In accordance with the No 118/23.3.06 ELTE directive and the Hellenic Capital Market Commission disclaimer from 24/3/2006, EMPORIKI BANK OF GREECE S.A. notifies the following:

The Bank made adjustments to the opening balance sheet of 1 January 2004 and the comparative figures of 31 December 2004 in comparison with those figures presented in the interim financial statements.

The adjustments made, concern mainly, correction of errors. More specifically:

1 Increase of impairment loss for doubtful loans and receivables (amount 37,503 thousands euro).

2 Write-off of withheld tax from the sale of non-listed investments (amount 3,232 thousands euro).

3 Correction of calculation regarding the cost of submitting the Bank?s employees to the new pension funds according to Law 3371/2005 (amount 74,327 thousands euro).

4 Recognition of liability that will be arise from the tax audit of 2003 (amount 1,400 thousands euro).

5 Increase of deferred tax asset as a result of the above adjustments (amount 8,985 thousands euro).

The effect of the adjustments mentioned above, in the balance sheet captions, is the same for all the periods presented in the Bank?s interim financial statements according to IFRS. It should be noted, that the above adjustments have no effect in the income statements and the cash flow statements of the interim financial statements. The total effect on the equity amounts to -107.504 thousands euro.

The above information refer to the first Emphasis of Matter of the Certified Auditors Accountants' Audit Report. The second Emphasis of Matter refers to the accounting treatment adopted by the Bank for the liability concerning its submission to the provisions of Law 3371/2005 (Insurance Plans of the Banking Sector). More precisely, the Auxiliary Pension Fund (TEAPETE) for the Bank?s employees, is considered a defined benefit plan prior to law 3371/2005. Under law 3371/2005, in which the Bank has opted for submission, all employees and pensioners that were employed up to 31 December 2004 will not be included in TEAPETE but will be included in IKA-ETEAM and ETAT which are the auxiliary funds for state control plans and the new auxiliary fund for bank employees, both of which are considered defined contribution plans. Employees that join the Bank after 1/1/2005 are automatically included in IKA-ETEAM.

A detailed analysis of the accounting treatment mentioned above and its impact on the balance sheet captions, is included in the Note No. 34 of the Bank's Financial Statements, which presents the effect on the individual balance sheet captions and in the Note No. 36 of the Group's Financial Statements, which presents the effect on the consolidated balance sheet captions.