National Bank of Greece S.A.

Annual / Quarterly Financial Statement • Sep 24, 2015

Company Information The Board of Directors

Headquarters:	86, Aiolou Str., 102 32 Athens	Efstratios (Takis) - Georgios A. Arapoglou	Executive Member - Chairman of the BoD & Chief Executive Officer
Register Numbers of S.A.	6062/06/Β/86/01	Ioannis G. Pechlivanidis	Executive Member - Vice Chairman & Deputy Chief Executive Officer
Supervising Prefecture:	Athens Prefecture	Achilleas D. Mylonopoulos	Non-Executive Member
Date of approval of Financial Statements by BoD:	30 March, 2009	Ioannis P. Panagopoulos	Non-Executive Member
Certified Public Accountant - Auditor:	Nicolaos C. Sofianos (RN SOEL 12231)	Ioannis C. Yiannidis	Non-Executive Member
Audit Firm:	Deloitte, Hadjipavlou Sofianos & Cambanis S.A.	George Z. Lanaras	Non-Executive Member
	Assurance & Advisory Services	Stefanos G. Pantzopoulos	Non-Executive Member
Auditors΄s review report:	Unqualified opinion	H.E. the Metropolitan of Ioannina Theoklitos	Independent Non-Executive Member
Issue Date of auditors΄s report:	30 March, 2009	Stefanos C. Vavalidis	Independent Non-Executive Member
Website:	www.nbg.gr	Dimitrios A. Daskalopoulos	Independent Non-Executive Member

Headquarters:	86, Aiolou Str., 102 32 Athens	Efstratios (Takis) - Georgios A. Arapoglou	Executive Member - Chairman of the BoD & Chief Executive Officer
Register Numbers of S.A.	6062/06/Β/86/01	Ioannis G. Pechlivanidis	Executive Member - Vice Chairman & Deputy Chief Executive Officer
Supervising Prefecture:	Athens Prefecture	Achilleas D. Mylonopoulos	Non-Executive Member
Date of approval of Financial Statements by BoD:	30 March, 2009	Ioannis P. Panagopoulos	Non-Executive Member
Certified Public Accountant - Auditor:	Nicolaos C. Sofianos (RN SOEL 12231)	Ioannis C. Yiannidis	Non-Executive Member
Audit Firm:	Deloitte, Hadjipavlou Sofianos & Cambanis S.A.	George Z. Lanaras	Non-Executive Member
	Assurance & Advisory Services	Stefanos G. Pantzopoulos	Non-Executive Member
Auditors΄s review report:	Unqualified opinion	H.E. the Metropolitan of Ioannina Theoklitos	Independent Non-Executive Member
Issue Date of auditors΄s report:	30 March, 2009	Stefanos C. Vavalidis	Independent Non-Executive Member
Website:	www.nbg.gr	Dimitrios A. Daskalopoulos	Independent Non-Executive Member
		Nikolaos D. Efthymiou	Independent Non-Executive Member
		Constantinos D. Pilarinos	Independent Non-Executive Member
Balance Sheet		Drakoulis K. Fountoukakos - Kyriakakos	Independent Non-Executive Member
		Panagiotis C. Drosos	Independent Non-Executive Member
	Group Bank	Theodoros I. Abatzoglou	Independent Non-Executive Member
	31.12.2008 31.12.2007 31.12.2008 31.12.2007	Alexandros N. Makridis	Greek State representative

