National Bank of Greece S.A.

Capital/Financing Update • Apr 25, 2016

Final Terms dated 20 April 2016

NATIONAL BANK OF GREECE S.A. Issue of €3,000,000,000 Floating Rate Notes due April 2017 Unconditionally and irrevocably guaranteed by THE HELLENIC REPUBLIC under the €25,000,000,000 Medium Term Note Programme

PART A – CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions of the Notes set forth in the information memorandum dated 9 April 2009 (the Information Memorandum), as supplemented by the Supplements to the Information Memorandum dated 22 April 2010, 4 May 2010, 17 December 2010, 20 May 2011, 15 April 2013, 12 May 2014 and 5 January 2015, 26 March 2015 and 14 May 2015, 15 June 2015, 27 July 2015, 14 October 2015 and 11 April 2016 (together, the Supplements), which does not constitute a prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC). This document constitutes the Final Terms of the Notes described herein and must be read in conjunction with the Information Memorandum as so supplemented. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Information Memorandum as so supplemented. The Information Memorandum and the Supplements are available for viewing at the specified office of the Fiscal Agent and copies may be obtained, free of charge, from the registered office of the Issuer at 86 Eolou Street, 10232 Athens, Greece.

1.	Issuer:		National Bank of Greece S.A.
2.	Guarantor:		The Hellenic Republic
			The Guarantor has executed a Deed of Guarantee dated 20 April 2016 in respect of the Notes, a copy of which is attached at Part C of these Final Terms. Copies of the Deed of Guarantee and the Guarantee Terms incorporated by reference therein are available for inspection at the specified office of the Fiscal Agent.
3.	(i)	Series Number:	20
	(ii)	Tranche Number:	1
4.		Specified Currency or Currencies:	Euro (€)
5.		Aggregate Nominal Amount of Notes:
	(i)	Series:	€3,000,000,000
	(ii)	Tranche:	€3,000,000,000
6.		Issue Price:	100 per cent. of the Aggregate Nominal Amount
7.	(i)	Specified Denominations:	€100,000
	(ii)	Calculation Amount:	€100,000

8.	(i) Issue Date:	21 April 2016
	(ii) Interest Commencement Date:	21 April 2016
9.	Maturity Date:	The Interest Payment Date falling in April 2017
10.	Interest Basis:	3 month EURIBOR + 9 per cent. per annum Floating Rate
11.	Redemption/Payment Basis:	Redemption at par
12.	Change of Interest or Redemption/Payment Basis:	Not Applicable
13.	Put/Call Options:	Not Applicable
14.	Date Board approval for issuance of Notes obtained:	23 March 2015
15.	Method of distribution:	Non-Syndicated

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

16.		Fixed Rate Note Provisions	Not Applicable
17.	Floating Rate Note Provisions		Applicable
	(i)	Specified Period(s):	Not Applicable
	(ii)	Specified Interest Payment Date:	Interest will be payable quarterly in arrears on 21 July 2016, 21 October 2016, 21 January 2017 and 21 April 2017, subject to adjustment in accordance with the Business Day Convention specified below.
	(iii)	First Interest Payment Date:	21 July 2016
	(iv)	Business Day Convention:	Modified Following Business Day Convention
	(v)	Additional Business Centre(s):	TARGET, London, Athens
	(vi)	Manner in which the Rate(s) of Interest is/are to be determined:	Screen Rate Determination
	(vii)	Party responsible for calculating the Rate(s) of Interest and/or Interest Amount(s) (if not the Fiscal Agent):	Not Applicable
	(viii)	Screen Rate Determination:
		 Reference Rate:	3 month EURIBOR
			3 month EURIBOR means the rate for deposits in

