National Bank of Greece announces that on 18 May 2004 the Ordinary General Meeting of its Shareholders decided, inter alia, on the Bank?s share capital increase by euros 344,328,417, through capitalization of reserves, and the issue of 76,517,426 new ordinary registered shares of a nominal value of euros 4.50 each, to be distributed as bonus shares to the Bank?s shareholders at a ratio of 3 new ordinary registered shares for every 10 old shares.

The Bank?s share capital increase and the resulting issue of the new bonus shares were ratified by the Ministry of Development, by virtue of Decision under Prot No K2 6618/4.6.2004. Beneficiaries of the bonus shares are the Bank?s shareholders as at the closing of the Athens Exchange session of Thursday, 10 June 2004. The shares shall be traded on the Athens Exchange without right to bonus shares as of Friday, 11 June 2004. As from the same date the opening price of the Bank?s shares at the Athens Exchange shall be determined pursuant to Decision no 45 of the Athens Exchange?s Board of Directors, as in force.

The new shares shall be released to the beneficiary shareholders in de-materialized form and credited to their accounts via the Central Securities Depository S.A. within the time limits prescribed by law, following the Bank?s relevant announcement.