	Group		Bank		Theodoros I. Abatzoglou	Independent Non-Executive Member
	31.12.2008	31.12.2007	31.12.2008	31.12.2007	Alexandros N. Makridis	Greek State representative
ASSETS					Note: On 28 August 2008, Mr Panagiotis C. Drosos was elected as a member of the Board following the resignation of Mr Ploutarhos K. Sakellaris on 1
Cash and balances with central banks	4.145.395	6.109.648	1.959.249	4.135.632	August 2008. On 26 February 2009 Mr Theodoros Abatzoglou was elected as a member of the Board following the resignation of Mr George I. Mergos.
Due from banks (net)	2.490.064	3.689.849	5.202.048	4.318.696	On 26 February 2009, Mr Alexandros N. Makridis was elected as a member of the Board as representative of the Greek State following the provisions of
Financial assets at fair value through Profit or Loss	2.190.604	12.211.840	1.717.902	11.048.630	Law 3723/2008.
Derivative financial instruments	1.590.320	394.904	1.303.708	331.206	Income Statement
Loans and advances to customers (net)	73.076.469	54.693.204	55.798.270	39.568.570
Investment securities	9.730.709	4.781.996	7.708.371	2.537.345		Group		Bank
Investment property	148.073	153.628	-	-		12 month period ended		12 month period ended
Investments in subsidiaries	-	-	7.149.862	6.434.777		31.12.2008	31.12.2007	31.12.2008	31.12.2007
Investments in associates	55.683	73.586	6.921	21.492
Goodwill, software & other intangible assets	2.473.994	2.933.103	111.285	80.200	Interest & similar income	6.941.418	5.736.887	4.065.836	3.440.294
Property & equipment	1.982.768	1.936.815	986.405	955.732	Interest expense & similar charges	(3.361.884)	(2.685.770)	(2.018.256)	(1.629.558)
Deferred tax assets	774.205	288.330	640.171	156.486	Net interest income	3.579.534	3.051.117	2.047.580	1.810.736
Insurance related assets and receivables	707.721	789.932	-	-
Current income tax advance	113.903	115.986	113.903	115.986	Fee and commission income	841.252	859.255	307.689	341.326
Other assets	2.241.827	2.097.474	1.587.984	1.354.198	Fee and commission expense	(69.183)	(86.730)	(28.402)	(23.408)
Non current assets held for sale	116.893	115.279	-	-	Net fee and commission income	772.069	772.525	279.287	317.918
Total assets	101.838.628	90.385.574	84.286.079	71.058.950
					Earned premia net of reinsurance	713.441	721.473	-	-
LIABILITIES					Net claims incurred	(590.561)	(628.322)	-	-
Due to banks	14.840.030	10.373.844	13.801.415	8.935.585	Earned premia net of claims and commissions	122.880	93.151	-	-
Derivative financial instruments	1.567.815	1.071.806	1.426.951	580.062
Due to customers	67.656.948	60.530.411	56.291.053	49.259.670	Dividend income	22.483	11.262	83.451	66.108
Debt securities in issue	1.813.678	2.289.735	-	-	Net trading income and results from investment securities	409.517	479.901	(61.636)	309.401
Other borrowed funds	1.922.873	1.723.046	3.874.881	3.482.135	Net other income	1.576	151.254	(81.656)	42.116
Insurance related reserves and liabilities	2.266.256	2.167.621	-	-	Total income	4.908.059	4.559.210	2.267.026	2.546.279
Deferred tax liabilities	619.829	247.473	466.224	133.731
Retirement benefit obligations	230.747	239.382	108.057	110.540	Personnel expenses	(1.447.667)	(1.423.558)	(885.102)	(880.008)
Current income tax liabilities	12.428	37.029	-	-	General, administrative & other operating expenses	(771.742)	(718.511)	(338.656)	(299.756)
Other liabilities	2.632.114	3.156.757	1.883.712	2.021.306	Depreciation, amortisation & impairment charges of fixed assets	(163.499)	(147.253)	(75.957)	(63.755)
Liabilities held for sale	8.856	6.535	-	-	Amortisation of intangible assets recognised on business combinations	(27.406)	(29.027)	-	-
Total liabilities	93.571.574	81.843.639	77.852.293	64.523.029	Finance charge on put options of minority interests	(11.940)	(24.945)	(11.940)	(24.945)
					Impairment charge for credit losses
SHAREHOLDERS' EQUITY					Share of profit/(losses) of associates	(519.859)	(330.197)	(322.197)	(245.960)
Share capital	2.490.771	2.385.992	2.490.771	2.385.992	Profit before tax	(28.932) 1.937.014	17.210 1.902.929	- 633.174	- 1.031.855
Share premium account	2.682.050	2.292.753	2.682.050	2.292.753
Less: treasury shares	(145.277)	(21.601)	(145.277)	(21.601)	Tax expense	(352.071)	(258.808)	(152.868)	(117.263)
Reserves and retained earnings	944.063	1.813.276	1.406.242	1.878.777	Profit for the period	1.584.943	1.644.121	480.306	914.592
Equity attributable to NBG shareholders	5.971.607	6.470.420	6.433.786	6.535.921	Attributable to:
Minority Interest	842.408	507.889	-	-	Minority interests
Preferred securities	1.453.039	1.563.626	-	-	NBG equity shareholders	38.931	18.806	-	-
Total equity	8.267.054	8.541.935	6.433.786	6.535.921		1.546.012	1.625.315	480.306	914.592
					Earnings per share:
Total equity and liabilities	101.838.628	90.385.574	84.286.079	71.058.950	Basic	€2,9280	€3,1048	€0,9058	€1,8496

Attributable to:
Earnings per share:
Diluted	€2,9255	€3,0971	€0,9050	€1,8450

Statement of Changes in Equity Cash Flow Statement

	Group		Bank
	12 month period ended		12 month period ended
Earned premia net of reinsurance	713.441	721.473	-	-
Impairment charge for credit losses	(519.859)	(330.197)	(322.197)	(245.960)