Euro for a period of 3 months as quoted on the

				Relevant Screen Page.
			Interest Determination $Date(s)$ :	The second day on which the TARGET2 System is open prior to the start of each Interest Period.
			Relevant Screen Page:	Reuters Page EURIBOR01
			Relevant Time:	11.00 A.M. Brussels time
			Relevant Financial Centre:	Euro-zone
	(ix)		ISDA Determination:
		$\overbrace{\qquad \qquad }$	Floating Rate Option:	Not Applicable
			Designated Maturity:	Not Applicable
			Reset Date:	Not Applicable
	(x) $Margin(s)$ : Minimum Rate of Interest: $(x_i)$ (xii) Maximum Rate of Interest: (xiii) Day Count Fraction:			+ 9 per cent. per annum
				Not Applicable
				Not Applicable
				Actual/360
		$(xiv)$ Fall	back provisions, rounding provisions, denominator and any other terms relating to the method of calculating interest on Floating Rate Notes, if different from those set out in the Conditions:	As set out in the Conditions
18.			Zero Coupon Note Provisions	Not Applicable
19.	Index-Linked Interest Note/other variable- linked interest Note Provisions			Not Applicable
20.	Dual Currency Note Provisions			Not Applicable
			PROVISIONS RELATING TO REDEMPTION
21.		Call Option		Not Applicable
22.	Put Option			Not Applicable
23.	Final Redemption Amount of each Note			$£100,000$ per Calculation Amount
24.	Early Redemption Amount
	Early	Conditions):	Redemption Amount(s) per Calculation Amount payable on redemption for taxation reasons or on event of default or other early redemption and/or the method of calculating the same (if required or if different from that set out in the	As set out in the Conditions

$\overline{3}$

GENERAL PROVISIONS APPLICABLE TO THE NOTES

25.	Form of Notes:	Bearer Notes
		Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes in the limited circumstances specified in the Permanent Global Note
26.	New Global Note:	Yes
27.	Additional Financial Centre(s) or other special provisions relating to payment dates:	TARGET, London, Athens
28.	Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature):	N o
29.	Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences (if any) of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment:	Not Applicable
30.	Details relating to Instalment Notes: Not Applicable amount of each instalment, date on which each payment is to be made:
31.	Redenomination, renominalisation and Not Applicable reconventioning provisions:
32.	Consolidation provisions:	Not Applicable
33.	Other final terms:	Not Applicable
DISTRIBUTION
34.	If syndicated, names of Managers: (i)	Not Applicable
	(ii) Stabilising Manager(s) (if any):	Not Applicable
35.	If non-syndicated, name of Dealer:	National Bank of Greece S.A.
36.	U.S. Selling Restrictions:	Reg. S Compliance Category 2; TEFRA D
37.	Additional selling restrictions:	Not Applicable

PURPOSE OF FINAL TERMS

These Final Terms comprise the final terms required for issue of the Notes described herein pursuant to the €25,000,000,000 Medium Term Note Programme of National Bank of Greece S.A. guaranteed by the Hellenic Republic.

RESPONSIBILITY

The Issuer accepts responsibility for the information contained in these Final Terms.

NATIONAL HANK OF GREECE S.A. By Duly authorised officeros Treasurer

Phinong of Wholesale Funding.

PART B - OTHER INFORMATION

$\mathbf{1}$ . LISTING AND ADMISSION TO TRADING

$(i)$ Listing: London Stock Exchange plc $(ii)$ Admission to trading: Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on London Stock Exchange plc with effect from 21 April 2016.

$2.$ RATINGS

Ratings:

The Notes to be issued have been assigned the following rating:

Moody's: $NP$

Such credit rating agency is established in the European Union and is registered under Regulation (EU) No 1060/2009 (as amended) (the CRA Regulation). As such it is included in the list of credit rating agencies published by the European Securities and Markets Authority on its website in accordance with such Regulation.

$3.$ OPERATIONAL INFORMATION

(i)	ISIN Code:	XS1396375856
(ii)	Common Code:	139637585
(iii)	Any clearing system(s) other than Not Applicable Euroclear Bank SA/NV and Clearstream Banking, société anonyme (together with the address of each such clearing system) and the relevant identification number(s):
(iv)	Delivery:	Delivery free of payment
(v)	Names and addresses of additional Paying $Agent(s)$ (if any):	Not Applicable

$(vi)$ Intended to be held in a manner which would allow Eurosystem eligibility:

Yes

Note that the designation "Yes" simply means that the Notes are intended upon issue to be deposited with one of the ICSDs as common safekeeper and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon satisfaction of the Eurosystem eligibility criteria.

PART C - DEED OF GUARANTEE

DEED OF GUARANTEE

THIS DEED OF GUARANTEE is executed on the Execution Date specified below by The Hellenic Republic.

