NATIONAL BANK OF GREECE S.A.

Financial Results

March 1, 2006 Group net profit after tax and minority interests grew to euro727.4 million in 2005, up 100% vis-o-vis the 2004 results adjusted for the voluntary retirement programme. This performance is a landmark in the history of the Group, and has propelled the return on average equity for 2005 to a record 28.6%, sixteen percentage points higher than the previous year. This outstanding performance places the NBG Group at the forefront of Greek and European banks in terms of profitability. These top-class results reflect dynamic growth across all sources of income as well as the Group's ongoing restructuring efforts that have helped contain operating expenses. All the Group's income sources posted robust growth, pushing up core revenues by 17%, well beyond the target level set in the Business Plan 2005-2007. The key lever behind core income growth is interest income. Group net interest income in 2005 topped euro1.6 billion, up 19.6% y-o-y. The upward trend in interest income was particularly marked in Q4:2005, when it grew by no less than euro430 million, or 5.6% q-o-q. This development was due exclusively to the continued improvement in the Group's asset mix and the robust growth posted by the loan book, particularly in retail lending in Greece and SE Europe, as competition generates a trend for further decline in margins across all forms of retail lending. The improved asset mix has led to a steady increase in net interest margin, up 40 basis points, to 3.16 %, the highest level of recent years. Net commission income grew by 9.6%, despite the adverse impact on intermediation commissions caused by the strike action in June. Retail commissions in particular grew by 20.8%, reflecting the surge in retail lending. Likewise, investment banking commissions grew by 32.5%, reflecting strong capital market performance. One of NBG's key strategic goals is to strengthen its position in the mutual funds market, particularly high value-added funds. 2005 was a landmark year in this respect. NBG succeeded in totally rebalancing its funds under management, shifting the emphasis from money market funds to bond, balanced and equity funds. Over euro3 billion was reinvested in high value-added mutual funds, thus enhancing the Group's market share in these mutual fund categories by an impressive 10 percentage points, with the result that by the end of the year, the Group's market share stood at 21.4%. The positive impact of the restructuring of the Group's mutual fund portfolio is evident in the Q4:2005 results, where respective commissions presented growth of 75% q-o-q. The Group's insurance business posted substantial growth of 13% in 2005 to over euro100 million. This reflects restructuring in the Group;s insurance operations, principally at Ethniki Insurance, with more aggressive marketing of insurance products towards the large customer base of NBG through the latter's extensive branch network. Effective exploitation of Group synergies and promotion of new products via the networks of both the Bank and Ethniki Insurance are expected to generate strong results in the years ahead. 18% growth in loans, spearheaded by mortgages. At 31 December 2005, total Group lending stood at euro30.6 billion, up 18.4% y-o-y. Retail loans are providing the driving force behind this growth. To illustrate, at 31 December, retail loans outstanding amounted to euro18.6 billion, up 26% y-o-y, as a result of which retail loans now represent over 61% of the total loan book. Mortgages posted spectacular growth of 31%, leading mortgages outstanding at the end of 2005 to over euro11.8 billion, or 38.6% of total Group lending. Mortgage disbursements topped a record euro3.5 billion in 2005, up 34% y o y. In the second half of the year, the Bank implemented a far-reaching sales programme aimed at tapping the surge in demand for housing loans. Thus, in 2005, NBG's market share of new mortgages rose sharply to 26%. The sustained strong demand for mortgage packages in the first month of 2006 suggests that growth will continue in the year ahead. At 31 December 2005, consumer loans outstanding stood at euro3.2 billion, up 23.7%. The revolving credit facility product was a key component in this performance, as it posted annual growth of 35% and contributed decisively to commissions generated by consumer credit, which grew by 80% y-o-y. Moreover, credit cards outstanding grew by 6.3% to euro1.5 billion. This growth in credit card and consumer lending is especially encouraging in view of the credit discipline that the Group has been applying as a strategic policy in this loan segment. The level of discipline is reflected by the high level of rejections, ranging from 39% to 47%, depending on the type of loan. Loans to small businesses with turnover below euro2.5 million also posted satisfactory growth of around 20%, with loans outstanding totalling euro2 billion at 31 December 2005. The Bank is also making strong progress in its efforts to broaden lending to medium-sized businesses (with annual turnover of euro2.5 to euro50 million), as loans in this segment grew to over euro3.2 billion, up 13%. Non-performing loans declined to 4.7% of the aggregate loan book, compared with 5.3% at the end of 2004. After provisions for bad and doubtful debt, net non-performing loans today account for just 1.1% of the total loan book. The healthy growth in lending in recent years has been made possible by the application of state-of-the-art controls and credit risk management throughout the Group.