Notes

	Group 12 month period ended		Bank			Group		Bank
			12 month period ended			12 month period ended		12 month period ended
	31.12.2008	31.12.2007	31.12.2008	31.12.2007		31.12.2008	31.12.2007	31.12.2008	31.12.2007
Balance at beginning of period	8.541.935	8.832.904	6.535.921	6.118.548	Net cash flow from / (used in):
Changes during the period:					Operating activities	1.537.215	2.473.551	2.682.046	3.051.836
Net profit for the period	1.546.012	1.625.315	480.306	914.592	Investing activities	(4.801.043)	(2.096.533)	(5.001.335)	(1.697.817)
Share capital increase & Share capital premium account	494.076	38.584	494.076	38.584	Financing activities	(12.915)	848.276	556.365	429.792
Net change in treasury shares	(123.676)	5.225	(123.676)	(17.111)	Net increase / (decrease) in cash and cash equivalents	(3.276.743)	1.225.294	(1.762.924)	1.783.811
Net income / (loss) recognised directly in equity	(2.002.219)	245.684	(616.015)	3.556	Effect of foreign exchange rate changes on cash and cash equivalents	(265.200)	(3.855)	(19.008)	75.523
Other changes	(300.257)	(1.628.504)	(113.463)	(46.961)	Total cash flow from / (used in) the year	(3.541.943)	1.221.439	(1.781.932)	1.859.334
Prior year dividends	(223.336)	(474.608)	(223.363)	(475.287)
Minority interests	334.519	(102.665)	-	-	Cash and cash equivalents at beginning of period	6.164.921	4.943.481	5.456.796	3.597.115
Balance at end of period	8.267.054	8.541.935	6.433.786	6.535.921	Cash and cash equivalents at end of period	2.622.978	6.164.920	3.674.864	5.456.449

12 month period ended		12 month period ended		12 month period ended		12 month period ended
31.12.2008	31.12.2007	31.12.2008	31.12.2007	31.12.2008	31.12.2007	31.12.2008	31.12.2007

National Bank of Greece S.A.

Athens, 30 March, 2009
THE CHAIRMAN OF THE BOARD OF DIRECTORS AND CHIEF EXECUTIVE OFFICER	THE VICE CHAIRMAN OF THE BOARD OF DIRECTORS AND DEPUTY CHIEF EXECUTIVE OFFICER	THE CHIEF FINANCIAL AND CHIEF OPERATING OFFICER	THE CHIEF ACCOUNTANT
EFSTRATIOS - GEORGIOS A. ARAPOGLOU	IOANNIS G. PECHLIVANIDIS	ANTHIMOS C. THOMOPOULOS	IOANNIS P. KYRIAKOPOULOS

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2008 TO 31 DECEMBER

2008

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

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.

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, with the exception of the amendments of IAS 39 and IFRS 7 with effect from 01.07.2008 with respect to reclassifications of Financial Assets. Details are included in Notes 2 and 49 of the financialstatements as at 31 December 2008.

2) The parent company has been audited by the tax authorities up to and including 2007. The unaudited tax years of the subsidiary companies of the Group (fully consolidated and associated) are reflected in Note 24 and Note 46 of the financial statements as at 31 December 2008.

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 31.12.2008, the provisions recognized by the Group and the Bank, amounted to: a) for cases under litigation €45,5 million and €16,9 million respectively, b) for unaudited tax years €28,9 million and €4,6 million respectively and c) for other risks €10,5 million and €1,7 million respectively.

4) The number of Group and Bank employees as at 31 December 2008 was 36.589 and 13.593 respectively (31 December 2007: 34.623 and 13.752 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 31.12.2008, amounted to €35 million, €14 million, €6 million, €3 million and €5 million respectively. The corresponding balances and transactions with subsidiaries and associated companies of the Bank as at 31.12.2008 were €6.353 million, €4.805 million, €280 million, €335 million and €85 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 31.12.2008 to €29 million, €139 million, €0,4 million, €19 million and €33 million respectively, and for the Bank alone the corresponding amounts (excluding other payables and letters of guarantee which are nil) amounted to €13 million, €52 million and €15 million respectively.

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 (Dollar) Plc and NBG Finance (Sterling) Plc.

c) On 18 March 2008, NBGI Private Equity Ltd established NBGI Private Equity S.A.S., a wholly owned subsidiary located in France.

d) From 21 April 2008 onwards, the Bank acquired 8.604.000 shares in the Greek Postal Savings Bank (PSB) via the Athex. The shares acquired correspond to a 6,05% 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 corresponds to 6,62%.

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

f) 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 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 USD 25 per preference share (equivalent to €16,11). The total proceeds of the offering amounted to USD 625 million or €402,7 million. The annual dividend is set to USD 2,25 per Preference Share.

