets Amortisation of intangible assets recognised on business combinations	(76.073) (13.801)	(65.068) (12.505)	(39.185) (6.628)	(32.641) (6.326)	(36.434) -	(30.706) -	(18.906) -		(15.805) P&K S.A. - NBG Leasing d.o.o. - Belgrade	Greece Serbia	100,00% 100,00%	2006-2007 2005-2007
Finance charge on put options of minority interests Impairment losses on loans & advances	(7.136)	(7.248) (180.490) (167.013)	(3.020) (92.502)	(3.624) (85.010)	(7.136)	(7.248) (126.513) (124.969)	(3.020) (63.458)		(3.624) NBG Services d.o.o. - Belgrade (64.330) CPT Investments Ltd	Serbia Cayman Islands	100,00% 50,10%	2007 2007
Share of profit of associates	208	16.675	103	11.629	-	-	-		- NBG Finance (Dollar) Plc	United Kingdom	100,00%	-
Profit before tax Tax expense		987.495 1.028.076 (162.680) (136.911)	499.722 (79.945)	574.485 (70.383)	457.599 (74.866)	560.274 (55.720)	177.038 (20.035)	(36.409)	350.025 NBG Finance (Sterling) Plc	United Kingdom	100,00%	-
Profit for the period	824.815	891.165	419.777	504.102	382.733	504.554	157.003		313.616 Associated (equity method of consolidation)
Attributable to:										Headquarters	% participation	Unaudited Tax Years
Minority interests	11.259	13.460	7.286	6.907	-	-	-		- Social Securities Funds Management S.A.	Greece	40,00%	2000-2007
NBG equity shareholders	813.556	877.705	412.491	497.195	382.733	504.554	157.003		313.616 Phosphate Fertilizers Industry S.A. Larko S.A.	Greece Greece	22,02% 36,43%	2001-2007 2002-2007
Earnings per share: Basic	€1,4617	€1,5954	€0,6981	€0,8693	€0,7719	€1,0212	€0,3166		Siemens Enterprise Communications A.E. €0,6348 Eviop Tempo S.A.	Greece Greece	30,00% 21,21%	2006-2007 2004-2007
Diluted	€1,4571	€1,5918	€0,6960	€0,8673	€0,7695	€1,0189	€0,3157		€0,6333 Teiresias S.A.	Greece	39,34%	2003-2007
									Hellenic Countryside S.A. Pella S.A.	Greece Greece	20,23% 20,89%	2003-2007 2002-2007
Cash Flow Statement									Planet S.A.	Greece	31,18%	2003-2007
									Europa Insurance Co. S.A.	Greece	28,00%	2005-2007
			Group From 01.01.2008 01.01.2007				Bank		UBB AIG Insurance & Reinsurance Company 01.01.2008 01.01.2007 UBB AIG Life Insurance Company	Bulgaria Bulgaria	59,97% 59,97%	2006-2007 2006-2007
			To 30.06.2008 30.06.2007						30.06.2008 30.06.2007 Drujestvo za Kasova Deinost A.D. (Cash Service Company)	Bulgaria	24,98%	-
Net cash flow from / (used in): Operating activities			(962.808)	873.980			(622.102)	909.776
Investing activities			(2.249.873) (2.205.331)					(1.872.171) (1.537.967)
Financing activities Effect of foreign exchange rate changes on cash and cash equivalents			(115.121) (126.334)	193.056 176.813			187.926 (14.535)	242.274 46.193
Net increase / (decrease) in cash and cash equivalents			(3.454.136) (961.482)					(2.320.882) (339.724)
Cash and cash equivalents at beginning of period				6.164.920 4.943.481				5.456.449 3.597.115
Cash and cash equivalents at end of period				2.710.784 3.981.999				3.135.567 3.257.391
Statement of Changes in Equity
			Group				Bank
			From 01.01.2008 01.01.2007					01.01.2008 01.01.2007
			To 30.06.2008 30.06.2007					30.06.2008 30.06.2007
Balance at beginning of period Changes during the period:				8.541.935 8.832.904				6.535.921 6.118.548
Net profit for the period			813.556	877.705			382.733	504.554
Share capital increase & Share capital premium account Net change in treasury shares			494.110 (4.225)	- 6.851			494.110 -	- 4.490
Net income / (loss) recognised directly in equity			(682.707)	193.341			(48.802)	10.385
Other changes Prior year dividends				(245.644) (1.386.204) (190.651) (474.608)			(95.339)	(42.739) (190.678) (475.287)
Minority interests				(339) (457.644)			-	-
Balance at end of period				8.726.035 7.592.345				7.077.945 6.119.951

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 those applied in the 2007 financial statements.

2) The parent company has been audited by the tax authorities up to and including 2004.

3) 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 the Group. As at 30.06.2008, the provisions for cases under litigation recognized by the Group and the Bank, amounted to €16,2 million and €10,4 million respectively while the provisions for operating risk, forfeiture of letters of guarantee and other provisions amounted to €100,7 million and €41,1 million respectively.