The Guarantee Terms as issued and published by the Minister of Economy and Finance by means of Decision No. 2/5121/0025/26-01-2009, under Article 2 of Law 3723/2008 (which inter alia provide for the unconditional and irrevocable guarantee by The Hellenic Republic of the Debt Obligations in favour of the Beneficiaries as defined therein) shall be deemed to be incorporated in and form part of this Deed of Guarantee as if the same had been set out herein.

For the purposes of this Deed of Guarantee:

Credit Institution means National Bank of Greece S.A. with registered office at 86 Aiolou Street, Athens

Debt Obligations means any obligation arising from an issue, under law 3156/2003, on or about 15.04.2016, of bonds of an aggregate amount of euro 3.000.000.000 pursuant to the provisions of a programme established on 09.04.2009 and Final Terms dated on or about 13-04-2016 including, inter alia the following: (a) number and form of bonds: 30.000 bearer bonds; (b) denomination: euro 100,000; (c) interest rate: floating euribor 3m plus relevant margin 9.00% per annum; (d) maturity date: on or about 15 April 2017; (e) ISIN code XS 1396375856; and

Execution Date means $9^{\circ}$ April 2016.

This Deed of Guarantee is executed as a deed by the Minister of Finance on behalf of The Hellenic Republic.

April 2016 Athens,

Signed by Euclid Tsakalotos) Minister of Finance on behalf of the Hellenic Republic

ΠΡΑΞΗ ΕΓΓΥΗΣΗΣ

Η παρούσα Πράξη Εγγύησης υπογράφεται από το Ελληνικό Δημόσιο την κατωτέρω οριζόμενη Ημερομηνία Υπογραφής.

Οι Όροι της Εγγύησης, όπως αυτοί εκδόθηκαν και δημοσιεύτηκαν από τον Υπουργό Οικονομίας και Οικονομικών με την υπ' αρ. 2/5121/0025/26-01-2009 απόφασή του, βάσει του άρθρου 2 του ν. 3723/2008 (οι οποίοι, μεταξύ άλλων, προβλέπουν την άνευ αιρέσεως και ανέκκλητη εγγύηση του Ελληνικού Δημοσίου της Οφειλής υπέρ των Δικαιούχων όπως ειδικότερα ορίζονται στους Όρους της Εγγύησης), θεωρείται ότι ενσωματώνονται και αποτελούν αναπόσπαστο μέρος της παρούσας Πράξης Εγγύησης.

Για τους σκοπούς της παρούσας Πράξης Εγγύησης:

Ως «Πιστωτικό Ίδρυμα» νοείται η τράπεζα με την επωνυμία «Εθνική Τράπεζα της Ελλάδος Α.Ε.» και έδρα στην Αθήνα, οδός Αιόλου αρ. 86.

Ως «Οφειλή» νοείται κάθε υπογρέωση απορρέουσα από την κατά το ν. 3156/2003 έκδοση, περί την 15.04.2016, ομολογιακού δανείου συνολικής ονομαστικής αξίας 3.000.000.000 ευρώ, σύμφωνα με τις διατάξεις Προγράμματος (Programme) με ημερομηνία 09.04.2009 και τους Τελικούς Όρους (Final Terms) ημερομηνίας περί την 13.04.2016, στους οποίους προβλέπονται, μεταξύ άλλων τα εξής: (α) αριθμός και είδος ομολογιών: 30.000 ανώνυμες ομολογίες, (β) ονομαστική αξία κάθε ομολογίας: 100.000 ευρώ, (γ) επιτόκιο: κυμαινόμενο euribor 3μηνών πλέον περιθωρίου 9,00% ετησίως, (δ) ημερομηνία λήξης: περί την 15 Απριλίου 2017 και (ε) αρ. ISIN XS 1396375856.

$\Omega$ ς «Ημερομηνία Υπογραφής» νοείται η λ^ο Απριλίου 2016.

Η παρούσα Πράξη Εγγύησης υπογράφεται ως πράξη από τον Υπουργό Οικονομικών για λογαριασμό του Ελληνικού Δημοσίου.

Αθήνα Απριλίου 2016

ΕΛΛΗΝΙΚΟ ΔΗΜΟΣΙΟ εκπροσωπούμενο από τον Υπουργό Οικονομικών κ. Ευκλείδη Τσακαλώτο

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