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

h) 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 held 100% of P&K Investment Services S.A. shares and therefore the Bank's share capital did not increase following the completion of the merger. The merger was approved by the Ministry of Development on 23 December 2008.

i) 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.

j) Since 31 July 2008, the Bank consolidates Eterika Plc, a Special Purpose Entity established in UK in which the Bank has a beneficial interest.

k) On 19 August 2008, the Bank accepted the proposal of FIBA Holdings A.S. (the sellers) to acquire the remaining shares of Finansbank held by the sellers (9,68%), as provided for in the shareholders agreement between the Bank and the sellers. The exercise price was determined in accordance with the agreement and amounted to USD 697 million. On 26 September 2008,

NBG Finance (Dollar) Plc acquired the above shares from FIBA Holdings A.S.

l) On 30 September 2008, the Bank contributed to the share capital increase of CPT Investments Ltd the amount of €311,2 million.

m) On 25 November 2008, following the decision of General Meeting of the Shareholders of Astir Palace for itsshare capital increase, the Bank, as the main shareholder, contributed the amount of €99,6 million.

n) On 16 December, 2008 Ethniki Hellenic General Insurance S.A increased itsshare capital and the Bank contributed the amount of €137,5 million.

o) On 30 May and 22 December, 2008 Banca Romaneasca increased itsshare capital and the Bank contributed the amount of €41.2 million and €41.6 million respectively.

p) On 23 December 2008, the Bank disposed of its 20,23% associate, Hellenic Countryside S.A. The total consideration agreed, amounted to €3,5 million. q) Since December 2008, the Bank consolidates Revolver APC Limited and Revolver 2008-1 PLC, Special Purpose Entities established in UK, in which the Bank has a beneficial interest.

Details are included in Note 45 of the financial statements as at 31 December 2008.

7) Included in Notes 24 and 46 of the financial statements as at 31 December 2008, are the group companies consolidated, their country of residence, the direct or indirect participation of the Bank in their share capital and the consolidation method applied for each such company. Of all companies consolidated as at 31.12.2008:

a) Fully consolidated: NBG Finance (Dollar) Plc, NBG Finance (Sterling) Plc, Finans Tuketici Finansmani A.S., NBGI Private Equity S.A.S., Eterika Plc, Revolver APC Limited and Revolver 2008-1 PLC are consolidated for the first time in current year. From the companies consolidated on 31.12.2007, 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 the Bank and ETEBA Emerging Markets Fund Ltd, ETEBA Estate Fund Ltd and ETEBA Venture Capital Management Co Ltd due to their liquidation.

b) Equity method: From the companies included in the 31.12.2007 consolidation, Siemens Enterprise Communications S.A. and Hellenic Countryside S.A. are no longer included due to their disposal.

c) There are no entities exempted from the consolidated financialstatements. 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 12-month period ended 31.12.2008: €(815) million relating to the measurement at fair value of available for sale investments, €(989) million relating to currency translation differences, €(149) million relating to net investment hedge, €11 million relating to share based payments and €(38) million relating to lossesfrom the disposal of treasury shares and preferred securities. Furthermore, line "Share capital increase and share capital premium account" includes an amount of €(13) million relating to share capital issue costs. The corresponding amounts for the Bank are €(626) million, €(0,5) million, NIL, €11 million, NIL and €(13) million respectively.

9) As at 31.12.2008 the Group and the Bank held 6.457 thousand treasury shares, with acquisition cost of €145 million. 10) Other events:

a) On 7 January 2009, the Board of Directors decided the participation of the Bank in the support plan for the liquidity and to convene an Extraordinary General Meeting on 22 January 2009.

b) On 22 January 2009, the Extraordinary General Meeting approved the share capital increase of the Bank for the amount of €350 million through the issue of 70 million redeemable preference shares of a par value of €5 each without pre-emptive rights for the existing shareholders. The whole share capital increase will be covered by the Greek State. c) Based on recent legislation regarding the support plan for liquidity, banks dividend distribution is restricted only to stock dividends, which must not be from treasury shares. These restrictions do not apply to the dividends of preference shares.

11) Certain amounts as at 31.12.2007 were reclassified in order to render them comparable to the respective amounts of 31.12.2008. This reclassification has no impact in Profit & Loss and Equity. On the basis of the amendments of IAS 39 on 13 October 2008, the Group and the Bank reclassified financial assets with carrying amount as at 31 December 2008 of €4.553 and €3.505 respectively. The impact of these reclassifications on the results and the equity of the Group amounted to €279 million increase (net of tax) and €(122) million decrease (net of tax) respectively. The corresponding figures for the Bank are €195 million increase (net of tax) and €(110) million decrease (net of tax). Details are included in Note 49 of the financial statements as at 31 December 2008.