4) The number of Group and Bank employees as at 30 June 2008 was 35.636 and 13.891 respectively (30 June 2007: 33.721 and 13.559 respectively).

5) 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 sheet items with associated companies of the Group, as at 30.06.2008, amounted to €30 million, €12 million, €1 million, €2 million and €46 million respectively. The corresponding balances and transactions with subsidiaries and associated companies of the Bank as at 30.06.2008 were €5.096 million, €4.569 million, €99 million, €148 million and €196 million respectively. Loans, deposits, other payables, letters of guarantee and total compensation of members of the Board of Directors and members of management of Group companies amounted as at 30.06.2008 to €33 million, €199 million, €1 million, €20 million and €13 million respectively, and for the Bank alone the corresponding amounts (excluding other payables and letters of guarantee which are nil) amounted to €14 million, €137 million and €4 million.

6) Acquisitions, disposals & other capital transactions:

a) On 3 January 2008, the General Meetings of the Shareholders of Vojvodjanska Bank and NBG A.D. Beograd approved the merger of the two banks through the absorption of the second by the first. The merger was approved by the Central Bank of Serbia on 5 February 2008 and was completed on 14 February 2008.

b) In February 2008 the Bank established two wholly owned subsidiary companies, NBG Finance (Sterling) and NBG Finance (Dollar).

c) On 21 April 2008, the Bank acquired 7.340.000 shares in the Greek Postal Savings Bank (PSB) via the Athex at a price of €13,25 per share. The shares acquired correspond to a 5,16% shareholding in PSB. Together with the 816.000 PSB shares (0,57% of PSB share capital) already owned by NBG, NBG's total shareholding in PSB has increased to 5,73%. d) On 26 June 2008 the Board of Directors of the Bank and P&K Investment Services S.A. 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 30 June 2008. The Bank holds 100% of P&K Investment

Services S.A. shares and therefore the Bank's share capital will not increase following the completion of the merger.

The above events are reflected in the Note 13 of the interim financial statements as at 30 June 2008. 7) Of all companies consolidated as at 30.06.2008:

a) Fully consolidated: NBG Finance (Dollar) Plc and NBG Finance (Sterling) Plc are consolidated for the first time on 31.03.2008. CPT Investments Ltd was consolidated for the first time on 31.12.2007. NBG Services d.o.o. – Belgrade and Finans Emeklilik ve Hayat A.S. (Finans Pension) were consolidated for the first time on 30.09.2007. From the companies consolidated on 30.06.2007, National Bank of Greece a.d. Beograd is no longer consolidated due to its merger through absorption by Vojvodjanska Banka a.d. Novi Sad, P&K Securities S.A. is no longer consolidated due to its merger through absorption by National Securities S.A.

b) Equity method: From the companies included in the 30.06.2007 consolidation ZYMH A.E. and KARIERA A.E. are no longer included due to their disposal.

c) There are no entities exempted from the consolidated financial statements.

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

8) The following amounts have been recognised directly in the Group's equity in the 6-month period ended 30.06.2008: €(437) million relating to currency translation differences, €(195) million relating to the measurement at fair value of available for sale investments, €11 million relating to share based payments, €(5) million relating to losses from the disposal of treasury shares and €(62) million relating to cash flow and net investment hedge. Furthermore, under line "Share capital increase and share capital premium account" is included the amount of €(12) million relating to share capital issue costs. The corresponding amounts for the Bank are €(0,5) million, €(61) million, €11 million, €NIL, €1,5 million and €(12) million respectively. 9) As at 30.06.2008 the Group and the Bank held 645 thousand and 503 thousand treasury shares respectively, with acquisition cost €26 million and €22 million respectively.

10) Other events:

a) On 16 July 2008, the Bank disposed of its 30% associate, Siemens Enterprise Communications S.A. The total consideration agreed, amounted to €11,4 million. b) On 19 August 2008, the Bank accepted the proposal of FIBA Holdings AS (the sellers) to acquire the remaining shares of Finansbank held by the sellers, as provided for in the shareholders agreement between the Bank and the sellers. The exercise price will be determined based on formulas in

accordance with the agreement.

c) For the period from 1 July to 25 August 2008, the Bank acquired 1,32 million own shares at averages prices ranging from €25,35 to €29,67.

11) Certain amounts as at 31.12.2007 were reclassified in order to render them comparable to the respective amounts of 30.06.2008. This reclassification has no impact in P&L and Equity. Details are included in Note 18 of the interim financial statements as at 30 June 2008.

Athens, August 28, 2008

THE CHAIRMAN OF THE BOARD OF DIRECTORS AND CHIEF EXECUTIVE OFFICER

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

EFSTRATIOS - GEORGIOS A. ARAPOGLOU IOANNIS G. PECHLIVANIDIS ANTHIMOS C. THOMOPOULOS IOANNIS P. KYRIAKOPOULOS

THE CHIEF FINANCIAL AND CHIEF OPERATING OFFICER

THE CHIEF ACCOUNTANT